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)
525 Market St., San Francisco, CA 94105
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
525 Market St., San Francisco, CA 94105
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: October 31
Registrant is making a filing for 5 of its series:
Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Income Fund, Allspring Special Global Small Cap Fund, Allspring International Equity Fund and Allspring Special International Small Cap Fund.
Date of reporting period: April 30, 2022
ITEM 1. REPORT TO STOCKHOLDERS
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Emerging Markets Equity Fund
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
8 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Derrick Irwin, CFA®‡, Richard Peck, CFA®‡, Yi (Jerry) Zhang, Ph.D., CFA®‡ |
Average annual total returns (%) as of April 30, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EMGAX) | 9-6-1994 | -32.50 | 1.10 | 1.35 | -28.39 | 2.30 | 1.95 | 1.49 | 1.45 | ||
Class C (EMGCX) | 9-6-1994 | -29.94 | 1.56 | 1.19 | -28.94 | 1.56 | 1.19 | 2.24 | 2.20 | ||
Class R6 (EMGDX)3 | 6-28-2013 | – | – | – | -28.11 | 2.74 | 2.40 | 1.06 | 1.02 | ||
Administrator Class (EMGYX) | 9-6-1994 | – | – | – | -28.36 | 2.60 | 2.17 | 1.41 | 1.37 | ||
Institutional Class (EMGNX) | 7-30-2010 | – | – | – | -28.17 | 2.67 | 2.34 | 1.16 | 1.12 | ||
MSCI EM Index (Net) (USD)4 | – | – | – | – | -18.33 | 4.32 | 2.89 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.44% for Class A, 2.19% for Class C, 1.01% for Class R6, 1.36% for Administrator Class, and 1.11% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20221 | |
Samsung Electronics Company Limited | 6.11 |
Taiwan Semiconductor Manufacturing Company Limited ADR | 4.57 |
Tencent Holdings Limited | 4.53 |
Reliance Industries Limited GDR | 3.46 |
Taiwan Semiconductor Manufacturing Company Limited | 3.11 |
Fomento Economico Mexicano SAB de CV ADR | 2.70 |
Meituan Dianping | 2.37 |
Uni-President Enterprises Corporation | 2.32 |
AIA Group Limited | 2.26 |
Li Ning Company Limited | 2.25 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g310673img94dd1ebb4.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Country allocation as of April 30, 20221 |
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1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2021 | Ending account value 4-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 808.33 | $ 6.41 | 1.43% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.70 | $ 7.15 | 1.43% |
Class C | ||||
Actual | $1,000.00 | $ 805.21 | $ 9.80 | 2.19% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.93 | $10.94 | 2.19% |
Class R6 | ||||
Actual | $1,000.00 | $ 809.93 | $ 4.53 | 1.01% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.79 | $ 5.06 | 1.01% |
Administrator Class | ||||
Actual | $1,000.00 | $ 808.22 | $ 6.10 | 1.36% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.05 | $ 6.80 | 1.36% |
Institutional Class | ||||
Actual | $1,000.00 | $ 809.47 | $ 4.98 | 1.11% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.29 | $ 5.56 | 1.11% |
Shares | Value | |||||
Common stocks: 93.77% | ||||||
Argentina: 0.23% | ||||||
MercadoLibre Incorporated (Consumer discretionary, Internet & direct marketing retail) † | 11,216 | $ 10,920,234 | ||||
Brazil: 7.52% | ||||||
Ambev SA ADR (Consumer staples, Beverages) | 3,464,500 | 10,081,695 | ||||
Americanas SA (Consumer discretionary, Internet & direct marketing retail) | 17,094,548 | 82,984,082 | ||||
Atacadao Distribuicao Comercio e Industria Limitada (Consumer staples, Food & staples retailing) | 7,527,000 | 31,317,143 | ||||
B3 Brasil Bolsa Balcao SA (Financials, Capital markets) | 21,479,015 | 57,781,915 | ||||
Banco Bradesco SA ADR (Financials, Banks) | 5,976,277 | 21,514,597 | ||||
Banco Inter SA (Financials, Banks) | 905,400 | 2,778,126 | ||||
BK Brasil Operacao e Assessoria a Restaurantes SA (Consumer discretionary, Hotels, restaurants & leisure) † | 3,855,794 | 4,913,379 | ||||
BRF Brazil Foods SA ADR (Consumer staples, Food products) †« | 10,957,912 | 30,682,154 | ||||
Companhia Brasileira de Aluminio (Materials, Metals & mining) | 3,252,600 | 11,276,320 | ||||
Diagnosticos da America SA (Health care, Health care providers & services) | 2,980,473 | 13,690,782 | ||||
Hapvida Participacoes e Investimentos SA (Health care, Health care providers & services) 144A | 19,927,335 | 35,348,806 | ||||
Lojas Renner SA (Consumer discretionary, Multiline retail) | 6,706,892 | 32,218,911 | ||||
Magazine Luiza SA (Consumer discretionary, Multiline retail) | 8,121,700 | 8,016,646 | ||||
Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & development) | 2,346,906 | 11,701,419 | ||||
Raia Drogasil SA (Consumer staples, Food & staples retailing) | 1,968,000 | 8,331,443 | ||||
362,637,418 | ||||||
Chile: 1.57% | ||||||
Banco Santander Chile SA ADR (Financials, Banks) | 1,190,492 | 23,143,164 | ||||
Falabella SA (Consumer discretionary, Multiline retail) | 18,738,871 | 52,628,636 | ||||
75,771,800 | ||||||
China: 25.33% | ||||||
51job Incorporated ADR (Industrials, Professional services) †« | 917,541 | 55,832,370 | ||||
Agora Incorporated ADR (Information technology, Software) †« | 654,765 | 4,825,618 | ||||
Alibaba Group Holding Limited (Consumer discretionary, Internet & direct marketing retail) † | 1,810,000 | 22,077,796 | ||||
Alibaba Group Holding Limited ADR (Consumer discretionary, Internet & direct marketing retail) † | 1,039,837 | 100,957,774 | ||||
Bilibili Incorporated ADR (Communication services, Entertainment) †« | 2,771,012 | 67,446,432 | ||||
China Life Insurance Company Limited Class H (Financials, Insurance) | 23,043,190 | 33,485,708 | ||||
China Literature Limited (Communication services, Media) 144A† | 3,169,968 | 13,320,585 |
Shares | Value | |||||
China: (continued) | ||||||
China MeiDong Auto Holdings Limited (Consumer discretionary, Specialty retail) | 12,373,400 | $ 40,725,489 | ||||
FinVolution Group ADR (Financials, Consumer finance) | 4,401,985 | 16,551,464 | ||||
Greentree Hospitality Group Limited (Consumer discretionary, Hotels, restaurants & leisure) | 2,531,768 | 10,380,249 | ||||
Hua Medicine Limited (Health care, Pharmaceuticals) 144A† | 8,733,136 | 3,465,270 | ||||
JD.com Incorporated Class A (Consumer discretionary, Internet & direct marketing retail) † | 220,700 | 6,881,103 | ||||
Koolearn Technology Holding Limited (Consumer discretionary, Diversified consumer services) 144A†« | 4,412,215 | 1,912,124 | ||||
Li Ning Company Limited (Consumer discretionary, Textiles, apparel & luxury goods) | 13,904,707 | 108,375,606 | ||||
Meituan Dianping (Consumer discretionary, Internet & direct marketing retail) † | 5,337,600 | 114,365,528 | ||||
New Oriental Education & Technology Group Incorporated ADR (Consumer discretionary, Diversified consumer services) † | 678,189 | 8,511,272 | ||||
Shandong Weigao Group Medical Polymer Company Limited Class H (Health care, Health care equipment & supplies) | 32,290,600 | 34,400,727 | ||||
Tencent Holdings Limited (Communication services, Interactive media & services) | 4,634,700 | 218,409,705 | ||||
Tencent Music Entertainment ADR (Communication services, Entertainment) † | 3,896,603 | 16,560,563 | ||||
Tongdao Liepin Group (Communication services, Interactive media & services) † | 1,636,260 | 3,031,887 | ||||
Trip.com Group Limited ADR (Consumer discretionary, Hotels, restaurants & leisure) † | 2,216,013 | 52,408,707 | ||||
Tsingtao Brewery Company Limited Class H (Consumer staples, Beverages) | 6,522,500 | 52,807,194 | ||||
Uxin Limited ADR (Consumer discretionary, Internet & direct marketing retail) † | 3,950,000 | 3,125,240 | ||||
Uxin Limited ADR Class A (Consumer discretionary, Internet & direct marketing retail) ♦† | 23,979,831 | 6,324,273 | ||||
Vipshop Holdings Limited ADR (Consumer discretionary, Internet & direct marketing retail) † | 6,128,039 | 46,940,779 | ||||
Want Want China Holdings Limited (Consumer staples, Food products) | 76,125,800 | 68,716,180 | ||||
Weibo Corporation ADR (Communication services, Interactive media & services) † | 2,101,212 | 48,622,046 | ||||
Xiaomi Corporation Class B (Information technology, Technology hardware, storage & peripherals) 144A† | 27,921,900 | 42,506,576 | ||||
Zepp Health Corporation ADR Class A (Information technology, Electronic equipment, instruments & components) | 2,439,291 | 5,903,084 | ||||
Zhou Hei Ya International Holding Company Limited (Consumer staples, Food products) 144A« | 25,612,726 | 13,181,842 | ||||
1,222,053,191 | ||||||
Colombia: 0.40% | ||||||
Bancolombia SA ADR (Financials, Banks) | 499,100 | 19,350,107 | ||||
Hong Kong: 4.92% | ||||||
AIA Group Limited (Financials, Insurance) | 11,077,500 | 108,822,674 | ||||
Johnson Electric Holdings Limited (Consumer discretionary, Auto components) | 4,183,050 | 4,749,949 |
Shares | Value | |||||
Hong Kong: (continued) | ||||||
Sun Art Retail Group Limited (Consumer staples, Food & staples retailing) « | 84,455,400 | $ 26,216,078 | ||||
WH Group Limited (Consumer staples, Food products) 144A | 140,938,195 | 97,331,788 | ||||
237,120,489 | ||||||
India: 12.70% | ||||||
Axis Bank Limited (Financials, Banks) † | 4,251,923 | 40,080,924 | ||||
Bajaj Finance Limited (Financials, Consumer finance) | 410,281 | 35,367,009 | ||||
Bandhan Bank Limited (Financials, Banks) 144A | 1,416,131 | 6,140,844 | ||||
Bharti Airtel Limited (Communication services, Wireless telecommunication services) † | 4,869,052 | 46,729,841 | ||||
Bharti Airtel Limited (Communication services, Wireless telecommunication services) † | 347,789 | 1,540,438 | ||||
Dalmia Bharat Limited (Materials, Construction materials) | 624,658 | 12,339,263 | ||||
Fortis Healthcare Limited (Health care, Health care providers & services) † | 5,634,970 | 19,539,356 | ||||
HDFC Bank Limited (Financials, Banks) | 2,200,000 | 39,441,222 | ||||
HDFC Bank Limited ADR (Financials, Banks) | 428,752 | 23,671,398 | ||||
Housing Development Finance Corporation Limited (Financials, Thrifts & mortgage finance) | 1,115,700 | 32,190,110 | ||||
Indus Towers Limited (Communication services, Diversified telecommunication services) † | 1,843,851 | 5,012,730 | ||||
ITC Limited (Consumer staples, Tobacco) | 19,483,960 | 65,669,000 | ||||
JM Financial Limited (Financials, Capital markets) | 11,571,429 | 11,530,498 | ||||
Kotak Mahindra Bank Limited (Financials, Banks) | 1,117,262 | 25,909,455 | ||||
Max Financial Services Limited (Financials, Insurance) † | 925,389 | 9,124,972 | ||||
Reliance Industries Limited (Energy, Oil, gas & consumable fuels) | 750,000 | 27,174,317 | ||||
Reliance Industries Limited GDR (Energy, Oil, gas & consumable fuels) 144A | 2,332,274 | 166,780,706 | ||||
SBI Life Insurance Company Limited (Financials, Insurance) 144A | 964,273 | 13,849,536 | ||||
SH Kelkar & Company Limited (Materials, Chemicals) | 1,244,001 | 2,505,842 | ||||
Spandana Sphoorty Financial Limited (Financials, Consumer finance) † | 440,254 | 2,626,753 | ||||
Ultra Tech Cement Limited (Materials, Construction materials) | 296,000 | 25,492,496 | ||||
612,716,710 | ||||||
Indonesia: 3.08% | ||||||
PT Astra International Tbk (Consumer discretionary, Automobiles) | 79,651,000 | 41,589,093 | ||||
PT Bank Central Asia Tbk (Financials, Banks) | 62,747,500 | 35,193,291 | ||||
PT Link Net Tbk (Communication services, Diversified telecommunication services) | 38,278,161 | 12,119,525 | ||||
PT Telekomunikasi Indonesia Persero Tbk (Communication services, Diversified telecommunication services) | 49,000,000 | 15,615,645 | ||||
PT Telekomunikasi Indonesia Persero Tbk ADR (Communication services, Diversified telecommunication services) | 1,387,471 | 44,149,327 | ||||
148,666,881 |
Shares | Value | |||||
Luxembourg: 0.24% | ||||||
InPost SA (Industrials, Industrial conglomerates) † | 1,872,122 | $ 11,477,742 | ||||
Mexico: 8.08% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 4,412,304 | 85,731,067 | ||||
Becle SAB de CV ADR (Consumer staples, Beverages) | 12,667,225 | 31,571,071 | ||||
Cemex SAB de CV ADR (Materials, Construction materials) † | 5,031,948 | 22,140,571 | ||||
Fibra Uno Administracion SAB de CV (Real estate, Equity REITs) | 68,940,122 | 75,337,011 | ||||
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 1,746,182 | 130,509,643 | ||||
Grupo Financiero Banorte SAB de CV (Financials, Banks) | 3,800,488 | 25,049,158 | ||||
Walmart de Mexico SAB de CV (Consumer staples, Food & staples retailing) | 5,522,900 | 19,575,692 | ||||
389,914,213 | ||||||
Nigeria: 0.11% | ||||||
IHS Holding Limited (Communication services, Diversified telecommunication services) † | 493,367 | 5,180,354 | ||||
Peru: 0.18% | ||||||
Compania de Minas Buenaventura SA ADR (Materials, Metals & mining) | 896,695 | 8,464,801 | ||||
Philippines: 0.60% | ||||||
Ayala Corporation (Industrials, Industrial conglomerates) | 837,624 | 11,785,982 | ||||
San Miguel Food & Beverage Incorporated (Consumer staples, Food products) | 3,495,810 | 4,151,714 | ||||
SM Investments Corporation (Industrials, Industrial conglomerates) | 812,873 | 13,258,526 | ||||
29,196,222 | ||||||
Russia: 0.00% | ||||||
Fix Price Group Limited GDR (Acquired 3/5/2021, cost $18,030,080) (Consumer discretionary, Specialty retail) > | 1,849,239 | 0 | ||||
Headhunter Group plc ADR (Acquired 5/9/2019, cost $4,133,160) (Industrials, Professional services) > | 306,160 | 0 | ||||
Lukoil PJSC ADR (Acquired 4/9/2002, cost $16,128,202) (Energy, Oil, gas & consumable fuels) > | 340,179 | 0 | ||||
Magnit PJSC (Acquired 4/29/2013, cost $32,870,256) (Consumer staples, Food & staples retailing) > | 233,669 | 0 | ||||
Ozon Holdings plc ADR (Acquired 11/24/2020, cost $2,541,390) (Consumer discretionary, Internet & direct marketing retail) >« | 84,713 | 0 | ||||
Sberbank PJSC ADR (Acquired 8/18/2011, cost $17,157,125) (Financials, Banks) > | 1,500,114 | 0 | ||||
Yandex NV Class A (Acquired 11/30/2012, cost $30,036,086) (Communication services, Interactive media & services) > | 1,147,406 | 0 | ||||
0 | ||||||
South Africa: 2.71% | ||||||
MTN Group Limited (Communication services, Wireless telecommunication services) | 4,118,543 | 43,681,244 |
Shares | Value | |||||
South Africa: (continued) | ||||||
Shoprite Holdings Limited (Consumer staples, Food & staples retailing) | 3,331,500 | $ 48,120,288 | ||||
Standard Bank Group Limited (Financials, Banks) | 2,177,090 | 23,071,722 | ||||
Tiger Brands Limited (Consumer staples, Food products) | 1,631,933 | 16,017,072 | ||||
130,890,326 | ||||||
South Korea: 11.46% | ||||||
KT Corporation ADR (Communication services, Diversified telecommunication services) | 4,744,713 | 66,093,852 | ||||
KT&G Corporation (Consumer staples, Tobacco) | 332,091 | 21,808,031 | ||||
LG Chem Limited (Materials, Chemicals) | 53,109 | 21,751,586 | ||||
Naver Corporation (Communication services, Interactive media & services) | 278,500 | 62,038,381 | ||||
Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | 5,530,800 | 294,755,946 | ||||
Samsung Life Insurance Company Limited (Financials, Insurance) | 693,337 | 35,642,787 | ||||
SK Hynix Incorporated (Information technology, Semiconductors & semiconductor equipment) | 578,500 | 50,692,853 | ||||
552,783,436 | ||||||
Taiwan: 12.48% | ||||||
104 Corporation (Industrials, Professional services) | 1,655,000 | 11,115,930 | ||||
Mediatek Incorporated (Information technology, Semiconductors & semiconductor equipment) | 2,671,881 | 73,658,359 | ||||
President Chain Store Corporation (Consumer staples, Food & staples retailing) | 3,770,000 | 34,882,428 | ||||
Taiwan Semiconductor Manufacturing Company Limited (Information technology, Semiconductors & semiconductor equipment) | 8,305,224 | 150,180,413 | ||||
Taiwan Semiconductor Manufacturing Company Limited ADR (Information technology, Semiconductors & semiconductor equipment) | 2,371,552 | 220,388,327 | ||||
Uni-President Enterprises Corporation (Consumer staples, Food products) | 48,312,368 | 111,776,406 | ||||
602,001,863 | ||||||
Thailand: 2.11% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 1,933,139 | 8,458,278 | ||||
PTT PCL (Energy, Oil, gas & consumable fuels) | 21,559,000 | 23,430,895 | ||||
SCB X PCL (Financials, Banks) | 8,405,100 | 28,221,504 | ||||
Thai Beverage PCL (Consumer staples, Beverages) | 84,427,000 | 41,589,462 | ||||
101,700,139 | ||||||
Turkey: 0.05% | ||||||
Avivasa Emeklilik Ve Hayat SA (Financials, Insurance) | 1,901,979 | 2,575,022 | ||||
Total Common stocks (Cost $4,119,099,437) | 4,523,420,948 |
Interest rate | Maturity date | Principal | Value | |||
Convertible debentures: 0.00% | ||||||
Brazil: 0.00% | ||||||
Lupatech SA (Energy, Energy equipment & services) ♦† | 6.50% | 4-15-2049 | $ 303,000 | $ 0 | ||
Total Convertible debentures (Cost $160,691) | 0 |
Yield | Shares | |||||
Short-term investments: 9.50% | ||||||
Investment companies: 9.50% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.26 | 307,221,568 | 307,221,568 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.46 | 151,024,820 | 151,024,820 | |||
Total Short-term investments (Cost $458,246,388) | 458,246,388 | |||||
Total investments in securities (Cost $4,577,506,516) | 103.27% | 4,981,667,336 | ||||
Other assets and liabilities, net | (3.27) | (157,745,450) | ||||
Total net assets | 100.00% | $4,823,921,886 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $120,896,299), representing 0.00% of its net assets as of period end. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
GDR | Global depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $342,869,585 | $424,817,185 | $(460,465,202) | $0 | $0 | $ 307,221,568 | 307,221,568 | $ 94,803 | ||
Securities Lending Cash Investments LLC | 46,289,014 | 500,660,894 | (395,925,088) | 0 | 0 | 151,024,820 | 151,024,820 | 90,265 # | ||
$0 | $0 | $458,246,388 | $185,068 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $146,090,285 of securities loaned), at value (cost $4,119,260,128) | $ 4,523,420,948 |
Investments in affiliated securities, at value (cost $458,246,388) | 458,246,388 |
Foreign currency, at value (cost $7,342,621) | 6,220,572 |
Receivable for Fund shares sold | 8,781,700 |
Receivable for dividends | 5,362,873 |
Receivable for securities lending income, net | 180,981 |
Prepaid expenses and other assets | 929,089 |
Total assets | 5,003,142,551 |
Liabilities | |
Payable upon receipt of securities loaned | 151,024,820 |
Contingent tax liability | 11,909,238 |
Payable for Fund shares redeemed | 10,607,614 |
Management fee payable | 3,800,245 |
Payable for investments purchased | 1,347,231 |
Administration fees payable | 523,731 |
Distribution fee payable | 5,334 |
Trustees’ fees and expenses payable | 2,452 |
Total liabilities | 179,220,665 |
Total net assets | $4,823,921,886 |
Net assets consist of | |
Paid-in capital | $ 4,473,485,147 |
Total distributable earnings | 350,436,739 |
Total net assets | $4,823,921,886 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 177,010,117 |
Shares outstanding – Class A1 | 7,291,612 |
Net asset value per share – Class A | $24.28 |
Maximum offering price per share – Class A2 | $25.76 |
Net assets – Class C | $ 8,101,361 |
Shares outstanding – Class C1 | 403,275 |
Net asset value per share – Class C | $20.09 |
Net assets – Class R6 | $ 442,646,733 |
Shares outstanding – Class R61 | 17,510,299 |
Net asset value per share – Class R6 | $25.28 |
Net assets – Administrator Class | $ 56,248,294 |
Shares outstanding – Administrator Class1 | 2,188,346 |
Net asset value per share – Administrator Class | $25.70 |
Net assets – Institutional Class | $ 4,139,915,381 |
Shares outstanding – Institutional Class1 | 163,783,400 |
Net asset value per share – Institutional Class | $25.28 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $6,271,909) | $ 43,789,899 |
Income from affiliated securities | 574,424 |
Total investment income | 44,364,323 |
Expenses | |
Management fee | 27,287,580 |
Administration fees | |
Class A | 218,194 |
Class C | 10,786 |
Class R6 | 74,795 |
Administrator Class | 43,748 |
Institutional Class | 3,015,450 |
Shareholder servicing fees | |
Class A | 259,755 |
Class C | 12,794 |
Administrator Class | 79,190 |
Distribution fee | |
Class C | 38,244 |
Custody and accounting fees | 851,098 |
Professional fees | 32,197 |
Registration fees | 63,314 |
Shareholder report expenses | 180,968 |
Trustees’ fees and expenses | 9,976 |
Other fees and expenses | 86,685 |
Total expenses | 32,264,774 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,554,922) |
Class A | (29,287) |
Class C | (3) |
Class R6 | (36,259) |
Administrator Class | (746) |
Institutional Class | (320,173) |
Net expenses | 30,323,384 |
Net investment income | 14,040,939 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 18,224,445 |
Net change in unrealized gains (losses) on investments (net of deferred foreign capital gain tax of $3,481,017) | (1,147,065,985) |
Net realized and unrealized gains (losses) on investments | (1,128,841,540) |
Net decrease in net assets resulting from operations | $(1,114,800,601) |
Six months ended April 30, 2022 (unaudited) | Year ended October 31, 2021 | |||
Operations | ||||
Net investment income | $ 14,040,939 | $ 6,949,032 | ||
Net realized gains on investments | 18,224,445 | 133,343,798 | ||
Net change in unrealized gains (losses) on investments | (1,147,065,985) | 261,905,138 | ||
Net increase (decrease) in net assets resulting from operations | (1,114,800,601) | 402,197,968 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (523,337) | (153,789) | ||
Class R6 | (3,926,921) | (1,997,619) | ||
Administrator Class | (226,378) | (99,238) | ||
Institutional Class | (29,592,409) | (16,550,884) | ||
Total distributions to shareholders | (34,269,045) | (18,801,530) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 318,224 | 8,877,709 | 1,279,782 | 41,046,133 |
Class C | 7,552 | 181,228 | 62,037 | 1,713,686 |
Class R6 | 2,143,902 | 62,415,112 | 9,192,248 | 309,903,863 |
Administrator Class | 127,915 | 3,715,160 | 498,122 | 17,534,140 |
Institutional Class | 21,776,603 | 617,856,505 | 70,742,883 | 2,393,030,346 |
693,045,714 | 2,763,228,168 | |||
Reinvestment of distributions | ||||
Class A | 17,202 | 485,624 | 4,479 | 141,490 |
Class R6 | 113,499 | 3,332,328 | 50,522 | 1,661,164 |
Administrator Class | 7,483 | 223,655 | 2,928 | 97,946 |
Institutional Class | 998,541 | 29,327,151 | 498,950 | 16,405,460 |
33,368,758 | 18,306,060 | |||
Payment for shares redeemed | ||||
Class A | (773,977) | (21,374,273) | (1,235,712) | (40,017,608) |
Class C | (95,658) | (2,172,362) | (452,222) | (11,814,354) |
Class R6 | (1,805,669) | (52,037,980) | (3,539,255) | (119,511,518) |
Administrator Class | (396,513) | (11,774,275) | (598,958) | (20,572,954) |
Institutional Class | (28,750,483) | (859,973,686) | (40,944,202) | (1,393,110,438) |
(947,332,576) | (1,585,026,872) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (220,918,104) | 1,196,507,356 | ||
Total increase (decrease) in net assets | (1,369,987,750) | 1,579,903,794 | ||
Net assets | ||||
Beginning of period | 6,193,909,636 | 4,614,005,842 | ||
End of period | $ 4,823,921,886 | $ 6,193,909,636 |
Year ended October 31 | ||||||
Class A | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $30.11 | $27.39 | $25.29 | $21.16 | $24.83 | $20.49 |
Net investment income (loss) | 0.03 1 | (0.07) 1 | 0.00 2 | 0.10 | 0.07 | (0.03) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (5.79) | 2.81 | 2.28 | 4.11 | (3.70) | 4.50 |
Total from investment operations | (5.76) | 2.74 | 2.28 | 4.21 | (3.63) | 4.47 |
Distributions to shareholders from | ||||||
Net investment income | (0.07) | (0.02) | (0.18) | (0.08) | (0.04) | (0.13) |
Net asset value, end of period | $24.28 | $30.11 | $27.39 | $25.29 | $21.16 | $24.83 |
Total return3 | (19.17)% | 10.00% | 9.03% 4 | 19.95% | (14.65)% | 21.99% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.51% | 1.48% | 1.54% | 1.57% | 1.58% | 1.58% |
Net expenses | 1.43% | 1.46% | 1.52% | 1.57% | 1.57% | 1.58% |
Net investment income (loss) | 0.21% | (0.21)% | 0.13% | 0.43% | 0.38% | (0.13)% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 9% | 12% | 8% | 11% | 13% |
Net assets, end of period (000s omitted) | $177,010 | $232,735 | $210,393 | $227,811 | $201,515 | $268,384 |
1 | Calculated based upon average shares outstanding |
2 | Amount is less than $0.005. |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
4 | During the year ended October 31, 2020, the Fund received a payment from an affiliate that had an impact of less than 0.005% on total return. |
Year ended October 31 | ||||||
Class C | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $24.95 | $22.86 | $21.09 | $17.71 | $20.92 | $17.28 |
Net investment loss | (0.06) 1 | (0.27) 1 | (0.14) 1 | (0.07) 1 | (0.08) 1 | (0.08) |
Payment from affiliate | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (4.80) | 2.36 | 1.87 | 3.45 | (3.13) | 3.72 |
Total from investment operations | (4.86) | 2.09 | 1.77 | 3.38 | (3.21) | 3.64 |
Net asset value, end of period | $20.09 | $24.95 | $22.86 | $21.09 | $17.71 | $20.92 |
Total return2 | (19.48)% | 9.14% | 8.39% 3 | 19.09% | (15.34)% | 21.06% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.25% | 2.23% | 2.29% | 2.32% | 2.33% | 2.31% |
Net expenses | 2.19% | 2.22% | 2.28% | 2.32% | 2.32% | 2.31% |
Net investment loss | (0.55)% | (0.98)% | (0.64)% | (0.37)% | (0.38)% | (0.43)% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 9% | 12% | 8% | 11% | 13% |
Net assets, end of period (000s omitted) | $8,101 | $12,260 | $20,149 | $29,484 | $49,103 | $69,845 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.18% impact on the total return. |
Year ended October 31 | ||||||
Class R6 | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $31.45 | $28.59 | $26.39 | $22.10 | $26.00 | $21.46 |
Net investment income | 0.09 | 0.08 1 | 0.17 | 0.22 1 | 0.23 1 | 0.17 1 |
Net realized and unrealized gains (losses) on investments | (6.04) | 2.92 | 2.33 | 4.27 | (3.92) | 4.59 |
Total from investment operations | (5.95) | 3.00 | 2.50 | 4.49 | (3.69) | 4.76 |
Distributions to shareholders from | ||||||
Net investment income | (0.22) | (0.14) | (0.30) | (0.20) | (0.21) | (0.22) |
Net asset value, end of period | $25.28 | $31.45 | $28.59 | $26.39 | $22.10 | $26.00 |
Total return2 | (19.01)% | 10.47% | 9.49% | 20.50% | (14.33)% | 22.53% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.08% | 1.05% | 1.11% | 1.14% | 1.16% | 1.14% |
Net expenses | 1.01% | 1.04% | 1.11% | 1.14% | 1.15% | 1.14% |
Net investment income | 0.63% | 0.23% | 0.55% | 0.88% | 0.90% | 0.76% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 9% | 12% | 8% | 11% | 13% |
Net assets, end of period (000s omitted) | $442,647 | $536,456 | $324,637 | $351,829 | $326,131 | $192,929 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Administrator Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $31.89 | $29.01 | $26.50 | $22.18 | $26.08 | $21.53 |
Net investment income (loss) | 0.04 1 | (0.05) 1 | 0.05 1 | 0.13 1 | 0.12 1 | 0.10 1 |
Payment from affiliate | 0.00 | 0.00 | 0.31 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (6.13) | 2.97 | 2.35 | 4.30 | (3.90) | 4.61 |
Total from investment operations | (6.09) | 2.92 | 2.71 | 4.43 | (3.78) | 4.71 |
Distributions to shareholders from | ||||||
Net investment income | (0.10) | (0.04) | (0.20) | (0.11) | (0.12) | (0.16) |
Net asset value, end of period | $25.70 | $31.89 | $29.01 | $26.50 | $22.18 | $26.08 |
Total return2 | (19.18)% | 10.09% | 10.25% 3 | 20.09% | (14.57)% | 22.10% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.42% | 1.40% | 1.46% | 1.49% | 1.50% | 1.48% |
Net expenses | 1.36% | 1.38% | 1.43% | 1.46% | 1.46% | 1.46% |
Net investment income (loss) | 0.28% | (0.13)% | 0.20% | 0.54% | 0.48% | 0.42% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 9% | 12% | 8% | 11% | 13% |
Net assets, end of period (000s omitted) | $56,248 | $78,118 | $73,888 | $104,869 | $103,740 | $144,421 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 1.16% impact on the total return. |
Year ended October 31 | ||||||
Institutional Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $31.42 | $28.57 | $26.38 | $22.10 | $25.99 | $21.46 |
Net investment income | 0.08 | 0.04 1 | 0.14 | 0.19 | 0.19 | 0.19 1 |
Net realized and unrealized gains (losses) on investments | (6.03) | 2.92 | 2.34 | 4.28 | (3.89) | 4.55 |
Total from investment operations | (5.95) | 2.96 | 2.48 | 4.47 | (3.70) | 4.74 |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.11) | (0.29) | (0.19) | (0.19) | (0.21) |
Net asset value, end of period | $25.28 | $31.42 | $28.57 | $26.38 | $22.10 | $25.99 |
Total return2 | (19.05)% | 10.39% | 9.42% | 20.40% | (14.35)% | 22.42% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.18% | 1.15% | 1.21% | 1.25% | 1.25% | 1.23% |
Net expenses | 1.11% | 1.14% | 1.18% | 1.19% | 1.19% | 1.20% |
Net investment income | 0.53% | 0.12% | 0.49% | 0.81% | 0.75% | 0.82% |
Supplemental data | ||||||
Portfolio turnover rate | 1% | 9% | 12% | 8% | 11% | 13% |
Net assets, end of period (000s omitted) | $4,139,915 | $5,334,340 | $3,984,940 | $3,475,314 | $2,790,071 | $3,423,366 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 1,367,537,655 |
Gross unrealized losses | (1,026,865,587) |
Net unrealized gains | $ 340,672,068 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Argentina | $ 10,920,234 | $ 0 | $0 | $ 10,920,234 |
Brazil | 362,637,418 | 0 | 0 | 362,637,418 |
Chile | 75,771,800 | 0 | 0 | 75,771,800 |
China | 441,097,485 | 780,955,706 | 0 | 1,222,053,191 |
Colombia | 19,350,107 | 0 | 0 | 19,350,107 |
Hong Kong | 0 | 237,120,489 | 0 | 237,120,489 |
India | 23,671,398 | 589,045,312 | 0 | 612,716,710 |
Indonesia | 71,884,497 | 76,782,384 | 0 | 148,666,881 |
Luxembourg | 0 | 11,477,742 | 0 | 11,477,742 |
Mexico | 389,914,213 | 0 | 0 | 389,914,213 |
Nigeria | 5,180,354 | 0 | 0 | 5,180,354 |
Peru | 8,464,801 | 0 | 0 | 8,464,801 |
Philippines | 17,410,240 | 11,785,982 | 0 | 29,196,222 |
Russia | 0 | 0 | 0 | 0 |
South Africa | 16,017,072 | 114,873,254 | 0 | 130,890,326 |
South Korea | 66,093,852 | 486,689,584 | 0 | 552,783,436 |
Taiwan | 220,388,327 | 381,613,536 | 0 | 602,001,863 |
Thailand | 28,221,504 | 73,478,635 | 0 | 101,700,139 |
Turkey | 0 | 2,575,022 | 0 | 2,575,022 |
Convertible debentures | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 458,246,388 | 0 | 0 | 458,246,388 |
Total assets | $2,215,269,690 | $2,766,397,646 | $0 | $4,981,667,336 |
Average daily net assets | Management fee |
First $1 billion | 1.050% |
Next $1 billion | 1.025 |
Next $2 billion | 1.000 |
Next $1 billion | 0.975 |
Next $3 billion | 0.965 |
Next $2 billion | 0.955 |
Over $10 billion | 0.945 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.44% |
Class C | 2.19 |
Class R6 | 1.01 |
Administrator Class | 1.36 |
Institutional Class | 1.11 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Bank of America Securities Incorporated | $44,197,794 | $(44,197,794) | $0 |
Barclays Capital Incorporated | 749,108 | (749,108) | 0 |
Citigroup Global Markets Incorporated | 64,409,530 | (64,409,530) | 0 |
Deutsche Bank Securities Incorporated | 257,172 | (257,172) | 0 |
JPMorgan Securities LLC | 20,347,559 | (20,347,559) | 0 |
Morgan Stanley & Company LLC | 13,428,543 | (13,428,543) | 0 |
National Financial Services LLC | 997,650 | (997,650) | 0 |
UBS Securities LLC | 1,702,929 | (1,702,929) | 0 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$10,529,686 | $0.0533 | 80.03% |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g310673img380908101.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g310673img02721d486.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA238/SAR238 04-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305imga1b935b11.jpg)
Equity Income Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305imge4a1d0482.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
8 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks to achieve long-term capital appreciation and current income |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Alison Shimada, Elaine Tse |
Average annual total returns (%) as of April 30, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net 2 | |||
Class A (EQIAX) | 5-31-2012 | -17.11 | 1.78 | 3.44 | -12.07 | 2.99 | 4.05 | 1.63 | 1.55 | ||
Class C (EQICX) | 5-31-2012 | -13.77 | 2.19 | 3.27 | -12.77 | 2.19 | 3.27 | 2.38 | 2.30 | ||
Class R (EQIHX)3 | 9-30-2015 | – | – | – | -12.24 | 2.79 | 3.83 | 1.88 | 1.80 | ||
Class R6 (EQIRX)4 | 9-30-2015 | – | – | – | -11.75 | 3.41 | 4.49 | 1.20 | 1.17 | ||
Administrator Class (EQIDX) | 5-31-2012 | – | – | – | -12.00 | 3.11 | 4.23 | 1.55 | 1.45 | ||
Institutional Class (EQIIX) | 5-31-2012 | – | – | – | -11.82 | 3.35 | 4.44 | 1.30 | 1.22 | ||
MSCI EM Index (Net) (USD)5 | – | – | – | – | -18.33 | 4.32 | 4.16 * | – | – | ||
MSCI EM High Dividend Yield Index (Net) (USD)6 | – | – | – | – | -10.52 | 2.52 | 1.98 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report. |
2 | The manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.55% for Class A, 2.30% for Class C, 1.80% for Class R, 1.17% for Class R6, 1.45% for Administrator Class, and 1.22% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R shares prior to their inception reflects the performance of the Administrator Class shares, adjusted to reflect the higher expenses applicable to the Class R shares. |
4 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
5 | The Morgan Stanley Capital International (MSCI) Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
6 | The MSCI EM High Dividend Yield Index (Net) (USD) is based on the MSCI EM Index, its parent index, and includes large and mid-cap stocks. The index is designed to reflect the performance of equities in the parent index (excluding REITs) with higher dividend income and quality characteristics than average dividend yields that are both sustainable and persistent. The index also applies quality screens and reviews 12-month past performance to omit stocks with potentially deteriorating fundamentals that could force them to cut or reduce dividends. You cannot invest directly in an index. |
Ten largest holdings (%) as of April 30, 20221 | |
Taiwan Semiconductor Manufacturing Company Limited | 7.35 |
Samsung Electronics Company Limited | 2.86 |
Alibaba Group Holding Limited | 2.68 |
Samsung Electronics Company Limited | 2.37 |
China Construction Bank Class H | 1.66 |
Postal Savings Bank of China Company Limited Class H | 1.63 |
CTBC Financial Holding Company Limited | 1.62 |
China Resources Land Limited | 1.45 |
Midea Group Company Limited Class A | 1.43 |
KB Financial Group Incorporated | 1.43 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305img6517fef04.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Country allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305img9991b74c5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2021 | Ending account value 4-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 900.33 | $ 7.21 | 1.53% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.21 | $ 7.65 | 1.53% |
Class C | ||||
Actual | $1,000.00 | $ 896.48 | $10.82 | 2.30% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.39 | $11.48 | 2.30% |
Class R | ||||
Actual | $1,000.00 | $ 899.31 | $ 8.24 | 1.75% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.12 | $ 8.75 | 1.75% |
Class R6 | ||||
Actual | $1,000.00 | $ 901.58 | $ 5.52 | 1.17% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.99 | $ 5.86 | 1.17% |
Administrator Class | ||||
Actual | $1,000.00 | $ 900.36 | $ 6.69 | 1.42% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.75 | $ 7.10 | 1.42% |
Institutional Class | ||||
Actual | $1,000.00 | $ 901.29 | $ 5.75 | 1.22% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.74 | $ 6.11 | 1.22% |
Shares | Value | |||||
Common stocks: 90.59% | ||||||
Brazil: 4.83% | ||||||
Ambev SA (Consumer staples, Beverages) | 784,800 | $ 2,304,897 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 574,072 | 2,681,120 | ||||
BB Seguridade Participacoes SA (Financials, Insurance) | 684,100 | 3,518,778 | ||||
Companhia Brasileira de Aluminio (Materials, Metals & mining) | 517,700 | 1,794,795 | ||||
Minerva SA (Consumer staples, Food products) | 1,019,056 | 2,706,380 | ||||
Vale SA (Materials, Metals & mining) | 202,400 | 3,409,803 | ||||
16,415,773 | ||||||
Chile: 1.37% | ||||||
Banco Santander Chile SA (Financials, Banks) | 33,510,699 | 1,612,346 | ||||
Sociedad Quimica Minera de Chile (Materials, Chemicals) | 41,132 | 3,035,542 | ||||
4,647,888 | ||||||
China: 25.43% | ||||||
Alibaba Group Holding Limited (Consumer discretionary, Internet & direct marketing retail) † | 746,500 | 9,105,566 | ||||
Baidu Incorporated Class A (Communication services, Interactive media & services) † | 266,194 | 4,244,118 | ||||
Baoshan Iron & Steel Company Limited Class A (Materials, Metals & mining) | 2,752,810 | 2,678,998 | ||||
Beijing Jingneng Power Company Class H (Utilities, Electric utilities) | 7,240,000 | 1,844,831 | ||||
China Construction Bank Class H (Financials, Banks) | 7,921,000 | 5,642,913 | ||||
China International Capital Corporation Limited Class H (Financials, Capital markets) 144A | 1,268,400 | 2,542,345 | ||||
China Oilfield Services Limited H Shares (Energy, Energy equipment & services) | 2,016,000 | 2,063,898 | ||||
China Resources Land Limited (Real estate, Real estate management & development) | 1,102,000 | 4,921,766 | ||||
China State Construction International Holdings (Industrials, Construction & engineering) | 3,558,000 | 4,592,092 | ||||
China Yangtze Power Company Limited Class A (Utilities, Independent power & renewable electricity producers) | 1,189,395 | 4,088,370 | ||||
China Yongda Automobile Service Holding Company (Consumer discretionary, Specialty retail) | 2,259,500 | 2,095,183 | ||||
ENN Energy Holdings Limited (Utilities, Gas utilities) | 162,600 | 2,178,039 | ||||
Guangzhou Automobile Group Company Limited Class H (Consumer discretionary, Automobiles) | 2,468,000 | 2,092,607 | ||||
Huatai Securities Company Limited H Shares (Financials, Capital markets) 144A | 1,147,400 | 1,577,022 | ||||
Inner Mongolia Yili Industrial Group Company Limited Class A (Consumer staples, Food products) | 544,978 | 3,167,559 | ||||
Kunlun Energy Company Limited (Utilities, Gas utilities) | 2,042,000 | 1,694,629 | ||||
LB Group Company Limited Class A (Materials, Chemicals) | 421,175 | 1,158,094 | ||||
Lenovo Group Limited (Information technology, Technology hardware, storage & peripherals) | 2,554,000 | 2,479,941 | ||||
Midea Group Company Limited Class A (Consumer discretionary, Household durables) | 567,459 | 4,870,452 | ||||
Nari Technology Company Limited (Industrials, Electrical equipment) | 400,401 | 1,925,076 | ||||
Nine Dragons Paper Holdings Limited (Materials, Paper & forest products) | 1,583,000 | 1,398,002 | ||||
Ping An Insurance Group Company Class H (Financials, Insurance) | 305,500 | 1,930,978 | ||||
Postal Savings Bank of China Company Limited Class H (Financials, Banks) 144A | 7,309,000 | 5,541,537 | ||||
Tingyi Holding Corporation (Consumer staples, Food products) | 1,762,000 | 3,215,933 | ||||
Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A | 3,024,000 | 2,312,908 |
Shares | Value | |||||
China: (continued) | ||||||
Xinyangfeng Agricultural Technology Company Limited (Materials, Chemicals) | 736,500 | $ 1,728,154 | ||||
Zhejiang NHU Company Limited (Health care, Biotechnology) | 872,218 | 3,527,974 | ||||
Zoomlion Heavy Industry Science and Technology Company Limited Class H (Industrials, Machinery) | 3,198,600 | 1,870,238 | ||||
86,489,223 | ||||||
Hong Kong: 1.61% | ||||||
China Merchants Port Holdings Company Limited (Industrials, Transportation infrastructure) | 1,950,000 | 3,404,302 | ||||
Chow Tai Fook Jewellery Company Limited (Consumer discretionary, Specialty retail) | 1,238,400 | 2,076,453 | ||||
5,480,755 | ||||||
India: 11.57% | ||||||
Bajaj Auto Limited (Consumer discretionary, Automobiles) | 66,765 | 3,240,518 | ||||
Bank of Baroda (Financials, Banks) † | 1,490,520 | 2,176,133 | ||||
Colgate-Palmolive Company India Limited (Consumer staples, Personal products) | 88,050 | 1,900,115 | ||||
Embassy Office Parks REIT (Real estate, Equity REITs) | 547,780 | 2,749,792 | ||||
Gail India Limited (Utilities, Gas utilities) | 1,541,880 | 3,187,567 | ||||
Hindustan Petroleum Corporation Limited (Energy, Oil, gas & consumable fuels) | 720,379 | 2,531,853 | ||||
ICICI Securities Limited (Financials, Capital markets) 144A | 310,727 | 2,262,768 | ||||
Indus Towers Limited (Communication services, Diversified telecommunication services) † | 1,352,670 | 3,677,396 | ||||
Infosys Limited (Information technology, IT services) | 234,075 | 4,744,040 | ||||
LIC Housing Finance Limited (Financials, Diversified financial services) | 599,011 | 2,935,425 | ||||
Oil & Natural Gas Corporation Limited (Energy, Oil, gas & consumable fuels) | 1,604,470 | 3,325,112 | ||||
Power Grid Corporation of India Limited (Utilities, Electric utilities) | 1,304,640 | 3,866,112 | ||||
Tech Mahindra Limited (Information technology, IT services) | 168,323 | 2,749,072 | ||||
39,345,903 | ||||||
Indonesia: 2.41% | ||||||
PT Bank Negara Indonesia Persero Tbk (Financials, Banks) | 4,113,664 | 2,598,396 | ||||
PT Bank Rakyat Indonesia Tbk (Financials, Banks) | 7,276,961 | 2,424,589 | ||||
PT Telekomunikasi Indonesia Persero Tbk (Communication services, Diversified telecommunication services) | 9,992,650 | 3,184,524 | ||||
8,207,509 | ||||||
Malaysia: 1.78% | ||||||
Genting Malaysia Bhd (Consumer discretionary, Hotels, restaurants & leisure) | 5,167,900 | 3,592,312 | ||||
RHB Bank Bhd (Financials, Banks) | 1,717,800 | 2,461,061 | ||||
6,053,373 | ||||||
Mexico: 2.28% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 114,146 | 2,217,857 | ||||
Grupo Financiero Banorte SAB de CV (Financials, Banks) | 292,800 | 1,929,856 | ||||
Walmart de Mexico SAB de CV (Consumer staples, Food & staples retailing) | 1,019,991 | 3,615,316 | ||||
7,763,029 |
Shares | Value | |||||
Panama: 0.78% | ||||||
Copa Holdings SA Class A (Industrials, Airlines) † | 35,375 | $ 2,666,214 | ||||
Peru: 0.82% | ||||||
Southern Copper Corporation (Materials, Metals & mining) | 44,943 | 2,798,601 | ||||
Philippines: 0.97% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 889,280 | 1,616,563 | ||||
International Container Terminal Services Incorporated (Industrials, Transportation infrastructure) | 413,160 | 1,696,431 | ||||
3,312,994 | ||||||
Qatar: 0.91% | ||||||
Qatar National Bank (Financials, Banks) | 486,950 | 3,108,832 | ||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5/6/2021, cost $1,726,284) (Materials, Metals & mining) > | 1,142,750 | 0 | ||||
Magnit PJSC (Acquired 2/3/2022, cost $1,919,054) (Consumer staples, Food & staples retailing) > | 27,916 | 0 | ||||
0 | ||||||
Saudi Arabia: 3.55% | ||||||
Alinma Bank (Financials, Banks) | 380,204 | 4,170,588 | ||||
Jarir Marketing Company (Consumer discretionary, Specialty retail) | 34,780 | 1,776,064 | ||||
National Commercial Bank (Financials, Banks) | 201,881 | 4,231,388 | ||||
Saudi Telecom Company (Communication services, Diversified telecommunication services) | 62,026 | 1,907,333 | ||||
12,085,373 | ||||||
Singapore: 0.73% | ||||||
BOC Aviation Limited (Industrials, Trading companies & distributors) 144A | 315,400 | 2,474,114 | ||||
South Africa: 3.82% | ||||||
Absa Group Limited (Financials, Banks) | 267,844 | 2,893,670 | ||||
Gold Fields Limited ADR (Materials, Metals & mining) | 110,968 | 1,490,300 | ||||
Mr Price Group Limited (Consumer discretionary, Specialty retail) | 121,815 | 1,659,013 | ||||
Standard Bank Group Limited (Financials, Banks) | 296,512 | 3,142,287 | ||||
The Bidvest Group Limited (Industrials, Industrial conglomerates) | 278,649 | 3,819,889 | ||||
13,005,159 | ||||||
South Korea: 9.03% | ||||||
Doosan Bobcat Incorporated (Industrials, Machinery) | 76,476 | 2,484,947 | ||||
Hana Financial Group Incorporated (Financials, Banks) | 96,647 | 3,588,185 | ||||
Kangwon Land Incorporated (Consumer discretionary, Hotels, restaurants & leisure) † | 117,042 | 2,459,580 | ||||
KB Financial Group Incorporated (Financials, Banks) | 104,653 | 4,868,885 | ||||
Kia Corporation (Consumer discretionary, Automobiles) | 58,166 | 3,815,122 | ||||
Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | 182,682 | 9,735,771 | ||||
SK Telecom Company Limited (Communication services, Wireless telecommunication services) | 83,417 | 3,762,790 | ||||
30,715,280 | ||||||
Taiwan: 13.82% | ||||||
Advantech Company Limited (Information technology, Technology hardware, storage & peripherals) | 240,000 | 2,983,358 |
Shares | Value | |||||
Taiwan: (continued) | ||||||
CTBC Financial Holding Company Limited (Financials, Banks) | 5,610,000 | $ 5,518,102 | ||||
Delta Electronics Incorporated (Information technology, Electronic equipment, instruments & components) | 289,000 | 2,412,452 | ||||
Evergreen Marine Corporation (Taiwan) Limited (Industrials, Marine) | 436,000 | 2,095,823 | ||||
Hon Hai Precision Industry Company Limited (Information technology, Electronic equipment, instruments & components) | 1,133,704 | 3,884,160 | ||||
Mediatek Incorporated (Information technology, Semiconductors & semiconductor equipment) | 71,000 | 1,957,327 | ||||
President Chain Store Corporation (Consumer staples, Food & staples retailing) | 197,000 | 1,822,769 | ||||
Taiwan Semiconductor Manufacturing Company Limited (Information technology, Semiconductors & semiconductor equipment) | 1,383,000 | 25,008,295 | ||||
United Microelectronics Corporation (Information technology, Semiconductors & semiconductor equipment) | 843,000 | 1,339,180 | ||||
47,021,466 | ||||||
Thailand: 2.21% | ||||||
Bangkok Bank PCL (Financials, Banks) | 908,400 | 3,470,392 | ||||
Supalai PCL (Real estate, Real estate management & development) | 2,733,200 | 1,741,965 | ||||
Tisco Financial Group PCL (Financials, Banks) | 871,800 | 2,299,661 | ||||
7,512,018 | ||||||
United Arab Emirates: 2.67% | ||||||
Abu Dhabi Commercial Bank PJSC (Financials, Banks) | 911,314 | 2,519,172 | ||||
Aldar Properties PJSC (Real estate, Real estate management & development) | 1,979,338 | 3,032,738 | ||||
Dubai Electricity & Water Authority PJSC (Utilities, Multi-utilities) † | 2,281,000 | 1,757,458 | ||||
Fertiglobe plc (Materials, Chemicals) | 1,165,431 | 1,759,984 | ||||
9,069,352 | ||||||
Total Common stocks (Cost $268,215,600) | 308,172,856 |
Dividend yield | ||||||
Preferred stocks: 4.33% | ||||||
Brazil: 1.25% | ||||||
Itaúsa SA (Financials, Banks) | 4.21% | 1,399,929 | 2,607,904 | |||
Petroleo Brasil SP ADR (Energy, Oil, gas & consumable fuels) | 23.19 | 134,100 | 1,645,407 | |||
4,253,311 | ||||||
South Korea: 3.08% | ||||||
LG Chem Limited (Materials, Chemicals) | 5.15 | 12,160 | 2,398,575 | |||
Samsung Electronics Company Limited (Information technology, Technology hardware, storage & peripherals) | 2.62 | 172,311 | 8,078,566 | |||
10,477,141 | ||||||
Total Preferred stocks (Cost $15,755,910) | 14,730,452 |
Yield | Shares | Value | ||||
Short-term investments: 4.59% | ||||||
Investment companies: 4.59% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.26% | 15,625,501 | $ 15,625,501 | |||
Total Short-term investments (Cost $15,625,501) | 15,625,501 | |||||
Total investments in securities (Cost $299,597,011) | 99.51% | 338,528,809 | ||||
Other assets and liabilities, net | 0.49 | 1,654,351 | ||||
Total net assets | 100.00% | $340,183,160 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $3,645,338), representing 0.00% of its net assets as of period end. |
♠ | 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 | $6,771,617 | $68,261,241 | $(59,407,357) | $0 | $0 | $15,625,501 | 15,625,501 | $4,704 |
Assets | |
Investments in unaffiliated securities, at value (cost $283,971,510) | $ 322,903,308 |
Investments in affiliated securities, at value (cost $15,625,501) | 15,625,501 |
Foreign currency, at value (cost $996,534) | 981,524 |
Receivable for Fund shares sold | 1,341,445 |
Receivable for dividends | 1,070,820 |
Prepaid expenses and other assets | 33,953 |
Total assets | 341,956,551 |
Liabilities | |
Payable for investments purchased | 1,193,637 |
Management fee payable | 274,435 |
Payable for Fund shares redeemed | 114,783 |
Administration fees payable | 42,001 |
Distribution fees payable | 3,349 |
Trustees’ fees and expenses payable | 2,455 |
Accrued expenses and other liabilities | 142,731 |
Total liabilities | 1,773,391 |
Total net assets | $340,183,160 |
Net assets consist of | |
Paid-in capital | $ 336,353,357 |
Total distributable earnings | 3,829,803 |
Total net assets | $340,183,160 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 80,562,832 |
Shares outstanding – Class A1 | 7,136,081 |
Net asset value per share – Class A | $11.29 |
Maximum offering price per share – Class A2 | $11.98 |
Net assets – Class C | $ 5,096,953 |
Shares outstanding – Class C1 | 454,671 |
Net asset value per share – Class C | $11.21 |
Net assets – Class R | $ 132,486 |
Shares outstanding – Class R1 | 11,709 |
Net asset value per share – Class R | $11.31 |
Net assets – Class R6 | $ 35,338,526 |
Shares outstanding – Class R61 | 3,130,485 |
Net asset value per share – Class R6 | $11.29 |
Net assets – Administrator Class | $ 2,136,312 |
Shares outstanding – Administrator Class1 | 187,678 |
Net asset value per share – Administrator Class | $11.38 |
Net assets – Institutional Class | $ 216,916,051 |
Shares outstanding – Institutional Class1 | 19,173,790 |
Net asset value per share – Institutional Class | $11.31 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $709,230) | $ 6,854,851 |
Income from affiliated securities | 4,704 |
Total investment income | 6,859,555 |
Expenses | |
Management fee | 1,936,059 |
Administration fees | |
Class A | 94,068 |
Class C | 6,542 |
Class R | 157 |
Class R6 | 5,956 |
Administrator Class | 1,533 |
Institutional Class | 149,979 |
Shareholder servicing fees | |
Class A | 111,951 |
Class C | 7,706 |
Class R | 187 |
Administrator Class | 1,974 |
Distribution fees | |
Class C | 23,119 |
Class R | 99 |
Custody and accounting fees | 201,742 |
Professional fees | 32,321 |
Registration fees | 40,607 |
Shareholder report expenses | 17,966 |
Trustees’ fees and expenses | 9,976 |
Other fees and expenses | 29,547 |
Total expenses | 2,671,489 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (135,193) |
Class A | (42,574) |
Class C | (1,577) |
Class R6 | (2,214) |
Administrator Class | (350) |
Institutional Class | (73,299) |
Net expenses | 2,416,282 |
Net investment income | 4,443,273 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (9,021,743) |
Foreign currency and foreign currency translations | (171,870) |
Net realized losses on investments | (9,193,613) |
Net change in unrealized gains (losses) on investments (net of deferred foreign capital gain tax of $340,230) | (32,292,901) |
Net realized and unrealized gains (losses) on investments | (41,486,514) |
Net decrease in net assets resulting from operations | $(37,043,241) |
Six months ended April 30, 2022 (unaudited) | Year ended October 31, 2021 | |||
Operations | ||||
Net investment income | $ 4,443,273 | $ 8,296,277 | ||
Net realized gains (losses) on investments | (9,193,613) | 68,320,342 | ||
Net change in unrealized gains (losses) on investments | (32,292,901) | 16,066,445 | ||
Net increase (decrease) in net assets resulting from operations | (37,043,241) | 92,683,064 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (928,350) | (1,815,822) | ||
Class C | (49,892) | (86,823) | ||
Class R | (1,423) | (2,237) | ||
Class R6 | (496,705) | (1,047,303) | ||
Administrator Class | (26,149) | (55,433) | ||
Institutional Class | (2,755,700) | (5,118,536) | ||
Total distributions to shareholders | (4,258,219) | (8,126,154) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 183,524 | 2,279,614 | 1,007,163 | 12,778,224 |
Class C | 2,642 | 33,168 | 24,208 | 305,344 |
Class R | 1,266 | 15,682 | 2,727 | 35,135 |
Class R6 | 23,912 | 295,140 | 789,278 | 10,380,352 |
Administrator Class | 733 | 9,079 | 10,239 | 134,667 |
Institutional Class | 2,540,551 | 31,270,423 | 3,768,349 | 48,968,405 |
33,903,106 | 72,602,127 | |||
Reinvestment of distributions | ||||
Class A | 72,196 | 890,297 | 135,125 | 1,742,187 |
Class C | 3,895 | 48,110 | 6,508 | 84,006 |
Class R | 111 | 1,370 | 128 | 1,659 |
Class R6 | 32,704 | 401,834 | 69,164 | 885,955 |
Administrator Class | 1,973 | 24,450 | 3,863 | 49,867 |
Institutional Class | 212,149 | 2,612,415 | 375,925 | 4,850,418 |
3,978,476 | 7,614,092 | |||
Payment for shares redeemed | ||||
Class A | (551,038) | (6,810,432) | (1,834,330) | (23,666,313) |
Class C | (123,843) | (1,521,968) | (251,718) | (3,211,029) |
Class R | (1,306) | (15,636) | (724) | (9,313) |
Class R6 | (379,439) | (4,749,273) | (4,563,257) | (57,951,588) |
Administrator Class | (9,463) | (119,715) | (188,603) | (2,409,337) |
Institutional Class | (2,022,338) | (25,113,005) | (5,291,953) | (68,234,275) |
(38,330,029) | (155,481,855) | |||
Net decrease in net assets resulting from capital share transactions | (448,447) | (75,265,636) | ||
Total increase (decrease) in net assets | (41,749,907) | 9,291,274 | ||
Net assets | ||||
Beginning of period | 381,933,067 | 372,641,793 | ||
End of period | $340,183,160 | $ 381,933,067 |
Year ended October 31 | ||||||
Class A | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.67 | $10.33 | $11.21 | $10.33 | $11.68 | $10.27 |
Net investment income | 0.13 1 | 0.24 | 0.20 | 0.24 | 0.27 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | (1.38) | 2.34 | (0.85) | 0.86 | (1.36) | 1.43 |
Total from investment operations | (1.25) | 2.58 | (0.65) | 1.10 | (1.09) | 1.61 |
Distributions to shareholders from | ||||||
Net investment income | (0.13) | (0.24) | (0.23) | (0.22) | (0.26) | (0.20) |
Net asset value, end of period | $11.29 | $12.67 | $10.33 | $11.21 | $10.33 | $11.68 |
Total return2 | (9.97)% | 24.93% | (5.83)% | 10.78% | (9.47)% | 15.79% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.69% | 1.63% | 1.65% | 1.69% | 1.67% | 1.68% |
Net expenses | 1.53% | 1.54% | 1.52% | 1.62% | 1.62% | 1.63% |
Net investment income | 2.19% | 1.88% | 2.10% | 2.12% | 2.30% | 1.72% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $80,563 | $94,152 | $83,889 | $20,017 | $19,684 | $22,774 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class C | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.59 | $10.26 | $11.15 | $10.27 | $11.63 | $10.23 |
Net investment income | 0.09 1 | 0.11 | 0.11 | 0.15 | 0.18 | 0.13 |
Net realized and unrealized gains (losses) on investments | (1.38) | 2.36 | (0.85) | 0.87 | (1.35) | 1.39 |
Total from investment operations | (1.29) | 2.47 | (0.74) | 1.02 | (1.17) | 1.52 |
Distributions to shareholders from | ||||||
Net investment income | (0.09) | (0.14) | (0.15) | (0.14) | (0.19) | (0.12) |
Net asset value, end of period | $11.21 | $12.59 | $10.26 | $11.15 | $10.27 | $11.63 |
Total return2 | (10.35)% | 24.00% | (6.69)% | 10.01% | (10.20)% | 14.91% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.43% | 2.37% | 2.40% | 2.44% | 2.42% | 2.42% |
Net expenses | 2.30% | 2.30% | 2.31% | 2.37% | 2.37% | 2.38% |
Net investment income | 1.46% | 1.07% | 1.03% | 1.30% | 1.53% | 1.18% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $5,097 | $7,203 | $8,138 | $11,958 | $13,896 | $16,898 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class R | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.70 | $10.36 | $11.22 | $10.34 | $11.71 | $10.30 |
Net investment income | 0.12 | 0.22 | 0.17 | 0.20 | 0.24 | 0.18 |
Payment from affiliate | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (1.39) | 2.33 | (0.85) | 0.88 | (1.37) | 1.40 |
Total from investment operations | (1.27) | 2.55 | (0.65) | 1.08 | (1.13) | 1.58 |
Distributions to shareholders from | ||||||
Net investment income | (0.12) | (0.21) | (0.21) | (0.20) | (0.24) | (0.17) |
Net asset value, end of period | $11.31 | $12.70 | $10.36 | $11.22 | $10.34 | $11.71 |
Total return1 | (10.07)% | 24.58% | (5.82)% 2 | 10.61% | (9.70)% | 15.39% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.82% | 1.85% | 1.84% | 1.93% | 1.94% | 1.91% |
Net expenses | 1.75% | 1.80% | 1.78% | 1.87% | 1.87% | 1.87% |
Net investment income | 1.93% | 1.66% | 1.65% | 1.97% | 2.64% | 1.69% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $132 | $148 | $98 | $95 | $92 | $32 |
1 | Returns for periods of less than one year are not annualized. |
2 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.29% impact on the total return. |
Year ended October 31 | ||||||
Class R6 | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.67 | $10.33 | $11.23 | $10.34 | $11.69 | $10.29 |
Net investment income | 0.16 | 0.26 | 0.24 | 0.31 1 | 0.32 | 0.33 1 |
Net realized and unrealized gains (losses) on investments | (1.39) | 2.37 | (0.87) | 0.85 | (1.35) | 1.32 |
Total from investment operations | (1.23) | 2.63 | (0.63) | 1.16 | (1.03) | 1.65 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.29) | (0.27) | (0.27) | (0.32) | (0.25) |
Net asset value, end of period | $11.29 | $12.67 | $10.33 | $11.23 | $10.34 | $11.69 |
Total return2 | (9.84)% | 25.44% | (5.60)% | 11.34% | (9.05)% | 16.25% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.26% | 1.19% | 1.22% | 1.26% | 1.24% | 1.20% |
Net expenses | 1.17% | 1.15% | 1.16% | 1.17% | 1.17% | 1.17% |
Net investment income | 2.60% | 2.00% | 2.27% | 2.81% | 2.58% | 2.96% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $35,339 | $43,761 | $73,969 | $83,481 | $36,597 | $57,765 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Administrator Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.78 | $10.41 | $11.31 | $10.41 | $11.76 | $10.32 |
Net investment income | 0.14 1 | 0.22 1 | 0.20 1 | 0.25 1 | 0.22 1 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | (1.40) | 2.40 | (0.87) | 0.89 | (1.29) | 1.46 |
Total from investment operations | (1.26) | 2.62 | (0.67) | 1.14 | (1.07) | 1.64 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.25) | (0.23) | (0.24) | (0.28) | (0.20) |
Net asset value, end of period | $11.38 | $12.78 | $10.41 | $11.31 | $10.41 | $11.76 |
Total return2 | (9.96)% | 25.03% | (5.89)% | 11.01% | (9.29)% | 15.99% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.53% | 1.52% | 1.56% | 1.61% | 1.57% | 1.58% |
Net expenses | 1.42% | 1.45% | 1.45% | 1.45% | 1.45% | 1.45% |
Net investment income | 2.30% | 1.75% | 1.92% | 2.24% | 1.86% | 1.73% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $2,136 | $2,484 | $3,842 | $4,686 | $4,758 | $13,940 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Institutional Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $12.70 | $10.35 | $11.24 | $10.35 | $11.70 | $10.30 |
Net investment income | 0.15 | 0.28 | 0.19 1 | 0.28 | 0.32 | 0.25 |
Net realized and unrealized gains (losses) on investments | (1.39) | 2.35 | (0.82) | 0.87 | (1.36) | 1.39 |
Total from investment operations | (1.24) | 2.63 | (0.63) | 1.15 | (1.04) | 1.64 |
Distributions to shareholders from | ||||||
Net investment income | (0.15) | (0.28) | (0.26) | (0.26) | (0.31) | (0.24) |
Net asset value, end of period | $11.31 | $12.70 | $10.35 | $11.24 | $10.35 | $11.70 |
Total return2 | (9.87)% | 25.27% | (5.63)% | 11.24% | (9.11)% | 16.11% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.36% | 1.30% | 1.33% | 1.36% | 1.34% | 1.33% |
Net expenses | 1.22% | 1.22% | 1.22% | 1.22% | 1.22% | 1.23% |
Net investment income | 2.49% | 2.21% | 1.85% | 2.54% | 2.73% | 2.32% |
Supplemental data | ||||||
Portfolio turnover rate | 28% | 73% | 92% | 73% | 69% | 80% |
Net assets, end of period (000s omitted) | $216,916 | $234,185 | $202,705 | $471,068 | $452,650 | $514,624 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 64,768,859 |
Gross unrealized losses | (26,641,685) |
Net unrealized gains | $ 38,127,174 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $ 16,415,773 | $ 0 | $0 | $ 16,415,773 |
Chile | 4,647,888 | 0 | 0 | 4,647,888 |
China | 0 | 86,489,223 | 0 | 86,489,223 |
Hong Kong | 0 | 5,480,755 | 0 | 5,480,755 |
India | 0 | 39,345,903 | 0 | 39,345,903 |
Indonesia | 3,184,524 | 5,022,985 | 0 | 8,207,509 |
Malaysia | 0 | 6,053,373 | 0 | 6,053,373 |
Mexico | 7,763,029 | 0 | 0 | 7,763,029 |
Panama | 2,666,214 | 0 | 0 | 2,666,214 |
Peru | 2,798,601 | 0 | 0 | 2,798,601 |
Philippines | 1,616,563 | 1,696,431 | 0 | 3,312,994 |
Qatar | 3,108,832 | 0 | 0 | 3,108,832 |
Russia | 0 | 0 | 0 | 0 |
Saudi Arabia | 0 | 12,085,373 | 0 | 12,085,373 |
Singapore | 0 | 2,474,114 | 0 | 2,474,114 |
South Africa | 3,149,313 | 9,855,846 | 0 | 13,005,159 |
South Korea | 0 | 30,715,280 | 0 | 30,715,280 |
Taiwan | 0 | 47,021,466 | 0 | 47,021,466 |
Thailand | 0 | 7,512,018 | 0 | 7,512,018 |
United Arab Emirates | 1,757,458 | 7,311,894 | 0 | 9,069,352 |
Preferred stocks | ||||
Brazil | 4,253,311 | 0 | 0 | 4,253,311 |
South Korea | 0 | 10,477,141 | 0 | 10,477,141 |
Short-term investments | ||||
Investment companies | 15,625,501 | 0 | 0 | 15,625,501 |
Total assets | $66,987,007 | $271,541,802 | $0 | $338,528,809 |
Average daily net assets | Management fee |
First $1 billion | 1.050% |
Next $1 billion | 1.025 |
Next $2 billion | 1.000 |
Next $1 billion | 0.975 |
Next $3 billion | 0.965 |
Next $2 billion | 0.955 |
Over $10 billion | 0.945 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.55% |
Class C | 2.30 |
Class R | 1.80 |
Class R6 | 1.17 |
Administrator Class | 1.45 |
Institutional Class | 1.22 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$1,681,102 | $0.0558 | 99.83% |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305imga1b935b11.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g344305imgf5007f296.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA262/SAR262 04-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771imga383f1111.jpg)
Special Global Small Cap Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771img1e587f172.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
8 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771img7e82bbb03.jpg)
President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Stephen Giggie, CFA®‡, Oleg Makhorine, Brian Martin, CFA®‡, James M. Tringas, CFA®‡, Bryant VanCronkhite, CFA®‡, CPA |
Average annual total returns (%) as of April 30, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (EKGAX) | 3-16-1988 | -20.93 | 5.15 | 8.14 | -16.11 | 6.40 | 8.78 | 1.50 | 1.50 | ||
Class C (EKGCX) | 2-1-1993 | -17.72 | 5.65 | 7.99 | -16.72 | 5.65 | 7.99 | 2.25 | 2.25 | ||
Administrator Class (EKGYX) | 1-13-1997 | – | – | – | -16.04 | 6.54 | 8.94 | 1.42 | 1.41 | ||
Institutional Class (EKGIX) | 7-30-2010 | – | – | – | -15.80 | 6.80 | 9.21 | 1.17 | 1.16 | ||
S&P Developed SmallCap Index3 | – | – | – | – | -12.05 | 7.57 | 9.49 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.55% for Class A, 2.30% for Class C, 1.40% for Administrator Class, and 1.15% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The S&P Developed SmallCap Index is a free-float-adjusted market-capitalization-weighted index designed to measure the equity market performance of small-capitalization companies located in developed markets. The index is composed of companies within the bottom 15% of the cumulative market capitalization in developed markets. The index covers all publicly listed equities with float-adjusted market values of U.S. $100 million or more and annual dollar value traded of at least U.S. $50 million in all included countries. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20221 | |
Innospec Incorporated | 4.55 |
Helen of Troy Limited | 3.58 |
Novanta Incorporated | 3.00 |
CSW Industrials Incorporated | 2.57 |
CBIZ Incorporated | 2.56 |
Denny’s Corporation | 2.48 |
Natus Medical Incorporated | 2.45 |
Spectrum Brands Holdings Incorporated | 2.37 |
Ansell Limited | 2.32 |
Progress Software Corporation | 2.27 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771imge4bcea9e4.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771imge571af405.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2021 | Ending account value 4-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 806.24 | $ 6.67 | 1.49% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.41 | $ 7.45 | 1.49% |
Class C | ||||
Actual | $1,000.00 | $ 803.10 | $10.01 | 2.24% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.69 | $11.18 | 2.24% |
Administrator Class | ||||
Actual | $1,000.00 | $ 806.36 | $ 6.23 | 1.39% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $ 6.95 | 1.39% |
Institutional Class | ||||
Actual | $1,000.00 | $ 807.78 | $ 5.11 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.14 | $ 5.71 | 1.14% |
Shares | Value | |||||
Common stocks: 98.20% | ||||||
Australia: 3.45% | ||||||
Ansell Limited (Health care, Health care equipment & supplies) | 223,140 | $ 4,273,848 | ||||
Bravura Solutions Limited (Information technology, Software) | 550,790 | 730,494 | ||||
Cettire Limited (Consumer discretionary, Internet & direct marketing retail) †« | 751,282 | 340,864 | ||||
Inghams Group Limited (Consumer staples, Food products) | 471,568 | 1,020,983 | ||||
6,366,189 | ||||||
Belgium: 1.51% | ||||||
Barco NV (Information technology, Electronic equipment, instruments & components) | 123,888 | 2,789,940 | ||||
Canada: 3.83% | ||||||
Novanta Incorporated (Information technology, Electronic equipment, instruments & components) † | 43,002 | 5,534,357 | ||||
Primo Water Corporation (Consumer staples, Beverages) | 104,235 | 1,524,599 | ||||
7,058,956 | ||||||
Denmark: 0.42% | ||||||
SimCorp AS (Information technology, Software) | 10,919 | 764,402 | ||||
France: 2.86% | ||||||
Alten SA (Information technology, IT services) | 29,937 | 4,017,777 | ||||
M6 Métropole Télévision SA (Communication services, Media) « | 67,667 | 1,255,707 | ||||
5,273,484 | ||||||
Germany: 4.06% | ||||||
Cancom SE (Information technology, IT services) | 24,047 | 1,161,169 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 37,891 | 2,631,997 | ||||
Krones AG (Industrials, Machinery) | 16,288 | 1,257,655 | ||||
TAG Immobilien AG (Real estate, Real estate management & development) | 121,961 | 2,437,444 | ||||
7,488,265 | ||||||
Ireland: 0.69% | ||||||
Irish Residential Properties REIT plc (Real estate, Equity REITs) | 828,492 | 1,269,074 | ||||
Israel: 0.76% | ||||||
Ironsource Limited Class A (Information technology, IT services) †« | 366,000 | 1,401,780 | ||||
Italy: 2.22% | ||||||
De'Longhi SpA (Consumer discretionary, Household durables) | 27,341 | 663,012 | ||||
GVS SpA (Industrials, Machinery) | 261,106 | 2,174,796 | ||||
Interpump Group SpA (Industrials, Machinery) | 31,250 | 1,263,429 | ||||
4,101,237 | ||||||
Japan: 7.82% | ||||||
Aeon Delight Company Limited (Industrials, Commercial services & supplies) | 77,800 | 1,662,890 | ||||
Daiseki Company Limited (Industrials, Commercial services & supplies) | 34,820 | 1,252,342 | ||||
DTS Corporation (Information technology, IT services) | 115,700 | 2,538,614 | ||||
Fuji Seal International Incorporated (Materials, Containers & packaging) | 96,000 | 1,274,976 | ||||
Horiba Limited (Information technology, Electronic equipment, instruments & components) | 17,100 | 831,972 | ||||
Meitec Corporation (Industrials, Professional services) | 43,200 | 2,293,052 | ||||
Nihon Parkerizing Company Limited (Materials, Chemicals) | 222,600 | 1,574,482 |
Shares | Value | |||||
Japan: (continued) | ||||||
Orix JREIT Incorporated (Real estate, Equity REITs) | 1,535 | $ 2,074,891 | ||||
Taikisha Limited (Industrials, Construction & engineering) | 36,900 | 910,526 | ||||
14,413,745 | ||||||
Luxembourg: 0.54% | ||||||
Majorel Group Luxembourg SA (Information technology, IT services) † | 23,865 | 754,033 | ||||
Stabilus SA (Industrials, Machinery) | 5,046 | 237,673 | ||||
991,706 | ||||||
Netherlands: 0.67% | ||||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail) †« | 62,069 | 741,104 | ||||
TKH Group NV (Industrials, Electrical equipment) | 9,882 | 484,615 | ||||
1,225,719 | ||||||
Norway: 0.79% | ||||||
Atea ASA (Information technology, IT services) | 65,514 | 780,645 | ||||
Elopak ASA (Materials, Containers & packaging) † | 451,423 | 672,850 | ||||
1,453,495 | ||||||
Spain: 2.14% | ||||||
Vidrala SA (Materials, Containers & packaging) | 13,617 | 975,735 | ||||
Viscofan SA (Consumer staples, Food products) | 53,883 | 2,974,573 | ||||
3,950,308 | ||||||
Sweden: 1.18% | ||||||
Hexpol AB (Materials, Chemicals) « | 91,544 | 786,012 | ||||
Loomis AB (Industrials, Commercial services & supplies) | 56,082 | 1,397,324 | ||||
2,183,336 | ||||||
Switzerland: 0.94% | ||||||
Bossard Holding AG (Industrials, Trading companies & distributors) | 3,656 | 791,459 | ||||
Bucher Industries AG (Industrials, Machinery) | 2,620 | 944,601 | ||||
1,736,060 | ||||||
United Kingdom: 7.77% | ||||||
Britvic plc (Consumer staples, Beverages) | 277,746 | 2,993,088 | ||||
Domino's Pizza Group plc (Consumer discretionary, Hotels, restaurants & leisure) | 368,705 | 1,611,572 | ||||
Elementis plc (Materials, Chemicals) † | 803,786 | 1,220,943 | ||||
Lancashire Holdings Limited (Financials, Insurance) | 172,726 | 915,429 | ||||
Micro Focus International plc (Information technology, Software) | 124,531 | 588,060 | ||||
Morgan Advanced Materials plc (Industrials, Machinery) | 155,590 | 545,648 | ||||
S4 Capital plc (Communication services, Media) † | 495,621 | 1,874,612 | ||||
Samarkand Group plc (Information technology, IT services) † | 600,000 | 811,056 | ||||
Spectris plc (Information technology, Electronic equipment, instruments & components) | 85,106 | 3,112,658 | ||||
THG Holding plc (Consumer discretionary, Internet & direct marketing retail) † | 489,454 | 657,140 | ||||
14,330,206 |
Shares | Value | |||||
United States: 56.55% | ||||||
Aris Water Solutions Incorporated Class A (Industrials, Commercial services & supplies) | 60,200 | $ 1,019,788 | ||||
Azenta Incorporated (Health care, Life sciences tools & services) | 32,900 | 2,466,184 | ||||
Balchem Corporation (Materials, Chemicals) | 18,131 | 2,233,739 | ||||
Blackbaud Incorporated (Information technology, Software) † | 33,300 | 1,931,733 | ||||
CBIZ Incorporated (Industrials, Professional services) † | 112,839 | 4,726,826 | ||||
CSW Industrials Incorporated (Industrials, Building products) | 44,863 | 4,733,495 | ||||
CyberArk Software Limited (Information technology, Software) † | 16,100 | 2,529,954 | ||||
Denny’s Corporation (Consumer discretionary, Hotels, restaurants & leisure) † | 357,154 | 4,578,714 | ||||
E2open Parent Holding Incorporated (Information technology, Software) † | 303,390 | 2,348,239 | ||||
Enovis Corporation (Health care, Health care equipment & supplies) | 12,000 | 778,440 | ||||
EnPro Industries Incorporated (Industrials, Machinery) | 38,100 | 3,551,301 | ||||
ESAB Corporation (Industrials, Machinery) † | 11,000 | 517,000 | ||||
FARO Technologies Incorporated (Information technology, Electronic equipment, instruments & components) † | 58,140 | 1,993,621 | ||||
FormFactor Incorporated (Information technology, Semiconductors & semiconductor equipment) † | 33,900 | 1,291,929 | ||||
Gibraltar Industries Incorporated (Industrials, Building products) † | 96,837 | 3,664,312 | ||||
Global Blue Group Holding AG (Information technology, IT services) | 225,000 | 1,127,250 | ||||
Globus Medical Incorporated Class A (Health care, Health care equipment & supplies) † | 32,100 | 2,125,662 | ||||
Helen of Troy Limited (Consumer discretionary, Household durables) † | 30,800 | 6,606,908 | ||||
Holley Incorporated (Consumer discretionary, Auto components) †« | 335,982 | 3,541,250 | ||||
IAA Incorporated (Industrials, Commercial services & supplies) † | 32,000 | 1,172,800 | ||||
ICU Medical Incorporated (Health care, Health care equipment & supplies) † | 13,040 | 2,790,430 | ||||
Innospec Incorporated (Materials, Chemicals) | 88,020 | 8,389,186 | ||||
Leslie's Incorporated (Consumer discretionary, Specialty retail) † | 116,300 | 2,279,480 | ||||
ManTech International Corporation Class A (Industrials, Professional services) | 10,400 | 835,536 | ||||
Mayville Engineering Company Incorporated (Industrials, Machinery) † | 367,700 | 3,044,556 | ||||
Natus Medical Incorporated (Health care, Health care equipment & supplies) † | 135,800 | 4,518,066 | ||||
Neogen Corporation (Health care, Health care equipment & supplies) † | 100,683 | 2,658,031 | ||||
Progress Software Corporation (Information technology, Software) | 87,300 | 4,188,654 | ||||
Quanex Building Products Corporation (Industrials, Building products) | 73,271 | 1,408,269 | ||||
Sovos Brands Incorporated (Consumer staples, Food products) † | 59,462 | 897,876 | ||||
Spectrum Brands Holdings Incorporated (Consumer staples, Household products) | 51,400 | 4,372,598 | ||||
SPX Corporation (Industrials, Machinery) † | 21,800 | 913,420 | ||||
Standex International Corporation (Industrials, Machinery) | 15,851 | 1,490,628 | ||||
Stepan Company (Materials, Chemicals) | 26,800 | 2,736,548 | ||||
The Wendy's Company (Consumer discretionary, Hotels, restaurants & leisure) | 156,300 | 3,088,488 | ||||
Tupperware Brands Corporation (Consumer discretionary, Household durables) † | 132,014 | 2,320,806 | ||||
Varex Imaging Corporation (Health care, Health care equipment & supplies) † | 120,489 | 2,391,707 | ||||
Vivid Seats Incorporated Class A (Consumer discretionary, Internet & direct marketing retail) | 174,242 | 1,719,769 | ||||
Ziff Davis Incorporated (Communication services, Interactive media & services) | 14,800 | 1,307,728 | ||||
104,290,921 | ||||||
Total Common stocks (Cost $165,874,409) | 181,088,823 |
Shares | Value | |||||
Other instruments: 0.00% | ||||||
B. Riley Principal 150 Merger Corporation Class A (Committed on 10-24-2021, commitment amount $1,500,000, cost $0) ♦‡†>= | 150,000 | $ 0 | ||||
Total Other instruments (Cost $0) | 0 |
Yield | ||||||
Short-term investments: 6.21% | ||||||
Investment companies: 6.21% | ||||||
Allspring Government Money Market Fund Select Class ♠∞# | 0.26% | 3,084,417 | 3,084,417 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.46 | 8,365,614 | 8,365,614 | |||
Total Short-term investments (Cost $11,450,031) | 11,450,031 | |||||
Total investments in securities (Cost $177,324,440) | 104.41% | 192,538,854 | ||||
Other assets and liabilities, net | (4.41) | (8,129,615) | ||||
Total net assets | 100.00% | $184,409,239 |
† | Non-income-earning security |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
> | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $0 (original aggregate cost of $0), representing 0.00% of its net assets as of period end. |
= | All or a portion of the position represents an unfunded purchase commitment. The Fund held securities with an aggregate unfunded commitment amount of $1,500,000, representing 0.81% of its net assets as of period end. |
# | All or a portion of this security is segregated as collateral for investments in unfunded restricted securities. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $10,069,189 | $55,026,866 | $(62,011,638) | $0 | $0 | $ 3,084,417 | 3,084,417 | $ 1,525 | ||
Securities Lending Cash Investments LLC | 10,055,941 | 46,363,887 | (48,054,214) | 0 | 0 | 8,365,614 | 8,365,614 | 5,809 # | ||
$0 | $0 | $11,450,031 | $7,334 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $8,041,458 of securities loaned), at value (cost $165,874,409) | $ 181,088,823 |
Investments in affiliated securities, at value (cost $11,450,031) | 11,450,031 |
Foreign currency, at value (cost $57,624) | 55,952 |
Receivable for dividends | 594,153 |
Receivable for Fund shares sold | 134,989 |
Receivable for investments sold | 34,737 |
Receivable for securities lending income, net | 9,397 |
Prepaid expenses and other assets | 67,142 |
Total assets | 193,435,224 |
Liabilities | |
Payable upon receipt of securities loaned | 8,365,614 |
Payable for investments purchased | 245,234 |
Management fee payable | 154,768 |
Payable for Fund shares redeemed | 59,642 |
Administration fees payable | 30,070 |
Trustees’ fees and expenses payable | 2,527 |
Distribution fee payable | 2,427 |
Accrued expenses and other liabilities | 165,703 |
Total liabilities | 9,025,985 |
Total net assets | $184,409,239 |
Net assets consist of | |
Paid-in capital | $ 163,808,127 |
Total distributable earnings | 20,601,112 |
Total net assets | $184,409,239 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 114,675,477 |
Shares outstanding – Class A1 | 3,080,080 |
Net asset value per share – Class A | $37.23 |
Maximum offering price per share – Class A2 | $39.50 |
Net assets – Class C | $ 3,653,008 |
Shares outstanding – Class C1 | 164,311 |
Net asset value per share – Class C | $22.23 |
Net assets – Administrator Class | $ 5,071,529 |
Shares outstanding – Administrator Class1 | 127,815 |
Net asset value per share – Administrator Class | $39.68 |
Net assets – Institutional Class | $ 61,009,225 |
Shares outstanding – Institutional Class1 | 1,538,103 |
Net asset value per share – Institutional Class | $39.67 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $75,891) | $ 1,220,554 |
Securities lending income (including from affiliate), net | 122,804 |
Interest | 1,525 |
Total investment income | 1,344,883 |
Expenses | |
Management fee | 1,259,617 |
Administration fees | |
Class A | 142,789 |
Class C | 4,511 |
Administrator Class | 15,116 |
Institutional Class | 66,067 |
Shareholder servicing fees | |
Class A | 169,987 |
Class C | 5,361 |
Administrator Class | 28,897 |
Distribution fee | |
Class C | 16,084 |
Custody and accounting fees | 21,293 |
Professional fees | 21,470 |
Registration fees | 27,426 |
Shareholder report expenses | 18,200 |
Trustees’ fees and expenses | 9,977 |
Other fees and expenses | 6,179 |
Total expenses | 1,812,974 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (2,349) |
Class A | (2,298) |
Administrator Class | (908) |
Institutional Class | (3,082) |
Net expenses | 1,804,337 |
Net investment loss | (459,454) |
Realized and unrealized gains (losses) on investments | |
Net realized gains on investments | 9,381,053 |
Net change in unrealized gains (losses) on investments | (61,514,380) |
Net realized and unrealized gains (losses) on investments | (52,133,327) |
Net decrease in net assets resulting from operations | $(52,592,781) |
Six months ended April 30, 2022 (unaudited) | Year ended October 31, 2021 | |||
Operations | ||||
Net investment loss | $ (459,454) | $ (936,098) | ||
Net realized gains on investments | 9,381,053 | 45,458,968 | ||
Net change in unrealized gains (losses) on investments | (61,514,380) | 57,873,294 | ||
Net increase (decrease) in net assets resulting from operations | (52,592,781) | 102,396,164 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (21,661,515) | 0 | ||
Class C | (1,019,522) | 0 | ||
Administrator Class | (3,849,616) | 0 | ||
Institutional Class | (17,015,522) | 0 | ||
Total distributions to shareholders | (43,546,175) | 0 | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 73,361 | 3,220,475 | 161,044 | 7,747,457 |
Class C | 7,880 | 207,734 | 7,339 | 249,242 |
Administrator Class | 40,832 | 2,057,340 | 70,567 | 3,683,727 |
Institutional Class | 724,156 | 31,790,657 | 578,131 | 31,636,213 |
37,276,206 | 43,316,639 | |||
Reinvestment of distributions | ||||
Class A | 441,507 | 19,934,037 | 0 | 0 |
Class C | 37,210 | 1,006,145 | 0 | 0 |
Administrator Class | 78,981 | 3,800,581 | 0 | 0 |
Institutional Class | 348,182 | 16,723,192 | 0 | 0 |
41,463,955 | 0 | |||
Payment for shares redeemed | ||||
Class A | (260,643) | (11,486,867) | (406,040) | (20,137,366) |
Class C | (12,791) | (327,937) | (103,341) | (3,082,094) |
Administrator Class | (489,024) | (20,623,149) | (91,693) | (4,673,390) |
Institutional Class | (1,827,213) | (82,630,733) | (539,088) | (27,223,541) |
(115,068,686) | (55,116,391) | |||
Net decrease in net assets resulting from capital share transactions | (36,328,525) | (11,799,752) | ||
Total increase (decrease) in net assets | (132,467,481) | 90,596,412 | ||
Net assets | ||||
Beginning of period | 316,876,720 | 226,280,308 | ||
End of period | $ 184,409,239 | $316,876,720 |
Year ended October 31 | ||||||
Class A | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $54.12 | $36.87 | $39.97 | $39.97 | $45.81 | $38.61 |
Net investment income (loss) | (0.10) 1 | (0.22) 1 | (0.10) 1 | 0.18 1 | 0.10 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | (9.02) | 17.47 | (1.29) | 3.26 | (0.72) | 9.68 |
Total from investment operations | (9.12) | 17.25 | (1.39) | 3.44 | (0.62) | 9.89 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.54) | (0.03) | (0.22) | (0.34) |
Net realized gains | (7.77) | 0.00 | (1.17) | (3.41) | (5.00) | (2.35) |
Total distributions to shareholders | (7.77) | 0.00 | (1.71) | (3.44) | (5.22) | (2.69) |
Net asset value, end of period | $37.23 | $54.12 | $36.87 | $39.97 | $39.97 | $45.81 |
Total return2 | (19.38)% | 46.79% | (3.81)% | 9.75% | (1.82)% | 26.90% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.49% | 1.49% | 1.54% | 1.53% | 1.54% | 1.54% |
Net expenses | 1.49% | 1.49% | 1.53% | 1.53% | 1.54% | 1.54% |
Net investment income (loss) | (0.46)% | (0.44)% | (0.27)% | 0.47% | 0.16% | 0.52% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 53% | 65% | 62% | 51% | 70% |
Net assets, end of period (000s omitted) | $114,675 | $152,947 | $113,234 | $141,388 | $132,906 | $155,828 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class C | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $35.63 | $24.46 | $26.68 | $28.02 | $33.65 | $28.98 |
Net investment loss | (0.16) 1 | (0.39) 1 | (0.25) 1 | (0.07) 1 | (0.20) | (0.06) 1 |
Payment from affiliate | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (5.47) | 11.56 | (0.87) | 2.14 | (0.43) | 7.15 |
Total from investment operations | (5.63) | 11.17 | (1.05) | 2.07 | (0.63) | 7.09 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | (0.07) |
Net realized gains | (7.77) | 0.00 | (1.17) | (3.41) | (5.00) | (2.35) |
Total distributions to shareholders | (7.77) | 0.00 | (1.17) | (3.41) | (5.00) | (2.42) |
Net asset value, end of period | $22.23 | $35.63 | $24.46 | $26.68 | $28.02 | $33.65 |
Total return2 | (19.69)% | 45.67% | (4.25)% 3 | 8.90% | (2.56)% | 25.95% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.24% | 2.24% | 2.29% | 2.28% | 2.29% | 2.29% |
Net expenses | 2.24% | 2.24% | 2.28% | 2.28% | 2.29% | 2.29% |
Net investment loss | (1.21)% | (1.19)% | (1.00)% | (0.26)% | (0.59)% | (0.20)% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 53% | 65% | 62% | 51% | 70% |
Net assets, end of period (000s omitted) | $3,653 | $4,704 | $5,576 | $7,567 | $26,167 | $31,487 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.28% impact on the total return. |
Year ended October 31 | ||||||
Administrator Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.15 | $38.90 | $42.06 | $41.90 | $47.78 | $40.15 |
Net investment income (loss) | (0.10) 1 | (0.12) | (0.05) 1 | 0.25 1 | 0.14 1 | 0.29 1 |
Payment from affiliate | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | (9.60) | 18.37 | (1.36) | 3.42 | (0.73) | 10.07 |
Total from investment operations | (9.70) | 18.25 | (1.38) | 3.67 | (0.59) | 10.36 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.61) | (0.10) | (0.29) | (0.38) |
Net realized gains | (7.77) | 0.00 | (1.17) | (3.41) | (5.00) | (2.35) |
Total distributions to shareholders | (7.77) | 0.00 | (1.78) | (3.51) | (5.29) | (2.73) |
Net asset value, end of period | $39.68 | $57.15 | $38.90 | $42.06 | $41.90 | $47.78 |
Total return2 | (19.36)% | 46.92% | (3.61)% 3 | 9.90% | (1.68)% | 27.04% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.40% | 1.41% | 1.46% | 1.45% | 1.46% | 1.46% |
Net expenses | 1.39% | 1.39% | 1.40% | 1.40% | 1.40% | 1.40% |
Net investment income (loss) | (0.40)% | (0.35)% | (0.13)% | 0.63% | 0.30% | 0.68% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 53% | 65% | 62% | 51% | 70% |
Net assets, end of period (000s omitted) | $5,072 | $28,406 | $20,157 | $24,746 | $27,965 | $30,327 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
3 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.08% impact on the total return. |
Year ended October 31 | ||||||
Institutional Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $57.05 | $38.74 | $41.92 | $41.80 | $47.68 | $40.08 |
Net investment income (loss) | (0.03) 1 | (0.06) | 0.02 | 0.36 | 0.25 | 0.38 |
Net realized and unrealized gains (losses) on investments | (9.58) | 18.37 | (1.31) | 3.39 | (0.74) | 10.06 |
Total from investment operations | (9.61) | 18.31 | (1.29) | 3.75 | (0.49) | 10.44 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | (0.72) | (0.22) | (0.39) | (0.49) |
Net realized gains | (7.77) | 0.00 | (1.17) | (3.41) | (5.00) | (2.35) |
Total distributions to shareholders | (7.77) | 0.00 | (1.89) | (3.63) | (5.39) | (2.84) |
Net asset value, end of period | $39.67 | $57.05 | $38.74 | $41.92 | $41.80 | $47.68 |
Total return2 | (19.22)% | 47.26% | (3.42)% | 10.17% | (1.45)% | 27.38% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.16% | 1.16% | 1.21% | 1.20% | 1.21% | 1.21% |
Net expenses | 1.14% | 1.15% | 1.15% | 1.15% | 1.15% | 1.15% |
Net investment income (loss) | (0.15)% | (0.12)% | 0.11% | 0.86% | 0.54% | 1.01% |
Supplemental data | ||||||
Portfolio turnover rate | 25% | 53% | 65% | 62% | 51% | 70% |
Net assets, end of period (000s omitted) | $61,009 | $130,820 | $87,313 | $104,011 | $118,625 | $41,087 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 35,006,194 |
Gross unrealized losses | (23,193,488) |
Net unrealized gains | $ 11,812,706 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $ 0 | $ 6,366,189 | $0 | $ 6,366,189 |
Belgium | 0 | 2,789,940 | 0 | 2,789,940 |
Canada | 7,058,956 | 0 | 0 | 7,058,956 |
Denmark | 0 | 764,402 | 0 | 764,402 |
France | 0 | 5,273,484 | 0 | 5,273,484 |
Germany | 0 | 7,488,265 | 0 | 7,488,265 |
Ireland | 1,269,074 | 0 | 0 | 1,269,074 |
Israel | 1,401,780 | 0 | 0 | 1,401,780 |
Italy | 0 | 4,101,237 | 0 | 4,101,237 |
Japan | 0 | 14,413,745 | 0 | 14,413,745 |
Luxembourg | 754,033 | 237,673 | 0 | 991,706 |
Netherlands | 741,104 | 484,615 | 0 | 1,225,719 |
Norway | 672,850 | 780,645 | 0 | 1,453,495 |
Spain | 0 | 3,950,308 | 0 | 3,950,308 |
Sweden | 0 | 2,183,336 | 0 | 2,183,336 |
Switzerland | 0 | 1,736,060 | 0 | 1,736,060 |
United Kingdom | 4,604,660 | 9,725,546 | 0 | 14,330,206 |
United States | 104,290,921 | 0 | 0 | 104,290,921 |
Other instruments | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 11,450,031 | 0 | 0 | 11,450,031 |
Total assets | $132,243,409 | $60,295,445 | $0 | $192,538,854 |
Average daily net assets | Management fee |
First $500 million | 0.950% |
Next $500 million | 0.925 |
Next $1 billion | 0.900 |
Next $2 billion | 0.875 |
Next $1 billion | 0.850 |
Next $5 billion | 0.840 |
Over $10 billion | 0.830 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.55% |
Class C | 2.30 |
Administrator Class | 1.40 |
Institutional Class | 1.15 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Cantor Fitzgerald & Company | $1,277,200 | $(1,277,200) | $0 |
Citigroup Global Markets Incorporated | 1,436,494 | (1,436,494) | 0 |
Credit Suisse Securities (USA) LLC | 347,435 | (347,435) | 0 |
JPMorgan Securities LLC | 4,980,329 | (4,980,329) | 0 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771imga383f1111.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g336771img7b7321436.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA239/SAR239 04-22
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g342604img7a3050dc1.jpg)
International Equity Fund
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g342604imgb91a18ea2.gif)
1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
8 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Venkateshwar (Venk) Lal, Dale A. Winner, CFA®‡ |
Average annual total returns (%) as of April 30, 2022 | |||||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net 2 | |||
Class A (WFEAX) | 1-20-1998 | -16.91 | 0.55 | 3.72 | -11.83 | 1.75 | 4.33 | 1.32 | 1.15 | ||
Class C (WFEFX) | 3-6-1998 | -13.41 | 0.99 | 3.56 | -12.41 | 0.99 | 3.56 | 2.07 | 1.90 | ||
Class R (WFERX) | 10-10-2003 | – | – | – | -12.06 | 1.51 | 4.07 | 1.57 | 1.40 | ||
Class R6 (WFEHX)3 | 9-30-2015 | – | – | – | -11.66 | 2.06 | 4.61 | 0.89 | 0.80 | ||
Administrator Class (WFEDX) | 7-16-2010 | – | – | – | -11.82 | 1.76 | 4.34 | 1.24 | 1.15 | ||
Institutional Class (WFENX) | 3-9-1998 | – | – | – | -11.55 | 2.03 | 4.60 | 0.99 | 0.85 | ||
MSCI ACWI ex USA Index (Net)4 | – | – | – | – | -10.31 | 4.94 | 5.04 | – | – | ||
MSCI ACWI ex USA Value Index (Net)5 | – | – | – | – | -4.20 | 3.27 | 3.95 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.14% for Class A, 1.89% for Class C, 1.39% for Class R, 0.79% for Class R6, 1.14% for Administrator Class, and 0.84% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher. |
4 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
5 | The MSCI ACWI ex USA Value Index (Net) captures large and mid-cap securities exhibiting overall value style characteristics across developed and emerging markets countries excluding the U.S. The value investment style characteristics for index construction are defined using three variables: book value to price, 12-month forward earnings to price, and dividend yield. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20221 | |
SK Telecom Company Limited | 3.36 |
Asahi Breweries Limited | 3.31 |
Sanofi SA | 3.17 |
Baker Hughes Incorporated | 3.14 |
Prysmian SpA | 2.94 |
NN Group NV | 2.85 |
Informa plc | 2.76 |
Samsonite International SA | 2.65 |
Rheinmetall AG | 2.57 |
SCB X PCL | 2.55 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g342604imga9dcfa454.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g342604imgf50787c75.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2021 | Ending account value 4-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $ 887.45 | $5.29 | 1.13% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.19 | $5.66 | 1.13% |
Class C | ||||
Actual | $1,000.00 | $ 884.22 | $8.83 | 1.89% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.42 | $9.44 | 1.89% |
Class R | ||||
Actual | $1,000.00 | $ 885.94 | $6.50 | 1.39% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $6.95 | 1.39% |
Class R6 | ||||
Actual | $1,000.00 | $ 888.74 | $3.70 | 0.79% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.88 | $3.96 | 0.79% |
Administrator Class | ||||
Actual | $1,000.00 | $ 887.26 | $5.33 | 1.14% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.14 | $5.71 | 1.14% |
Institutional Class | ||||
Actual | $1,000.00 | $ 888.88 | $3.93 | 0.84% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.63 | $4.21 | 0.84% |
Shares | Value | |||||
Common stocks: 96.87% | ||||||
Australia: 2.05% | ||||||
Qantas Airways Limited (Industrials, Airlines) † | 1,981,430 | $ 7,677,693 | ||||
Brazil: 2.03% | ||||||
CPFL Energia SA (Utilities, Electric utilities) | 1,042,200 | 7,620,532 | ||||
Canada: 2.23% | ||||||
Home Capital Group Incorporated (Financials, Thrifts & mortgage finance) | 72,000 | 1,795,726 | ||||
SNC-Lavalin Group Incorporated (Industrials, Construction & engineering) | 294,000 | 6,538,419 | ||||
8,334,145 | ||||||
China: 9.94% | ||||||
China Resources Land Limited (Real estate, Real estate management & development) | 1,566,000 | 6,994,089 | ||||
LONGi Green Energy Technology Company Limited Class A (Information technology, Semiconductors & semiconductor equipment) | 790,996 | 8,023,049 | ||||
Midea Group Company Limited Class A (Consumer discretionary, Household durables) | 849,251 | 7,289,048 | ||||
Oppein Home Group Incorporated Class A (Consumer discretionary, Household durables) | 241,206 | 4,249,463 | ||||
Sands China Limited (Consumer discretionary, Hotels, restaurants & leisure) † | 2,304,400 | 5,079,301 | ||||
Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A | 7,333,000 | 5,608,648 | ||||
37,243,598 | ||||||
France: 7.54% | ||||||
Compagnie de Saint-Gobain SA (Industrials, Building products) | 141,402 | 8,249,133 | ||||
Sanofi SA (Health care, Pharmaceuticals) | 112,534 | 11,894,268 | ||||
Sodexho Alliance SA (Consumer discretionary, Hotels, restaurants & leisure) | 107,933 | 8,119,320 | ||||
28,262,721 | ||||||
Germany: 3.84% | ||||||
Rheinmetall AG (Industrials, Industrial conglomerates) | 42,789 | 9,645,669 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 34,039 | 4,185,264 | ||||
Siemens Energy AG (Industrials, Electrical equipment) | 29,390 | 566,118 | ||||
14,397,051 | ||||||
Hong Kong: 1.59% | ||||||
Xinyi Glass Holdings Limited (Consumer discretionary, Auto components) | 2,685,000 | 5,941,398 | ||||
India: 1.75% | ||||||
Tech Mahindra Limited (Information technology, IT services) | 400,703 | 6,544,331 | ||||
Ireland:��0.94% | ||||||
Greencore Group plc (Consumer staples, Food products) † | 2,448,650 | 3,528,598 | ||||
Israel: 1.48% | ||||||
Check Point Software Technologies Limited (Information technology, Software) † | 43,975 | 5,553,603 | ||||
Italy: 2.94% | ||||||
Prysmian SpA (Industrials, Electrical equipment) | 338,168 | 10,998,883 | ||||
Japan: 12.21% | ||||||
Asahi Breweries Limited (Consumer staples, Beverages) | 329,200 | 12,408,473 |
Shares | Value | |||||
Japan: (continued) | ||||||
Hitachi Limited (Industrials, Industrial conglomerates) | 199,900 | $ 9,480,547 | ||||
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks) | 1,524,800 | 8,864,231 | ||||
ORIX Corporation (Financials, Diversified financial services) | 499,500 | 9,110,361 | ||||
Showa Denko KK (Materials, Chemicals) | 301,200 | 5,860,857 | ||||
45,724,469 | ||||||
Luxembourg: 0.89% | ||||||
ArcelorMittal SA (Materials, Metals & mining) | 114,586 | 3,341,064 | ||||
Netherlands: 7.22% | ||||||
CNH Industrial NV (Industrials, Machinery) | 299,699 | 4,245,622 | ||||
ING Groep NV (Financials, Banks) | 342,958 | 3,249,256 | ||||
NN Group NV (Financials, Insurance) | 217,789 | 10,667,650 | ||||
OCI NV (Materials, Chemicals) † | 123,661 | 4,685,827 | ||||
Stellantis NV (Consumer discretionary, Automobiles) | 312,449 | 4,194,830 | ||||
27,043,185 | ||||||
Norway: 2.48% | ||||||
DNB Bank ASA (Financials, Banks) « | 478,841 | 9,278,651 | ||||
South Korea: 8.17% | ||||||
Coway Company Limited (Consumer discretionary, Household durables) | 100,893 | 5,651,027 | ||||
Hana Financial Group Incorporated (Financials, Banks) | 72,842 | 2,704,384 | ||||
Samsung Electronics Company Limited GDR (Information technology, Technology hardware, storage & peripherals) 144A | 6,050 | 7,902,882 | ||||
SK Square Company Limited (Information technology, Semiconductors & semiconductor equipment) † | 42,377 | 1,750,374 | ||||
SK Telecom Company Limited (Communication services, Wireless telecommunication services) | 279,622 | 12,613,243 | ||||
30,621,910 | ||||||
Thailand: 4.41% | ||||||
Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure) † | 6,835,300 | 6,984,978 | ||||
SCB X PCL (Financials, Banks) | 2,839,800 | 9,535,095 | ||||
16,520,073 | ||||||
United Kingdom: 13.03% | ||||||
ConvaTec Group plc (Health care, Health care equipment & supplies) 144A | 2,750,026 | 7,274,612 | ||||
Entain plc (Consumer discretionary, Hotels, restaurants & leisure) † | 289,567 | 5,441,058 | ||||
Informa plc (Communication services, Media) † | 1,459,140 | 10,350,986 | ||||
Kingfisher plc (Consumer discretionary, Specialty retail) | 407,451 | 1,284,925 | ||||
Melrose Industries plc (Industrials, Industrial conglomerates) | 3,602,731 | 5,235,118 | ||||
NatWest Group plc (Financials, Banks) | 2,688,583 | 7,212,895 | ||||
Nomad Foods Limited (Consumer staples, Food products) † | 392,047 | 7,237,188 | ||||
Sensata Technologies Holding plc (Industrials, Electrical equipment) † | 105,045 | 4,770,093 | ||||
48,806,875 | ||||||
United States: 12.13% | ||||||
Advance Auto Parts Incorporated (Consumer discretionary, Specialty retail) | 27,428 | 5,475,452 | ||||
Axalta Coating Systems Limited (Materials, Chemicals) † | 211,493 | 5,365,577 | ||||
Baker Hughes Incorporated (Energy, Energy equipment & services) | 379,496 | 11,771,966 | ||||
Berry Global Group Incorporated (Materials, Containers & packaging) † | 67,716 | 3,815,797 | ||||
Cognex Corporation (Information technology, Electronic equipment, instruments & components) | 81,099 | 5,484,725 |
Shares | Value | |||||
United States: (continued) | ||||||
Gentex Corporation (Consumer discretionary, Auto components) | 122,533 | $ 3,596,344 | ||||
Samsonite International SA (Consumer discretionary, Textiles, apparel & luxury goods) 144A† | 4,526,860 | 9,920,910 | ||||
45,430,771 | ||||||
Total Common stocks (Cost $351,642,973) | �� | 362,869,551 |
Yield | ||||||
Short-term investments: 4.90% | ||||||
Investment companies: 4.90% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.26% | 8,971,908 | 8,971,908 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.46 | 9,397,800 | 9,397,800 | |||
Total Short-term investments (Cost $18,369,708) | 18,369,708 | |||||
Total investments in securities (Cost $370,012,681) | 101.77% | 381,239,259 | ||||
Other assets and liabilities, net | (1.77) | (6,622,381) | ||||
Total net assets | 100.00% | $374,616,878 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
GDR | Global 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 | $ 5,388,960 | $65,924,179 | $(62,341,231) | $0 | $0 | $ 8,971,908 | 8,971,908 | $ 2,720 | ||
Securities Lending Cash Investments LLC | 11,811,045 | 12,163,729 | (14,576,974) | 0 | 0 | 9,397,800 | 9,397,800 | 1,472 # | ||
$0 | $0 | $18,369,708 | $4,192 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $8,944,600 of securities loaned), at value (cost $351,642,973) | $ 362,869,551 |
Investments in affiliated securities, at value (cost $18,369,708) | 18,369,708 |
Foreign currency, at value (cost $1,473,414) | 1,460,550 |
Receivable for dividends | 4,294,606 |
Receivable for investments sold | 548,311 |
Receivable for Fund shares sold | 199,884 |
Receivable for securities lending income, net | 8,561 |
Prepaid expenses and other assets | 160,311 |
Total assets | 387,911,482 |
Liabilities | |
Payable upon receipt of securities loaned | 9,397,800 |
Payable for investments purchased | 3,342,545 |
Payable for Fund shares redeemed | 237,017 |
Management fee payable | 185,750 |
Administration fees payable | 49,096 |
Distribution fees payable | 3,191 |
Trustees’ fees and expenses payable | 2,549 |
Accrued expenses and other liabilities | 76,656 |
Total liabilities | 13,294,604 |
Total net assets | $374,616,878 |
Net assets consist of | |
Paid-in capital | $ 453,423,360 |
Total distributable loss | (78,806,482) |
Total net assets | $374,616,878 |
Computation of net asset value and offering price per share | |
Net assets – Class A | $ 142,362,528 |
Shares outstanding – Class A1 | 12,158,373 |
Net asset value per share – Class A | $11.71 |
Maximum offering price per share – Class A2 | $12.42 |
Net assets – Class C | $ 4,715,837 |
Shares outstanding – Class C1 | 405,294 |
Net asset value per share – Class C | $11.64 |
Net assets – Class R | $ 321,249 |
Shares outstanding – Class R1 | 26,721 |
Net asset value per share – Class R | $12.02 |
Net assets – Class R6 | $ 49,378,612 |
Shares outstanding – Class R61 | 4,267,036 |
Net asset value per share – Class R6 | $11.57 |
Net assets – Administrator Class | $ 10,777,543 |
Shares outstanding – Administrator Class1 | 935,612 |
Net asset value per share – Administrator Class | $11.52 |
Net assets – Institutional Class | $ 167,061,109 |
Shares outstanding – Institutional Class1 | 14,426,811 |
Net asset value per share – Institutional Class | $11.58 |
1 | The Fund has an unlimited number of authorized shares. |
2 | Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced. |
Investment income | |
Dividends (net of foreign withholdings taxes of $555,265) | $ 6,992,016 |
Income from affiliated securities | 31,122 |
Total investment income | 7,023,138 |
Expenses | |
Management fee | 1,732,907 |
Administration fees | |
Class A | 167,185 |
Class C | 5,789 |
Class R | 328 |
Class R6 | 8,057 |
Administrator Class | 8,417 |
Institutional Class | 119,531 |
Shareholder servicing fees | |
Class A | 197,984 |
Class C | 6,872 |
Class R | 390 |
Administrator Class | 15,914 |
Distribution fees | |
Class C | 20,571 |
Class R | 390 |
Custody and accounting fees | 41,669 |
Professional fees | 20,750 |
Registration fees | 32,748 |
Shareholder report expenses | 26,262 |
Trustees’ fees and expenses | 9,976 |
Other fees and expenses | 31,383 |
Total expenses | 2,447,123 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (300,879) |
Class A | (79,506) |
Class C | (2,185) |
Class R | (133) |
Institutional Class | (50,789) |
Net expenses | 2,013,631 |
Net investment income | 5,009,507 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on investments | (581,658) |
Net change in unrealized gains (losses) on investments (net of deferred foreign capital gain tax of $70,263) | (52,283,471) |
Net realized and unrealized gains (losses) on investments | (52,865,129) |
Net decrease in net assets resulting from operations | $(47,855,622) |
Six months ended April 30, 2022 (unaudited) | Year ended October 31, 2021 | |||
Operations | ||||
Net investment income | $ 5,009,507 | $ 6,379,919 | ||
Net realized gains (losses) on investments | (581,658) | 20,151,780 | ||
Net change in unrealized gains (losses) on investments | (52,283,471) | 30,643,586 | ||
Net increase (decrease) in net assets resulting from operations | (47,855,622) | 57,175,285 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,710,378) | (2,333,735) | ||
Class C | (21,809) | (37,942) | ||
Class R | (1,515) | (3,874) | ||
Class R6 | (820,347) | (743,317) | ||
Administrator Class | (139,186) | (186,179) | ||
Institutional Class | (2,673,260) | (3,248,675) | ||
Total distributions to shareholders | (5,366,495) | (6,553,722) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 260,772 | 3,370,625 | 546,840 | 7,198,490 |
Class C | 8,867 | 114,162 | 19,692 | 262,480 |
Class R | 8,922 | 107,247 | 2,396 | 31,876 |
Class R6 | 169,942 | 2,133,292 | 4,197,644 | 55,794,111 |
Administrator Class | 9,318 | 117,818 | 855,147 | 10,999,599 |
Institutional Class | 1,134,420 | 14,426,159 | 2,754,059 | 36,222,608 |
20,269,303 | 110,509,164 | |||
Reinvestment of distributions | ||||
Class A | 130,579 | 1,652,390 | 167,319 | 2,239,157 |
Class C | 1,706 | 21,176 | 2,783 | 37,100 |
Class R | 117 | 1,511 | 285 | 3,863 |
Class R6 | 19,557 | 245,537 | 22,455 | 294,741 |
Administrator Class | 11,070 | 138,087 | 13,879 | 184,647 |
Institutional Class | 206,756 | 2,595,973 | 231,283 | 3,061,679 |
4,654,674 | 5,821,187 | |||
Payment for shares redeemed | ||||
Class A | (1,008,154) | (12,986,713) | (1,802,046) | (24,130,382) |
Class C | (96,273) | (1,248,690) | (166,666) | (2,159,388) |
Class R | (6,740) | (86,706) | (6,106) | (84,410) |
Class R6 | (131,175) | (1,627,491) | (6,059,973) | (81,589,088) |
Administrator Class | (207,046) | (2,646,879) | (158,450) | (2,098,208) |
Institutional Class | (1,485,791) | (18,772,361) | (3,586,322) | (47,206,208) |
(37,368,840) | (157,267,684) | |||
Net asset value of shares issued in acquisition | ||||
Class A | 0 | 0 | 7,842,133 | 105,650,203 |
Class C | 0 | 0 | 73,140 | 973,663 |
Class R6 | 0 | 0 | 2,957,505 | 39,381,406 |
Administrator Class | 0 | 0 | 354,359 | 4,729,637 |
Institutional Class | 0 | 0 | 6,852,407 | 92,322,186 |
0 | 243,057,095 | |||
Net increase (decrease) in net assets resulting from capital share transactions | (12,444,863) | 202,119,762 | ||
Total increase (decrease) in net assets | (65,666,980) | 252,741,325 | ||
Net assets | ||||
Beginning of period | 440,283,858 | 187,542,533 | ||
End of period | $374,616,878 | $ 440,283,858 |
Year ended October 31 | ||||||
Class A | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.34 | $10.43 | $11.38 | $11.81 | $13.43 | $11.07 |
Net investment income | 0.14 | 0.23 1 | 0.12 | 0.24 1 | 0.27 | 0.22 |
Net realized and unrealized gains (losses) on investments | (1.63) | 2.89 | (0.97) | (0.16) | (1.40) | 2.47 |
Total from investment operations | (1.49) | 3.12 | (0.85) | 0.08 | (1.13) | 2.69 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.21) | (0.10) | (0.51) | (0.49) | (0.33) |
Net asset value, end of period | $11.71 | $13.34 | $10.43 | $11.38 | $11.81 | $13.43 |
Total return2 | (11.26)% | 29.92% | (7.54)% | 0.93% | (8.81)% | 24.91% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.37% | 1.36% | 1.48% | 1.45% | 1.39% | 1.47% |
Net expenses | 1.13% | 1.13% | 1.13% | 1.14% | 1.14% | 1.14% |
Net investment income | 2.26% | 1.73% | 1.12% | 2.13% | 1.97% | 1.82% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $142,363 | $170,419 | $62,800 | $81,110 | $91,206 | $109,655 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class C | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.22 | $10.31 | $11.28 | $11.57 | $13.13 | $10.82 |
Net investment income | 0.10 1 | 0.09 1 | 0.03 1 | 0.12 1 | 0.15 | 0.14 |
Net realized and unrealized gains (losses) on investments | (1.63) | 2.89 | (0.95) | (0.12) | (1.35) | 2.40 |
Total from investment operations | (1.53) | 2.98 | (0.92) | 0.00 | (1.20) | 2.54 |
Distributions to shareholders from | ||||||
Net investment income | (0.05) | (0.07) | (0.05) | (0.29) | (0.36) | (0.23) |
Net asset value, end of period | $11.64 | $13.22 | $10.31 | $11.28 | $11.57 | $13.13 |
Total return2 | (11.58)% | 28.94% | (8.22)% | 0.16% | (9.47)% | 23.91% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.12% | 2.12% | 2.22% | 2.19% | 2.14% | 2.22% |
Net expenses | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% | 1.89% |
Net investment income | 1.51% | 0.72% | 0.28% | 1.07% | 1.22% | 1.26% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $4,716 | $6,490 | $5,794 | $10,700 | $22,963 | $28,919 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class R | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.65 | $10.65 | $11.61 | $11.98 | $13.58 | $11.20 |
Net investment income | 0.13 1 | 0.16 1 | 0.07 1 | 0.22 1 | 0.23 1 | 0.20 1 |
Net realized and unrealized gains (losses) on investments | (1.68) | 3.00 | (0.97) | (0.15) | (1.41) | 2.48 |
Total from investment operations | (1.55) | 3.16 | (0.90) | 0.07 | (1.18) | 2.68 |
Distributions to shareholders from | ||||||
Net investment income | (0.08) | (0.16) | (0.06) | (0.44) | (0.42) | (0.30) |
Net asset value, end of period | $12.02 | $13.65 | $10.65 | $11.61 | $11.98 | $13.58 |
Total return2 | (11.41)% | 29.67% | (7.84)% | 0.79% | (9.03)% | 24.47% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.62% | 1.61% | 1.67% | 1.64% | 1.64% | 1.72% |
Net expenses | 1.39% | 1.39% | 1.39% | 1.37% | 1.39% | 1.39% |
Net investment income | 2.01% | 1.19% | 0.64% | 1.88% | 1.72% | 1.66% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $321 | $333 | $297 | $794 | $1,404 | $1,996 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Class R6 | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.22 | $10.36 | $11.31 | $11.79 | $13.44 | $11.06 |
Net investment income | 0.16 | 0.31 | 0.16 | 0.35 | 0.31 | 0.45 1 |
Net realized and unrealized gains (losses) on investments | (1.62) | 2.81 | (0.96) | (0.23) | (1.40) | 2.27 |
Total from investment operations | (1.46) | 3.12 | (0.80) | 0.12 | (1.09) | 2.72 |
Distributions to shareholders from | ||||||
Net investment income | (0.19) | (0.26) | (0.15) | (0.60) | (0.56) | (0.34) |
Net asset value, end of period | $11.57 | $13.22 | $10.36 | $11.31 | $11.79 | $13.44 |
Total return2 | (11.13)% | 30.17% | (7.15)% | 1.27% | (8.57)% | 25.30% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.94% | 0.95% | 1.05% | 1.01% | 0.96% | 1.03% |
Net expenses | 0.79% | 0.79% | 0.79% | 0.81% | 0.84% | 0.84% |
Net investment income | 2.57% | 1.70% | 1.51% | 2.23% | 2.23% | 3.55% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $49,379 | $55,639 | $32,011 | $36,505 | $63,414 | $74,405 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Administrator Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.13 | $10.28 | $11.22 | $11.62 | $13.20 | $10.88 |
Net investment income | 0.14 1 | 0.27 1 | 0.10 1 | 0.23 1 | 0.20 1 | 0.21 1 |
Net realized and unrealized gains (losses) on investments | (1.61) | 2.80 | (0.94) | (0.14) | (1.31) | 2.43 |
Total from investment operations | (1.47) | 3.07 | (0.84) | 0.09 | (1.11) | 2.64 |
Distributions to shareholders from | ||||||
Net investment income | (0.14) | (0.22) | (0.10) | (0.49) | (0.47) | (0.32) |
Net asset value, end of period | $11.52 | $13.13 | $10.28 | $11.22 | $11.62 | $13.20 |
Total return2 | (11.27)% | 29.87% | (7.54)% | 0.98% | (8.79)% | 24.84% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.29% | 1.26% | 1.39% | 1.36% | 1.31% | 1.39% |
Net expenses | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% | 1.14% |
Net investment income | 2.26% | 2.06% | 0.98% | 2.00% | 1.53% | 1.79% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $10,778 | $14,733 | $589 | $1,189 | $5,152 | $18,174 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||||
Institutional Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 | 2018 | 2017 |
Net asset value, beginning of period | $13.22 | $10.34 | $11.29 | $11.76 | $13.40 | $11.05 |
Net investment income | 0.16 | 0.25 1 | 0.14 1 | 0.33 | 0.30 1 | 0.28 1 |
Net realized and unrealized gains (losses) on investments | (1.62) | 2.88 | (0.96) | (0.22) | (1.39) | 2.43 |
Total from investment operations | (1.46) | 3.13 | (0.82) | 0.11 | (1.09) | 2.71 |
Distributions to shareholders from | ||||||
Net investment income | (0.18) | (0.25) | (0.13) | (0.58) | (0.55) | (0.36) |
Net asset value, end of period | $11.58 | $13.22 | $10.34 | $11.29 | $11.76 | $13.40 |
Total return2 | (11.11)% | 30.30% | (7.28)% | 1.19% | (8.56)% | 25.21% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.04% | 1.03% | 1.15% | 1.11% | 1.06% | 1.14% |
Net expenses | 0.84% | 0.84% | 0.84% | 0.86% | 0.89% | 0.89% |
Net investment income | 2.54% | 1.93% | 1.33% | 2.27% | 2.31% | 2.28% |
Supplemental data | ||||||
Portfolio turnover rate | 31% | 95% | 73% | 49% | 62% | 59% |
Net assets, end of period (000s omitted) | $167,061 | $192,670 | $86,052 | $150,749 | $243,235 | $236,946 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 43,911,078 |
Gross unrealized losses | (35,509,991) |
Net unrealized gains | $ 8,401,087 |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $ 0 | $ 7,677,693 | $0 | $ 7,677,693 |
Brazil | 7,620,532 | 0 | 0 | 7,620,532 |
Canada | 8,334,145 | 0 | 0 | 8,334,145 |
China | 0 | 37,243,598 | 0 | 37,243,598 |
France | 0 | 28,262,721 | 0 | 28,262,721 |
Germany | 0 | 14,397,051 | 0 | 14,397,051 |
Hong Kong | 0 | 5,941,398 | 0 | 5,941,398 |
India | 0 | 6,544,331 | 0 | 6,544,331 |
Ireland | 3,528,598 | 0 | 0 | 3,528,598 |
Israel | 5,553,603 | 0 | 0 | 5,553,603 |
Italy | 0 | 10,998,883 | 0 | 10,998,883 |
Japan | 0 | 45,724,469 | 0 | 45,724,469 |
Luxembourg | 0 | 3,341,064 | 0 | 3,341,064 |
Netherlands | 0 | 27,043,185 | 0 | 27,043,185 |
Norway | 0 | 9,278,651 | 0 | 9,278,651 |
South Korea | 0 | 30,621,910 | 0 | 30,621,910 |
Thailand | 16,520,073 | 0 | 0 | 16,520,073 |
United Kingdom | 12,007,281 | 36,799,594 | 0 | 48,806,875 |
United States | 35,509,861 | 9,920,910 | 0 | 45,430,771 |
Short-term investments | ||||
Investment companies | 18,369,708 | 0 | 0 | 18,369,708 |
Total assets | $107,443,801 | $273,795,458 | $0 | $381,239,259 |
Average daily net assets | Management fee |
First $1 billion | 0.800% |
Next $1 billion | 0.750 |
Next $2 billion | 0.725 |
Next $1 billion | 0.700 |
Next $5 billion | 0.690 |
Over $10 billion | 0.680 |
Average daily net assets | Management fee |
First $500 million | 0.850% |
Next $500 million | 0.800 |
Next $1 billion | 0.750 |
Next $2 billion | 0.725 |
Next $1 billion | 0.700 |
Next $5 billion | 0.690 |
Over $10 billion | 0.680 |
Class-level administration fee | |
Class A | 0.21% |
Class C | 0.21 |
Class R | 0.21 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.14% |
Class C | 1.89 |
Class R | 1.39 |
Class R6 | 0.79 |
Administrator Class | 1.14 |
Institutional Class | 0.84 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
SG Americas Securities LLC | $8,944,600 | $(8,944,600) | $0 |
Acquired funds | Value of net assets acquired | Unrealized gains | Exchange ratio | Number of shares issued | |
International Value Fund | $156,960,476 | $ 944,231 | 1.12 | 3,910,472 | Class A |
1.11 | 31,972 | Class C | |||
1.12 | 871,897 | Class R6 | |||
1.15 | 287,858 | Administrator Class | |||
1.12 | 6,503,392 | Institutional Class | |||
Diversified International Fund | 86,096,619 | 9,802,157 | 1.00 | 3,931,661 | Class A |
0.93 | 41,168 | Class C | |||
1.03 | 2,085,608 | Class R6 | |||
1.04 | 66,501 | Administrator Class | |||
0.95 | 349,015 | Institutional Class |
Net investment income | $ 8,499,421 |
Net realized and unrealized gains (losses) on investments | 73,806,265 |
Net increase in net assets resulting from operations | $82,305,686 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$775,171 | $0.0234 | 86.97% |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA240/SAR240 04-22
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1 | The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index. |
2 | The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indexes or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
3 | The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index. |
4 | The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index. |
5 | The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index. |
6 | The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index. |
7 | The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2022. ICE Data Indices, LLC. All rights reserved. |
8 | The Consumer Price Index (CPI) is a measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services. You cannot invest directly in an index. |
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President
Allspring Funds
1 | The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. You cannot invest directly in an index. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Stephen Giggie, CFA®‡, Oleg Makhorine, James Tringas, CFA®‡, Bryant VanCronkhite, CFA®‡, CPA |
Average annual total returns (%) as of April 30, 2022 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net 2 | |
Class R6 (WICRX) | 5-31-2019 | -20.33 | 4.19 | 1.70 | 0.96 |
Institutional Class (WICIX) | 5-31-2019 | -20.41 | 4.09 | 1.80 | 1.06 |
MSCI World ex US Small Cap Index (Net)3 | – | -12.16 | 8.15 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the financial highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 0.95% for Class R6, and 1.05% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense caps. Prior to or after the commitment expiration date, the caps may be increased or the commitment to maintain the caps may be terminated only with the approval of the Board of Trustees. Without these caps, the Fund’s returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectuses. |
3 | The Morgan Stanley Capital International (MSCI) World ex US Small Cap Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed markets excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. |
‡ | CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20221 | |
Ansell Limited | 4.16 |
Spectris plc | 4.17 |
Alten SA | 3.99 |
Viscofan SA | 3.74 |
Britvic plc | 3.08 |
Barco NV | 2.98 |
Gerresheimer AG | 2.77 |
Tate & Lyle plc | 2.74 |
Orix JREIT Incorporated | 2.66 |
DTS Corporation | 2.49 |
1 | Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g335747img00dd49e94.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20221 |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g335747imgd6fb698f5.jpg)
1 | Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2021 | Ending account value 4-30-2022 | Expenses paid during the period1 | Annualized net expense ratio | |
Class R6 | ||||
Actual | $1,000.00 | $ 785.79 | $4.21 | 0.95% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.08 | $4.76 | 0.95% |
Institutional Class | ||||
Actual | $1,000.00 | $ 785.07 | $4.65 | 1.05% |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.59 | $5.26 | 1.05% |
Shares | Value | |||||
Common stocks: 96.84% | ||||||
Australia: 7.62% | ||||||
Ansell Limited (Health care, Health care equipment & supplies) | 190,748 | $ 3,653,437 | ||||
Inghams Group Limited (Consumer staples, Food products) | 541,700 | 1,172,824 | ||||
Orora Limited (Materials, Containers & packaging) | 662,529 | 1,856,627 | ||||
6,682,888 | ||||||
Austria: 1.18% | ||||||
Mayr-Melnhof Karton AG (Materials, Containers & packaging) | 5,872 | 1,033,277 | ||||
Belgium: 3.97% | ||||||
Azelis Group NV (Industrials, Trading companies & distributors) † | 35,184 | 866,525 | ||||
Barco NV (Information technology, Electronic equipment, instruments & components) | 115,944 | 2,611,042 | ||||
3,477,567 | ||||||
Canada: 5.48% | ||||||
ATS Automation Tooling Systems (Industrials, Machinery) † | 20,900 | 609,926 | ||||
Canadian Western Bank (Financials, Banks) | 36,900 | 930,938 | ||||
Peairiesky Royalty Limited (Energy, Oil, gas & consumable fuels) | 116,500 | 1,598,797 | ||||
Primo Water Corporation (Consumer staples, Beverages) | 114,000 | 1,667,427 | ||||
4,807,088 | ||||||
France: 4.94% | ||||||
Alten SA (Information technology, IT services) | 26,065 | 3,498,124 | ||||
M6 Métropole Télévision SA (Communication services, Media) « | 45,000 | 835,072 | ||||
4,333,196 | ||||||
Germany: 8.11% | ||||||
Cancom SE (Information technology, IT services) | 26,178 | 1,264,069 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 35,013 | 2,432,085 | ||||
Krones AG (Industrials, Machinery) | 16,821 | 1,298,810 | ||||
TAG Immobilien AG (Real estate, Real estate management & development) | 105,940 | 2,117,258 | ||||
7,112,222 | ||||||
Ireland: 0.98% | ||||||
Irish Residential Properties REIT plc (Real estate, Equity REITs) | 558,515 | 855,526 | ||||
Italy: 5.49% | ||||||
Azimut Holding SpA (Financials, Capital markets) | 28,329 | 601,308 | ||||
Buzzi Unicem SpA (Materials, Construction materials) | 58,891 | 1,090,583 | ||||
De'Longhi SpA (Consumer discretionary, Household durables) | 31,861 | 772,621 | ||||
GVS SpA (Industrials, Machinery) | 181,296 | 1,510,045 | ||||
Interpump Group SpA (Industrials, Machinery) | 20,766 | 839,564 | ||||
4,814,121 | ||||||
Japan: 21.89% | ||||||
Aeon Delight Company Limited (Industrials, Commercial services & supplies) | 88,900 | 1,900,141 | ||||
Daiseki Company Limited (Industrials, Commercial services & supplies) | 48,360 | 1,739,324 | ||||
DTS Corporation (Information technology, IT services) | 99,500 | 2,183,164 | ||||
Ezaki Glico Company Limited (Consumer staples, Food products) | 16,700 | 478,765 | ||||
Fuji Seal International Incorporated (Materials, Containers & packaging) | 69,100 | 917,717 | ||||
Horiba Limited (Information technology, Electronic equipment, instruments & components) | 25,400 | 1,235,794 | ||||
Kamigumi Company Limited (Industrials, Transportation infrastructure) | 64,200 | 1,090,045 |
Shares | Value | |||||
Japan: (continued) | ||||||
Meitec Corporation (Industrials, Professional services) | 38,900 | $ 2,064,808 | ||||
Nihon Parkerizing Company Limited (Materials, Chemicals) | 96,000 | 679,022 | ||||
Orix JREIT Incorporated (Real estate, Equity REITs) | 1,725 | 2,331,718 | ||||
PHC Holdings Corporation (Health care, Health care equipment & supplies) | 25,500 | 348,108 | ||||
San-A Company Limited (Consumer staples, Food & staples retailing) | 39,300 | 1,233,720 | ||||
Sohgo Security Services Company Limited (Industrials, Commercial services & supplies) | 28,700 | 797,252 | ||||
Sumitomo Warehouse Company Limited (Industrials, Transportation infrastructure) | 76,300 | 1,280,439 | ||||
Taikisha Limited (Industrials, Construction & engineering) | 37,100 | 915,461 | ||||
19,195,478 | ||||||
Luxembourg: 0.67% | ||||||
Novem Group SA (Financials, Diversified financial services) † | 8,926 | 73,449 | ||||
Stabilus SA (Industrials, Machinery) | 10,980 | 517,173 | ||||
590,622 | ||||||
Netherlands: 2.25% | ||||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail) †« | 64,356 | 768,411 | ||||
TKH Group NV (Industrials, Electrical equipment) | 24,619 | 1,207,321 | ||||
1,975,732 | ||||||
Norway: 1.03% | ||||||
Atea ASA (Information technology, IT services) | 60,794 | 724,403 | ||||
Elopak ASA (Materials, Containers & packaging) † | 118,431 | 176,522 | ||||
900,925 | ||||||
Spain: 4.98% | ||||||
Vidrala SA (Materials, Containers & packaging) | 15,123 | 1,083,649 | ||||
Viscofan SA (Consumer staples, Food products) | 59,483 | 3,283,717 | ||||
4,367,366 | ||||||
Sweden: 3.44% | ||||||
Hexpol AB (Materials, Chemicals) « | 102,875 | 883,302 | ||||
Loomis AB (Industrials, Commercial services & supplies) | 85,528 | 2,130,993 | ||||
3,014,295 | ||||||
Switzerland: 3.52% | ||||||
Arbonia AG (Industrials, Building products) | 65,139 | 1,159,990 | ||||
Bossard Holding AG (Industrials, Trading companies & distributors) | 2,960 | 640,788 | ||||
Bucher Industries AG (Industrials, Machinery) | 2,267 | 817,332 | ||||
Montana Aeroaspace AG (Industrials, Aerospace & defense) 144A† | 30,713 | 468,225 | ||||
3,086,335 | ||||||
United Kingdom: 21.29% | ||||||
Britvic plc (Consumer staples, Beverages) | 250,715 | 2,701,793 | ||||
Domino's Pizza Group plc (Consumer discretionary, Hotels, restaurants & leisure) | 335,335 | 1,465,715 | ||||
Elementis plc (Materials, Chemicals) † | 751,803 | 1,141,981 | ||||
Lancashire Holdings Limited (Financials, Insurance) | 168,218 | 891,537 | ||||
Micro Focus International plc (Information technology, Software) | 160,205 | 756,519 | ||||
Morgan Advanced Materials plc (Industrials, Machinery) | 165,341 | 579,844 | ||||
Nomad Foods Limited (Consumer staples, Food products) † | 103,350 | 1,907,841 |
Shares | Value | |||||
United Kingdom: (continued) | ||||||
S4 Capital plc (Communication services, Media) † | 422,576 | $ 1,598,331 | ||||
Spectris plc (Information technology, Electronic equipment, instruments & components) | 99,872 | 3,652,709 | ||||
SSP Group plc (Consumer discretionary, Hotels, restaurants & leisure) † | 272,528 | 804,400 | ||||
Tate & Lyle plc (Consumer staples, Food products) | 247,166 | 2,402,355 | ||||
THG Holding plc (Consumer discretionary, Internet & direct marketing retail) † | 566,283 | 760,291 | ||||
18,663,316 | ||||||
Total Common stocks (Cost $102,519,077) | 84,909,954 |
Yield | ||||||
Short-term investments: 5.08% | ||||||
Investment companies: 5.08% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 0.26% | 2,014,443 | 2,014,443 | |||
Securities Lending Cash Investments LLC ♠∩∞ | 0.46 | 2,443,452 | 2,443,452 | |||
Total Short-term investments (Cost $4,457,895) | 4,457,895 | |||||
Total investments in securities (Cost $106,976,972) | 101.92% | 89,367,849 | ||||
Other assets and liabilities, net | (1.92) | (1,685,756) | ||||
Total net assets | 100.00% | $87,682,093 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
« | All or a portion of this security is on loan. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∩ | The investment is a non-registered investment company purchased with cash collateral received from securities on loan. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |||
Short-term investments | ||||||||||
Allspring Government Money Market Fund Select Class | $150,606 | $42,477,314 | $(40,613,477) | $0 | $0 | $ 2,014,443 | 2,014,443 | $ 1,144 | ||
Securities Lending Cash Investments LLC | 335,175 | 4,462,007 | (2,353,730) | 0 | 0 | 2,443,452 | 2,443,452 | 218 # | ||
$0 | $0 | $4,457,895 | $1,362 |
# | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities (including $2,342,224 of securities loaned), at value (cost $102,519,077) | $ 84,909,954 |
Investments in affiliated securities, at value (cost $4,457,895) | 4,457,895 |
Foreign currency, at value (cost $315,650) | 306,082 |
Receivable for dividends | 390,437 |
Receivable for Fund shares sold | 147,469 |
Receivable for securities lending income, net | 286 |
Prepaid expenses and other assets | 14,968 |
Total assets | 90,227,091 |
Liabilities | |
Payable upon receipt of securities loaned | 2,443,452 |
Management fee payable | 54,349 |
Administration fees payable | 4,293 |
Trustees’ fees and expenses payable | 2,905 |
Accrued expenses and other liabilities | 39,999 |
Total liabilities | 2,544,998 |
Total net assets | $ 87,682,093 |
Net assets consist of | |
Paid-in capital | $106,787,899 |
Total distributable loss | (19,105,806) |
Total net assets | $ 87,682,093 |
Computation of net asset value per share | |
Net assets – Class R6 | $ 64,390,103 |
Shares outstanding – Class R61 | 5,979,166 |
Net asset value per share – Class R6 | $10.77 |
Net assets – Institutional Class | $ 23,291,990 |
Shares outstanding – Institutional Class1 | 2,160,530 |
Net asset value per share – Institutional Class | $10.78 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Dividends (net of foreign withholdings taxes of $69,672) | $ 737,153 |
Income from affiliated securities | 1,800 |
Total investment income | 738,953 |
Expenses | |
Management fee | 337,045 |
Administration fees | |
Class R6 | 9,234 |
Institutional Class | 6,107 |
Custody and accounting fees | 19,291 |
Professional fees | 21,407 |
Registration fees | 10,307 |
Shareholder report expenses | 6,591 |
Trustees’ fees and expenses | 9,976 |
Other fees and expenses | 4,521 |
Total expenses | 424,479 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (82,737) |
Net expenses | 341,742 |
Net investment income | 397,211 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (1,625,727) |
Foreign currency and foreign currency translations | (53,291) |
Net realized losses on investments | (1,679,018) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | (17,256,473) |
Foreign currency and foreign currency translations | (10,705) |
Net change in unrealized gains (losses) on investments | (17,267,178) |
Net realized and unrealized gains (losses) on investments | (18,946,196) |
Net decrease in net assets resulting from operations | $(18,548,985) |
Six months ended April 30, 2022 (unaudited) | Year ended October 31, 2021 | |||
Operations | ||||
Net investment income | $ 397,211 | $ 140,998 | ||
Net realized gains (losses) on investments | (1,679,018) | 508,817 | ||
Net change in unrealized gains (losses) on investments | (17,267,178) | (546,860) | ||
Net increase (decrease) in net assets resulting from operations | (18,548,985) | 102,955 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class R6 | (801,820) | (45,080) | ||
Institutional Class | (2,079) | (892) | ||
Total distributions to shareholders | (803,899) | (45,972) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class R6 | 1,872,333 | 23,720,529 | 3,562,901 | 51,281,800 |
Institutional Class | 2,158,323 | 26,158,258 | 681 | 10,000 |
49,878,787 | 51,291,800 | |||
Reinvestment of distributions | ||||
Class R6 | 53,932 | 717,191 | 0 | 0 |
Institutional Class | 156 | 2,079 | 8 | 90 |
719,270 | 90 | |||
Payment for shares redeemed | ||||
Institutional Class | (9,164) | (105,145) | (595) | (8,136) |
Net increase in net assets resulting from capital share transactions | 50,492,912 | 51,283,754 | ||
Total increase in net assets | 31,140,028 | 51,340,737 | ||
Net assets | ||||
Beginning of period | 56,542,065 | 5,201,328 | ||
End of period | $ 87,682,093 | $56,542,065 |
Year ended October 31 | ||||
Class R6 | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $13.91 | $10.38 | $10.58 | $10.00 |
Net investment income | 0.06 | 0.06 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | (3.00) | 3.56 | (0.03) | 0.53 |
Total from investment operations | (2.94) | 3.62 | (0.06) | 0.58 |
Distributions to shareholders from | ||||
Net investment income | (0.07) | (0.05) | (0.15) | 0.00 |
Net realized gains | (0.13) | (0.04) | (0.11) | 0.00 |
Total distributions to shareholders | (0.20) | (0.09) | (0.26) | 0.00 |
Net asset value, end of period | $10.77 | $13.91 | $10.38 | $10.58 |
Total return2 | (21.42)% | 35.04% | 0.42% | 5.80% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.18% | 1.68% | 5.69% | 7.81% |
Net expenses | 0.95% | 0.95% | 0.95% | 0.95% |
Net investment income | 0.99% | 0.70% | 0.93% | 1.24% |
Supplemental data | ||||
Portfolio turnover rate | 10% | 19% | 45% | 14% |
Net assets, end of period (000s omitted) | $64,390 | $56,386 | $5,086 | $5,183 |
1 | For the period from May 31, 2019 (commencement of class operations) to October 31, 2019 |
2 | Returns for periods of less than one year are not annualized. |
Year ended October 31 | ||||
Institutional Class | Six months ended April 30, 2022 (unaudited) | 2021 | 2020 | 2019 1 |
Net asset value, beginning of period | $13.92 | $10.38 | $10.57 | $10.00 |
Net investment income | 0.11 2 | 0.13 | 0.08 | 0.05 |
Net realized and unrealized gains (losses) on investments | (3.06) | 3.49 | (0.03) | 0.52 |
Total from investment operations | (2.95) | 3.62 | 0.05 | 0.57 |
Distributions to shareholders from | ||||
Net investment income | (0.06) | (0.04) | (0.13) | 0.00 |
Net realized gains | (0.13) | (0.04) | (0.11) | 0.00 |
Total distributions to shareholders | (0.19) | (0.08) | (0.24) | 0.00 |
Net asset value, end of period | $10.78 | $13.92 | $10.38 | $10.57 |
Total return3 | (21.49)% | 35.00% | 0.35% | 5.70% |
Ratios to average net assets (annualized) | ||||
Gross expenses | 1.28% | 2.73% | 5.76% | 7.91% |
Net expenses | 1.05% | 1.05% | 1.05% | 1.05% |
Net investment income | 1.97% | 1.00% | 0.83% | 1.14% |
Supplemental data | ||||
Portfolio turnover rate | 10% | 19% | 45% | 14% |
Net assets, end of period (000s omitted) | $23,292 | $156 | $115 | $106 |
1 | For the period from May 31, 2019 (commencement of class operations) to October 31, 2019 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $ 424,272 |
Gross unrealized losses | (16,395,883) |
Net unrealized losses | $(15,971,611) |
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $ 0 | $ 6,682,888 | $0 | $ 6,682,888 |
Austria | 0 | 1,033,277 | 0 | 1,033,277 |
Belgium | 0 | 3,477,567 | 0 | 3,477,567 |
Canada | 4,807,088 | 0 | 0 | 4,807,088 |
France | 0 | 4,333,196 | 0 | 4,333,196 |
Germany | 0 | 7,112,222 | 0 | 7,112,222 |
Ireland | 855,526 | 0 | 0 | 855,526 |
Italy | 0 | 4,814,121 | 0 | 4,814,121 |
Japan | 0 | 19,195,478 | 0 | 19,195,478 |
Luxembourg | 73,449 | 517,173 | 0 | 590,622 |
Netherlands | 768,411 | 1,207,321 | 0 | 1,975,732 |
Norway | 176,522 | 724,403 | 0 | 900,925 |
Spain | 0 | 4,367,366 | 0 | 4,367,366 |
Sweden | 0 | 3,014,295 | 0 | 3,014,295 |
Switzerland | 0 | 3,086,335 | 0 | 3,086,335 |
United Kingdom | 6,075,349 | 12,587,967 | 0 | 18,663,316 |
Short-term investments | ||||
Investment companies | 4,457,895 | 0 | 0 | 4,457,895 |
Total assets | $17,214,240 | $72,153,609 | $0 | $89,367,849 |
Average daily net assets | Management fee |
First $500 million | 0.950% |
Next $500 million | 0.925 |
Next $1 billion | 0.900 |
Next $2 billion | 0.875 |
Next $1 billion | 0.850 |
Next $5 billion | 0.840 |
Over $10 billion | 0.830 |
Class-level administration fee | |
Class R6 | 0.03% |
Institutional Class | 0.13 |
Expense ratio caps | |
Class R6 | 0.95% |
Institutional Class | 1.05 |
Counterparty | Value of securities on loan | Collateral received1 | Net amount |
Citigroup Global Markets Incorporated | $1,693,058 | $(1,693,058) | $0 |
JPMorgan Securities LLC | 649,166 | (649,166) | 0 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$25,284 | $0.0062 | 72.85% |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007. | N/A |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Interim President of the McKnight Foundation from January to September 2020. McKnight Foundation Consultant, November 2020 to February 2021. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Consultant (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 and Board Director from 2003 to 2015. Vice President, Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President from 2002 to 2004. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President, Chief Executive Officer and Director of Allspring Funds Management, LLC since 2017 and co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, since 2019. Prior thereto, Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. In addition, Mr. Owen was an Executive Vice President of Wells Fargo & Company from 2014 to 2021. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Kate McKinley (Born 1977) | Chief Legal Officer, since 2021 | Chief Legal Officer of Allspring Global Investments since 2021. Prior thereto, held various roles at State Street Global Advisors beginning in 2010, including serving as Senior Vice President and General Counsel from 2019 to 2021, and Chief Operating Officer of the Institutional Client Group from 2016 - 2019. Prior to working at State Street Global Advisors served as Assistant General Counsel for Bank of America Corporation from 2005 to 2010 and as an Associate at WilmerHale from 2002 to 2005. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g335747img1554dfb41.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-22-189324/g335747img2ef73a5b6.jpg)
1-800-222-8222 or visit the Fund's website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
SA296/SAR296 04-22
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for each series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMEENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. EXHIBITS
(a)(1) Not applicable.
(a)(2) Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: June 27, 2022 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | ||
/s/ Andrew Owen | ||
Andrew Owen | ||
President | ||
Date: June 27, 2022 | ||
By: | ||
/s/ Jeremy DePalma | ||
Jeremy DePalma | ||
Treasurer | ||
Date: June 27, 2022 |