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: July 31
Registrant is making a filing for 7 of its series: Allspring Disciplined U.S. Core Fund, Allspring Growth Fund, Allspring Large Cap Core Fund, Allspring Large Cap Growth Fund, Allspring Large Company Value Fund, Allspring Premier Large Company Growth Fund and Allspring Special Large Cap Value Fund.
Date of reporting period: January 31, 2025
ITEM 1. REPORT TO STOCKHOLDERS
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) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
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Shares |
Value | |
Common stocks: 97.99% |
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Communication services: 10.23% |
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Diversified telecommunication services: 0.52% |
|
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|
|
|
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AT&T, Inc. |
|
|
|
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271,124 |
$6,433,773 |
Entertainment: 1.78% |
|
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|
|
|
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Netflix, Inc.† |
|
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|
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16,222 |
15,845,001 |
Spotify Technology SA† |
|
|
|
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11,155 |
6,119,075 |
|
|
|
|
|
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21,964,076 |
Interactive media & services: 7.60% |
|
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|
|
|
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Alphabet, Inc. Class A |
|
|
|
|
120,282 |
24,539,934 |
Alphabet, Inc. Class C |
|
|
|
|
139,577 |
28,697,031 |
Meta Platforms, Inc. Class A |
|
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|
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59,056 |
40,700,214 |
|
|
|
|
|
|
93,937,179 |
Media: 0.33% |
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Comcast Corp. Class A |
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|
120,687 |
4,062,324 |
Consumer discretionary: 10.58% |
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Automobiles: 2.12% |
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Ford Motor Co. |
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108,364 |
1,092,309 |
Tesla, Inc.† |
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62,182 |
25,158,837 |
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26,251,146 |
Broadline retail: 4.83% |
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Amazon.com, Inc.† |
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239,700 |
56,971,896 |
eBay, Inc. |
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|
39,956 |
2,696,231 |
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|
|
|
|
59,668,127 |
Hotels, restaurants & leisure: 0.85% |
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Expedia Group, Inc.† |
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26,246 |
4,486,754 |
McDonald’s Corp. |
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15,745 |
4,545,581 |
Royal Caribbean Cruises Ltd. |
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5,781 |
1,541,215 |
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10,573,550 |
Household durables: 0.64% |
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Lennar Corp. Class A |
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30,847 |
4,048,360 |
PulteGroup, Inc. |
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33,571 |
3,819,709 |
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7,868,069 |
Specialty retail: 1.72% |
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Home Depot, Inc. |
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27,857 |
11,476,527 |
TJX Cos., Inc. |
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78,840 |
9,838,444 |
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21,314,971 |
Textiles, apparel & luxury goods: 0.42% |
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Crocs, Inc.† |
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11,146 |
1,137,672 |
Deckers Outdoor Corp.† |
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22,734 |
4,032,102 |
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5,169,774 |
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Shares |
Value | |
Consumer staples: 6.01% |
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Beverages: 0.39% |
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PepsiCo, Inc. |
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31,663 |
$4,771,297 |
Consumer staples distribution & retail: 2.80% |
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Costco Wholesale Corp. |
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14,902 |
14,602,172 |
Target Corp. |
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33,691 |
4,646,326 |
Walmart, Inc. |
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156,690 |
15,380,690 |
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|
|
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34,629,188 |
Food products: 0.21% |
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Archer-Daniels-Midland Co. |
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17,570 |
900,111 |
Bunge Global SA |
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22,542 |
1,716,123 |
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2,616,234 |
Household products: 1.51% |
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Colgate-Palmolive Co. |
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80,939 |
7,017,411 |
Kimberly-Clark Corp. |
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36,601 |
4,757,032 |
Procter & Gamble Co. |
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41,490 |
6,886,925 |
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18,661,368 |
Tobacco: 1.10% |
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Altria Group, Inc. |
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167,863 |
8,767,485 |
Philip Morris International, Inc. |
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37,616 |
4,897,603 |
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13,665,088 |
Energy: 2.39% |
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Oil, gas & consumable fuels: 2.39% |
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Chevron Corp. |
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34,695 |
5,176,147 |
EOG Resources, Inc. |
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27,121 |
3,411,551 |
Exxon Mobil Corp. |
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70,968 |
7,581,511 |
Marathon Petroleum Corp. |
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33,597 |
4,895,419 |
Phillips 66 |
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31,117 |
3,667,761 |
Valero Energy Corp. |
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36,054 |
4,795,182 |
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29,527,571 |
Financials: 14.61% |
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Banks: 4.19% |
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Bank of America Corp. |
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130,100 |
6,023,630 |
Citigroup, Inc. |
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94,596 |
7,702,952 |
East West Bancorp, Inc. |
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39,368 |
4,053,723 |
JPMorgan Chase & Co. |
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78,774 |
21,056,290 |
Wells Fargo & Co. |
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164,286 |
12,945,737 |
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51,782,332 |
Capital markets: 3.09% |
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Ameriprise Financial, Inc. |
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15,287 |
8,306,344 |
Bank of New York Mellon Corp. |
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107,111 |
9,204,048 |
BlackRock, Inc. |
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3,176 |
3,415,788 |
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Shares |
Value | |
Capital markets(continued) |
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Goldman Sachs Group, Inc. |
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16,527 |
$10,583,891 |
Interactive Brokers Group, Inc. Class A |
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30,581 |
6,649,533 |
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38,159,604 |
Consumer finance: 0.68% |
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American Express Co. |
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8,836 |
2,804,988 |
Capital One Financial Corp. |
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27,846 |
5,672,509 |
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8,477,497 |
Financial services: 4.37% |
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Apollo Global Management, Inc. |
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41,408 |
7,079,940 |
Berkshire Hathaway, Inc. Class B† |
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39,107 |
18,328,278 |
Corpay, Inc.† |
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6,031 |
2,294,735 |
Mastercard, Inc. Class A |
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13,061 |
7,254,471 |
PayPal Holdings, Inc.† |
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33,524 |
2,969,556 |
Visa, Inc. Class A |
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47,336 |
16,179,445 |
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54,106,425 |
Insurance: 2.28% |
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Everest Group Ltd. |
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6,021 |
2,092,358 |
Hartford Financial Services Group, Inc. |
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58,568 |
6,533,260 |
MetLife, Inc. |
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57,953 |
5,013,514 |
Progressive Corp. |
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31,185 |
7,685,232 |
Reinsurance Group of America, Inc. |
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29,940 |
6,822,128 |
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28,146,492 |
Health care: 9.61% |
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Biotechnology: 2.01% |
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AbbVie, Inc. |
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52,727 |
9,696,495 |
Amgen, Inc. |
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5,429 |
1,549,545 |
Exelixis, Inc.† |
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172,007 |
5,702,032 |
Gilead Sciences, Inc. |
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21,247 |
2,065,209 |
Regeneron Pharmaceuticals, Inc.† |
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5,588 |
3,760,612 |
Vertex Pharmaceuticals, Inc.† |
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4,597 |
2,122,343 |
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24,896,236 |
Health care equipment & supplies: 2.18% |
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Abbott Laboratories |
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45,562 |
5,828,747 |
Boston Scientific Corp.† |
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47,941 |
4,907,241 |
Hologic, Inc.† |
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27,026 |
1,949,655 |
Intuitive Surgical, Inc.† |
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13,784 |
7,882,794 |
Stryker Corp. |
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16,279 |
6,369,810 |
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26,938,247 |
Health care providers & services: 2.20% |
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Cencora, Inc. |
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15,074 |
3,831,961 |
Centene Corp.† |
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55,385 |
3,546,302 |
CVS Health Corp. |
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80,367 |
4,539,128 |
Elevance Health, Inc. |
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8,007 |
3,168,370 |
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Shares |
Value | |
Health care providers & services(continued) |
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McKesson Corp. |
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7,999 |
$4,757,405 |
Tenet Healthcare Corp.† |
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12,880 |
1,814,663 |
UnitedHealth Group, Inc. |
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10,228 |
5,548,588 |
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27,206,417 |
Life sciences tools & services: 0.44% |
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Thermo Fisher Scientific, Inc. |
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9,014 |
5,388,119 |
Pharmaceuticals: 2.78% |
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Eli Lilly & Co. |
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17,319 |
14,047,095 |
Jazz Pharmaceuticals PLC† |
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9,960 |
1,238,725 |
Johnson & Johnson |
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28,160 |
4,284,544 |
Merck & Co., Inc. |
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47,843 |
4,727,845 |
Pfizer, Inc. |
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180,271 |
4,780,787 |
Zoetis, Inc. |
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31,288 |
5,347,119 |
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|
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34,426,115 |
Industrials: 8.15% |
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Aerospace & defense: 1.50% |
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General Dynamics Corp. |
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6,856 |
1,761,855 |
General Electric Co. |
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12,639 |
2,572,921 |
Howmet Aerospace, Inc. |
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|
49,357 |
6,247,609 |
Lockheed Martin Corp. |
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10,213 |
4,728,108 |
Northrop Grumman Corp. |
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6,577 |
3,204,775 |
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|
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18,515,268 |
Building products: 1.06% |
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Builders FirstSource, Inc.† |
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|
35,079 |
5,868,015 |
Owens Corning |
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|
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29,366 |
5,419,495 |
Trane Technologies PLC |
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4,826 |
1,750,632 |
|
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|
|
|
13,038,142 |
Commercial services & supplies: 0.34% |
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Waste Management, Inc. |
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|
19,341 |
4,260,049 |
Construction & engineering: 0.59% |
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EMCOR Group, Inc. |
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12,304 |
5,512,930 |
MasTec, Inc.† |
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12,063 |
1,750,221 |
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|
|
7,263,151 |
Electrical equipment: 0.37% |
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Emerson Electric Co. |
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24,739 |
3,214,833 |
Vertiv Holdings Co. Class A |
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|
11,960 |
1,399,559 |
|
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|
|
4,614,392 |
Ground transportation: 0.25% |
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Uber Technologies, Inc.† |
|
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|
45,920 |
3,069,752 |
Industrial conglomerates: 0.54% |
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|
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Honeywell International, Inc. |
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|
|
29,938 |
6,697,729 |
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Shares |
Value | |
Machinery: 1.83% |
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Allison Transmission Holdings, Inc. |
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|
|
45,654 |
$5,366,171 |
Caterpillar, Inc. |
|
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|
|
13,754 |
5,108,786 |
PACCAR, Inc. |
|
|
|
|
40,557 |
4,496,960 |
Parker-Hannifin Corp. |
|
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|
|
10,746 |
7,597,960 |
|
|
|
|
|
|
22,569,877 |
Passenger airlines: 0.75% |
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|
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United Airlines Holdings, Inc.† |
|
|
|
|
87,840 |
9,296,986 |
Professional services: 0.74% |
|
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|
|
CACI International, Inc. Class A† |
|
|
|
|
10,829 |
4,182,809 |
Leidos Holdings, Inc. |
|
|
|
|
35,261 |
5,008,120 |
|
|
|
|
|
|
9,190,929 |
Trading companies & distributors: 0.18% |
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|
|
WESCO International, Inc. |
|
|
|
|
11,953 |
2,211,305 |
Information technology: 30.20% |
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|
|
Communications equipment: 1.38% |
|
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|
|
Arista Networks, Inc.† |
|
|
|
|
50,197 |
5,784,200 |
Cisco Systems, Inc. |
|
|
|
|
186,382 |
11,294,749 |
|
|
|
|
|
|
17,078,949 |
Electronic equipment, instruments & components: 1.09% |
|
|
|
|
|
|
Jabil, Inc. |
|
|
|
|
28,261 |
4,589,869 |
TD SYNNEX Corp. |
|
|
|
|
32,492 |
4,630,435 |
Zebra Technologies Corp. Class A† |
|
|
|
|
10,938 |
4,287,040 |
|
|
|
|
|
|
13,507,344 |
IT services: 0.85% |
|
|
|
|
|
|
Accenture PLC Class A |
|
|
|
|
12,705 |
4,890,790 |
Twilio, Inc. Class A† |
|
|
|
|
11,394 |
1,670,132 |
VeriSign, Inc.† |
|
|
|
|
18,115 |
3,894,725 |
|
|
|
|
|
|
10,455,647 |
Semiconductors & semiconductor equipment: 10.02% |
|
|
|
|
|
|
Advanced Micro Devices, Inc.† |
|
|
|
|
19,302 |
2,238,067 |
Applied Materials, Inc. |
|
|
|
|
34,426 |
6,208,729 |
Broadcom, Inc. |
|
|
|
|
137,912 |
30,515,788 |
Intel Corp. |
|
|
|
|
32,469 |
630,873 |
KLA Corp. |
|
|
|
|
8,438 |
6,229,269 |
Lam Research Corp. |
|
|
|
|
15,763 |
1,277,591 |
NVIDIA Corp. |
|
|
|
|
566,290 |
67,994,440 |
QUALCOMM, Inc. |
|
|
|
|
50,820 |
8,788,303 |
|
|
|
|
|
|
123,883,060 |
Software: 10.25% |
|
|
|
|
|
|
Adobe, Inc.† |
|
|
|
|
12,748 |
5,576,613 |
Autodesk, Inc.† |
|
|
|
|
4,515 |
1,405,700 |
Cadence Design Systems, Inc.† |
|
|
|
|
3,437 |
1,022,920 |
|
|
|
|
Shares |
Value | |
Software(continued) |
|
|
|
|
|
|
DocuSign, Inc. Class A† |
|
|
|
|
57,710 |
$5,582,288 |
Fortinet, Inc.† |
|
|
|
|
50,642 |
5,108,765 |
Microsoft Corp. |
|
|
|
|
180,380 |
74,868,523 |
Oracle Corp. |
|
|
|
|
12,748 |
2,167,925 |
Palantir Technologies, Inc. Class A† |
|
|
|
|
36,195 |
2,985,726 |
Salesforce, Inc. |
|
|
|
|
42,942 |
14,673,281 |
ServiceNow, Inc.† |
|
|
|
|
9,867 |
10,048,355 |
Zoom Communications, Inc. Class A† |
|
|
|
|
38,241 |
3,324,673 |
|
|
|
|
|
|
126,764,769 |
Technology hardware, storage & peripherals: 6.61% |
|
|
|
|
|
|
Apple, Inc. |
|
|
|
|
346,081 |
81,675,116 |
Materials: 1.51% |
|
|
|
|
|
|
Chemicals: 0.57% |
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
|
|
|
11,301 |
1,042,065 |
Linde PLC |
|
|
|
|
13,363 |
5,961,502 |
|
|
|
|
|
|
7,003,567 |
Construction materials: 0.14% |
|
|
|
|
|
|
Eagle Materials, Inc. |
|
|
|
|
6,545 |
1,680,363 |
Containers & packaging: 0.42% |
|
|
|
|
|
|
Crown Holdings, Inc. |
|
|
|
|
59,279 |
5,208,253 |
Metals & mining: 0.38% |
|
|
|
|
|
|
Freeport-McMoRan, Inc. |
|
|
|
|
70,152 |
2,514,949 |
Royal Gold, Inc. |
|
|
|
|
15,888 |
2,221,460 |
|
|
|
|
|
|
4,736,409 |
Real estate: 2.39% |
|
|
|
|
|
|
Hotel & resort REITs: 0.20% |
|
|
|
|
|
|
Host Hotels & Resorts, Inc. |
|
|
|
|
150,404 |
2,513,251 |
Industrial REITs: 0.36% |
|
|
|
|
|
|
Prologis, Inc. |
|
|
|
|
37,706 |
4,496,440 |
Retail REITs: 0.66% |
|
|
|
|
|
|
Simon Property Group, Inc. |
|
|
|
|
46,657 |
8,111,786 |
Specialized REITs: 1.17% |
|
|
|
|
|
|
American Tower Corp. |
|
|
|
|
4,582 |
847,441 |
Gaming & Leisure Properties, Inc. |
|
|
|
|
88,324 |
4,273,998 |
Millrose Properties, Inc. Class A♦† |
|
|
|
|
14,875 |
164,518 |
Public Storage |
|
|
|
|
13,694 |
4,087,385 |
VICI Properties, Inc. Class A |
|
|
|
|
169,144 |
5,035,417 |
|
|
|
|
|
|
14,408,759 |
Utilities: 2.31% |
|
|
|
|
|
|
Electric utilities: 1.75% |
|
|
|
|
|
|
American Electric Power Co., Inc. |
|
|
|
|
70,285 |
6,913,232 |
|
|
|
|
Shares |
Value | |
Electric utilities(continued) |
|
|
|
|
|
|
Duke Energy Corp. |
|
|
|
|
75,934 |
$8,503,849 |
NextEra Energy, Inc. |
|
|
|
|
86,802 |
6,211,551 |
|
|
|
|
|
|
21,628,632 |
Multi-utilities: 0.56% |
|
|
|
|
|
|
Public Service Enterprise Group, Inc. |
|
|
|
|
83,328 |
6,961,221 |
Total common stocks (Cost $561,439,500) |
|
|
|
|
|
1,211,482,365 |
|
|
Yield |
|
|
| |
Short-term investments: 1.50% |
|
|
|
|
|
|
Investment companies: 1.50% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
18,597,598 |
18,597,598 |
Total short-term investments (Cost $18,597,598) |
|
|
|
|
|
18,597,598 |
Total investments in securities (Cost $580,037,098) |
99.49 % |
|
|
|
|
1,230,079,963 |
Other assets and liabilities, net |
0.51 |
|
|
|
|
6,269,499 |
Total net assets |
100.00 % |
|
|
|
|
$1,236,349,462 |
† |
Non-income-earning security |
♦ |
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
♠ |
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 |
$9,805,163 |
$104,453,831 |
$(95,661,396 ) |
$0 |
$0 |
$18,597,598 |
18,597,598 |
$529,094 |
Description |
Number of contracts |
Expiration date |
Notional cost |
Notional value |
Unrealized gains |
Unrealized losses |
Long |
|
|
|
|
|
|
E-Mini S&P 500 Index |
66 |
3-21-2025 |
$19,942,725 |
$20,021,925 |
$79,200 |
$0 |
Assets |
|
Investments in unaffiliated securities, at value (cost $561,439,500) |
$1,211,482,365 |
Investments in affiliated securities, at value (cost $18,597,598) |
18,597,598 |
Cash |
7 |
Cash at broker segregated for futures contracts |
2,008,443 |
Receivable for Fund shares sold |
4,543,996 |
Receivable for dividends |
858,155 |
Prepaid expenses and other assets |
273,435 |
Total assets |
1,237,763,999 |
Liabilities |
|
Payable for Fund shares redeemed |
412,663 |
Management fee payable |
359,162 |
Payable for investments purchased |
164,518 |
Administration fees payable |
154,240 |
Shareholder servicing fees payable |
148,293 |
Payable for daily variation margin on open futures contracts |
105,600 |
Distribution fees payable |
6,030 |
Trustees’ fees and expenses payable |
2,025 |
Accrued expenses and other liabilities |
62,006 |
Total liabilities |
1,414,537 |
Total net assets |
$1,236,349,462 |
Net assets consist of |
|
Paid-in capital |
$536,728,601 |
Total distributable earnings |
699,620,861 |
Total net assets |
$1,236,349,462 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$599,131,890 |
Shares outstanding–Class A1 |
25,154,066 |
Net asset value per share–Class A |
$23.82 |
Maximum offering price per share – Class A2 |
$25.27 |
Net assets–Class C |
$11,790,357 |
Shares outstanding–Class C1 |
561,508 |
Net asset value per share–Class C |
$21.00 |
Net assets–Class R6 |
$261,600,833 |
Shares outstanding–Class R61 |
10,549,419 |
Net asset value per share–Class R6 |
$24.80 |
Net assets–Administrator Class |
$52,565,938 |
Shares outstanding–Administrator Class1 |
2,106,450 |
Net asset value per share–Administrator Class |
$24.95 |
Net assets–Institutional Class |
$311,260,444 |
Shares outstanding–Institutional Class1 |
12,734,612 |
Net asset value per share–Institutional Class |
$24.44 |
Investment income |
|
Dividends |
$7,569,127 |
Income from affiliated securities |
529,094 |
Interest |
27,081 |
Total investment income |
8,125,302 |
Expenses |
|
Management fee |
2,034,288 |
Administration fees |
|
Class A |
586,655 |
Class C |
11,466 |
Class R6 |
41,529 |
Administrator Class |
35,579 |
Institutional Class |
158,439 |
Shareholder servicing fees |
|
Class A |
733,319 |
Class C |
14,307 |
Administrator Class |
66,241 |
Distribution fees |
|
Class C |
42,920 |
Custody and accounting fees |
18,186 |
Professional fees |
27,781 |
Registration fees |
53,530 |
Shareholder report expenses |
22,115 |
Trustees’ fees and expenses |
11,953 |
Other fees and expenses |
72,392 |
Total expenses |
3,930,700 |
Less: Fee waivers and/or expense reimbursements |
|
Administrator Class |
(3,661 ) |
Institutional Class |
(40,127 ) |
Net expenses |
3,886,912 |
Net investment income |
4,238,390 |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on |
|
Unaffiliated securities |
45,373,326 |
Futures contracts |
944,812 |
Net realized gains on investments |
46,318,138 |
Net change in unrealized gains (losses) on |
|
Unaffiliated securities |
81,666,355 |
Futures contracts |
102,406 |
Net change in unrealized gains (losses) on investments |
81,768,761 |
Net realized and unrealized gains (losses) on investments |
128,086,899 |
Net increase in net assets resulting from operations |
$132,325,289 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment income |
|
$4,238,390 |
|
$8,164,489 |
Net realized gains on investments |
|
46,318,138 |
|
66,975,728 |
Net change in unrealized gains (losses) on investments |
|
81,768,761 |
|
139,675,115 |
Net increase in net assets resulting from operations |
|
132,325,289 |
|
214,815,332 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(36,606,550 ) |
|
(40,486,185 ) |
Class C |
|
(697,774 ) |
|
(1,449,758 ) |
Class R6 |
|
(16,920,202 ) |
|
(21,709,229 ) |
Administrator Class |
|
(3,344,357 ) |
|
(4,030,698 ) |
Institutional Class |
|
(15,851,110 ) |
|
(14,270,995 ) |
Total distributions to shareholders |
|
(73,419,993 ) |
|
(81,946,865 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
669,217 |
15,830,273 |
1,680,265 |
33,940,785 |
Class C |
92,185 |
1,916,606 |
179,270 |
3,243,001 |
Class R6 |
306,956 |
7,500,814 |
829,630 |
18,130,708 |
Administrator Class |
81,857 |
2,048,020 |
132,964 |
2,833,848 |
Institutional Class |
3,830,087 |
93,142,178 |
2,850,642 |
59,023,436 |
|
|
120,437,891 |
|
117,171,778 |
Reinvestment of distributions |
|
|
|
|
Class A |
1,443,487 |
34,313,174 |
2,047,727 |
38,054,266 |
Class C |
27,843 |
581,921 |
85,411 |
1,401,599 |
Class R6 |
637,773 |
15,805,286 |
1,084,643 |
21,005,503 |
Administrator Class |
122,725 |
3,056,528 |
183,211 |
3,560,711 |
Institutional Class |
604,427 |
14,756,748 |
691,110 |
13,196,886 |
|
|
68,513,657 |
|
77,218,965 |
Payment for shares redeemed |
|
|
|
|
Class A |
(1,320,187 ) |
(31,167,075 ) |
(2,964,034 ) |
(59,726,218 ) |
Class C |
(142,756 ) |
(2,953,222 ) |
(669,351 ) |
(12,092,198 ) |
Class R6 |
(1,970,351 ) |
(49,048,073 ) |
(2,515,487 ) |
(53,483,329 ) |
Administrator Class |
(314,392 ) |
(7,816,526 ) |
(390,573 ) |
(8,249,813 ) |
Institutional Class |
(940,009 ) |
(22,738,471 ) |
(1,531,339 ) |
(31,801,020 ) |
|
|
(113,723,367 ) |
|
(165,352,578 ) |
Net increase in net assets resulting from capital share transactions |
|
75,228,181 |
|
29,038,165 |
Total increase in net assets |
|
134,133,477 |
|
161,906,632 |
Net assets |
|
|
|
|
Beginning of period |
|
1,102,215,985 |
|
940,309,353 |
End of period |
|
$1,236,349,462 |
|
$1,102,215,985 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$22.62 |
$20.05 |
$20.25 |
$22.77 |
$18.22 |
$17.29 |
Net investment income |
0.07 1 |
0.14 1 |
0.13 |
0.16 |
0.14 |
0.23 |
Net realized and unrealized gains (losses) on investments |
2.66 |
4.18 |
2.06 |
(0.78 ) |
6.18 |
1.47 |
Total from investment operations |
2.73 |
4.32 |
2.19 |
(0.62 ) |
6.32 |
1.70 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.13 ) |
(0.14 ) |
(0.15 ) |
(0.16 ) |
(0.33 ) |
(0.33 ) |
Net realized gains |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.44 ) |
(0.44 ) |
Total distributions to shareholders |
(1.53 ) |
(1.75 ) |
(2.39 ) |
(1.90 ) |
(1.77 ) |
(0.77 ) |
Net asset value, end of period |
$23.82 |
$22.62 |
$20.05 |
$20.25 |
$22.77 |
$18.22 |
Total return2 |
12.09 % |
23.54 % |
13.00 % |
(3.60 )% |
36.73 % |
9.97 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.83 % |
0.83 % |
0.85 % |
0.84 % |
0.85 % |
0.86 % |
Net expenses |
0.83 % |
0.83 % |
0.84 % |
0.84 % |
0.85 % |
0.85 % |
Net investment income |
0.55 % |
0.67 % |
0.82 % |
0.73 % |
0.76 % |
1.25 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
14 % |
37 % |
43 % |
25 % |
36 % |
50 % |
Net assets, end of period (000s omitted) |
$599,132 |
$551,170 |
$473,167 |
$453,829 |
$521,702 |
$421,005 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$20.06 |
$17.96 |
$18.37 |
$20.82 |
$16.70 |
$15.85 |
Net investment income (loss) |
(0.02 )1 |
(0.01 )1 |
0.03 |
(0.00 )2 |
0.02 |
0.11 |
Net realized and unrealized gains (losses) on investments |
2.36 |
3.72 |
1.80 |
(0.71 ) |
5.64 |
1.32 |
Total from investment operations |
2.34 |
3.71 |
1.83 |
(0.71 ) |
5.66 |
1.43 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
0.00 |
0.00 |
0.00 |
0.00 |
(0.10 ) |
(0.14 ) |
Net realized gains |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.44 ) |
(0.44 ) |
Total distributions to shareholders |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.54 ) |
(0.58 ) |
Net asset value, end of period |
$21.00 |
$20.06 |
$17.96 |
$18.37 |
$20.82 |
$16.70 |
Total return3 |
11.68 % |
22.64 % |
12.12 % |
(4.30 )% |
35.80 % |
9.09 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.58 % |
1.58 % |
1.60 % |
1.59 % |
1.60 % |
1.60 % |
Net expenses |
1.58 % |
1.56 % |
1.59 % |
1.59 % |
1.60 % |
1.60 % |
Net investment income (loss) |
(0.19 )% |
(0.03 )% |
0.08 % |
(0.02 )% |
0.02 % |
0.51 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
14 % |
37 % |
43 % |
25 % |
36 % |
50 % |
Net assets, end of period (000s omitted) |
$11,790 |
$11,722 |
$17,763 |
$21,381 |
$27,121 |
$29,141 |
1 |
Calculated based upon average shares outstanding |
2 |
Amount is more than $(0.005). |
3 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$23.54 |
$20.79 |
$20.93 |
$23.46 |
$18.72 |
$17.76 |
Net investment income |
0.12 1 |
0.23 1 |
0.21 |
0.26 1 |
0.24 |
0.31 |
Net realized and unrealized gains (losses) on investments |
2.77 |
4.36 |
2.14 |
(0.80 ) |
6.36 |
1.51 |
Total from investment operations |
2.89 |
4.59 |
2.35 |
(0.54 ) |
6.60 |
1.82 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.23 ) |
(0.23 ) |
(0.25 ) |
(0.25 ) |
(0.42 ) |
(0.42 ) |
Net realized gains |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.44 ) |
(0.44 ) |
Total distributions to shareholders |
(1.63 ) |
(1.84 ) |
(2.49 ) |
(1.99 ) |
(1.86 ) |
(0.86 ) |
Net asset value, end of period |
$24.80 |
$23.54 |
$20.79 |
$20.93 |
$23.46 |
$18.72 |
Total return2 |
12.31 % |
24.08 % |
13.44 % |
(3.15 )% |
37.35 % |
10.39 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.41 % |
0.41 % |
0.42 % |
0.41 % |
0.42 % |
0.43 % |
Net expenses |
0.41 % |
0.41 % |
0.42 % |
0.41 % |
0.42 % |
0.42 % |
Net investment income |
0.98 % |
1.09 % |
1.25 % |
1.16 % |
1.18 % |
1.70 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
14 % |
37 % |
43 % |
25 % |
36 % |
50 % |
Net assets, end of period (000s omitted) |
$261,601 |
$272,468 |
$253,154 |
$277,956 |
$340,631 |
$253,223 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$23.64 |
$20.88 |
$21.00 |
$23.55 |
$18.78 |
$17.80 |
Net investment income |
0.08 1 |
0.16 1 |
0.15 |
0.19 1 |
0.19 1 |
0.24 1 |
Net realized and unrealized gains (losses) on investments |
2.78 |
4.38 |
2.15 |
(0.82 ) |
6.37 |
1.53 |
Total from investment operations |
2.86 |
4.54 |
2.30 |
(0.63 ) |
6.56 |
1.77 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.15 ) |
(0.17 ) |
(0.18 ) |
(0.18 ) |
(0.35 ) |
(0.35 ) |
Net realized gains |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.44 ) |
(0.44 ) |
Total distributions to shareholders |
(1.55 ) |
(1.78 ) |
(2.42 ) |
(1.92 ) |
(1.79 ) |
(0.79 ) |
Net asset value, end of period |
$24.95 |
$23.64 |
$20.88 |
$21.00 |
$23.55 |
$18.78 |
Total return2 |
12.11 % |
23.66 % |
13.11 % |
(3.49 )% |
36.93 % |
10.08 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.75 % |
0.75 % |
0.76 % |
0.74 % |
0.77 % |
0.77 % |
Net expenses |
0.74 % |
0.74 % |
0.73 % |
0.73 % |
0.74 % |
0.74 % |
Net investment income |
0.65 % |
0.76 % |
0.93 % |
0.85 % |
0.89 % |
1.37 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
14 % |
37 % |
43 % |
25 % |
36 % |
50 % |
Net assets, end of period (000s omitted) |
$52,566 |
$52,398 |
$47,833 |
$47,831 |
$51,271 |
$50,655 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$23.21 |
$20.53 |
$20.69 |
$23.22 |
$18.54 |
$17.57 |
Net investment income |
0.11 1 |
0.21 1 |
0.19 |
0.24 |
0.23 1 |
0.29 1 |
Net realized and unrealized gains (losses) on investments |
2.72 |
4.30 |
2.12 |
(0.80 ) |
6.29 |
1.51 |
Total from investment operations |
2.83 |
4.51 |
2.31 |
(0.56 ) |
6.52 |
1.80 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.20 ) |
(0.22 ) |
(0.23 ) |
(0.23 ) |
(0.40 ) |
(0.39 ) |
Net realized gains |
(1.40 ) |
(1.61 ) |
(2.24 ) |
(1.74 ) |
(1.44 ) |
(0.44 ) |
Total distributions to shareholders |
(1.60 ) |
(1.83 ) |
(2.47 ) |
(1.97 ) |
(1.84 ) |
(0.83 ) |
Net asset value, end of period |
$24.44 |
$23.21 |
$20.53 |
$20.69 |
$23.22 |
$18.54 |
Total return2 |
12.25 % |
23.96 % |
13.40 % |
(3.24 )% |
37.26 % |
10.39 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.51 % |
0.51 % |
0.52 % |
0.51 % |
0.52 % |
0.52 % |
Net expenses |
0.48 % |
0.48 % |
0.48 % |
0.48 % |
0.48 % |
0.48 % |
Net investment income |
0.90 % |
1.01 % |
1.18 % |
1.09 % |
1.14 % |
1.67 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
14 % |
37 % |
43 % |
25 % |
36 % |
50 % |
Net assets, end of period (000s omitted) |
$311,260 |
$214,457 |
$148,392 |
$142,768 |
$163,217 |
$146,707 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$659,127,813 |
Gross unrealized losses |
(10,035,527 ) |
Net unrealized gains |
$649,092,286 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$126,397,352 |
$0 |
$0 |
$126,397,352 |
Consumer discretionary |
130,845,637 |
0 |
0 |
130,845,637 |
Consumer staples |
74,343,175 |
0 |
0 |
74,343,175 |
Energy |
29,527,571 |
0 |
0 |
29,527,571 |
Financials |
180,672,350 |
0 |
0 |
180,672,350 |
Health care |
118,855,134 |
0 |
0 |
118,855,134 |
Industrials |
100,727,580 |
0 |
0 |
100,727,580 |
Information technology |
373,364,885 |
0 |
0 |
373,364,885 |
Materials |
18,628,592 |
0 |
0 |
18,628,592 |
Real estate |
29,365,718 |
164,518 |
0 |
29,530,236 |
Utilities |
28,589,853 |
0 |
0 |
28,589,853 |
Short-term investments |
|
|
|
|
Investment companies |
18,597,598 |
0 |
0 |
18,597,598 |
|
1,229,915,445 |
164,518 |
0 |
1,230,079,963 |
Futures contracts |
79,200 |
0 |
0 |
79,200 |
Total assets |
$1,229,994,645 |
$164,518 |
$0 |
$1,230,159,163 |
Average daily net assets |
Management fee |
First $1 billion |
0.350 % |
Next $4 billion |
0.325 |
Next $5 billion |
0.290 |
Over $10 billion |
0.280 |
|
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 |
0.86 % |
Class C |
1.61 |
Class R6 |
0.43 |
Administrator Class |
0.74 |
Institutional Class |
0.48 |
|
|
|
|
Shares |
Value | |
Common stocks: 98.63% |
|
|
|
|
|
|
Communication services: 4.44% |
|
|
|
|
|
|
Interactive media & services: 4.44% |
|
|
|
|
|
|
Alphabet, Inc. Class C |
|
|
|
|
292,172 |
$60,070,563 |
Consumer discretionary: 5.69% |
|
|
|
|
|
|
Automobiles: 2.39% |
|
|
|
|
|
|
General Motors Co. |
|
|
|
|
651,736 |
32,234,863 |
Household durables: 1.94% |
|
|
|
|
|
|
D.R. Horton, Inc. |
|
|
|
|
185,155 |
26,273,494 |
Textiles, apparel & luxury goods: 1.36% |
|
|
|
|
|
|
NIKE, Inc. Class B |
|
|
|
|
238,851 |
18,367,642 |
Consumer staples: 7.64% |
|
|
|
|
|
|
Beverages: 1.18% |
|
|
|
|
|
|
Keurig Dr Pepper, Inc. |
|
|
|
|
495,914 |
15,918,840 |
Consumer staples distribution & retail : 1.53% |
|
|
|
|
|
|
Walmart, Inc. |
|
|
|
|
210,757 |
20,687,907 |
Food products: 2.24% |
|
|
|
|
|
|
Mondelez International, Inc. Class A |
|
|
|
|
523,023 |
30,330,104 |
Personal care products: 2.69% |
|
|
|
|
|
|
Unilever PLC ADR |
|
|
|
|
634,627 |
36,414,897 |
Energy: 6.16% |
|
|
|
|
|
|
Oil, gas & consumable fuels: 6.16% |
|
|
|
|
|
|
ConocoPhillips |
|
|
|
|
283,768 |
28,044,791 |
EOG Resources, Inc. |
|
|
|
|
178,229 |
22,419,426 |
Exxon Mobil Corp. |
|
|
|
|
307,656 |
32,866,891 |
|
|
|
|
|
|
83,331,108 |
Financials: 21.83% |
|
|
|
|
|
|
Banks: 10.06% |
|
|
|
|
|
|
Bank of America Corp. |
|
|
|
|
993,041 |
45,977,798 |
Citigroup, Inc. |
|
|
|
|
651,461 |
53,048,469 |
JPMorgan Chase & Co. |
|
|
|
|
138,225 |
36,947,543 |
|
|
|
|
|
|
135,973,810 |
Capital markets: 3.49% |
|
|
|
|
|
|
Intercontinental Exchange, Inc. |
|
|
|
|
294,969 |
47,144,895 |
Financial services: 6.20% |
|
|
|
|
|
|
Berkshire Hathaway, Inc. Class B† |
|
|
|
|
106,955 |
50,126,600 |
Fiserv, Inc.† |
|
|
|
|
155,981 |
33,698,135 |
|
|
|
|
|
|
83,824,735 |
Insurance: 2.08% |
|
|
|
|
|
|
American International Group, Inc. |
|
|
|
|
381,827 |
28,125,377 |
|
|
|
|
Shares |
Value | |
Health care: 13.90% |
|
|
|
|
|
|
Biotechnology: 1.56% |
|
|
|
|
|
|
Vertex Pharmaceuticals, Inc.† |
|
|
|
|
45,832 |
$21,159,718 |
Health care equipment & supplies: 2.66% |
|
|
|
|
|
|
Medtronic PLC |
|
|
|
|
396,186 |
35,981,612 |
Health care providers & services: 6.64% |
|
|
|
|
|
|
Cigna Group |
|
|
|
|
106,518 |
31,338,661 |
Humana, Inc. |
|
|
|
|
53,155 |
15,586,641 |
Labcorp Holdings, Inc. |
|
|
|
|
171,407 |
42,817,468 |
|
|
|
|
|
|
89,742,770 |
Life sciences tools & services: 1.29% |
|
|
|
|
|
|
ICON PLC ADR† |
|
|
|
|
87,502 |
17,419,898 |
Pharmaceuticals: 1.75% |
|
|
|
|
|
|
Merck & Co., Inc. |
|
|
|
|
239,183 |
23,636,064 |
Industrials: 17.35% |
|
|
|
|
|
|
Aerospace & defense: 3.97% |
|
|
|
|
|
|
L3Harris Technologies, Inc. |
|
|
|
|
97,722 |
20,718,041 |
RTX Corp. |
|
|
|
|
255,086 |
32,893,340 |
|
|
|
|
|
|
53,611,381 |
Commercial services & supplies: 1.03% |
|
|
|
|
|
|
Waste Management, Inc. |
|
|
|
|
63,399 |
13,964,264 |
Ground transportation: 4.16% |
|
|
|
|
|
|
Canadian Pacific Kansas City Ltd. |
|
|
|
|
705,931 |
56,192,108 |
Industrial conglomerates: 2.65% |
|
|
|
|
|
|
3M Co. |
|
|
|
|
43,616 |
6,638,355 |
Honeywell International, Inc. |
|
|
|
|
130,167 |
29,120,961 |
|
|
|
|
|
|
35,759,316 |
Machinery: 1.07% |
|
|
|
|
|
|
Caterpillar, Inc. |
|
|
|
|
38,991 |
14,482,817 |
Trading companies & distributors: 4.47% |
|
|
|
|
|
|
AerCap Holdings NV |
|
|
|
|
419,730 |
40,126,188 |
Air Lease Corp. Class A |
|
|
|
|
440,630 |
20,357,106 |
|
|
|
|
|
|
60,483,294 |
Information technology: 10.99% |
|
|
|
|
|
|
IT services: 4.75% |
|
|
|
|
|
|
Accenture PLC Class A |
|
|
|
|
94,468 |
36,365,457 |
International Business Machines Corp. |
|
|
|
|
109,032 |
27,879,482 |
|
|
|
|
|
|
64,244,939 |
Semiconductors & semiconductor equipment: 1.80% |
|
|
|
|
|
|
NXP Semiconductors NV |
|
|
|
|
116,507 |
24,297,535 |
|
|
|
|
Shares |
Value | |
Software: 4.44% |
|
|
|
|
|
|
Cadence Design Systems, Inc.† |
|
|
|
|
77,101 |
$22,946,800 |
Microsoft Corp. |
|
|
|
|
89,321 |
37,073,574 |
|
|
|
|
|
|
60,020,374 |
Materials: 3.44% |
|
|
|
|
|
|
Chemicals: 2.35% |
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
|
|
|
294,527 |
27,158,335 |
Sherwin-Williams Co. |
|
|
|
|
13,000 |
4,656,080 |
|
|
|
|
|
|
31,814,415 |
Construction materials: 1.09% |
|
|
|
|
|
|
Vulcan Materials Co. |
|
|
|
|
53,641 |
14,705,680 |
Real estate: 4.26% |
|
|
|
|
|
|
Real estate management & development: 2.34% |
|
|
|
|
|
|
CBRE Group, Inc. Class A† |
|
|
|
|
218,707 |
31,655,651 |
Specialized REITs: 1.92% |
|
|
|
|
|
|
Public Storage |
|
|
|
|
86,822 |
25,914,631 |
Utilities: 2.93% |
|
|
|
|
|
|
Electric utilities: 2.93% |
|
|
|
|
|
|
NextEra Energy, Inc. |
|
|
|
|
553,989 |
39,643,453 |
Total common stocks (Cost $955,640,556) |
|
|
|
|
|
1,333,428,155 |
|
|
Yield |
|
|
| |
Short-term investments: 1.37% |
|
|
|
|
|
|
Investment companies: 1.37% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
18,547,402 |
18,547,402 |
Total short-term investments (Cost $18,547,402) |
|
|
|
|
|
18,547,402 |
Total investments in securities (Cost $974,187,958) |
100.00 % |
|
|
|
|
1,351,975,557 |
Other assets and liabilities, net |
(0.00 ) |
|
|
|
|
(46,335 ) |
Total net assets |
100.00 % |
|
|
|
|
$1,351,929,222 |
† |
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: | |
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 |
$17,272,868 |
$74,943,226 |
$(73,668,692 ) |
$0 |
$0 |
$18,547,402 |
18,547,402 |
$423,082 |
Assets |
|
Investments in unaffiliated securities, at value (cost $955,640,556) |
$1,333,428,155 |
Investments in affiliated securities, at value (cost $18,547,402) |
18,547,402 |
Cash |
116 |
Receivable for Fund shares sold |
1,249,085 |
Receivable for investments sold |
927,063 |
Receivable for dividends |
265,344 |
Prepaid expenses and other assets |
134,310 |
Total assets |
1,354,551,475 |
Liabilities |
|
Payable for investments purchased |
1,082,150 |
Payable for Fund shares redeemed |
579,280 |
Management fee payable |
402,605 |
Shareholder servicing fees payable |
365,020 |
Administration fees payable |
168,656 |
Trustees’ fees and expenses payable |
1,295 |
Distribution fees payable |
1,095 |
Accrued expenses and other liabilities |
22,152 |
Total liabilities |
2,622,253 |
Total net assets |
$1,351,929,222 |
Net assets consist of |
|
Paid-in capital |
$946,806,575 |
Total distributable earnings |
405,122,647 |
Total net assets |
$1,351,929,222 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$278,886,935 |
Shares outstanding–Class A1 |
20,127,515 |
Net asset value per share–Class A |
$13.86 |
Maximum offering price per share – Class A2 |
$14.71 |
Net assets–Class C |
$1,638,530 |
Shares outstanding–Class C1 |
122,539 |
Net asset value per share–Class C |
$13.37 |
Net assets–Class R6 |
$43,880,870 |
Shares outstanding–Class R61 |
3,254,509 |
Net asset value per share–Class R6 |
$13.48 |
Net assets–Administrator Class |
$511,868,858 |
Shares outstanding–Administrator Class1 |
34,115,850 |
Net asset value per share–Administrator Class |
$15.00 |
Net assets–Institutional Class |
$515,654,029 |
Shares outstanding–Institutional Class1 |
36,839,207 |
Net asset value per share–Institutional Class |
$14.00 |
Investment income |
|
Dividends (net of foreign withholdings taxes of $65,033) |
$11,352,749 |
Income from affiliated securities |
423,082 |
Interest |
1,326 |
Total investment income |
11,777,157 |
Expenses |
|
Management fee |
4,621,397 |
Administration fees |
|
Class A |
283,673 |
Class C |
1,436 |
Class R6 |
6,743 |
Administrator Class |
337,316 |
Institutional Class |
334,205 |
Shareholder servicing fees |
|
Class A |
346,510 |
Class C |
1,795 |
Administrator Class |
644,370 |
Distribution fees |
|
Class C |
5,384 |
Custody and accounting fees |
20,759 |
Professional fees |
25,771 |
Registration fees |
52,554 |
Shareholder report expenses |
64,877 |
Trustees’ fees and expenses |
12,274 |
Other fees and expenses |
24,276 |
Total expenses |
6,783,340 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(1,849,447 ) |
Class C |
(152 ) |
Class R6 |
(1,163 ) |
Institutional Class |
(13,392 ) |
Net expenses |
4,919,186 |
Net investment income |
6,857,971 |
Realized and unrealized gains (losses) on investments |
|
Net realized gains (losses) on |
|
Unaffiliated securities |
60,310,324 |
Foreign currency and foreign currency translations |
(1,849 ) |
Net realized gains on investments |
60,308,475 |
Net change in unrealized gains (losses) on investments |
12,037,744 |
Net realized and unrealized gains (losses) on investments |
72,346,219 |
Net increase in net assets resulting from operations |
$79,204,190 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment income |
|
$6,857,971 |
|
$11,541,761 |
Net realized gains on investments |
|
60,308,475 |
|
66,213,831 |
Net change in unrealized gains (losses) on investments |
|
12,037,744 |
|
152,370,259 |
Net increase in net assets resulting from operations |
|
79,204,190 |
|
230,125,851 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(22,506,814 ) |
|
(6,979,591 ) |
Class C |
|
(126,698 ) |
|
(23,792 ) |
Class R6 |
|
(3,828,103 ) |
|
(1,352,009 ) |
Administrator Class |
|
(38,712,825 ) |
|
(12,699,409 ) |
Institutional Class |
|
(41,699,399 ) |
|
(12,992,850 ) |
Total distributions to shareholders |
|
(106,873,839 ) |
|
(34,047,651 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
207,170 |
2,967,980 |
243,763 |
3,148,442 |
Class C |
43,032 |
609,139 |
14,081 |
174,886 |
Class R6 |
87,637 |
1,217,857 |
257,947 |
3,178,792 |
Administrator Class |
87,828 |
1,355,226 |
100,251 |
1,431,276 |
Institutional Class |
3,470,849 |
50,154,654 |
17,892,995 |
222,419,427 |
|
|
56,304,856 |
|
230,352,823 |
Reinvestment of distributions |
|
|
|
|
Class A |
1,573,343 |
21,531,034 |
558,881 |
6,691,648 |
Class C |
9,620 |
126,698 |
2,076 |
23,792 |
Class R6 |
286,906 |
3,828,103 |
115,420 |
1,352,009 |
Administrator Class |
2,489,707 |
36,888,080 |
933,421 |
12,045,524 |
Institutional Class |
3,010,636 |
41,668,312 |
1,071,017 |
12,984,694 |
|
|
104,042,227 |
|
33,097,667 |
Payment for shares redeemed |
|
|
|
|
Class A |
(1,135,556 ) |
(16,167,027 ) |
(2,262,850 ) |
(28,357,414 ) |
Class C |
(6,952 ) |
(94,472 ) |
(53,365 ) |
(644,223 ) |
Class R6 |
(298,944 ) |
(4,130,442 ) |
(722,211 ) |
(9,073,597 ) |
Administrator Class |
(1,356,846 ) |
(20,655,517 ) |
(2,971,977 ) |
(39,830,289 ) |
Institutional Class |
(4,751,977 ) |
(69,137,272 ) |
(10,002,151 ) |
(128,256,273 ) |
|
|
(110,184,730 ) |
|
(206,161,796 ) |
Net increase in net assets resulting from capital share transactions |
|
50,162,353 |
|
57,288,694 |
Total increase in net assets |
|
22,492,704 |
|
253,366,894 |
Net assets |
|
|
|
|
Beginning of period |
|
1,329,436,518 |
|
1,076,069,624 |
End of period |
|
$1,351,929,222 |
|
$1,329,436,518 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.21 |
$12.18 |
$11.66 |
$14.98 |
$11.35 |
$13.13 |
Net investment income |
0.06 1 |
0.10 1 |
0.12 1 |
0.06 |
0.11 |
0.14 |
Payment from affiliate |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 2 |
0.00 |
Net realized and unrealized gains (losses) on investments |
0.78 |
2.27 |
1.44 |
(0.59 ) |
3.66 |
(0.58 ) |
Total from investment operations |
0.84 |
2.37 |
1.56 |
(0.53 ) |
3.77 |
(0.44 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.10 ) |
(0.09 ) |
(0.10 ) |
(0.09 ) |
(0.14 ) |
(0.10 ) |
Net realized gains |
(1.09 ) |
(0.25 ) |
(0.94 ) |
(2.70 ) |
0.00 |
(1.24 ) |
Total distributions to shareholders |
(1.19 ) |
(0.34 ) |
(1.04 ) |
(2.79 ) |
(0.14 ) |
(1.34 ) |
Net asset value, end of period |
$13.86 |
$14.21 |
$12.18 |
$11.66 |
$14.98 |
$11.35 |
Total return3 |
6.04 % |
20.05 % |
14.17 % |
(5.29 )% |
33.49 %4 |
(4.25 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.15 % |
1.16 % |
1.17 % |
1.17 % |
1.18 % |
1.18 % |
Net expenses |
0.88 % |
1.05 % |
1.09 % |
1.09 % |
1.09 % |
1.10 % |
Net investment income |
0.85 % |
0.80 % |
1.02 % |
0.52 % |
0.77 % |
1.20 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
16 % |
36 % |
42 % |
40 % |
46 % |
34 % |
Net assets, end of period (000s omitted) |
$278,887 |
$276,829 |
$254,988 |
$249,213 |
$294,248 |
$245,977 |
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
4 |
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$13.71 |
$11.76 |
$11.28 |
$14.59 |
$10.99 |
$12.75 |
Net investment income (loss) |
0.00 1,2 |
0.01 1 |
0.03 1 |
(0.03 )1 |
0.01 1 |
0.05 1 |
Payment from affiliate |
0.00 |
0.00 |
0.00 |
0.00 |
0.05 |
0.00 |
Net realized and unrealized gains (losses) on investments |
0.75 |
2.19 |
1.39 |
(0.58 ) |
3.54 |
(0.57 ) |
Total from investment operations |
0.75 |
2.20 |
1.42 |
(0.61 ) |
3.60 |
(0.52 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(1.09 ) |
(0.25 ) |
(0.94 ) |
(2.70 ) |
0.00 |
(1.24 ) |
Net asset value, end of period |
$13.37 |
$13.71 |
$11.76 |
$11.28 |
$14.59 |
$10.99 |
Total return3 |
5.58 % |
19.16 % |
13.30 % |
(5.99 )% |
32.76 %4 |
(4.99 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.91 % |
1.91 % |
1.93 % |
1.92 % |
1.93 % |
1.94 % |
Net expenses |
1.62 % |
1.82 % |
1.86 % |
1.86 % |
1.86 % |
1.86 % |
Net investment income (loss) |
0.06 % |
0.07 % |
0.27 % |
(0.24 )% |
0.05 % |
0.44 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
16 % |
36 % |
42 % |
40 % |
46 % |
34 % |
Net assets, end of period (000s omitted) |
$1,639 |
$1,053 |
$1,341 |
$1,923 |
$2,356 |
$4,401 |
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
4 |
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.50% impact on the total return. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$13.88 |
$11.90 |
$11.42 |
$14.73 |
$11.16 |
$12.93 |
Net investment income |
0.09 1 |
0.15 1 |
0.16 1 |
0.18 |
0.16 |
0.19 1 |
Net realized and unrealized gains (losses) on investments |
0.75 |
2.22 |
1.41 |
(0.64 ) |
3.60 |
(0.57 ) |
Total from investment operations |
0.84 |
2.37 |
1.57 |
(0.46 ) |
3.76 |
(0.38 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.15 ) |
(0.14 ) |
(0.15 ) |
(0.15 ) |
(0.19 ) |
(0.15 ) |
Net realized gains |
(1.09 ) |
(0.25 ) |
(0.94 ) |
(2.70 ) |
0.00 |
(1.24 ) |
Total distributions to shareholders |
(1.24 ) |
(0.39 ) |
(1.09 ) |
(2.85 ) |
(0.19 ) |
(1.39 ) |
Net asset value, end of period |
$13.48 |
$13.88 |
$11.90 |
$11.42 |
$14.73 |
$11.16 |
Total return2 |
6.25 % |
20.60 % |
14.61 % |
(4.86 )% |
34.05 % |
(3.87 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.74 % |
0.74 % |
0.75 % |
0.75 % |
0.76 % |
0.76 % |
Net expenses |
0.46 % |
0.62 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
Net investment income |
1.27 % |
1.23 % |
1.47 % |
0.97 % |
1.22 % |
1.67 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
16 % |
36 % |
42 % |
40 % |
46 % |
34 % |
Net assets, end of period (000s omitted) |
$43,881 |
$44,138 |
$41,991 |
$42,878 |
$15,313 |
$11,552 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$15.30 |
$13.09 |
$12.47 |
$15.83 |
$11.99 |
$13.81 |
Net investment income |
0.07 1 |
0.13 1 |
0.15 1 |
0.09 |
0.13 |
0.17 |
Payment from affiliate |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 2 |
0.00 |
Net realized and unrealized gains (losses) on investments |
0.83 |
2.45 |
1.54 |
(0.63 ) |
3.88 |
(0.62 ) |
Total from investment operations |
0.90 |
2.58 |
1.69 |
(0.54 ) |
4.01 |
(0.45 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.11 ) |
(0.12 ) |
(0.13 ) |
(0.12 ) |
(0.17 ) |
(0.13 ) |
Net realized gains |
(1.09 ) |
(0.25 ) |
(0.94 ) |
(2.70 ) |
0.00 |
(1.24 ) |
Total distributions to shareholders |
(1.20 ) |
(0.37 ) |
(1.07 ) |
(2.82 ) |
(0.17 ) |
(1.37 ) |
Net asset value, end of period |
$15.00 |
$15.30 |
$13.09 |
$12.47 |
$15.83 |
$11.99 |
Total return3 |
6.00 % |
20.31 % |
14.32 % |
(5.07 )% |
33.75 %4 |
(4.15 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.09 % |
1.09 % |
1.10 % |
1.09 % |
1.11 % |
1.11 % |
Net expenses |
0.81 % |
0.91 % |
0.92 % |
0.92 % |
0.92 % |
0.93 % |
Net investment income |
0.92 % |
0.95 % |
1.20 % |
0.70 % |
0.94 % |
1.37 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
16 % |
36 % |
42 % |
40 % |
46 % |
34 % |
Net assets, end of period (000s omitted) |
$511,869 |
$503,155 |
$455,987 |
$436,335 |
$499,628 |
$402,567 |
1 |
Calculated based upon average shares outstanding |
2 |
Amount is less than $0.005. |
3 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
4 |
During the year ended July 31, 2021, the Fund received a payment from an affiliate that had a 0.03% impact on the total return. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.36 |
$12.31 |
$11.77 |
$15.10 |
$11.44 |
$13.22 |
Net investment income |
0.09 1 |
0.14 1 |
0.15 1 |
0.12 1 |
0.16 1 |
0.19 1 |
Net realized and unrealized gains (losses) on investments |
0.78 |
2.30 |
1.48 |
(0.61 ) |
3.70 |
(0.58 ) |
Total from investment operations |
0.87 |
2.44 |
1.63 |
(0.49 ) |
3.86 |
(0.39 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.14 ) |
(0.14 ) |
(0.15 ) |
(0.14 ) |
(0.20 ) |
(0.15 ) |
Net realized gains |
(1.09 ) |
(0.25 ) |
(0.94 ) |
(2.70 ) |
0.00 |
(1.24 ) |
Total distributions to shareholders |
(1.23 ) |
(0.39 ) |
(1.09 ) |
(2.84 ) |
(0.20 ) |
(1.39 ) |
Net asset value, end of period |
$14.00 |
$14.36 |
$12.31 |
$11.77 |
$15.10 |
$11.44 |
Total return2 |
6.23 % |
20.46 % |
14.69 % |
(4.96 )% |
34.01 % |
(3.86 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.84 % |
0.84 % |
0.85 % |
0.85 % |
0.86 % |
0.86 % |
Net expenses |
0.56 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
Net investment income |
1.17 % |
1.13 % |
1.34 % |
0.92 % |
1.22 % |
1.59 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
16 % |
36 % |
42 % |
40 % |
46 % |
34 % |
Net assets, end of period (000s omitted) |
$515,654 |
$504,262 |
$321,762 |
$51,492 |
$62,796 |
$84,544 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$393,074,417 |
Gross unrealized losses |
(17,881,602 ) |
Net unrealized gains |
$375,192,815 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$60,070,563 |
$0 |
$0 |
$60,070,563 |
Consumer discretionary |
76,875,999 |
0 |
0 |
76,875,999 |
Consumer staples |
103,351,748 |
0 |
0 |
103,351,748 |
Energy |
83,331,108 |
0 |
0 |
83,331,108 |
Financials |
295,068,817 |
0 |
0 |
295,068,817 |
Health care |
187,940,062 |
0 |
0 |
187,940,062 |
Industrials |
234,493,180 |
0 |
0 |
234,493,180 |
Information technology |
148,562,848 |
0 |
0 |
148,562,848 |
Materials |
46,520,095 |
0 |
0 |
46,520,095 |
Real estate |
57,570,282 |
0 |
0 |
57,570,282 |
Utilities |
39,643,453 |
0 |
0 |
39,643,453 |
Short-term investments |
|
|
|
|
Investment companies |
18,547,402 |
0 |
0 |
18,547,402 |
Total assets |
$1,351,975,557 |
$0 |
$0 |
$1,351,975,557 |
Average daily net assets |
Management fee |
First $500 million |
0.700 % |
Next $500 million |
0.675 |
Next $1 billion |
0.650 |
Next $2 billion |
0.625 |
Next $1 billion |
0.600 |
Next $3 billion |
0.590 |
Next $2 billion |
0.565 |
Next $2 billion |
0.555 |
Next $4 billion |
0.530 |
Over $16 billion |
0.505 |
|
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 |
RATE PRIOR TO OCTOBER 1, 2024 |
Class A |
0.82 % |
1.01 % |
Class C |
1.57 |
1.76 |
Class R6 |
0.40 |
0.59 |
Administrator Class |
0.75 |
0.94 |
Institutional Class |
0.50 |
0.69 |
|
|
|
|
Shares |
Value | |
Common stocks: 97.88% |
|
|
|
|
|
|
Communication services: 10.45% |
|
|
|
|
|
|
Entertainment: 2.54% |
|
|
|
|
|
|
Netflix, Inc.† |
|
|
|
|
14,902 |
$14,555,677 |
Interactive media & services: 5.88% |
|
|
|
|
|
|
Alphabet, Inc. Class C |
|
|
|
|
115,500 |
23,746,800 |
Pinterest, Inc. Class A† |
|
|
|
|
302,781 |
9,979,662 |
|
|
|
|
|
|
33,726,462 |
Media: 2.03% |
|
|
|
|
|
|
Fox Corp. Class A |
|
|
|
|
227,409 |
11,638,793 |
Consumer discretionary: 9.02% |
|
|
|
|
|
|
Broadline retail: 2.83% |
|
|
|
|
|
|
Amazon.com, Inc.† |
|
|
|
|
68,248 |
16,221,185 |
Hotels, restaurants & leisure: 2.05% |
|
|
|
|
|
|
Royal Caribbean Cruises Ltd. |
|
|
|
|
44,168 |
11,775,189 |
Household durables: 2.48% |
|
|
|
|
|
|
Lennar Corp. Class A |
|
|
|
|
48,323 |
6,341,910 |
PulteGroup, Inc. |
|
|
|
|
69,441 |
7,900,997 |
|
|
|
|
|
|
14,242,907 |
Specialty retail: 1.66% |
|
|
|
|
|
|
Ross Stores, Inc. |
|
|
|
|
63,187 |
9,513,435 |
Consumer staples: 3.75% |
|
|
|
|
|
|
Consumer staples distribution & retail : 2.21% |
|
|
|
|
|
|
Costco Wholesale Corp. |
|
|
|
|
12,937 |
12,676,707 |
Household products: 1.54% |
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
|
|
|
101,611 |
8,809,674 |
Energy: 3.85% |
|
|
|
|
|
|
Oil, gas & consumable fuels: 3.85% |
|
|
|
|
|
|
ConocoPhillips |
|
|
|
|
61,636 |
6,091,486 |
Diamondback Energy, Inc. |
|
|
|
|
49,033 |
8,059,064 |
EOG Resources, Inc. |
|
|
|
|
62,828 |
7,903,134 |
|
|
|
|
|
|
22,053,684 |
Financials: 13.16% |
|
|
|
|
|
|
Banks: 6.36% |
|
|
|
|
|
|
Citigroup, Inc. |
|
|
|
|
99,216 |
8,079,159 |
Citizens Financial Group, Inc. |
|
|
|
|
139,976 |
6,658,658 |
First Citizens BancShares, Inc. Class A |
|
|
|
|
4,244 |
9,356,705 |
JPMorgan Chase & Co. |
|
|
|
|
46,391 |
12,400,314 |
|
|
|
|
|
|
36,494,836 |
|
|
|
|
Shares |
Value | |
Capital markets: 6.80% |
|
|
|
|
|
|
Goldman Sachs Group, Inc. |
|
|
|
|
19,286 |
$12,350,754 |
Interactive Brokers Group, Inc. Class A |
|
|
|
|
69,558 |
15,124,691 |
Virtu Financial, Inc. Class A |
|
|
|
|
287,662 |
11,523,740 |
|
|
|
|
|
|
38,999,185 |
Health care: 11.67% |
|
|
|
|
|
|
Biotechnology: 6.65% |
|
|
|
|
|
|
AbbVie, Inc. |
|
|
|
|
54,993 |
10,113,213 |
Exelixis, Inc.† |
|
|
|
|
394,674 |
13,083,443 |
Regeneron Pharmaceuticals, Inc.† |
|
|
|
|
8,947 |
6,021,152 |
United Therapeutics Corp.† |
|
|
|
|
25,452 |
8,937,979 |
|
|
|
|
|
|
38,155,787 |
Health care equipment & supplies: 2.14% |
|
|
|
|
|
|
Intuitive Surgical, Inc.† |
|
|
|
|
21,466 |
12,275,976 |
Health care providers & services: 2.88% |
|
|
|
|
|
|
Cencora, Inc. |
|
|
|
|
37,774 |
9,602,529 |
UnitedHealth Group, Inc. |
|
|
|
|
12,725 |
6,903,185 |
|
|
|
|
|
|
16,505,714 |
Industrials: 9.10% |
|
|
|
|
|
|
Building products: 1.78% |
|
|
|
|
|
|
Owens Corning |
|
|
|
|
55,239 |
10,194,358 |
Construction & engineering: 1.80% |
|
|
|
|
|
|
EMCOR Group, Inc. |
|
|
|
|
23,107 |
10,353,322 |
Electrical equipment: 1.81% |
|
|
|
|
|
|
Generac Holdings, Inc.† |
|
|
|
|
69,507 |
10,379,480 |
Passenger airlines: 2.09% |
|
|
|
|
|
|
United Airlines Holdings, Inc.† |
|
|
|
|
113,472 |
12,009,877 |
Professional services: 1.62% |
|
|
|
|
|
|
Leidos Holdings, Inc. |
|
|
|
|
65,278 |
9,271,434 |
Information technology: 31.73% |
|
|
|
|
|
|
Communications equipment: 2.05% |
|
|
|
|
|
|
Arista Networks, Inc.† |
|
|
|
|
101,768 |
11,726,727 |
Electronic equipment, instruments & components: 2.15% |
|
|
|
|
|
|
TD SYNNEX Corp. |
|
|
|
|
86,453 |
12,320,417 |
IT services: 5.87% |
|
|
|
|
|
|
Okta, Inc.† |
|
|
|
|
132,823 |
12,514,583 |
Twilio, Inc. Class A† |
|
|
|
|
144,303 |
21,151,934 |
|
|
|
|
|
|
33,666,517 |
Semiconductors & semiconductor equipment: 8.04% |
|
|
|
|
|
|
Applied Materials, Inc. |
|
|
|
|
51,696 |
9,323,373 |
|
|
|
|
Shares |
Value | |
Semiconductors & semiconductor equipment(continued) |
|
|
|
|
|
|
Broadcom, Inc. |
|
|
|
|
84,588 |
$18,716,787 |
KLA Corp. |
|
|
|
|
12,254 |
9,046,393 |
QUALCOMM, Inc. |
|
|
|
|
52,333 |
9,049,946 |
|
|
|
|
|
|
46,136,499 |
Software: 7.54% |
|
|
|
|
|
|
Adobe, Inc.† |
|
|
|
|
11,930 |
5,218,778 |
Datadog, Inc. Class A† |
|
|
|
|
73,735 |
10,522,722 |
Microsoft Corp. |
|
|
|
|
66,210 |
27,481,123 |
|
|
|
|
|
|
43,222,623 |
Technology hardware, storage & peripherals: 6.08% |
|
|
|
|
|
|
Apple, Inc. |
|
|
|
|
109,139 |
25,756,804 |
Dell Technologies, Inc. Class C |
|
|
|
|
88,151 |
9,132,443 |
|
|
|
|
|
|
34,889,247 |
Materials: 2.07% |
|
|
|
|
|
|
Chemicals: 1.06% |
|
|
|
|
|
|
CF Industries Holdings, Inc. |
|
|
|
|
66,154 |
6,100,060 |
Metals & mining: 1.01% |
|
|
|
|
|
|
Nucor Corp. |
|
|
|
|
44,935 |
5,771,002 |
Real estate: 3.08% |
|
|
|
|
|
|
Retail REITs: 1.98% |
|
|
|
|
|
|
Simon Property Group, Inc. |
|
|
|
|
65,216 |
11,338,454 |
Specialized REITs: 1.10% |
|
|
|
|
|
|
Millrose Properties, Inc. Class A♦† |
|
|
|
|
24,161 |
267,221 |
Weyerhaeuser Co. |
|
|
|
|
198,233 |
6,069,894 |
|
|
|
|
|
|
6,337,115 |
Total common stocks (Cost $329,646,944) |
|
|
|
|
|
561,362,343 |
|
|
Yield |
|
|
| |
Short-term investments: 2.08% |
|
|
|
|
|
|
Investment companies: 2.08% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
11,925,599 |
11,925,599 |
Total short-term investments (Cost $11,925,599) |
|
|
|
|
|
11,925,599 |
Total investments in securities (Cost $341,572,543) |
99.96 % |
|
|
|
|
573,287,942 |
Other assets and liabilities, net |
0.04 |
|
|
|
|
249,681 |
Total net assets |
100.00 % |
|
|
|
|
$573,537,623 |
† |
Non-income-earning security |
♦ |
The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
♠ |
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 |
$7,562,931 |
$26,747,842 |
$(22,385,174 ) |
$0 |
$0 |
$11,925,599 |
11,925,599 |
$190,961 |
Description |
Number of contracts |
Expiration date |
Notional cost |
Notional value |
Unrealized gains |
Unrealized losses |
Long |
|
|
|
|
|
|
E-Mini S&P 500 Index |
31 |
3-21-2025 |
$9,438,501 |
$9,404,238 |
$0 |
$(34,263 ) |
Assets |
|
Investments in unaffiliated securities, at value (cost $329,646,944) |
$561,362,343 |
Investments in affiliated securities, at value (cost $11,925,599) |
11,925,599 |
Cash at broker segregated for futures contracts |
503,946 |
Receivable for dividends |
558,125 |
Receivable for Fund shares sold |
218,646 |
Prepaid expenses and other assets |
79,830 |
Total assets |
574,648,489 |
Liabilities |
|
Management fee payable |
279,888 |
Payable for investments purchased |
267,221 |
Shareholder servicing fees payable |
209,802 |
Payable for Fund shares redeemed |
165,070 |
Administration fees payable |
93,081 |
Payable for daily variation margin on open futures contracts |
49,600 |
Trustees’ fees and expenses payable |
4,684 |
Distribution fees payable |
4,266 |
Accrued expenses and other liabilities |
37,254 |
Total liabilities |
1,110,866 |
Total net assets |
$573,537,623 |
Net assets consist of |
|
Paid-in capital |
$326,678,058 |
Total distributable earnings |
246,859,565 |
Total net assets |
$573,537,623 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$440,642,273 |
Shares outstanding–Class A1 |
23,601,374 |
Net asset value per share–Class A |
$18.67 |
Maximum offering price per share – Class A2 |
$19.81 |
Net assets–Class C |
$6,426,516 |
Shares outstanding–Class C1 |
359,604 |
Net asset value per share–Class C |
$17.87 |
Net assets–Class R6 |
$3,680,463 |
Shares outstanding–Class R61 |
195,265 |
Net asset value per share–Class R6 |
$18.85 |
Net assets–Administrator Class |
$2,062,351 |
Shares outstanding–Administrator Class1 |
107,119 |
Net asset value per share–Administrator Class |
$19.25 |
Net assets–Institutional Class |
$120,726,020 |
Shares outstanding–Institutional Class1 |
6,388,981 |
Net asset value per share–Institutional Class |
$18.90 |
Investment income |
|
Dividends |
$3,011,097 |
Income from non-cash dividends |
267,221 |
Income from affiliated securities |
190,961 |
Interest |
9,175 |
Total investment income |
3,478,454 |
Expenses |
|
Management fee |
1,917,129 |
Administration fees |
|
Class A |
423,771 |
Class C |
6,359 |
Class R6 |
544 |
Administrator Class |
1,335 |
Institutional Class |
73,684 |
Shareholder servicing fees |
|
Class A |
529,713 |
Class C |
7,937 |
Administrator Class |
2,527 |
Distribution fees |
|
Class C |
23,804 |
Custody and accounting fees |
10,523 |
Professional fees |
26,523 |
Registration fees |
48,654 |
Shareholder report expenses |
21,127 |
Trustees’ fees and expenses |
11,263 |
Other fees and expenses |
14,525 |
Total expenses |
3,119,418 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(329,628 ) |
Class A |
(13,191 ) |
Class R6 |
(149 ) |
Administrator Class |
(339 ) |
Institutional Class |
(49,561 ) |
Net expenses |
2,726,550 |
Net investment income |
751,904 |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on |
|
Unaffiliated securities |
$38,773,785 |
Futures contracts |
246,291 |
Net realized gains on investments |
39,020,076 |
Net change in unrealized gains (losses) on |
|
Unaffiliated securities |
32,839,968 |
Futures contracts |
(42,349 ) |
Net change in unrealized gains (losses) on investments |
32,797,619 |
Net realized and unrealized gains (losses) on investments |
71,817,695 |
Net increase in net assets resulting from operations |
$72,569,599 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment income |
|
$751,904 |
|
$2,028,227 |
Net realized gains on investments |
|
39,020,076 |
|
43,920,410 |
Net change in unrealized gains (losses) on investments |
|
32,797,619 |
|
47,079,383 |
Net increase in net assets resulting from operations |
|
72,569,599 |
|
93,028,020 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(48,280,741 ) |
|
(28,260,966 ) |
Class C |
|
(730,612 ) |
|
(625,245 ) |
Class R6 |
|
(445,351 ) |
|
(277,421 ) |
Administrator Class |
|
(234,516 ) |
|
(157,450 ) |
Institutional Class |
|
(13,187,081 ) |
|
(7,219,152 ) |
Total distributions to shareholders |
|
(62,878,301 ) |
|
(36,540,234 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
438,159 |
8,129,594 |
1,071,331 |
17,521,352 |
Class C |
14,967 |
263,751 |
73,221 |
1,142,952 |
Class R6 |
22,467 |
424,440 |
29,614 |
504,101 |
Administrator Class |
4,775 |
92,919 |
20,739 |
356,093 |
Institutional Class |
559,209 |
10,530,421 |
1,052,444 |
17,780,213 |
|
|
19,441,125 |
|
37,304,711 |
Reinvestment of distributions |
|
|
|
|
Class A |
2,549,246 |
46,281,476 |
1,754,766 |
27,004,386 |
Class C |
41,861 |
727,543 |
41,929 |
620,970 |
Class R6 |
4,358 |
80,085 |
2,883 |
44,896 |
Administrator Class |
12,461 |
233,421 |
9,907 |
156,738 |
Institutional Class |
710,092 |
13,073,290 |
455,501 |
7,102,424 |
|
|
60,395,815 |
|
34,929,414 |
Payment for shares redeemed |
|
|
|
|
Class A |
(1,261,354 ) |
(23,577,162 ) |
(2,405,518 ) |
(39,999,039 ) |
Class C |
(53,512 ) |
(955,878 ) |
(465,119 ) |
(7,279,129 ) |
Class R6 |
(2,906 ) |
(56,568 ) |
(67,924 ) |
(1,128,888 ) |
Administrator Class |
(13,252 ) |
(249,636 ) |
(44,479 ) |
(756,670 ) |
Institutional Class |
(661,059 ) |
(12,459,936 ) |
(1,174,476 ) |
(19,589,166 ) |
|
|
(37,299,180 ) |
|
(68,752,892 ) |
Net increase in net assets resulting from capital share transactions |
|
42,537,760 |
|
3,481,233 |
Total increase in net assets |
|
52,229,058 |
|
59,969,019 |
Net assets |
|
|
|
|
Beginning of period |
|
521,308,565 |
|
461,339,546 |
End of period |
|
$573,537,623 |
|
$521,308,565 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$18.39 |
$16.49 |
$15.85 |
$18.77 |
$15.71 |
$18.57 |
Net investment income |
0.02 1 |
0.06 1 |
0.10 1 |
0.09 |
0.08 1 |
0.14 |
Net realized and unrealized gains (losses) on investments |
2.53 |
3.17 |
2.21 |
(0.55 ) |
5.33 |
0.51 |
Total from investment operations |
2.55 |
3.23 |
2.31 |
(0.46 ) |
5.41 |
0.65 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.02 ) |
(0.09 ) |
(0.12 ) |
(0.04 ) |
(0.15 ) |
(0.29 ) |
Net realized gains |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.20 ) |
(3.22 ) |
Total distributions to shareholders |
(2.27 ) |
(1.33 ) |
(1.67 ) |
(2.46 ) |
(2.35 ) |
(3.51 ) |
Net asset value, end of period |
$18.67 |
$18.39 |
$16.49 |
$15.85 |
$18.77 |
$15.71 |
Total return2 |
14.24 % |
21.20 % |
16.41 % |
(3.66 )% |
37.90 % |
2.86 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.20 % |
1.21 % |
1.22 % |
1.20 % |
1.23 % |
1.23 % |
Net expenses |
1.07 % |
1.04 % |
1.05 % |
1.06 % |
1.06 % |
1.06 % |
Net investment income |
0.20 % |
0.37 % |
0.66 % |
0.52 % |
0.49 % |
0.97 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
21 % |
31 % |
26 % |
31 % |
46 % |
28 % |
Net assets, end of period (000s omitted) |
$440,642 |
$402,315 |
$353,855 |
$330,584 |
$366,731 |
$300,373 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$17.74 |
$15.98 |
$15.40 |
$18.39 |
$15.41 |
$18.22 |
Net investment income (loss) |
(0.05 )1 |
(0.06 )1 |
(0.11 )1 |
(0.05 )1 |
(0.04 )1 |
0.03 |
Net realized and unrealized gains (losses) on investments |
2.43 |
3.06 |
2.24 |
(0.52 ) |
5.23 |
0.47 |
Total from investment operations |
2.38 |
3.00 |
2.13 |
(0.57 ) |
5.19 |
0.50 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
0.00 |
0.00 |
0.00 |
0.00 |
(0.01 ) |
(0.09 ) |
Net realized gains |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.20 ) |
(3.22 ) |
Total distributions to shareholders |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.21 ) |
(3.31 ) |
Net asset value, end of period |
$17.87 |
$17.74 |
$15.98 |
$15.40 |
$18.39 |
$15.41 |
Total return2 |
13.76 % |
20.28 % |
15.55 % |
(4.39 )% |
36.87 % |
2.01 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.94 % |
1.94 % |
1.96 % |
1.94 % |
1.98 % |
1.97 % |
Net expenses |
1.82 % |
1.82 % |
1.83 % |
1.83 % |
1.83 % |
1.83 % |
Net investment income (loss) |
(0.55 )% |
(0.35 )% |
(0.07 )% |
(0.27 )% |
(0.25 )% |
0.21 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
21 % |
31 % |
26 % |
31 % |
46 % |
28 % |
Net assets, end of period (000s omitted) |
$6,427 |
$6,319 |
$11,285 |
$18,081 |
$28,335 |
$33,405 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$18.58 |
$16.65 |
$15.99 |
$18.91 |
$15.81 |
$18.68 |
Net investment income |
0.06 1 |
0.13 1 |
0.16 1 |
0.17 |
0.16 |
0.24 1 |
Net realized and unrealized gains (losses) on investments |
2.56 |
3.20 |
2.23 |
(0.55 ) |
5.36 |
0.48 |
Total from investment operations |
2.62 |
3.33 |
2.39 |
(0.38 ) |
5.52 |
0.72 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.10 ) |
(0.16 ) |
(0.18 ) |
(0.12 ) |
(0.22 ) |
(0.37 ) |
Net realized gains |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.20 ) |
(3.22 ) |
Total distributions to shareholders |
(2.35 ) |
(1.40 ) |
(1.73 ) |
(2.54 ) |
(2.42 ) |
(3.59 ) |
Net asset value, end of period |
$18.85 |
$18.58 |
$16.65 |
$15.99 |
$18.91 |
$15.81 |
Total return2 |
14.46 % |
21.65 % |
16.92 % |
(3.25 )% |
38.47 % |
3.23 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.78 % |
0.79 % |
0.79 % |
0.77 % |
0.80 % |
0.79 % |
Net expenses |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
Net investment income |
0.62 % |
0.78 % |
1.09 % |
0.92 % |
0.92 % |
1.40 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
21 % |
31 % |
26 % |
31 % |
46 % |
28 % |
Net assets, end of period (000s omitted) |
$3,680 |
$3,183 |
$3,442 |
$4,535 |
$5,928 |
$6,570 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$18.90 |
$16.91 |
$16.22 |
$19.16 |
$15.96 |
$18.82 |
Net investment income |
0.03 1 |
0.08 1 |
0.11 1 |
0.10 1 |
0.10 1 |
0.18 1 |
Net realized and unrealized gains (losses) on investments |
2.61 |
3.25 |
2.27 |
(0.55 ) |
5.43 |
0.49 |
Total from investment operations |
2.64 |
3.33 |
2.38 |
(0.45 ) |
5.53 |
0.67 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.04 ) |
(0.10 ) |
(0.14 ) |
(0.07 ) |
(0.13 ) |
(0.31 ) |
Net realized gains |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.20 ) |
(3.22 ) |
Total distributions to shareholders |
(2.29 ) |
(1.34 ) |
(1.69 ) |
(2.49 ) |
(2.33 ) |
(3.53 ) |
Net asset value, end of period |
$19.25 |
$18.90 |
$16.91 |
$16.22 |
$19.16 |
$15.96 |
Total return2 |
14.29 % |
21.29 % |
16.51 % |
(3.57 )% |
38.04 % |
2.90 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.12 % |
1.14 % |
1.14 % |
1.11 % |
1.15 % |
1.13 % |
Net expenses |
0.97 % |
0.97 % |
0.97 % |
0.97 % |
0.97 % |
0.97 % |
Net investment income |
0.30 % |
0.46 % |
0.72 % |
0.56 % |
0.58 % |
1.04 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
21 % |
31 % |
26 % |
31 % |
46 % |
28 % |
Net assets, end of period (000s omitted) |
$2,062 |
$1,950 |
$1,978 |
$1,528 |
$2,531 |
$2,241 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$18.60 |
$16.67 |
$16.01 |
$18.93 |
$15.83 |
$18.70 |
Net investment income |
0.06 1 |
0.12 1 |
0.16 1 |
0.16 |
0.19 |
0.24 1 |
Net realized and unrealized gains (losses) on investments |
2.57 |
3.20 |
2.23 |
(0.55 ) |
5.33 |
0.48 |
Total from investment operations |
2.63 |
3.32 |
2.39 |
(0.39 ) |
5.52 |
0.72 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.08 ) |
(0.15 ) |
(0.18 ) |
(0.11 ) |
(0.22 ) |
(0.37 ) |
Net realized gains |
(2.25 ) |
(1.24 ) |
(1.55 ) |
(2.42 ) |
(2.20 ) |
(3.22 ) |
Total distributions to shareholders |
(2.33 ) |
(1.39 ) |
(1.73 ) |
(2.53 ) |
(2.42 ) |
(3.59 ) |
Net asset value, end of period |
$18.90 |
$18.60 |
$16.67 |
$16.01 |
$18.93 |
$15.83 |
Total return2 |
14.51 % |
21.59 % |
16.89 % |
(3.27 )% |
38.42 % |
3.22 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.88 % |
0.89 % |
0.89 % |
0.87 % |
0.90 % |
0.89 % |
Net expenses |
0.67 % |
0.67 % |
0.67 % |
0.67 % |
0.67 % |
0.67 % |
Net investment income |
0.60 % |
0.73 % |
1.05 % |
0.91 % |
0.90 % |
1.40 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
21 % |
31 % |
26 % |
31 % |
46 % |
28 % |
Net assets, end of period (000s omitted) |
$120,726 |
$107,542 |
$90,779 |
$106,846 |
$132,167 |
$145,425 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$236,455,895 |
Gross unrealized losses |
(5,078,522 ) |
Net unrealized gains |
$231,377,373 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$59,920,932 |
$0 |
$0 |
$59,920,932 |
Consumer discretionary |
51,752,716 |
0 |
0 |
51,752,716 |
Consumer staples |
21,486,381 |
0 |
0 |
21,486,381 |
Energy |
22,053,684 |
0 |
0 |
22,053,684 |
Financials |
75,494,021 |
0 |
0 |
75,494,021 |
Health care |
66,937,477 |
0 |
0 |
66,937,477 |
Industrials |
52,208,471 |
0 |
0 |
52,208,471 |
Information technology |
181,962,030 |
0 |
0 |
181,962,030 |
Materials |
11,871,062 |
0 |
0 |
11,871,062 |
Real estate |
17,408,348 |
267,221 |
0 |
17,675,569 |
Short-term investments |
|
|
|
|
Investment companies |
11,925,599 |
0 |
0 |
11,925,599 |
Total assets |
$573,020,721 |
$267,221 |
$0 |
$573,287,942 |
Liabilities | ||||
Futures contracts |
$34,263 |
$0 |
$0 |
$34,263 |
Total liabilities |
$34,263 |
$0 |
$0 |
$34,263 |
Average daily net assets |
Management fee |
First $500 million |
0.700 % |
Next $500 million |
0.675 |
Next $1 billion |
0.650 |
Next $2 billion |
0.625 |
Next $1 billion |
0.600 |
Next $3 billion |
0.590 |
Next $2 billion |
0.565 |
Next $2 billion |
0.555 |
Next $4 billion |
0.530 |
Over $16 billion |
0.505 |
|
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 |
0.97 |
Institutional Class |
0.67 |
|
|
|
|
Shares |
Value | |
Common stocks: 99.24% |
|
|
|
|
|
|
Communication services: 14.81% |
|
|
|
|
|
|
Entertainment: 5.96% |
|
|
|
|
|
|
Live Nation Entertainment, Inc.† |
|
|
|
|
102,606 |
$14,845,036 |
Roblox Corp. Class A† |
|
|
|
|
173,134 |
12,304,633 |
Spotify Technology SA† |
|
|
|
|
39,448 |
21,639,200 |
Take-Two Interactive Software, Inc.† |
|
|
|
|
99,691 |
18,493,678 |
TKO Group Holdings, Inc. Class A† |
|
|
|
|
113,784 |
17,660,415 |
|
|
|
|
|
|
84,942,962 |
Interactive media & services: 7.94% |
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
|
|
|
108,511 |
22,138,414 |
Meta Platforms, Inc. Class A |
|
|
|
|
132,194 |
91,105,461 |
|
|
|
|
|
|
113,243,875 |
Media: 0.91% |
|
|
|
|
|
|
Trade Desk, Inc. Class A† |
|
|
|
|
109,946 |
13,048,391 |
Consumer discretionary: 17.28% |
|
|
|
|
|
|
Broadline retail: 6.63% |
|
|
|
|
|
|
Amazon.com, Inc.† |
|
|
|
|
347,522 |
82,599,029 |
MercadoLibre, Inc.† |
|
|
|
|
6,260 |
12,032,909 |
|
|
|
|
|
|
94,631,938 |
Hotels, restaurants & leisure: 6.24% |
|
|
|
|
|
|
Booking Holdings, Inc. |
|
|
|
|
4,957 |
23,484,085 |
DoorDash, Inc. Class A† |
|
|
|
|
138,118 |
26,080,822 |
DraftKings, Inc. Class A† |
|
|
|
|
266,185 |
11,166,461 |
Hilton Worldwide Holdings, Inc. |
|
|
|
|
65,373 |
16,740,064 |
Viking Holdings Ltd.† |
|
|
|
|
227,015 |
11,493,769 |
|
|
|
|
|
|
88,965,201 |
Specialty retail: 2.30% |
|
|
|
|
|
|
AutoZone, Inc.† |
|
|
|
|
5,410 |
18,124,636 |
Carvana Co. Class A† |
|
|
|
|
59,186 |
14,647,352 |
|
|
|
|
|
|
32,771,988 |
Textiles, apparel & luxury goods: 2.11% |
|
|
|
|
|
|
Deckers Outdoor Corp.† |
|
|
|
|
98,879 |
17,537,179 |
On Holding AG Class A† |
|
|
|
|
208,902 |
12,509,052 |
|
|
|
|
|
|
30,046,231 |
Consumer staples: 0.63% |
|
|
|
|
|
|
Personal care products: 0.63% |
|
|
|
|
|
|
BellRing Brands, Inc.† |
|
|
|
|
116,349 |
8,999,595 |
Financials: 10.16% |
|
|
|
|
|
|
Capital markets: 5.83% |
|
|
|
|
|
|
KKR & Co., Inc. |
|
|
|
|
140,932 |
23,545,509 |
|
|
|
|
Shares |
Value | |
Capital markets(continued) |
|
|
|
|
|
|
Robinhood Markets, Inc. Class A† |
|
|
|
|
639,810 |
$33,238,130 |
Tradeweb Markets, Inc. Class A |
|
|
|
|
207,926 |
26,385,809 |
|
|
|
|
|
|
83,169,448 |
Financial services: 3.06% |
|
|
|
|
|
|
Affirm Holdings, Inc.† |
|
|
|
|
222,708 |
13,600,778 |
Mastercard, Inc. Class A |
|
|
|
|
54,044 |
30,017,659 |
|
|
|
|
|
|
43,618,437 |
Insurance: 1.27% |
|
|
|
|
|
|
Progressive Corp. |
|
|
|
|
73,113 |
18,017,968 |
Health care: 7.20% |
|
|
|
|
|
|
Biotechnology: 2.30% |
|
|
|
|
|
|
Argenx SE ADR† |
|
|
|
|
18,737 |
12,275,171 |
Natera, Inc.† |
|
|
|
|
71,918 |
12,723,732 |
Neurocrine Biosciences, Inc.† |
|
|
|
|
51,784 |
7,861,847 |
|
|
|
|
|
|
32,860,750 |
Health care equipment & supplies: 3.62% |
|
|
|
|
|
|
Boston Scientific Corp.† |
|
|
|
|
213,028 |
21,805,546 |
DexCom, Inc.† |
|
|
|
|
120,824 |
10,491,148 |
Intuitive Surgical, Inc.† |
|
|
|
|
33,838 |
19,351,275 |
|
|
|
|
|
|
51,647,969 |
Pharmaceuticals: 1.28% |
|
|
|
|
|
|
Teva Pharmaceutical Industries Ltd. ADR† |
|
|
|
|
1,025,857 |
18,188,445 |
Industrials: 11.14% |
|
|
|
|
|
|
Aerospace & defense: 3.80% |
|
|
|
|
|
|
Axon Enterprise, Inc.† |
|
|
|
|
29,622 |
19,318,876 |
General Electric Co. |
|
|
|
|
98,597 |
20,071,391 |
Howmet Aerospace, Inc. |
|
|
|
|
116,709 |
14,773,025 |
|
|
|
|
|
|
54,163,292 |
Commercial services & supplies: 2.37% |
|
|
|
|
|
|
Rollins, Inc. |
|
|
|
|
364,926 |
18,063,837 |
Tetra Tech, Inc. |
|
|
|
|
44,290 |
1,629,872 |
Waste Connections, Inc. |
|
|
|
|
76,952 |
14,141,469 |
|
|
|
|
|
|
33,835,178 |
Construction & engineering: 2.47% |
|
|
|
|
|
|
EMCOR Group, Inc. |
|
|
|
|
31,433 |
14,083,870 |
Quanta Services, Inc. |
|
|
|
|
68,505 |
21,072,823 |
|
|
|
|
|
|
35,156,693 |
|
|
|
|
Shares |
Value | |
Electrical equipment: 1.55% |
|
|
|
|
|
|
Eaton Corp. PLC |
|
|
|
|
31,413 |
$10,254,460 |
Vertiv Holdings Co. Class A |
|
|
|
|
101,640 |
11,893,913 |
|
|
|
|
|
|
22,148,373 |
Ground transportation: 0.95% |
|
|
|
|
|
|
Old Dominion Freight Line, Inc. |
|
|
|
|
73,329 |
13,610,596 |
Information technology: 38.02% |
|
|
|
|
|
|
Communications equipment: 1.40% |
|
|
|
|
|
|
Arista Networks, Inc.† |
|
|
|
|
173,586 |
20,002,315 |
IT services: 1.56% |
|
|
|
|
|
|
Globant SA† |
|
|
|
|
54,354 |
11,594,795 |
Shopify, Inc. Class A† |
|
|
|
|
90,511 |
10,571,685 |
|
|
|
|
|
|
22,166,480 |
Semiconductors & semiconductor equipment: 12.35% |
|
|
|
|
|
|
Broadcom, Inc. |
|
|
|
|
200,390 |
44,340,295 |
Monolithic Power Systems, Inc. |
|
|
|
|
17,907 |
11,413,385 |
NVIDIA Corp. |
|
|
|
|
762,586 |
91,563,701 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
|
|
|
|
137,562 |
28,794,478 |
|
|
|
|
|
|
176,111,859 |
Software: 20.29% |
|
|
|
|
|
|
AppLovin Corp. Class A† |
|
|
|
|
44,506 |
16,448,973 |
Cadence Design Systems, Inc.† |
|
|
|
|
88,524 |
26,346,513 |
CyberArk Software Ltd.† |
|
|
|
|
51,529 |
19,116,228 |
Fair Isaac Corp.† |
|
|
|
|
6,747 |
12,640,909 |
Microsoft Corp. |
|
|
|
|
259,666 |
107,776,970 |
Monday.com Ltd.† |
|
|
|
|
52,734 |
13,471,428 |
Oracle Corp. |
|
|
|
|
105,521 |
17,944,901 |
Salesforce, Inc. |
|
|
|
|
108,268 |
36,995,176 |
Samsara, Inc. Class A† |
|
|
|
|
241,241 |
12,423,911 |
ServiceNow, Inc.† |
|
|
|
|
25,751 |
26,224,303 |
|
|
|
|
|
|
289,389,312 |
Technology hardware, storage & peripherals: 2.42% |
|
|
|
|
|
|
Apple, Inc. |
|
|
|
|
145,967 |
34,448,212 |
Total common stocks (Cost $752,423,732) |
|
|
|
|
|
1,415,185,508 |
|
|
Yield |
|
Shares |
Value | |
Short-term investments: 3.30% |
|
|
|
|
|
|
Investment companies: 3.30% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
47,044,327 |
$47,044,327 |
Total short-term investments (Cost $47,044,327) |
|
|
|
|
|
47,044,327 |
Total investments in securities (Cost $799,468,059) |
102.54 % |
|
|
|
|
1,462,229,835 |
Other assets and liabilities, net |
(2.54 ) |
|
|
|
|
(36,153,920 ) |
Total net assets |
100.00 % |
|
|
|
|
$1,426,075,915 |
† |
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: | |
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 |
$1,141,038 |
$294,011,880 |
$(248,108,591 ) |
$0 |
$0 |
$47,044,327 |
47,044,327 |
$306,610 |
Assets |
|
Investments in unaffiliated securities, at value (cost $752,423,732) |
$1,415,185,508 |
Investments in affiliated securities, at value (cost $47,044,327) |
47,044,327 |
Cash |
13 |
Receivable for Fund shares sold |
387,475 |
Receivable for dividends |
115,066 |
Prepaid expenses and other assets |
71,631 |
Total assets |
1,462,804,020 |
Liabilities |
|
Payable for investments purchased |
34,903,846 |
Management fee payable |
788,561 |
Payable for Fund shares redeemed |
345,633 |
Shareholder servicing fees payable |
264,043 |
Administration fees payable |
236,556 |
Distribution fee payable |
7,632 |
Trustees’ fees and expenses payable |
1,080 |
Accrued expenses and other liabilities |
180,754 |
Total liabilities |
36,728,105 |
Total net assets |
$1,426,075,915 |
Net assets consist of |
|
Paid-in capital |
$575,685,573 |
Total distributable earnings |
850,390,342 |
Total net assets |
$1,426,075,915 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$1,131,862,933 |
Shares outstanding–Class A1 |
101,972,911 |
Net asset value per share–Class A |
$11.10 |
Maximum offering price per share – Class A2 |
$11.78 |
Net assets–Class C |
$11,200,052 |
Shares outstanding–Class C1 |
3,876,487 |
Net asset value per share–Class C |
$2.89 |
Net assets–Class R6 |
$40,768,269 |
Shares outstanding–Class R61 |
3,002,065 |
Net asset value per share–Class R6 |
$13.58 |
Net assets–Administrator Class |
$24,672,653 |
Shares outstanding–Administrator Class1 |
2,086,424 |
Net asset value per share–Administrator Class |
$11.83 |
Net assets–Institutional Class |
$217,572,008 |
Shares outstanding–Institutional Class1 |
16,258,482 |
Net asset value per share–Institutional Class |
$13.38 |
Investment income |
|
Dividends (net of foreign withholdings taxes of $36,892) |
$2,468,616 |
Income from affiliated securities |
306,610 |
Interest (net of foreign withholding taxes of $6,704) |
38,106 |
Total investment income |
2,813,332 |
Expenses |
|
Management fee |
4,854,297 |
Administration fees |
|
Class A |
1,128,102 |
Class C |
11,419 |
Class R6 |
7,272 |
Administrator Class |
15,931 |
Institutional Class |
144,508 |
Shareholder servicing fees |
|
Class A |
1,410,127 |
Class C |
14,222 |
Administrator Class |
30,422 |
Distribution fee |
|
Class C |
42,529 |
Custody and accounting fees |
19,777 |
Professional fees |
49,626 |
Registration fees |
44,765 |
Shareholder report expenses |
39,358 |
Trustees’ fees and expenses |
12,515 |
Other fees and expenses |
29,540 |
Total expenses |
7,854,410 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(381,686 ) |
Class R6 |
(7,272 ) |
Administrator Class |
(3,960 ) |
Institutional Class |
(93,075 ) |
Net expenses |
7,368,417 |
Net investment loss |
(4,555,085 ) |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on |
|
Unaffiliated securities |
261,797,013 |
Foreign currency and foreign currency translations |
91 |
Net realized gains on investments |
261,797,104 |
Net change in unrealized gains (losses) on investments |
(20,445,936 ) |
Net realized and unrealized gains (losses) on investments |
241,351,168 |
Net increase in net assets resulting from operations |
$236,796,083 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment loss |
|
$(4,555,085 ) |
|
$(8,702,694 ) |
Net realized gains on investments |
|
261,797,104 |
|
414,697,356 |
Net change in unrealized gains (losses) on investments |
|
(20,445,936 ) |
|
(125,371,300 ) |
Net increase in net assets resulting from operations |
|
236,796,083 |
|
280,623,362 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(192,874,430 ) |
|
(298,255,447 ) |
Class C |
|
(4,949,484 ) |
|
(8,797,555 ) |
Class R6 |
|
(6,344,322 ) |
|
(106,478,877 ) |
Administrator Class |
|
(4,040,484 ) |
|
(6,069,326 ) |
Institutional Class |
|
(32,113,468 ) |
|
(66,503,353 ) |
Total distributions to shareholders |
|
(240,322,188 ) |
|
(486,104,558 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
1,077,385 |
12,378,557 |
3,115,132 |
32,403,763 |
Class C |
364,438 |
1,204,063 |
162,604 |
770,147 |
Class R6 |
160,998 |
2,226,514 |
1,391,724 |
17,725,062 |
Administrator Class |
136,094 |
1,702,341 |
194,969 |
2,199,207 |
Institutional Class |
5,309,157 |
73,622,192 |
2,105,935 |
25,636,625 |
|
|
91,133,667 |
|
78,734,804 |
Reinvestment of distributions |
|
|
|
|
Class A |
16,226,379 |
182,553,492 |
28,893,055 |
280,519,318 |
Class C |
1,665,850 |
4,880,942 |
2,102,349 |
8,572,065 |
Class R6 |
411,170 |
5,653,585 |
8,472,343 |
102,900,619 |
Administrator Class |
323,524 |
3,875,817 |
565,128 |
5,768,444 |
Institutional Class |
2,208,076 |
29,919,431 |
5,324,748 |
59,936,119 |
|
|
226,883,267 |
|
457,696,565 |
Payment for shares redeemed |
|
|
|
|
Class A |
(7,135,554 ) |
(83,561,244 ) |
(16,185,473 ) |
(168,869,014 ) |
Class C |
(777,797 ) |
(3,023,053 ) |
(2,024,469 ) |
(9,274,880 ) |
Class R6 |
(2,039,792 ) |
(28,008,457 ) |
(64,841,478 ) |
(788,627,365 ) |
Administrator Class |
(226,909 ) |
(2,792,462 ) |
(472,041 ) |
(5,255,922 ) |
Institutional Class |
(6,975,502 ) |
(98,180,893 ) |
(10,769,542 ) |
(129,491,425 ) |
|
|
(215,566,109 ) |
|
(1,101,518,606 ) |
Net increase (decrease) in net assets resulting from capital share transactions |
|
102,450,825 |
|
(565,087,237 ) |
Total increase (decrease) in net assets |
|
98,924,720 |
|
(770,568,433 ) |
Net assets |
|
|
|
|
Beginning of period |
|
1,327,151,195 |
|
2,097,719,628 |
End of period |
|
$1,426,075,915 |
|
$1,327,151,195 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$11.20 |
$12.55 |
$11.54 |
$19.28 |
$16.08 |
$14.19 |
Net investment loss |
(0.04 )1 |
(0.08 )1 |
(0.07 )1 |
(0.11 )1 |
(0.13 )1 |
(0.07 ) |
Net realized and unrealized gains (losses) on investments |
2.13 |
2.48 |
1.08 |
(3.54 ) |
5.36 |
3.07 |
Total from investment operations |
2.09 |
2.40 |
1.01 |
(3.65 ) |
5.23 |
3.00 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(2.19 ) |
(3.75 ) |
0.00 |
(4.09 ) |
(2.03 ) |
(1.11 ) |
Net asset value, end of period |
$11.10 |
$11.20 |
$12.55 |
$11.54 |
$19.28 |
$16.08 |
Total return2 |
18.44 % |
26.70 % |
8.75 % |
(24.02 )% |
34.93 % |
22.78 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.15 % |
1.15 % |
1.15 % |
1.13 % |
1.13 % |
1.14 % |
Net expenses |
1.10 % |
1.09 % |
1.09 % |
1.10 % |
1.10 % |
1.10 % |
Net investment loss |
(0.71 )% |
(0.75 )% |
(0.61 )% |
(0.75 )% |
(0.77 )% |
(0.52 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
32 % |
47 % |
76 % |
54 % |
48 % |
45 % |
Net assets, end of period (000s omitted) |
$1,131,863 |
$1,028,666 |
$953,527 |
$1,001,892 |
$1,501,805 |
$1,178,453 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$4.28 |
$7.12 |
$6.60 |
$12.85 |
$11.40 |
$10.45 |
Net investment loss |
(0.03 )1 |
(0.07 )1 |
(0.09 )1 |
(0.14 )1 |
(0.18 )1 |
(0.13 )1 |
Net realized and unrealized gains (losses) on investments |
0.83 |
0.98 |
0.61 |
(2.02 ) |
3.66 |
2.19 |
Total from investment operations |
0.80 |
0.91 |
0.52 |
(2.16 ) |
3.48 |
2.06 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(2.19 ) |
(3.75 ) |
0.00 |
(4.09 ) |
(2.03 ) |
(1.11 ) |
Net asset value, end of period |
$2.89 |
$4.28 |
$7.12 |
$6.60 |
$12.85 |
$11.40 |
Total return2 |
18.11 % |
25.72 % |
7.88 % |
(24.57 )% |
33.80 % |
21.87 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.90 % |
1.89 % |
1.89 % |
1.86 % |
1.87 % |
1.89 % |
Net expenses |
1.85 % |
1.85 % |
1.86 % |
1.85 % |
1.86 % |
1.86 % |
Net investment loss |
(1.46 )% |
(1.51 )% |
(1.37 )% |
(1.51 )% |
(1.52 )% |
(1.27 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
32 % |
47 % |
76 % |
54 % |
48 % |
45 % |
Net assets, end of period (000s omitted) |
$11,200 |
$11,244 |
$16,979 |
$23,163 |
$58,524 |
$111,046 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$13.27 |
$14.13 |
$12.94 |
$21.03 |
$17.31 |
$15.12 |
Net investment loss |
(0.02 )1 |
(0.03 )1 |
(0.02 )1 |
(0.05 )1 |
(0.06 )1 |
(0.01 ) |
Net realized and unrealized gains (losses) on investments |
2.52 |
2.92 |
1.21 |
(3.95 ) |
5.81 |
3.31 |
Total from investment operations |
2.50 |
2.89 |
1.19 |
(4.00 ) |
5.75 |
3.30 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(2.19 ) |
(3.75 ) |
0.00 |
(4.09 ) |
(2.03 ) |
(1.11 ) |
Net asset value, end of period |
$13.58 |
$13.27 |
$14.13 |
$12.94 |
$21.03 |
$17.31 |
Total return2 |
18.67 % |
27.29 % |
9.20 % |
(23.64 )% |
35.49 % |
23.39 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.73 % |
0.72 % |
0.72 % |
0.70 % |
0.70 % |
0.71 % |
Net expenses |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
Net investment loss |
(0.24 )% |
(0.22 )% |
(0.17 )% |
(0.30 )% |
(0.32 )% |
(0.07 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
32 % |
47 % |
76 % |
54 % |
48 % |
45 % |
Net assets, end of period (000s omitted) |
$40,768 |
$59,319 |
$839,917 |
$856,050 |
$1,179,098 |
$954,852 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$11.81 |
$13.02 |
$11.96 |
$19.82 |
$16.47 |
$14.48 |
Net investment loss |
(0.04 )1 |
(0.07 )1 |
(0.06 )1 |
(0.11 )1 |
(0.12 )1 |
(0.06 )1 |
Net realized and unrealized gains (losses) on investments |
2.25 |
2.61 |
1.12 |
(3.66 ) |
5.50 |
3.16 |
Total from investment operations |
2.21 |
2.54 |
1.06 |
(3.77 ) |
5.38 |
3.10 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(2.19 ) |
(3.75 ) |
0.00 |
(4.09 ) |
(2.03 ) |
(1.11 ) |
Net asset value, end of period |
$11.83 |
$11.81 |
$13.02 |
$11.96 |
$19.82 |
$16.47 |
Total return2 |
18.52 % |
26.83 % |
8.86 % |
(23.96 )% |
35.02 % |
23.02 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.08 % |
1.08 % |
1.06 % |
1.04 % |
1.05 % |
1.06 % |
Net expenses |
1.00 % |
1.00 % |
1.00 % |
1.00 % |
1.00 % |
1.00 % |
Net investment loss |
(0.61 )% |
(0.66 )% |
(0.52 )% |
(0.68 )% |
(0.67 )% |
(0.42 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
32 % |
47 % |
76 % |
54 % |
48 % |
45 % |
Net assets, end of period (000s omitted) |
$24,673 |
$21,898 |
$20,383 |
$22,546 |
$65,665 |
$54,341 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$13.11 |
$14.01 |
$12.83 |
$20.90 |
$17.22 |
$15.06 |
Net investment loss |
(0.02 )1 |
(0.04 )1 |
(0.03 )1 |
(0.06 )1 |
(0.07 )1 |
(0.02 )1 |
Net realized and unrealized gains (losses) on investments |
2.48 |
2.89 |
1.21 |
(3.92 ) |
5.78 |
3.29 |
Total from investment operations |
2.46 |
2.85 |
1.18 |
(3.98 ) |
5.71 |
3.27 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(2.19 ) |
(3.75 ) |
0.00 |
(4.09 ) |
(2.03 ) |
(1.11 ) |
Net asset value, end of period |
$13.38 |
$13.11 |
$14.01 |
$12.83 |
$20.90 |
$17.22 |
Total return2 |
18.59 % |
27.24 % |
9.20 % |
(23.70 )% |
35.43 % |
23.28 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.83 % |
0.83 % |
0.82 % |
0.80 % |
0.80 % |
0.81 % |
Net expenses |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
Net investment loss |
(0.31 )% |
(0.36 )% |
(0.21 )% |
(0.35 )% |
(0.37 )% |
(0.12 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
32 % |
47 % |
76 % |
54 % |
48 % |
45 % |
Net assets, end of period (000s omitted) |
$217,572 |
$206,024 |
$266,914 |
$409,806 |
$677,437 |
$648,357 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$672,998,271 |
Gross unrealized losses |
(13,222,127 ) |
Net unrealized gains |
$659,776,144 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$211,235,228 |
$0 |
$0 |
$211,235,228 |
Consumer discretionary |
246,415,358 |
0 |
0 |
246,415,358 |
Consumer staples |
8,999,595 |
0 |
0 |
8,999,595 |
Financials |
144,805,853 |
0 |
0 |
144,805,853 |
Health care |
102,697,164 |
0 |
0 |
102,697,164 |
Industrials |
158,914,132 |
0 |
0 |
158,914,132 |
Information technology |
542,118,178 |
0 |
0 |
542,118,178 |
Short-term investments |
|
|
|
|
Investment companies |
47,044,327 |
0 |
0 |
47,044,327 |
Total assets |
$1,462,229,835 |
$0 |
$0 |
$1,462,229,835 |
Average daily net assets |
Management fee |
First $500 million |
0.700 % |
Next $500 million |
0.675 |
Next $1 billion |
0.650 |
Next $2 billion |
0.625 |
Next $1 billion |
0.600 |
Next $3 billion |
0.590 |
Next $2 billion |
0.565 |
Next $2 billion |
0.555 |
Next $4 billion |
0.530 |
Over $16 billion |
0.505 |
|
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 |
1.10 % |
Class C |
1.85 |
Class R6 |
0.65 |
Administrator Class |
1.00 |
Institutional Class |
0.70 |
Date |
Value of securities issued |
Cash |
Realized gains (losses) |
% of the Fund |
09-19-2024 |
$59,210,734 |
$1,959,786 |
$47,288,142 |
4.24 % |
|
|
|
|
Shares |
Value | |
Common stocks: 99.45% |
|
|
|
|
|
|
Communication services: 13.25% |
|
|
|
|
|
|
Entertainment: 3.95% |
|
|
|
|
|
|
Live Nation Entertainment, Inc.† |
|
|
|
|
200,533 |
$29,013,114 |
Roblox Corp. Class A† |
|
|
|
|
415,568 |
29,534,418 |
Spotify Technology SA† |
|
|
|
|
72,221 |
39,616,830 |
TKO Group Holdings, Inc. Class A† |
|
|
|
|
272,910 |
42,358,361 |
|
|
|
|
|
|
140,522,723 |
Interactive media & services: 9.30% |
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
|
|
|
424,586 |
86,624,035 |
Meta Platforms, Inc. Class A |
|
|
|
|
354,710 |
244,459,038 |
|
|
|
|
|
|
331,083,073 |
Consumer discretionary: 15.23% |
|
|
|
|
|
|
Broadline retail: 7.62% |
|
|
|
|
|
|
Amazon.com, Inc.† |
|
|
|
|
1,017,679 |
241,881,945 |
MercadoLibre, Inc.† |
|
|
|
|
15,263 |
29,338,386 |
|
|
|
|
|
|
271,220,331 |
Hotels, restaurants & leisure: 4.01% |
|
|
|
|
|
|
Booking Holdings, Inc. |
|
|
|
|
11,910 |
56,424,340 |
DoorDash, Inc. Class A† |
|
|
|
|
325,653 |
61,493,056 |
DraftKings, Inc. Class A† |
|
|
|
|
593,691 |
24,905,337 |
|
|
|
|
|
|
142,822,733 |
Specialty retail: 1.90% |
|
|
|
|
|
|
Boot Barn Holdings, Inc.† |
|
|
|
|
132,870 |
21,372,139 |
O’Reilly Automotive, Inc.† |
|
|
|
|
35,797 |
46,336,353 |
|
|
|
|
|
|
67,708,492 |
Textiles, apparel & luxury goods: 1.70% |
|
|
|
|
|
|
Deckers Outdoor Corp.† |
|
|
|
|
149,482 |
26,512,128 |
On Holding AG Class A† |
|
|
|
|
568,505 |
34,042,079 |
|
|
|
|
|
|
60,554,207 |
Consumer staples: 1.09% |
|
|
|
|
|
|
Food products: 0.64% |
|
|
|
|
|
|
Freshpet, Inc.† |
|
|
|
|
141,379 |
22,613,571 |
Personal care products: 0.45% |
|
|
|
|
|
|
BellRing Brands, Inc.† |
|
|
|
|
209,012 |
16,167,078 |
Financials: 12.22% |
|
|
|
|
|
|
Capital markets: 5.58% |
|
|
|
|
|
|
KKR & Co., Inc. |
|
|
|
|
309,148 |
51,649,356 |
Robinhood Markets, Inc. Class A† |
|
|
|
|
1,662,766 |
86,380,694 |
Tradeweb Markets, Inc. Class A |
|
|
|
|
477,103 |
60,544,371 |
|
|
|
|
|
|
198,574,421 |
|
|
|
|
Shares |
Value | |
Financial services: 5.43% |
|
|
|
|
|
|
Affirm Holdings, Inc.† |
|
|
|
|
463,442 |
$28,302,403 |
Equitable Holdings, Inc. |
|
|
|
|
398,785 |
21,701,880 |
Mastercard, Inc. Class A |
|
|
|
|
135,115 |
75,046,925 |
Toast, Inc. Class A† |
|
|
|
|
704,534 |
28,829,531 |
Visa, Inc. Class A |
|
|
|
|
115,924 |
39,622,823 |
|
|
|
|
|
|
193,503,562 |
Insurance: 1.21% |
|
|
|
|
|
|
Progressive Corp. |
|
|
|
|
174,507 |
43,005,505 |
Health care: 8.24% |
|
|
|
|
|
|
Biotechnology: 2.58% |
|
|
|
|
|
|
ADMA Biologics, Inc.† |
|
|
|
|
911,779 |
14,725,231 |
Argenx SE ADR† |
|
|
|
|
43,100 |
28,236,103 |
Natera, Inc.† |
|
|
|
|
171,788 |
30,392,733 |
Vaxcyte, Inc.† |
|
|
|
|
210,483 |
18,589,858 |
|
|
|
|
|
|
91,943,925 |
Health care equipment & supplies: 3.44% |
|
|
|
|
|
|
Boston Scientific Corp.† |
|
|
|
|
487,410 |
49,891,288 |
Intuitive Surgical, Inc.† |
|
|
|
|
82,215 |
47,017,114 |
Penumbra, Inc.† |
|
|
|
|
96,489 |
25,759,668 |
|
|
|
|
|
|
122,668,070 |
Health care providers & services: 0.69% |
|
|
|
|
|
|
RadNet, Inc.† |
|
|
|
|
374,711 |
24,532,329 |
Life sciences tools & services: 0.68% |
|
|
|
|
|
|
Repligen Corp.† |
|
|
|
|
145,279 |
24,146,823 |
Pharmaceuticals: 0.85% |
|
|
|
|
|
|
Teva Pharmaceutical Industries Ltd. ADR† |
|
|
|
|
1,699,501 |
30,132,153 |
Industrials: 7.18% |
|
|
|
|
|
|
Aerospace & defense: 2.11% |
|
|
|
|
|
|
Curtiss-Wright Corp. |
|
|
|
|
77,925 |
27,035,299 |
General Electric Co. |
|
|
|
|
236,277 |
48,098,909 |
|
|
|
|
|
|
75,134,208 |
Commercial services & supplies: 1.23% |
|
|
|
|
|
|
Tetra Tech, Inc. |
|
|
|
|
93,766 |
3,450,589 |
Waste Connections, Inc. |
|
|
|
|
218,938 |
40,234,236 |
|
|
|
|
|
|
43,684,825 |
Construction & engineering: 2.03% |
|
|
|
|
|
|
EMCOR Group, Inc. |
|
|
|
|
61,094 |
27,373,778 |
Quanta Services, Inc. |
|
|
|
|
77,588 |
23,866,845 |
Sterling Infrastructure, Inc.† |
|
|
|
|
147,089 |
20,948,415 |
|
|
|
|
|
|
72,189,038 |
|
|
|
|
Shares |
Value | |
Electrical equipment: 0.83% |
|
|
|
|
|
|
Vertiv Holdings Co. Class A |
|
|
|
|
252,871 |
$29,590,964 |
Ground transportation: 0.98% |
|
|
|
|
|
|
Saia, Inc.† |
|
|
|
|
72,623 |
34,867,029 |
Information technology: 40.32% |
|
|
|
|
|
|
Communications equipment: 2.67% |
|
|
|
|
|
|
Arista Networks, Inc.† |
|
|
|
|
430,419 |
49,597,181 |
Motorola Solutions, Inc. |
|
|
|
|
96,738 |
45,394,307 |
|
|
|
|
|
|
94,991,488 |
Electronic equipment, instruments & components: 1.21% |
|
|
|
|
|
|
Zebra Technologies Corp. Class A† |
|
|
|
|
110,131 |
43,164,744 |
IT services: 1.75% |
|
|
|
|
|
|
Globant SA† |
|
|
|
|
136,831 |
29,188,789 |
Shopify, Inc. Class A† |
|
|
|
|
282,704 |
33,019,827 |
|
|
|
|
|
|
62,208,616 |
Semiconductors & semiconductor equipment: 12.18% |
|
|
|
|
|
|
Broadcom, Inc. |
|
|
|
|
464,966 |
102,883,027 |
Monolithic Power Systems, Inc. |
|
|
|
|
44,389 |
28,292,217 |
NVIDIA Corp. |
|
|
|
|
1,925,523 |
231,197,546 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR |
|
|
|
|
340,096 |
71,188,895 |
|
|
|
|
|
|
433,561,685 |
Software: 19.27% |
|
|
|
|
|
|
AppLovin Corp. Class A† |
|
|
|
|
104,514 |
38,627,329 |
Cadence Design Systems, Inc.† |
|
|
|
|
211,674 |
62,998,416 |
Commvault Systems, Inc.† |
|
|
|
|
164,642 |
26,220,885 |
CyberArk Software Ltd.† |
|
|
|
|
107,379 |
39,835,461 |
Fair Isaac Corp.† |
|
|
|
|
16,697 |
31,282,831 |
Microsoft Corp. |
|
|
|
|
566,534 |
235,145,602 |
Monday.com Ltd.† |
|
|
|
|
121,878 |
31,134,954 |
Oracle Corp. |
|
|
|
|
283,779 |
48,259,457 |
Salesforce, Inc. |
|
|
|
|
262,177 |
89,585,881 |
Samsara, Inc. Class A† |
|
|
|
|
413,083 |
21,273,775 |
ServiceNow, Inc.† |
|
|
|
|
60,828 |
61,946,019 |
|
|
|
|
|
|
686,310,610 |
Technology hardware, storage & peripherals: 3.24% |
|
|
|
|
|
|
Apple, Inc. |
|
|
|
|
488,529 |
115,292,844 |
Materials: 1.92% |
|
|
|
|
|
|
Construction materials: 1.15% |
|
|
|
|
|
|
Vulcan Materials Co. |
|
|
|
|
149,128 |
40,883,441 |
|
|
|
|
Shares |
Value | |
Metals & mining: 0.77% |
|
|
|
|
|
|
Carpenter Technology Corp. |
|
|
|
|
143,179 |
$27,642,138 |
Total common stocks (Cost $1,843,860,295) |
|
|
|
|
|
3,540,720,626 |
|
|
Yield |
|
|
| |
Short-term investments: 0.76% |
|
|
|
|
|
|
Investment companies: 0.76% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
27,172,939 |
27,172,939 |
Total short-term investments (Cost $27,172,939) |
|
|
|
|
|
27,172,939 |
Total investments in securities (Cost $1,871,033,234) |
100.21 % |
|
|
|
|
3,567,893,565 |
Other assets and liabilities, net |
(0.21 ) |
|
|
|
|
(7,404,163 ) |
Total net assets |
100.00 % |
|
|
|
|
$3,560,489,402 |
† |
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: | |
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 |
$13,492,505 |
$849,246,908 |
$(835,566,474 ) |
$0 |
$0 |
$27,172,939 |
27,172,939 |
$466,948 |
Assets |
|
Investments in unaffiliated securities, at value (cost $1,843,860,295) |
$3,540,720,626 |
Investments in affiliated securities, at value (cost $27,172,939) |
27,172,939 |
Cash |
19 |
Receivable for investments sold |
3,571,255 |
Receivable for Fund shares sold |
493,004 |
Receivable for dividends |
200,720 |
Prepaid expenses and other assets |
216,299 |
Total assets |
3,572,374,862 |
Liabilities |
|
Payable for investments purchased |
5,876,787 |
Management fee payable |
2,154,259 |
Payable for Fund shares redeemed |
1,948,556 |
Shareholder servicing fees payable |
1,310,983 |
Administration fees payable |
569,997 |
Distribution fee payable |
10,901 |
Dividends payable |
71 |
Accrued expenses and other liabilities |
13,906 |
Total liabilities |
11,885,460 |
Total net assets |
$3,560,489,402 |
Net assets consist of |
|
Paid-in capital |
$1,380,478,320 |
Total distributable earnings |
2,180,011,082 |
Total net assets |
$3,560,489,402 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$2,723,266,374 |
Shares outstanding–Class A1 |
108,706,595 |
Net asset value per share–Class A |
$25.05 |
Maximum offering price per share – Class A2 |
$26.58 |
Net assets–Class C |
$16,001,168 |
Shares outstanding–Class C1 |
2,490,073 |
Net asset value per share–Class C |
$6.43 |
Net assets–Class R6 |
$268,444,723 |
Shares outstanding–Class R61 |
5,842,405 |
Net asset value per share–Class R6 |
$45.95 |
Net assets–Administrator Class |
$105,884,515 |
Shares outstanding–Administrator Class1 |
2,868,489 |
Net asset value per share–Administrator Class |
$36.91 |
Net assets–Institutional Class |
$446,892,622 |
Shares outstanding–Institutional Class1 |
9,825,678 |
Net asset value per share–Institutional Class |
$45.48 |
Investment income |
|
Dividends (net of foreign withholdings taxes of $97,395) |
$8,469,216 |
Income from affiliated securities |
466,948 |
Interest |
4,588 |
Total investment income |
8,940,752 |
Expenses |
|
Management fee |
13,341,293 |
Administration fees |
|
Class A |
2,793,364 |
Class C |
17,348 |
Class R6 |
42,839 |
Administrator Class |
117,605 |
Institutional Class |
316,552 |
Shareholder servicing fees |
|
Class A |
3,491,705 |
Class C |
21,636 |
Administrator Class |
222,794 |
Distribution fee |
|
Class C |
64,589 |
Custody and accounting fees |
57,674 |
Professional fees |
29,185 |
Registration fees |
76,750 |
Shareholder report expenses |
48,609 |
Trustees’ fees and expenses |
15,009 |
Other fees and expenses |
73,649 |
Total expenses |
20,730,601 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(496,016 ) |
Class R6 |
(35,086 ) |
Administrator Class |
(98,738 ) |
Institutional Class |
(179,809 ) |
Net expenses |
19,920,952 |
Net investment loss |
(10,980,200 ) |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on |
|
Unaffiliated securities |
971,941,466 |
Foreign currency and foreign currency translations |
17 |
Net realized gains on investments |
971,941,483 |
Net change in unrealized gains (losses) on investments |
(491,533,167 ) |
Net realized and unrealized gains (losses) on investments |
480,408,316 |
Net increase in net assets resulting from operations |
$469,428,116 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment loss |
|
$(10,980,200 ) |
|
$(19,503,820 ) |
Net realized gains on investments |
|
971,941,483 |
|
589,828,966 |
Net change in unrealized gains (losses) on investments |
|
(491,533,167 ) |
|
46,561,150 |
Net increase in net assets resulting from operations |
|
469,428,116 |
|
616,886,296 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(787,951,646 ) |
|
(185,583,271 ) |
Class C |
|
(10,245,392 ) |
|
(2,679,651 ) |
Class R6 |
|
(47,522,163 ) |
|
(23,028,123 ) |
Administrator Class |
|
(31,459,192 ) |
|
(16,304,909 ) |
Institutional Class |
|
(81,517,564 ) |
|
(45,640,370 ) |
Total distributions to shareholders |
|
(958,695,957 ) |
|
(273,236,324 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
1,154,409 |
32,228,819 |
970,733 |
26,619,779 |
Class C |
82,354 |
716,527 |
59,659 |
775,816 |
Class R6 |
229,426 |
11,264,431 |
571,647 |
25,254,852 |
Administrator Class |
163,188 |
6,656,190 |
567,552 |
21,002,672 |
Institutional Class |
3,859,546 |
193,436,288 |
2,080,310 |
90,544,686 |
|
|
244,302,255 |
|
164,197,805 |
Reinvestment of distributions |
|
|
|
|
Class A |
29,842,132 |
757,691,746 |
7,152,606 |
178,242,948 |
Class C |
1,551,458 |
10,115,504 |
222,406 |
2,568,784 |
Class R6 |
953,395 |
44,371,019 |
525,450 |
20,928,674 |
Administrator Class |
623,420 |
23,315,919 |
479,242 |
16,021,049 |
Institutional Class |
1,685,194 |
77,636,910 |
1,118,859 |
44,217,322 |
|
|
913,131,098 |
|
261,978,777 |
Payment for shares redeemed |
|
|
|
|
Class A |
(9,040,083 ) |
(261,406,328 ) |
(10,389,005 ) |
(289,416,389 ) |
Class C |
(391,243 ) |
(4,190,717 ) |
(364,073 ) |
(4,821,792 ) |
Class R6 |
(1,246,084 ) |
(63,827,992 ) |
(4,400,141 ) |
(194,196,934 ) |
Administrator Class |
(3,634,782 ) |
(151,163,687 ) |
(1,990,778 ) |
(73,171,321 ) |
Institutional Class |
(7,422,367 ) |
(372,018,167 ) |
(13,085,842 ) |
(563,662,225 ) |
|
|
(852,606,891 ) |
|
(1,125,268,661 ) |
Net asset value of shares issued in acquisition |
|
|
|
|
Class A |
0 |
0 |
22,728,183 |
680,558,396 |
Class C |
0 |
0 |
313,256 |
4,328,047 |
Administrator Class |
0 |
0 |
586,997 |
23,607,350 |
Institutional Class |
0 |
0 |
823,038 |
39,179,924 |
|
|
0 |
|
747,673,717 |
Net increase in net assets resulting from capital share transactions |
|
304,826,462 |
|
48,581,638 |
Total increase (decrease) in net assets |
|
(184,441,379 ) |
|
392,231,610 |
Net assets |
|
|
|
|
Beginning of period |
|
3,744,930,781 |
|
3,352,699,171 |
End of period |
|
$3,560,489,402 |
|
$3,744,930,781 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$30.43 |
$27.83 |
$26.80 |
$47.16 |
$39.86 |
$35.56 |
Net investment loss |
(0.10 )1 |
(0.22 )1 |
(0.14 )1 |
(0.30 )1 |
(0.32 ) |
(0.19 ) |
Payment from affiliate |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 2 |
0.00 |
Net realized and unrealized gains (losses) on investments |
4.27 |
5.75 |
2.79 |
(11.07 ) |
13.52 |
8.77 |
Total from investment operations |
4.17 |
5.53 |
2.65 |
(11.37 ) |
13.20 |
8.58 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(9.55 ) |
(2.93 ) |
(1.62 ) |
(8.99 ) |
(5.90 ) |
(4.28 ) |
Net asset value, end of period |
$25.05 |
$30.43 |
$27.83 |
$26.80 |
$47.16 |
$39.86 |
Total return3 |
13.30 % |
22.18 % |
11.39 % |
(29.35 )% |
35.61 %4 |
27.08 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.18 % |
1.18 % |
1.19 % |
1.16 % |
1.16 % |
1.17 % |
Net expenses |
1.15 % |
1.11 % |
1.14 % |
1.13 % |
1.14 % |
1.14 % |
Net investment loss |
(0.68 )% |
(0.77 )% |
(0.55 )% |
(0.85 )% |
(0.83 )% |
(0.59 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
45 % |
38 % |
58 % |
43 % |
36 % |
37 % |
Net assets, end of period (000s omitted) |
$2,723,266 |
$2,639,797 |
$1,844,845 |
$1,885,963 |
$3,088,763 |
$2,443,132 |
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 include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
4 |
During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 0.01% impact on the total return. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.04 |
$14.51 |
$14.95 |
$30.47 |
$27.32 |
$25.87 |
Net investment loss |
(0.08 )1 |
(0.21 )1 |
(0.17 )1 |
(0.34 )1 |
(0.45 )1 |
(0.32 )1 |
Payment from affiliate |
0.00 |
0.00 |
0.00 |
0.00 |
1.32 |
0.00 |
Net realized and unrealized gains (losses) on investments |
2.02 |
2.67 |
1.35 |
(6.19 ) |
8.18 |
6.05 |
Total from investment operations |
1.94 |
2.46 |
1.18 |
(6.53 ) |
9.05 |
5.73 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(9.55 ) |
(2.93 ) |
(1.62 ) |
(8.99 ) |
(5.90 ) |
(4.28 ) |
Net asset value, end of period |
$6.43 |
$14.04 |
$14.51 |
$14.95 |
$30.47 |
$27.32 |
Total return2 |
12.91 % |
21.28 % |
10.52 % |
(29.54 )%3 |
36.64 %4 |
26.11 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.92 % |
1.93 % |
1.94 % |
1.89 % |
1.91 % |
1.92 % |
Net expenses |
1.90 % |
1.90 % |
1.91 % |
1.89 % |
1.91 % |
1.91 % |
Net investment loss |
(1.42 )% |
(1.55 )% |
(1.31 )% |
(1.61 )% |
(1.57 )% |
(1.35 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
45 % |
38 % |
58 % |
43 % |
36 % |
37 % |
Net assets, end of period (000s omitted) |
$16,001 |
$17,510 |
$14,747 |
$19,208 |
$41,094 |
$114,123 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
3 |
During the year ended July 31, 2022, the Fund received payments from a service provider which had a 0.14% impact on the total return. |
4 |
During the year ended July 31, 2021, the Fund received a payment from an affiliate which had a 5.92% impact on the total return. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$48.77 |
$42.67 |
$39.94 |
$65.50 |
$53.17 |
$45.84 |
Net investment loss |
(0.06 )1 |
(0.15 )1 |
(0.04 )1 |
(0.21 )1 |
(0.23 ) |
(0.07 ) |
Net realized and unrealized gains (losses) on investments |
6.79 |
9.18 |
4.39 |
(16.36 ) |
18.46 |
11.68 |
Total from investment operations |
6.73 |
9.03 |
4.35 |
(16.57 ) |
18.23 |
11.61 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(9.55 ) |
(2.93 ) |
(1.62 ) |
(8.99 ) |
(5.90 ) |
(4.28 ) |
Net asset value, end of period |
$45.95 |
$48.77 |
$42.67 |
$39.94 |
$65.50 |
$53.17 |
Total return2 |
13.56 % |
22.69 % |
11.92 % |
(29.05 )% |
36.19 % |
27.65 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.75 % |
0.76 % |
0.76 % |
0.73 % |
0.73 % |
0.74 % |
Net expenses |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
0.70 % |
Net investment loss |
(0.22 )% |
(0.35 )% |
(0.11 )% |
(0.41 )% |
(0.40 )% |
(0.15 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
45 % |
38 % |
58 % |
43 % |
36 % |
37 % |
Net assets, end of period (000s omitted) |
$268,445 |
$287,990 |
$392,893 |
$408,403 |
$519,293 |
$391,705 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$40.86 |
$36.31 |
$34.34 |
$57.75 |
$47.60 |
$41.58 |
Net investment loss |
(0.10 )1 |
(0.23 )1 |
(0.11 )1 |
(0.31 )1 |
(0.29 ) |
(0.16 )1 |
Net realized and unrealized gains (losses) on investments |
5.70 |
7.71 |
3.70 |
(14.11 ) |
16.34 |
10.46 |
Total from investment operations |
5.60 |
7.48 |
3.59 |
(14.42 ) |
16.05 |
10.30 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(9.55 ) |
(2.93 ) |
(1.62 ) |
(8.99 ) |
(5.90 ) |
(4.28 ) |
Net asset value, end of period |
$36.91 |
$40.86 |
$36.31 |
$34.34 |
$57.75 |
$47.60 |
Total return2 |
13.41 % |
22.38 % |
11.60 % |
(29.22 )% |
35.82 % |
27.31 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.10 % |
1.11 % |
1.11 % |
1.08 % |
1.08 % |
1.09 % |
Net expenses |
0.96 % |
0.96 % |
0.96 % |
0.96 % |
0.96 % |
0.96 % |
Net investment loss |
(0.48 )% |
(0.61 )% |
(0.35 )% |
(0.68 )% |
(0.65 )% |
(0.40 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
45 % |
38 % |
58 % |
43 % |
36 % |
37 % |
Net assets, end of period (000s omitted) |
$105,885 |
$233,589 |
$220,544 |
$320,744 |
$647,618 |
$559,109 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$48.37 |
$42.36 |
$39.68 |
$65.17 |
$52.96 |
$45.70 |
Net investment loss |
(0.07 )1 |
(0.17 )1 |
(0.06 )1 |
(0.24 )1 |
(0.26 )1 |
(0.09 )1 |
Net realized and unrealized gains (losses) on investments |
6.73 |
9.11 |
4.36 |
(16.26 ) |
18.37 |
11.63 |
Total from investment operations |
6.66 |
8.94 |
4.30 |
(16.50 ) |
18.11 |
11.54 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(9.55 ) |
(2.93 ) |
(1.62 ) |
(8.99 ) |
(5.90 ) |
(4.28 ) |
Net asset value, end of period |
$45.48 |
$48.37 |
$42.36 |
$39.68 |
$65.17 |
$52.96 |
Total return2 |
13.53 % |
22.64 % |
11.87 % |
(29.09 )% |
36.10 % |
27.58 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.85 % |
0.86 % |
0.86 % |
0.83 % |
0.83 % |
0.84 % |
Net expenses |
0.75 % |
0.75 % |
0.75 % |
0.75 % |
0.75 % |
0.75 % |
Net investment loss |
(0.28 )% |
(0.40 )% |
(0.15 )% |
(0.47 )% |
(0.44 )% |
(0.20 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
45 % |
38 % |
58 % |
43 % |
36 % |
37 % |
Net assets, end of period (000s omitted) |
$446,893 |
$566,044 |
$879,671 |
$1,027,038 |
$1,959,313 |
$1,607,803 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$1,720,937,215 |
Gross unrealized losses |
(26,066,200 ) |
Net unrealized gains |
$1,694,871,015 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$471,605,796 |
$0 |
$0 |
$471,605,796 |
Consumer discretionary |
542,305,763 |
0 |
0 |
542,305,763 |
Consumer staples |
38,780,649 |
0 |
0 |
38,780,649 |
Financials |
435,083,488 |
0 |
0 |
435,083,488 |
Health care |
293,423,300 |
0 |
0 |
293,423,300 |
Industrials |
255,466,064 |
0 |
0 |
255,466,064 |
Information technology |
1,435,529,987 |
0 |
0 |
1,435,529,987 |
Materials |
68,525,579 |
0 |
0 |
68,525,579 |
Short-term investments |
|
|
|
|
Investment companies |
27,172,939 |
0 |
0 |
27,172,939 |
Total assets |
$3,567,893,565 |
$0 |
$0 |
$3,567,893,565 |
Average daily net assets |
Management fee |
First $500 million |
0.800 % |
Next $500 million |
0.750 |
Next $1 billion |
0.700 |
Next $2 billion |
0.675 |
Next $1 billion |
0.650 |
Next $3 billion |
0.640 |
Next $2 billion |
0.615 |
Next $2 billion |
0.605 |
Next $4 billion |
0.580 |
Over $16 billion |
0.555 |
|
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 |
0.70 |
Administrator Class |
0.96 |
Institutional Class |
0.75 |
Net investment loss |
$(24,826,059 ) |
Net realized and unrealized gains (losses) on investments |
737,489,536 |
Net increase in net assets resulting from operations |
$712,663,477 |
Date |
Value of securities issued |
Cash |
Realized gains (losses) |
% of the Fund |
09-19-2024 |
$157,857,895 |
$10,483,380 |
$114,404,255 |
4.30 % |
|
|
|
|
Shares |
Value | |
Common stocks: 97.05% |
|
|
|
|
|
|
Communication services: 15.05% |
|
|
|
|
|
|
Entertainment: 3.95% |
|
|
|
|
|
|
Netflix, Inc.† |
|
|
|
|
22,352 |
$21,832,540 |
Spotify Technology SA† |
|
|
|
|
31,342 |
17,192,654 |
|
|
|
|
|
|
39,025,194 |
Interactive media & services: 11.10% |
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
|
|
|
165,773 |
33,821,007 |
Meta Platforms, Inc. Class A |
|
|
|
|
110,034 |
75,833,232 |
|
|
|
|
|
|
109,654,239 |
Consumer discretionary: 16.24% |
|
|
|
|
|
|
Broadline retail: 11.07% |
|
|
|
|
|
|
Amazon.com, Inc.† |
|
|
|
|
392,639 |
93,322,437 |
MercadoLibre, Inc.† |
|
|
|
|
8,368 |
16,084,886 |
|
|
|
|
|
|
109,407,323 |
Hotels, restaurants & leisure: 4.09% |
|
|
|
|
|
|
Booking Holdings, Inc. |
|
|
|
|
4,011 |
19,002,353 |
DoorDash, Inc. Class A† |
|
|
|
|
113,206 |
21,376,689 |
|
|
|
|
|
|
40,379,042 |
Household durables: 1.08% |
|
|
|
|
|
|
PulteGroup, Inc. |
|
|
|
|
94,029 |
10,698,620 |
Financials: 11.76% |
|
|
|
|
|
|
Capital markets: 5.76% |
|
|
|
|
|
|
KKR & Co., Inc. |
|
|
|
|
108,343 |
18,100,865 |
S&P Global, Inc. |
|
|
|
|
34,321 |
17,895,313 |
Tradeweb Markets, Inc. Class A |
|
|
|
|
165,264 |
20,972,001 |
|
|
|
|
|
|
56,968,179 |
Financial services: 4.15% |
|
|
|
|
|
|
Mastercard, Inc. Class A |
|
|
|
|
29,454 |
16,359,635 |
Visa, Inc. Class A |
|
|
|
|
72,026 |
24,618,487 |
|
|
|
|
|
|
40,978,122 |
Insurance: 1.85% |
|
|
|
|
|
|
Progressive Corp. |
|
|
|
|
74,151 |
18,273,773 |
Health care: 7.70% |
|
|
|
|
|
|
Biotechnology: 1.38% |
|
|
|
|
|
|
Argenx SE ADR† |
|
|
|
|
20,824 |
13,642,427 |
Health care equipment & supplies: 3.59% |
|
|
|
|
|
|
Boston Scientific Corp.† |
|
|
|
|
229,640 |
23,505,950 |
Intuitive Surgical, Inc.† |
|
|
|
|
20,911 |
11,958,583 |
|
|
|
|
|
|
35,464,533 |
|
|
|
|
Shares |
Value | |
Health care providers & services: 1.53% |
|
|
|
|
|
|
UnitedHealth Group, Inc. |
|
|
|
|
27,867 |
$15,117,569 |
Life sciences tools & services: 1.20% |
|
|
|
|
|
|
Danaher Corp. |
|
|
|
|
53,083 |
11,823,708 |
Industrials: 5.87% |
|
|
|
|
|
|
Aerospace & defense: 2.59% |
|
|
|
|
|
|
General Electric Co. |
|
|
|
|
125,652 |
25,578,977 |
Construction & engineering: 1.55% |
|
|
|
|
|
|
EMCOR Group, Inc. |
|
|
|
|
34,281 |
15,359,945 |
Ground transportation: 1.73% |
|
|
|
|
|
|
Old Dominion Freight Line, Inc. |
|
|
|
|
91,952 |
17,067,211 |
Information technology: 40.43% |
|
|
|
|
|
|
Communications equipment: 3.80% |
|
|
|
|
|
|
Arista Networks, Inc.† |
|
|
|
|
163,637 |
18,855,891 |
Motorola Solutions, Inc. |
|
|
|
|
39,743 |
18,649,403 |
|
|
|
|
|
|
37,505,294 |
IT services: 2.24% |
|
|
|
|
|
|
Gartner, Inc.† |
|
|
|
|
31,612 |
17,159,942 |
Globant SA† |
|
|
|
|
23,201 |
4,949,237 |
|
|
|
|
|
|
22,109,179 |
Semiconductors & semiconductor equipment: 9.54% |
|
|
|
|
|
|
Analog Devices, Inc. |
|
|
|
|
33,306 |
7,057,208 |
Broadcom, Inc. |
|
|
|
|
125,187 |
27,700,128 |
NVIDIA Corp. |
|
|
|
|
495,982 |
59,552,559 |
|
|
|
|
|
|
94,309,895 |
Software: 17.95% |
|
|
|
|
|
|
Cadence Design Systems, Inc.† |
|
|
|
|
62,056 |
18,469,107 |
CyberArk Software Ltd.† |
|
|
|
|
37,469 |
13,900,249 |
Microsoft Corp. |
|
|
|
|
213,433 |
88,587,501 |
Salesforce, Inc. |
|
|
|
|
90,981 |
31,088,208 |
ServiceNow, Inc.† |
|
|
|
|
24,850 |
25,306,743 |
|
|
|
|
|
|
177,351,808 |
Technology hardware, storage & peripherals: 6.90% |
|
|
|
|
|
|
Apple, Inc. |
|
|
|
|
289,102 |
68,228,072 |
Total common stocks (Cost $427,215,912) |
|
|
|
|
|
958,943,110 |
|
|
Yield |
|
Shares |
Value | |
Short-term investments: 3.07% |
|
|
|
|
|
|
Investment companies: 3.07% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
30,329,766 |
$30,329,766 |
Total short-term investments (Cost $30,329,766) |
|
|
|
|
|
30,329,766 |
Total investments in securities (Cost $457,545,678) |
100.12 % |
|
|
|
|
989,272,876 |
Other assets and liabilities, net |
(0.12 ) |
|
|
|
|
(1,198,656 ) |
Total net assets |
100.00 % |
|
|
|
|
$988,074,220 |
† |
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: | |
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 |
$19,570,173 |
$161,758,272 |
$(150,998,679 ) |
$0 |
$0 |
$30,329,766 |
30,329,766 |
$157,321 |
Assets |
|
Investments in unaffiliated securities, at value (cost $427,215,912) |
$958,943,110 |
Investments in affiliated securities, at value (cost $30,329,766) |
30,329,766 |
Cash |
4 |
Receivable for Fund shares sold |
240,459 |
Receivable for dividends |
66,167 |
Prepaid expenses and other assets |
72,641 |
Total assets |
989,652,147 |
Liabilities |
|
Shareholder servicing fees payable |
530,640 |
Management fee payable |
480,035 |
Payable for Fund shares redeemed |
372,888 |
Administration fees payable |
153,215 |
Distribution fees payable |
4,035 |
Trustees’ fees and expenses payable |
2,971 |
Accrued expenses and other liabilities |
34,143 |
Total liabilities |
1,577,927 |
Total net assets |
$988,074,220 |
Net assets consist of |
|
Paid-in capital |
$345,520,717 |
Total distributable earnings |
642,553,503 |
Total net assets |
$988,074,220 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$747,451,100 |
Shares outstanding–Class A1 |
18,270,135 |
Net asset value per share–Class A |
$40.91 |
Maximum offering price per share – Class A2 |
$43.41 |
Net assets–Class C |
$5,766,640 |
Shares outstanding–Class C1 |
202,539 |
Net asset value per share–Class C |
$28.47 |
Net assets–Class R6 |
$109,211,268 |
Shares outstanding–Class R61 |
2,370,754 |
Net asset value per share–Class R6 |
$46.07 |
Net assets–Administrator Class |
$44,108,673 |
Shares outstanding–Administrator Class1 |
1,034,967 |
Net asset value per share–Administrator Class |
$42.62 |
Net assets–Institutional Class |
$81,536,539 |
Shares outstanding–Institutional Class1 |
1,800,977 |
Net asset value per share–Institutional Class |
$45.27 |
Investment income |
|
Dividends (net of foreign withholdings taxes of $3,883) |
$2,303,388 |
Income from affiliated securities |
157,321 |
Interest |
17 |
Total investment income |
2,460,726 |
Expenses |
|
Management fee |
3,478,393 |
Administration fees |
|
Class A |
751,086 |
Class C |
6,479 |
Class R6 |
16,161 |
Administrator Class |
41,033 |
Institutional Class |
54,307 |
Shareholder servicing fees |
|
Class A |
938,857 |
Class C |
8,058 |
Administrator Class |
78,894 |
Distribution fees |
|
Class C |
24,171 |
Custody and accounting fees |
15,782 |
Professional fees |
23,201 |
Registration fees |
73,543 |
Shareholder report expenses |
20,115 |
Trustees’ fees and expenses |
11,639 |
Other fees and expenses |
29,977 |
Total expenses |
5,571,696 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(767,381 ) |
Administrator Class |
(4,096 ) |
Net expenses |
4,800,219 |
Net investment loss |
(2,339,493 ) |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on investments |
179,622,790 |
Net change in unrealized gains (losses) on investments |
(59,522,230 ) |
Net realized and unrealized gains (losses) on investments |
120,100,560 |
Net increase in net assets resulting from operations |
$117,761,067 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment loss |
|
$(2,339,493 ) |
|
$(3,376,148 ) |
Net realized gains on investments |
|
179,622,790 |
|
79,565,836 |
Net change in unrealized gains (losses) on investments |
|
(59,522,230 ) |
|
112,936,202 |
Net increase in net assets resulting from operations |
|
117,761,067 |
|
189,125,890 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(100,853,463 ) |
|
(91,328,270 ) |
Class C |
|
(1,167,840 ) |
|
(877,665 ) |
Class R6 |
|
(13,072,970 ) |
|
(9,452,040 ) |
Administrator Class |
|
(5,813,608 ) |
|
(10,630,905 ) |
Institutional Class |
|
(10,106,676 ) |
|
(5,273,115 ) |
Total distributions to shareholders |
|
(131,014,557 ) |
|
(117,561,995 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
170,345 |
7,241,635 |
327,130 |
12,735,764 |
Class C |
16,067 |
495,546 |
53,097 |
1,590,186 |
Class R6 |
129,156 |
6,119,142 |
163,982 |
7,118,787 |
Administrator Class |
22,116 |
1,007,740 |
71,649 |
2,885,063 |
Institutional Class |
1,063,983 |
50,139,289 |
282,822 |
12,394,644 |
|
|
65,003,352 |
|
36,724,444 |
Reinvestment of distributions |
|
|
|
|
Class A |
2,378,701 |
98,192,788 |
2,593,945 |
88,686,986 |
Class C |
40,606 |
1,167,840 |
34,581 |
877,665 |
Class R6 |
265,116 |
12,314,656 |
223,823 |
8,453,801 |
Administrator Class |
135,158 |
5,811,775 |
300,308 |
10,630,905 |
Institutional Class |
217,598 |
9,935,515 |
137,074 |
5,104,635 |
|
|
127,422,574 |
|
113,753,992 |
Payment for shares redeemed |
|
|
|
|
Class A |
(1,196,232 ) |
(51,650,199 ) |
(1,775,432 ) |
(68,930,852 ) |
Class C |
(55,007 ) |
(1,668,759 ) |
(78,383 ) |
(2,136,986 ) |
Class R6 |
(227,862 ) |
(10,950,737 ) |
(182,834 ) |
(7,739,438 ) |
Administrator Class |
(872,768 ) |
(40,421,988 ) |
(293,499 ) |
(12,002,047 ) |
Institutional Class |
(1,266,657 ) |
(60,613,976 ) |
(447,090 ) |
(18,758,968 ) |
|
|
(165,305,659 ) |
|
(109,568,291 ) |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
|
Shares |
|
Shares |
|
Net asset value of shares issued in acquisition |
|
|
|
|
Class A |
0 |
$0 |
2,566,571 |
$105,615,660 |
Class C |
0 |
0 |
90,857 |
2,761,594 |
Class R6 |
0 |
0 |
642,966 |
29,301,766 |
Administrator Class |
0 |
0 |
130,579 |
5,567,174 |
Institutional Class |
0 |
0 |
977,906 |
43,909,801 |
|
|
0 |
|
187,155,995 |
Net increase in net assets resulting from capital share transactions |
|
27,120,267 |
|
228,066,140 |
Total increase in net assets |
|
13,866,777 |
|
299,630,035 |
Net assets |
|
|
|
|
Beginning of period |
|
974,207,443 |
|
674,577,408 |
End of period |
|
$988,074,220 |
|
$974,207,443 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$41.87 |
$39.13 |
$37.58 |
$55.05 |
$49.63 |
$44.23 |
Net investment loss |
(0.12 )1 |
(0.20 )1 |
(0.08 )1 |
(0.24 )1 |
(0.25 ) |
(0.11 )1 |
Net realized and unrealized gains (losses) on investments |
5.39 |
10.08 |
5.15 |
(9.43 ) |
12.60 |
9.66 |
Total from investment operations |
5.27 |
9.88 |
5.07 |
(9.67 ) |
12.35 |
9.55 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.15 ) |
Net asset value, end of period |
$40.91 |
$41.87 |
$39.13 |
$37.58 |
$55.05 |
$49.63 |
Total return2 |
12.44 % |
29.36 % |
15.86 % |
(20.79 )% |
27.25 % |
23.51 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.17 % |
1.18 % |
1.19 % |
1.17 % |
1.17 % |
1.18 % |
Net expenses |
1.02 % |
1.03 % |
1.06 % |
1.04 % |
1.05 % |
1.05 % |
Net investment loss |
(0.53 )% |
(0.52 )% |
(0.24 )% |
(0.52 )% |
(0.53 )% |
(0.24 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
33 % |
29 % |
51 % |
43 % |
39 % |
34 % |
Net assets, end of period (000s omitted) |
$747,451 |
$708,313 |
$516,771 |
$492,177 |
$688,523 |
$587,771 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$30.92 |
$30.87 |
$30.66 |
$46.65 |
$43.32 |
$39.41 |
Net investment loss |
(0.21 )1 |
(0.39 )1 |
(0.28 )1 |
(0.49 )1 |
(0.56 )1 |
(0.38 )1 |
Net realized and unrealized gains (losses) on investments |
3.99 |
7.58 |
4.01 |
(7.70 ) |
10.82 |
8.44 |
Total from investment operations |
3.78 |
7.19 |
3.73 |
(8.19 ) |
10.26 |
8.06 |
Distributions to shareholders from |
|
|
|
|
|
|
Net realized gains |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.15 ) |
Net asset value, end of period |
$28.47 |
$30.92 |
$30.87 |
$30.66 |
$46.65 |
$43.32 |
Total return2 |
12.01 % |
28.35 % |
15.00 % |
(21.42 )% |
26.28 % |
22.57 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.92 % |
1.91 % |
1.91 % |
1.92 % |
1.92 % |
1.93 % |
Net expenses |
1.77 % |
1.81 % |
1.82 % |
1.82 % |
1.82 % |
1.82 % |
Net investment loss |
(1.28 )% |
(1.30 )% |
(1.00 )% |
(1.29 )% |
(1.29 )% |
(1.00 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
33 % |
29 % |
51 % |
43 % |
39 % |
34 % |
Net assets, end of period (000s omitted) |
$5,767 |
$6,211 |
$3,110 |
$3,207 |
$6,351 |
$9,918 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$46.36 |
$42.45 |
$40.28 |
$58.26 |
$51.95 |
$46.06 |
Net investment income (loss) |
(0.03 )1 |
(0.06 )1 |
0.09 1 |
(0.06 )1 |
(0.08 )1 |
0.08 1 |
Net realized and unrealized gains (losses) on investments |
5.97 |
11.11 |
5.60 |
(10.12 ) |
13.32 |
10.09 |
Total from investment operations |
5.94 |
11.05 |
5.69 |
(10.18 ) |
13.24 |
10.17 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
(0.13 ) |
Net realized gains |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.15 ) |
Total distributions to shareholders |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.28 ) |
Net asset value, end of period |
$46.07 |
$46.36 |
$42.45 |
$40.28 |
$58.26 |
$51.95 |
Total return2 |
12.69 % |
29.87 % |
16.37 % |
(20.49 )% |
27.76 % |
24.03 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.75 % |
0.76 % |
0.76 % |
0.74 % |
0.74 % |
0.75 % |
Net expenses |
0.60 % |
0.64 % |
0.65 % |
0.65 % |
0.65 % |
0.65 % |
Net investment income (loss) |
(0.11 )% |
(0.13 )% |
0.24 % |
(0.13 )% |
(0.13 )% |
0.17 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
33 % |
29 % |
51 % |
43 % |
39 % |
34 % |
Net assets, end of period (000s omitted) |
$109,211 |
$102,190 |
$57,583 |
$216,150 |
$377,470 |
$327,584 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$43.37 |
$40.26 |
$38.51 |
$56.18 |
$50.47 |
$44.87 |
Net investment loss |
(0.11 )1 |
(0.18 )1 |
(0.05 )1 |
(0.20 ) |
(0.23 ) |
(0.07 ) |
Net realized and unrealized gains (losses) on investments |
5.59 |
10.43 |
5.32 |
(9.67 ) |
12.87 |
9.83 |
Total from investment operations |
5.48 |
10.25 |
5.27 |
(9.87 ) |
12.64 |
9.76 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
(0.01 ) |
Net realized gains |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.15 ) |
Total distributions to shareholders |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.16 ) |
Net asset value, end of period |
$42.62 |
$43.37 |
$40.26 |
$38.51 |
$56.18 |
$50.47 |
Total return2 |
12.50 % |
29.46 % |
16.00 % |
(20.72 )% |
27.38 % |
23.63 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.10 % |
1.11 % |
1.11 % |
1.09 % |
1.09 % |
1.10 % |
Net expenses |
0.94 % |
0.95 % |
0.95 % |
0.95 % |
0.95 % |
0.95 % |
Net investment loss |
(0.47 )% |
(0.44 )% |
(0.13 )% |
(0.42 )% |
(0.43 )% |
(0.14 )% |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
33 % |
29 % |
51 % |
43 % |
39 % |
34 % |
Net assets, end of period (000s omitted) |
$44,109 |
$75,915 |
$62,059 |
$60,062 |
$85,825 |
$79,334 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$45.68 |
$41.96 |
$39.90 |
$57.83 |
$51.67 |
$45.84 |
Net investment income (loss) |
(0.05 )1 |
(0.10 )1 |
0.03 1 |
(0.11 )1 |
(0.12 )1 |
0.03 1 |
Net realized and unrealized gains (losses) on investments |
5.87 |
10.96 |
5.55 |
(10.02 ) |
13.21 |
10.04 |
Total from investment operations |
5.82 |
10.86 |
5.58 |
(10.13 ) |
13.09 |
10.07 |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
(0.09 ) |
Net realized gains |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.15 ) |
Total distributions to shareholders |
(6.23 ) |
(7.14 ) |
(3.52 ) |
(7.80 ) |
(6.93 ) |
(4.24 ) |
Net asset value, end of period |
$45.27 |
$45.68 |
$41.96 |
$39.90 |
$57.83 |
$51.67 |
Total return2 |
12.62 % |
29.75 % |
16.24 % |
(20.57 )% |
27.61 % |
23.89 % |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.85 % |
0.86 % |
0.86 % |
0.84 % |
0.84 % |
0.85 % |
Net expenses |
0.70 % |
0.74 % |
0.75 % |
0.75 % |
0.75 % |
0.75 % |
Net investment income (loss) |
(0.21 )% |
(0.23 )% |
0.08 % |
(0.22 )% |
(0.23 )% |
0.07 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
33 % |
29 % |
51 % |
43 % |
39 % |
34 % |
Net assets, end of period (000s omitted) |
$81,537 |
$81,579 |
$35,055 |
$43,622 |
$77,917 |
$72,681 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$539,828,389 |
Gross unrealized losses |
(9,681,391 ) |
Net unrealized gains |
$530,146,998 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$148,679,433 |
$0 |
$0 |
$148,679,433 |
Consumer discretionary |
160,484,985 |
0 |
0 |
160,484,985 |
Financials |
116,220,074 |
0 |
0 |
116,220,074 |
Health care |
76,048,237 |
0 |
0 |
76,048,237 |
Industrials |
58,006,133 |
0 |
0 |
58,006,133 |
Information technology |
399,504,248 |
0 |
0 |
399,504,248 |
Short-term investments |
|
|
|
|
Investment companies |
30,329,766 |
0 |
0 |
30,329,766 |
Total assets |
$989,272,876 |
$0 |
$0 |
$989,272,876 |
Average daily net assets |
Management fee |
First $500 million |
0.700 % |
Next $500 million |
0.675 |
Next $1 billion |
0.650 |
Next $2 billion |
0.625 |
Next $1 billion |
0.600 |
Next $3 billion |
0.590 |
Next $2 billion |
0.565 |
Next $2 billion |
0.555 |
Next $4 billion |
0.530 |
Over $16 billion |
0.505 |
|
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 |
1.02 % |
Class C |
1.77 |
Class R6 |
0.60 |
Administrator Class |
0.94 |
Institutional Class |
0.70 |
Net investment loss |
$(3,967,449 ) |
Net realized and unrealized gains (losses) on investments |
237,048,848 |
Net increase in net assets resulting from operations |
$233,081,399 |
Date |
Value of securities issued |
Cash |
Realized gains (losses) |
% of the Fund |
09-19-2024 |
$43,563,566 |
$2,274,884 |
$35,011,847 |
4.34 % |
|
|
|
|
Shares |
Value | |
Common stocks: 97.28% |
|
|
|
|
|
|
Communication services: 5.75% |
|
|
|
|
|
|
Diversified telecommunication services: 2.34% |
|
|
|
|
|
|
AT&T, Inc. |
|
|
|
|
112,105 |
$2,660,252 |
Verizon Communications, Inc. |
|
|
|
|
78,619 |
3,096,802 |
|
|
|
|
|
|
5,757,054 |
Interactive media & services: 1.06% |
|
|
|
|
|
|
Alphabet, Inc. Class A |
|
|
|
|
6,388 |
1,303,280 |
Alphabet, Inc. Class C |
|
|
|
|
6,372 |
1,310,083 |
|
|
|
|
|
|
2,613,363 |
Media: 2.35% |
|
|
|
|
|
|
Charter Communications, Inc. Class A† |
|
|
|
|
213 |
73,589 |
Comcast Corp. Class A |
|
|
|
|
87,581 |
2,947,977 |
News Corp. Class A |
|
|
|
|
97,466 |
2,740,744 |
|
|
|
|
|
|
5,762,310 |
Consumer discretionary: 5.38% |
|
|
|
|
|
|
Automobiles: 0.12% |
|
|
|
|
|
|
General Motors Co. |
|
|
|
|
5,749 |
284,345 |
Broadline retail: 1.62% |
|
|
|
|
|
|
Coupang, Inc.† |
|
|
|
|
169,908 |
3,994,537 |
Hotels, restaurants & leisure: 2.27% |
|
|
|
|
|
|
Aramark |
|
|
|
|
1,552 |
60,388 |
Chipotle Mexican Grill, Inc. Class A† |
|
|
|
|
27,279 |
1,591,730 |
DoorDash, Inc. Class A† |
|
|
|
|
20,827 |
3,932,762 |
|
|
|
|
|
|
5,584,880 |
Household durables: 0.60% |
|
|
|
|
|
|
Garmin Ltd. |
|
|
|
|
6,876 |
1,484,185 |
Specialty retail: 0.18% |
|
|
|
|
|
|
Murphy USA, Inc. |
|
|
|
|
876 |
440,549 |
Textiles, apparel & luxury goods: 0.59% |
|
|
|
|
|
|
Deckers Outdoor Corp.† |
|
|
|
|
8,160 |
1,447,258 |
Consumer staples: 8.19% |
|
|
|
|
|
|
Beverages: 0.77% |
|
|
|
|
|
|
Coca-Cola Consolidated, Inc. |
|
|
|
|
1,391 |
1,902,359 |
Consumer staples distribution & retail: 1.54% |
|
|
|
|
|
|
Costco Wholesale Corp. |
|
|
|
|
66 |
64,672 |
Walmart, Inc. |
|
|
|
|
38,016 |
3,731,651 |
|
|
|
|
|
|
3,796,323 |
Food products: 1.68% |
|
|
|
|
|
|
Archer-Daniels-Midland Co. |
|
|
|
|
30,153 |
1,544,738 |
|
|
|
|
Shares |
Value | |
Food products(continued) |
|
|
|
|
|
|
Pilgrim’s Pride Corp.† |
|
|
|
|
21,310 |
$991,768 |
Tyson Foods, Inc. Class A |
|
|
|
|
28,143 |
1,589,798 |
|
|
|
|
|
|
4,126,304 |
Household products: 1.14% |
|
|
|
|
|
|
Colgate-Palmolive Co. |
|
|
|
|
32,173 |
2,789,399 |
Tobacco: 3.06% |
|
|
|
|
|
|
Altria Group, Inc. |
|
|
|
|
44,721 |
2,335,778 |
Philip Morris International, Inc. |
|
|
|
|
39,864 |
5,190,292 |
|
|
|
|
|
|
7,526,070 |
Energy: 5.36% |
|
|
|
|
|
|
Energy equipment & services: 0.32% |
|
|
|
|
|
|
TechnipFMC PLC |
|
|
|
|
26,454 |
794,943 |
Oil, gas & consumable fuels: 5.04% |
|
|
|
|
|
|
ConocoPhillips |
|
|
|
|
12,314 |
1,216,993 |
Devon Energy Corp. |
|
|
|
|
2,203 |
75,122 |
Diamondback Energy, Inc. |
|
|
|
|
2,122 |
348,772 |
EOG Resources, Inc. |
|
|
|
|
488 |
61,386 |
Exxon Mobil Corp. |
|
|
|
|
36,913 |
3,943,416 |
Kinder Morgan, Inc. |
|
|
|
|
191,384 |
5,259,232 |
Kinetik Holdings, Inc. Class A |
|
|
|
|
1,394 |
89,815 |
Marathon Petroleum Corp. |
|
|
|
|
421 |
61,344 |
Ovintiv, Inc. |
|
|
|
|
9,001 |
380,022 |
Valero Energy Corp. |
|
|
|
|
7,130 |
948,290 |
|
|
|
|
|
|
12,384,392 |
Financials: 21.98% |
|
|
|
|
|
|
Banks: 5.72% |
|
|
|
|
|
|
Bank of America Corp. |
|
|
|
|
1,325 |
61,347 |
Citigroup, Inc. |
|
|
|
|
60,441 |
4,921,711 |
East West Bancorp, Inc. |
|
|
|
|
30,105 |
3,099,912 |
JPMorgan Chase & Co. |
|
|
|
|
11,792 |
3,152,001 |
KeyCorp |
|
|
|
|
15,008 |
269,844 |
PNC Financial Services Group, Inc. |
|
|
|
|
306 |
61,491 |
Popular, Inc. |
|
|
|
|
3,083 |
317,364 |
U.S. Bancorp |
|
|
|
|
1,219 |
58,244 |
Wells Fargo & Co. |
|
|
|
|
26,821 |
2,113,495 |
|
|
|
|
|
|
14,055,409 |
Capital markets: 7.59% |
|
|
|
|
|
|
Ameriprise Financial, Inc. |
|
|
|
|
6,643 |
3,609,540 |
Charles Schwab Corp. |
|
|
|
|
76,380 |
6,318,154 |
CME Group, Inc. |
|
|
|
|
3,637 |
860,223 |
Goldman Sachs Group, Inc. |
|
|
|
|
865 |
553,946 |
Intercontinental Exchange, Inc. |
|
|
|
|
28,130 |
4,496,018 |
|
|
|
|
Shares |
Value | |
Capital markets(continued) |
|
|
|
|
|
|
KKR & Co., Inc. |
|
|
|
|
9,960 |
$1,664,017 |
Morgan Stanley |
|
|
|
|
8,414 |
1,164,750 |
|
|
|
|
|
|
18,666,648 |
Consumer finance: 0.53% |
|
|
|
|
|
|
Ally Financial, Inc. |
|
|
|
|
5,703 |
222,246 |
American Express Co. |
|
|
|
|
1,129 |
358,401 |
Capital One Financial Corp. |
|
|
|
|
3,578 |
728,874 |
|
|
|
|
|
|
1,309,521 |
Financial services: 2.71% |
|
|
|
|
|
|
Berkshire Hathaway, Inc. Class B† |
|
|
|
|
10,288 |
4,821,677 |
Fiserv, Inc.† |
|
|
|
|
2,761 |
596,487 |
Payoneer Global, Inc.† |
|
|
|
|
117,232 |
1,242,659 |
|
|
|
|
|
|
6,660,823 |
Insurance: 5.43% |
|
|
|
|
|
|
Allstate Corp. |
|
|
|
|
26,746 |
5,144,058 |
Hartford Financial Services Group, Inc. |
|
|
|
|
8,605 |
959,888 |
Markel Group, Inc.† |
|
|
|
|
1,077 |
1,969,596 |
Oscar Health, Inc. Class A† |
|
|
|
|
40,344 |
669,710 |
Progressive Corp. |
|
|
|
|
9,300 |
2,291,892 |
Prudential Financial, Inc. |
|
|
|
|
2,187 |
264,102 |
Reinsurance Group of America, Inc. |
|
|
|
|
388 |
88,410 |
Travelers Cos., Inc. |
|
|
|
|
1,840 |
451,131 |
Unum Group |
|
|
|
|
19,911 |
1,518,214 |
|
|
|
|
|
|
13,357,001 |
Health care: 15.62% |
|
|
|
|
|
|
Biotechnology: 4.13% |
|
|
|
|
|
|
ADMA Biologics, Inc.† |
|
|
|
|
3,228 |
52,132 |
Catalyst Pharmaceuticals, Inc.† |
|
|
|
|
159,757 |
3,604,118 |
Exelixis, Inc.† |
|
|
|
|
27,281 |
904,365 |
Gilead Sciences, Inc. |
|
|
|
|
33,705 |
3,276,126 |
Neurocrine Biosciences, Inc.† |
|
|
|
|
1,901 |
288,610 |
Regeneron Pharmaceuticals, Inc.† |
|
|
|
|
3,009 |
2,024,997 |
|
|
|
|
|
|
10,150,348 |
Health care equipment & supplies: 2.67% |
|
|
|
|
|
|
Abbott Laboratories |
|
|
|
|
1,122 |
143,538 |
Boston Scientific Corp.† |
|
|
|
|
43,566 |
4,459,416 |
Intuitive Surgical, Inc.† |
|
|
|
|
165 |
94,360 |
Medtronic PLC |
|
|
|
|
20,611 |
1,871,891 |
|
|
|
|
|
|
6,569,205 |
Health care providers & services: 5.12% |
|
|
|
|
|
|
Cardinal Health, Inc. |
|
|
|
|
762 |
94,229 |
Centene Corp.† |
|
|
|
|
29,550 |
1,892,087 |
Cigna Group |
|
|
|
|
15,158 |
4,459,635 |
|
|
|
|
Shares |
Value | |
Health care providers & services(continued) |
|
|
|
|
|
|
CVS Health Corp. |
|
|
|
|
51,178 |
$2,890,533 |
Elevance Health, Inc. |
|
|
|
|
8,060 |
3,189,342 |
UnitedHealth Group, Inc. |
|
|
|
|
117 |
63,471 |
|
|
|
|
|
|
12,589,297 |
Life sciences tools & services: 1.13% |
|
|
|
|
|
|
Danaher Corp. |
|
|
|
|
12,546 |
2,794,496 |
Pharmaceuticals: 2.57% |
|
|
|
|
|
|
Eli Lilly & Co. |
|
|
|
|
3,314 |
2,687,919 |
Johnson & Johnson |
|
|
|
|
2,085 |
317,233 |
Merck & Co., Inc. |
|
|
|
|
33,495 |
3,309,976 |
|
|
|
|
|
|
6,315,128 |
Industrials: 13.00% |
|
|
|
|
|
|
Aerospace & defense: 3.29% |
|
|
|
|
|
|
General Dynamics Corp. |
|
|
|
|
6,488 |
1,667,286 |
General Electric Co. |
|
|
|
|
4,645 |
945,583 |
Leonardo DRS, Inc.† |
|
|
|
|
20,707 |
727,851 |
Lockheed Martin Corp. |
|
|
|
|
2,939 |
1,360,610 |
Northrop Grumman Corp. |
|
|
|
|
6,973 |
3,397,734 |
|
|
|
|
|
|
8,099,064 |
Building products: 0.45% |
|
|
|
|
|
|
Owens Corning |
|
|
|
|
570 |
105,194 |
Trane Technologies PLC |
|
|
|
|
2,766 |
1,003,366 |
|
|
|
|
|
|
1,108,560 |
Commercial services & supplies: 1.86% |
|
|
|
|
|
|
Cintas Corp. |
|
|
|
|
22,762 |
4,565,374 |
Construction & engineering: 0.93% |
|
|
|
|
|
|
EMCOR Group, Inc. |
|
|
|
|
5,121 |
2,294,515 |
Ground transportation: 1.50% |
|
|
|
|
|
|
CSX Corp. |
|
|
|
|
112,005 |
3,681,605 |
Machinery: 4.62% |
|
|
|
|
|
|
Allison Transmission Holdings, Inc. |
|
|
|
|
13,461 |
1,582,206 |
Cummins, Inc. |
|
|
|
|
13,728 |
4,890,600 |
Parker-Hannifin Corp. |
|
|
|
|
6,901 |
4,879,352 |
|
|
|
|
|
|
11,352,158 |
Passenger airlines: 0.33% |
|
|
|
|
|
|
Delta Air Lines, Inc. |
|
|
|
|
12,082 |
812,756 |
Professional services: 0.02% |
|
|
|
|
|
|
Booz Allen Hamilton Holding Corp. Class A |
|
|
|
|
455 |
58,695 |
|
|
|
|
Shares |
Value | |
Information technology: 7.71% |
|
|
|
|
|
|
Communications equipment: 2.34% |
|
|
|
|
|
|
Arista Networks, Inc.† |
|
|
|
|
36,874 |
$4,248,991 |
Motorola Solutions, Inc. |
|
|
|
|
3,207 |
1,504,885 |
|
|
|
|
|
|
5,753,876 |
IT services: 2.07% |
|
|
|
|
|
|
GoDaddy, Inc. Class A† |
|
|
|
|
23,920 |
5,086,588 |
Semiconductors & semiconductor equipment: 2.60% |
|
|
|
|
|
|
Micron Technology, Inc. |
|
|
|
|
3,105 |
283,300 |
NVIDIA Corp. |
|
|
|
|
28,347 |
3,403,624 |
QUALCOMM, Inc. |
|
|
|
|
15,623 |
2,701,686 |
|
|
|
|
|
|
6,388,610 |
Software: 0.60% |
|
|
|
|
|
|
Commvault Systems, Inc.† |
|
|
|
|
6,015 |
957,949 |
ServiceNow, Inc.† |
|
|
|
|
497 |
506,135 |
|
|
|
|
|
|
1,464,084 |
Technology hardware, storage & peripherals: 0.10% |
|
|
|
|
|
|
Hewlett Packard Enterprise Co. |
|
|
|
|
12,143 |
257,310 |
Materials: 5.26% |
|
|
|
|
|
|
Chemicals: 1.58% |
|
|
|
|
|
|
DuPont de Nemours, Inc. |
|
|
|
|
20,547 |
1,578,009 |
Linde PLC |
|
|
|
|
5,157 |
2,300,641 |
|
|
|
|
|
|
3,878,650 |
Construction materials: 2.24% |
|
|
|
|
|
|
CRH PLC |
|
|
|
|
55,515 |
5,497,650 |
Containers & packaging: 0.62% |
|
|
|
|
|
|
Packaging Corp. of America |
|
|
|
|
7,168 |
1,524,347 |
Metals & mining: 0.82% |
|
|
|
|
|
|
Freeport-McMoRan, Inc. |
|
|
|
|
56,376 |
2,021,080 |
Real estate: 5.13% |
|
|
|
|
|
|
Hotel & resort REITs: 0.16% |
|
|
|
|
|
|
Park Hotels & Resorts, Inc. |
|
|
|
|
28,374 |
382,765 |
Real estate management & development: 2.54% |
|
|
|
|
|
|
CBRE Group, Inc. Class A† |
|
|
|
|
17,856 |
2,584,477 |
Jones Lang LaSalle, Inc.† |
|
|
|
|
12,992 |
3,674,138 |
|
|
|
|
|
|
6,258,615 |
Specialized REITs: 2.43% |
|
|
|
|
|
|
Equinix, Inc. |
|
|
|
|
5,013 |
4,580,178 |
VICI Properties, Inc. Class A |
|
|
|
|
46,881 |
1,395,647 |
|
|
|
|
|
|
5,975,825 |
|
|
|
|
Shares |
Value | |
Utilities: 3.90% |
|
|
|
|
|
|
Electric utilities: 3.68% |
|
|
|
|
|
|
Constellation Energy Corp. |
|
|
|
|
1,626 |
$487,768 |
Duke Energy Corp. |
|
|
|
|
9,156 |
1,025,380 |
Exelon Corp. |
|
|
|
|
95,926 |
3,837,040 |
NRG Energy, Inc. |
|
|
|
|
20,451 |
2,095,001 |
Southern Co. |
|
|
|
|
19,293 |
1,619,647 |
|
|
|
|
|
|
9,064,836 |
Gas utilities: 0.12% |
|
|
|
|
|
|
National Fuel Gas Co. |
|
|
|
|
4,179 |
292,655 |
Multi-utilities: 0.10% |
|
|
|
|
|
|
DTE Energy Co. |
|
|
|
|
1,995 |
239,161 |
Total common stocks (Cost $214,811,091) |
|
|
|
|
|
239,214,926 |
|
|
Yield |
|
|
| |
Short-term investments: 2.43% |
|
|
|
|
|
|
Investment companies: 2.43% |
|
|
|
|
|
|
Allspring Government Money Market Fund Select Class♠∞ |
|
4.32 % |
|
|
5,982,876 |
5,982,876 |
Total short-term investments (Cost $5,982,876) |
|
|
|
|
|
5,982,876 |
Total investments in securities (Cost $220,793,967) |
99.71 % |
|
|
|
|
245,197,802 |
Other assets and liabilities, net |
0.29 |
|
|
|
|
719,621 |
Total net assets |
100.00 % |
|
|
|
|
$245,917,423 |
† |
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 |
$5,131,370 |
$12,897,483 |
$(12,045,977 ) |
$0 |
$0 |
$5,982,876 |
5,982,876 |
$140,561 |
Description |
Number of contracts |
Expiration date |
Notional cost |
Notional value |
Unrealized gains |
Unrealized losses |
Long |
|
|
|
|
|
|
E-Mini S&P 500 Index |
20 |
3-21-2025 |
$6,085,555 |
$6,067,250 |
$0 |
$(18,305 ) |
Assets |
|
Investments in unaffiliated securities, at value (cost $214,811,091) |
$239,214,926 |
Investments in affiliated securities, at value (cost $5,982,876) |
5,982,876 |
Cash |
3 |
Cash at broker segregated for futures contracts |
721,000 |
Receivable for dividends |
206,242 |
Receivable for Fund shares sold |
5,995 |
Prepaid expenses and other assets |
72,750 |
Total assets |
246,203,792 |
Liabilities |
|
Shareholder servicing fees payable |
89,431 |
Management fee payable |
60,360 |
Administration fees payable |
42,387 |
Payable for daily variation margin on open futures contracts |
32,000 |
Payable for Fund shares redeemed |
29,124 |
Professional fees payable |
15,912 |
Trustees’ fees and expenses payable |
7,235 |
Distribution fee payable |
1,067 |
Accrued expenses and other liabilities |
8,853 |
Total liabilities |
286,369 |
Total net assets |
$245,917,423 |
Net assets consist of |
|
Paid-in capital |
$214,113,667 |
Total distributable earnings |
31,803,756 |
Total net assets |
$245,917,423 |
Computation of net asset value and offering price per share |
|
Net assets–Class A |
$223,375,538 |
Shares outstanding–Class A1 |
16,222,466 |
Net asset value per share–Class A |
$13.77 |
Maximum offering price per share – Class A2 |
$14.61 |
Net assets–Class C |
$1,491,766 |
Shares outstanding–Class C1 |
102,569 |
Net asset value per share–Class C |
$14.54 |
Net assets–Class R6 |
$1,891,955 |
Shares outstanding–Class R61 |
136,373 |
Net asset value per share–Class R6 |
$13.87 |
Net assets–Administrator Class |
$9,782,261 |
Shares outstanding–Administrator Class1 |
698,572 |
Net asset value per share–Administrator Class |
$14.00 |
Net assets–Institutional Class |
$9,375,903 |
Shares outstanding–Institutional Class1 |
674,255 |
Net asset value per share–Institutional Class |
$13.91 |
Investment income |
|
Dividends |
$2,107,019 |
Income from affiliated securities |
140,561 |
Interest |
17,139 |
Total investment income |
2,264,719 |
Expenses |
|
Management fee |
500,335 |
Administration fees |
|
Class A |
227,548 |
Class C |
1,550 |
Class R6 |
226 |
Administrator Class |
6,515 |
Institutional Class |
6,201 |
Shareholder servicing fees |
|
Class A |
284,435 |
Class C |
1,937 |
Administrator Class |
12,380 |
Distribution fee |
|
Class C |
5,812 |
Custody and accounting fees |
6,172 |
Professional fees |
22,903 |
Registration fees |
43,588 |
Shareholder report expenses |
19,100 |
Trustees’ fees and expenses |
12,209 |
Other fees and expenses |
13,688 |
Total expenses |
1,164,599 |
Less: Fee waivers and/or expense reimbursements |
|
Fund-level |
(155,036 ) |
Net expenses |
1,009,563 |
Net investment income |
1,255,156 |
Realized and unrealized gains (losses) on investments |
|
Net realized gains on |
|
Unaffiliated securities |
16,609,116 |
Futures contracts |
539,535 |
Net realized gains on investments |
17,148,651 |
Net change in unrealized gains (losses) on |
|
Unaffiliated securities |
(5,562,608 ) |
Futures contracts |
(57,306 ) |
Net change in unrealized gains (losses) on investments |
(5,619,914 ) |
Net realized and unrealized gains (losses) on investments |
11,528,737 |
Net increase in net assets resulting from operations |
$12,783,893 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31, 2024 | ||
Operations |
|
|
|
|
Net investment income |
|
$1,255,156 |
|
$2,941,614 |
Net realized gains on investments |
|
17,148,651 |
|
22,616,592 |
Net change in unrealized gains (losses) on investments |
|
(5,619,914 ) |
|
13,890,847 |
Net increase in net assets resulting from operations |
|
12,783,893 |
|
39,449,053 |
Distributions to shareholders from |
|
|
|
|
Net investment income and net realized gains |
|
|
|
|
Class A |
|
(26,243,635 ) |
|
(2,616,539 ) |
Class C |
|
(164,362 ) |
|
(5,845 ) |
Class R6 |
|
(216,789 ) |
|
(17,312 ) |
Administrator Class |
|
(1,154,690 ) |
|
(119,384 ) |
Institutional Class |
|
(1,156,708 ) |
|
(83,719 ) |
Total distributions to shareholders |
|
(28,936,184 ) |
|
(2,842,799 ) |
Capital share transactions |
Shares |
|
Shares |
|
Proceeds from shares sold |
|
|
|
|
Class A |
135,159 |
1,976,907 |
263,269 |
3,359,299 |
Class C |
1,586 |
25,219 |
8,706 |
112,120 |
Class R6 |
55,181 |
843,870 |
17,416 |
230,852 |
Administrator Class |
4,663 |
70,577 |
8,697 |
117,850 |
Institutional Class |
126,588 |
1,915,036 |
306,822 |
4,276,156 |
|
|
4,831,609 |
|
8,096,277 |
Reinvestment of distributions |
|
|
|
|
Class A |
1,861,471 |
25,676,610 |
195,031 |
2,558,132 |
Class C |
11,303 |
164,362 |
431 |
5,845 |
Class R6 |
15,605 |
216,789 |
1,307 |
17,312 |
Administrator Class |
80,269 |
1,125,662 |
8,262 |
110,110 |
Institutional Class |
83,004 |
1,156,708 |
6,249 |
83,719 |
|
|
28,340,131 |
|
2,775,118 |
Payment for shares redeemed |
|
|
|
|
Class A |
(807,934 ) |
(11,860,629 ) |
(1,919,544 ) |
(25,004,433 ) |
Class C |
(8,637 ) |
(133,121 ) |
(93,110 ) |
(1,245,352 ) |
Class R6 |
(8,044 ) |
(120,208 ) |
(23,136 ) |
(319,611 ) |
Administrator Class |
(34,867 ) |
(501,344 ) |
(110,170 ) |
(1,470,123 ) |
Institutional Class |
(92,139 ) |
(1,338,034 ) |
(128,170 ) |
(1,712,662 ) |
|
|
(13,953,336 ) |
|
(29,752,181 ) |
Net increase (decrease) in net assets resulting from capital share transactions |
|
19,218,404 |
|
(18,880,786 ) |
Total increase in net assets |
|
3,066,113 |
|
17,725,468 |
Net assets |
|
|
|
|
Beginning of period |
|
242,851,310 |
|
225,125,842 |
End of period |
|
$245,917,423 |
|
$242,851,310 |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class A |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.78 |
$12.58 |
$12.10 |
$17.25 |
$12.31 |
$12.92 |
Net investment income |
0.07 1 |
0.17 1 |
0.18 1 |
0.17 |
0.19 |
0.20 |
Net realized and unrealized gains (losses) on investments |
0.72 |
2.20 |
0.49 |
(0.06 ) |
5.20 |
(0.53 ) |
Total from investment operations |
0.79 |
2.37 |
0.67 |
0.11 |
5.39 |
(0.33 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.08 ) |
(0.17 ) |
(0.19 ) |
(0.18 ) |
(0.19 ) |
(0.21 ) |
Net realized gains |
(1.72 ) |
0.00 |
0.00 |
(5.08 ) |
(0.26 ) |
(0.07 ) |
Total distributions to shareholders |
(1.80 ) |
(0.17 ) |
(0.19 ) |
(5.26 ) |
(0.45 ) |
(0.28 ) |
Net asset value, end of period |
$13.77 |
$14.78 |
$12.58 |
$12.10 |
$17.25 |
$12.31 |
Total return2 |
5.34 % |
18.98 % |
5.70 % |
(0.51 )% |
44.41 % |
(2.49 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.94 % |
0.96 % |
0.97 % |
0.94 % |
0.96 % |
0.99 % |
Net expenses |
0.82 % |
0.80 % |
0.81 % |
0.81 % |
0.81 % |
0.82 % |
Net investment income |
0.99 % |
1.31 % |
1.52 % |
1.28 % |
1.23 % |
1.63 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
84 % |
237 % |
476 % |
365 % |
488 % |
366 % |
Net assets, end of period (000s omitted) |
$223,376 |
$222,200 |
$207,545 |
$209,748 |
$231,930 |
$174,028 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class C |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$15.52 |
$13.19 |
$12.67 |
$17.84 |
$12.75 |
$13.34 |
Net investment income |
0.02 1 |
0.08 1 |
0.09 1 |
0.08 1 |
0.07 1 |
0.12 1 |
Net realized and unrealized gains (losses) on investments |
0.74 |
2.30 |
0.53 |
(0.09 ) |
5.40 |
(0.56 ) |
Total from investment operations |
0.76 |
2.38 |
0.62 |
(0.01 ) |
5.47 |
(0.44 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.02 ) |
(0.05 ) |
(0.10 ) |
(0.08 ) |
(0.12 ) |
(0.08 ) |
Net realized gains |
(1.72 ) |
0.00 |
0.00 |
(5.08 ) |
(0.26 ) |
(0.07 ) |
Total distributions to shareholders |
(1.74 ) |
(0.05 ) |
(0.10 ) |
(5.16 ) |
(0.38 ) |
(0.15 ) |
Net asset value, end of period |
$14.54 |
$15.52 |
$13.19 |
$12.67 |
$17.84 |
$12.75 |
Total return2 |
4.90 % |
18.05 % |
4.96 % |
(1.30 )% |
43.33 % |
(3.27 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
1.69 % |
1.71 % |
1.72 % |
1.69 % |
1.70 % |
1.74 % |
Net expenses |
1.57 % |
1.57 % |
1.58 % |
1.58 % |
1.58 % |
1.58 % |
Net investment income |
0.24 % |
0.58 % |
0.76 % |
0.59 % |
0.47 % |
0.92 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
84 % |
237 % |
476 % |
365 % |
488 % |
366 % |
Net assets, end of period (000s omitted) |
$1,492 |
$1,526 |
$2,405 |
$2,307 |
$907 |
$482 |
1 |
Calculated based upon average shares outstanding |
2 |
Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Class R6 |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.88 |
$12.66 |
$12.18 |
$17.33 |
$12.37 |
$13.04 |
Net investment income |
0.11 1 |
0.23 1 |
0.23 1 |
0.24 1 |
0.25 |
0.30 |
Net realized and unrealized gains (losses) on investments |
0.71 |
2.21 |
0.49 |
(0.07 ) |
5.22 |
(0.57 ) |
Total from investment operations |
0.82 |
2.44 |
0.72 |
0.17 |
5.47 |
(0.27 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.11 ) |
(0.22 ) |
(0.24 ) |
(0.24 ) |
(0.25 ) |
(0.33 ) |
Net realized gains |
(1.72 ) |
0.00 |
0.00 |
(5.08 ) |
(0.26 ) |
(0.07 ) |
Total distributions to shareholders |
(1.83 ) |
(0.22 ) |
(0.24 ) |
(5.32 ) |
(0.51 ) |
(0.40 ) |
Net asset value, end of period |
$13.87 |
$14.88 |
$12.66 |
$12.18 |
$17.33 |
$12.37 |
Total return2 |
5.52 % |
19.48 % |
6.12 % |
(0.10 )% |
44.94 % |
(2.09 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.52 % |
0.54 % |
0.54 % |
0.51 % |
0.53 % |
0.58 % |
Net expenses |
0.40 % |
0.40 % |
0.40 % |
0.40 % |
0.40 % |
0.40 % |
Net investment income |
1.40 % |
1.71 % |
1.91 % |
1.79 % |
1.65 % |
1.69 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
84 % |
237 % |
476 % |
365 % |
488 % |
366 % |
Net assets, end of period (000s omitted) |
$1,892 |
$1,095 |
$988 |
$842 |
$224 |
$151 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Administrator Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$15.00 |
$12.77 |
$12.27 |
$17.42 |
$12.44 |
$13.06 |
Net investment income |
0.08 1 |
0.18 1 |
0.19 1 |
0.19 |
0.20 |
0.22 |
Net realized and unrealized gains (losses) on investments |
0.72 |
2.22 |
0.51 |
(0.08 ) |
5.24 |
(0.54 ) |
Total from investment operations |
0.80 |
2.40 |
0.70 |
0.11 |
5.44 |
(0.32 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.08 ) |
(0.17 ) |
(0.20 ) |
(0.18 ) |
(0.20 ) |
(0.23 ) |
Net realized gains |
(1.72 ) |
0.00 |
0.00 |
(5.08 ) |
(0.26 ) |
(0.07 ) |
Total distributions to shareholders |
(1.80 ) |
(0.17 ) |
(0.20 ) |
(5.26 ) |
(0.46 ) |
(0.30 ) |
Net asset value, end of period |
$14.00 |
$15.00 |
$12.77 |
$12.27 |
$17.42 |
$12.44 |
Total return2 |
5.37 % |
18.98 % |
5.86 % |
(0.49 )% |
44.36 % |
(2.41 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.87 % |
0.89 % |
0.88 % |
0.85 % |
0.88 % |
0.91 % |
Net expenses |
0.75 % |
0.74 % |
0.74 % |
0.75 % |
0.75 % |
0.75 % |
Net investment income |
1.06 % |
1.37 % |
1.59 % |
1.31 % |
1.30 % |
1.71 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
84 % |
237 % |
476 % |
365 % |
488 % |
366 % |
Net assets, end of period (000s omitted) |
$9,782 |
$9,729 |
$9,470 |
$10,564 |
$16,080 |
$11,813 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
|
Six months ended January 31, 2025 (unaudited) |
Year ended July 31 | ||||
Institutional Class |
2024 |
2023 |
2022 |
2021 |
2020 | |
Net asset value, beginning of period |
$14.91 |
$12.69 |
$12.20 |
$17.35 |
$12.38 |
$13.04 |
Net investment income |
0.10 1 |
0.21 1 |
0.22 1 |
0.23 1 |
0.22 |
0.26 |
Net realized and unrealized gains (losses) on investments |
0.72 |
2.21 |
0.50 |
(0.08 ) |
5.25 |
(0.55 ) |
Total from investment operations |
0.82 |
2.42 |
0.72 |
0.15 |
5.47 |
(0.29 ) |
Distributions to shareholders from |
|
|
|
|
|
|
Net investment income |
(0.10 ) |
(0.20 ) |
(0.23 ) |
(0.22 ) |
(0.24 ) |
(0.30 ) |
Net realized gains |
(1.72 ) |
0.00 |
0.00 |
(5.08 ) |
(0.26 ) |
(0.07 ) |
Total distributions to shareholders |
(1.82 ) |
(0.20 ) |
(0.23 ) |
(5.30 ) |
(0.50 ) |
(0.37 ) |
Net asset value, end of period |
$13.91 |
$14.91 |
$12.69 |
$12.20 |
$17.35 |
$12.38 |
Total return2 |
5.54 % |
19.32 % |
6.09 % |
(0.22 )% |
44.84 % |
(2.20 )% |
Ratios to average net assets (annualized) |
|
|
|
|
|
|
Gross expenses |
0.62 % |
0.64 % |
0.64 % |
0.61 % |
0.63 % |
0.66 % |
Net expenses |
0.50 % |
0.50 % |
0.50 % |
0.50 % |
0.50 % |
0.50 % |
Net investment income |
1.31 % |
1.58 % |
1.83 % |
1.61 % |
1.56 % |
1.96 % |
Supplemental data |
|
|
|
|
|
|
Portfolio turnover rate |
84 % |
237 % |
476 % |
365 % |
488 % |
366 % |
Net assets, end of period (000s omitted) |
$9,376 |
$8,301 |
$4,719 |
$4,641 |
$4,051 |
$2,142 |
1 |
Calculated based upon average shares outstanding |
2 |
Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
Gross unrealized gains |
$29,926,316 |
Gross unrealized losses |
(6,023,115 ) |
Net unrealized gains |
$23,903,201 |
|
Quoted prices (Level 1) |
Other significant observable inputs (Level 2) |
Significant unobservable inputs (Level 3) |
Total |
Assets |
|
|
|
|
Investments in: |
|
|
|
|
Common stocks |
|
|
|
|
Communication services |
$14,132,727 |
$0 |
$0 |
$14,132,727 |
Consumer discretionary |
13,235,754 |
0 |
0 |
13,235,754 |
Consumer staples |
20,140,455 |
0 |
0 |
20,140,455 |
Energy |
13,179,335 |
0 |
0 |
13,179,335 |
Financials |
54,049,402 |
0 |
0 |
54,049,402 |
Health care |
38,418,474 |
0 |
0 |
38,418,474 |
Industrials |
31,972,727 |
0 |
0 |
31,972,727 |
Information technology |
18,950,468 |
0 |
0 |
18,950,468 |
Materials |
12,921,727 |
0 |
0 |
12,921,727 |
Real estate |
12,617,205 |
0 |
0 |
12,617,205 |
Utilities |
9,596,652 |
0 |
0 |
9,596,652 |
Short-term investments |
|
|
|
|
Investment companies |
5,982,876 |
0 |
0 |
5,982,876 |
Total assets |
$245,197,802 |
$0 |
$0 |
$245,197,802 |
Liabilities | ||||
Futures contracts |
$18,305 |
$0 |
$0 |
$18,305 |
Total liabilities |
$18,305 |
$0 |
$0 |
$18,305 |
Average daily net assets |
Management fee |
First $1 billion |
0.400 % |
Next $4 billion |
0.375 |
Next $5 billion |
0.340 |
Over $10 billion |
0.330 |
|
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 |
0.82 % |
Class C |
1.57 |
Class R6 |
0.40 |
Administrator Class |
0.75 |
Institutional Class |
0.50 |
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 15. 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 16. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
ITEM 19. EXHIBITS
(a)(1) | Not applicable. | |
(a)(2) | Not applicable. | |
(a)(3) | Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022. | |
(a)(4) | Not applicable. | |
(a)(5) | Not applicable. | |
(b) | Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022. | |
(101) | Inline Interactive Data File - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the inline XBRL document. |
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/ John Kenney | |
John Kenney | ||
President (Principal Executive Officer) | ||
Date: March 27, 2025 |
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/ John Kenney | |
John Kenney | ||
President (Principal Executive Officer) | ||
Date: March 27, 2025 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer (Principal Financial Officer) | ||
Date: March 27, 2025 |