UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSRS
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number: 811-09253
Allspring Funds Trust
(Exact name of registrant as specified in charter)
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Address of principal executive offices) (Zip code)
Matthew Prasse
Allspring Funds Management, LLC
1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203
(Name and address of agent for service)
Registrant’s telephone number, including area code: 800-222-8222
Date of fiscal year end: October 31
Registrant is making a filing for 8 of its series: Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Income Fund, Allspring Global Long/Short Equity Fund, Allspring Special Global Small Cap Fund, Allspring International Equity Fund, Allspring Special International Small Cap Fund, Allspring Managed Accounts CoreBuilder® Shares – Series EM and Allspring U.S. Long/Short Equity Fund
Date of reporting period: April 30, 2023
ITEM 1. REPORT TO STOCKHOLDERS
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g56357img9958d0052.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g56357img07da8f0c3.jpg)
President
Allspring Funds
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, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (EMGAX) | 9-6-1994 | -8.88 | -2.48 | 0.58 | -3.33 | -1.32 | 1.18 | 1.54 | 1.44 |
Class C (EMGCX) | 9-6-1994 | -5.03 | -2.03 | 0.57 | -4.03 | -2.03 | 0.57 | 2.29 | 2.19 |
Class R6 (EMGDX)3 | 6-28-2013 | – | – | – | -2.88 | -0.89 | 1.62 | 1.11 | 1.01 |
Administrator Class (EMGYX) | 9-6-1994 | – | – | – | -3.16 | -1.02 | 1.39 | 1.46 | 1.36 |
Institutional Class (EMGNX) | 7-30-2010 | – | – | – | -3.00 | -0.97 | 1.55 | 1.21 | 1.11 |
MSCI EM Index (Net) (USD)4 | – | – | – | – | -6.51 | -1.05 | 1.80 | – | – |
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 29, 2024, 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, 20231 | |
Samsung Electronics Co. Ltd. | 6.01 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.63 |
Tencent Holdings Ltd. | 4.62 |
Reliance Industries Ltd. GDR | 3.52 |
Fomento Economico Mexicano SAB de CV | 3.36 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 2.95 |
AIA Group Ltd. | 2.49 |
Uni-President Enterprises Corp. | 2.46 |
Meituan Class B | 2.10 |
ITC Ltd. | 2.03 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g56357img28d4e5c24.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Country allocation as of April 30, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g56357img57bcd4965.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,163.20 | $7.72 | 1.44 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.65 | $7.20 | 1.44 % |
Class C | ||||
Actual | $1,000.00 | $1,158.70 | $11.72 | 2.19 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.94 | $10.94 | 2.19 % |
Class R6 | ||||
Actual | $1,000.00 | $1,165.80 | $5.42 | 1.01 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.79 | $5.06 | 1.01 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,163.50 | $7.30 | 1.36 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.05 | $6.81 | 1.36 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,164.90 | $5.96 | 1.11 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.29 | $5.56 | 1.11 % |
Shares | Value | |||||
Common stocks: 96.27% | ||||||
Brazil: 4.62% | ||||||
Atacadao SA (Consumer staples, Consumer staples distribution & retail) | 7,577,000 | $16,330,396 | ||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 19,885,515 | 46,566,185 | ||||
Banco Bradesco SA ADR (Financials, Banks) † | 5,976,276 | 16,733,573 | ||||
BRF SA ADR (Consumer staples, Food products) † | 7,169,115 | 9,248,158 | ||||
Cia Brasileira de Aluminio (Materials, Metals & mining) | 4,652,600 | 4,925,163 | ||||
Diagnosticos da America SA (Health care, Health care providers & services) | 3,700,673 | 6,269,435 | ||||
Hapvida Participacoes e Investimentos SA (Health care, Health care providers & services) 144A† | 33,701,316 | 18,648,629 | ||||
Inter & Co., Inc. BDR (Financials, Banks) † | 1,097,700 | 1,934,477 | ||||
Lojas Renner SA (Consumer discretionary, Specialty retail) | 7,956,892 | 25,269,090 | ||||
Magazine Luiza SA (Consumer discretionary, Broadline retail) † | 21,599,800 | 14,463,958 | ||||
Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & development) | 1,696,906 | 8,811,473 | ||||
Raia Drogasil SA (Consumer staples, Consumer staples distribution & retail) | 1,968,000 | 10,369,109 | ||||
Zamp SA (Consumer discretionary, Hotels, restaurants & leisure) † | 3,255,794 | 2,741,556 | ||||
182,311,202 | ||||||
Chile: 1.70% | ||||||
Banco Santander Chile ADR (Financials, Banks) | 1,190,492 | 22,797,922 | ||||
Falabella SA (Consumer discretionary, Broadline retail) | 20,646,599 | 44,272,856 | ||||
67,070,778 | ||||||
China: 24.27% | ||||||
Agora, Inc. ADR (Information technology, Software) † | 1,224,765 | 4,102,963 | ||||
Alibaba Group Holding Ltd. ADR (Consumer discretionary, Broadline retail) † | 935,837 | 79,256,035 | ||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) † | 2,420,000 | 25,588,166 | ||||
Bilibili, Inc. ADR (Communication services, Entertainment) † | 2,233,150 | 45,466,934 | ||||
China Literature Ltd. (Communication services, Media) 144A† | 4,716,168 | 21,789,091 | ||||
China Meidong Auto Holdings Ltd. (Consumer discretionary, Specialty retail) | 12,373,400 | 19,201,110 | ||||
FinVolution Group ADR (Financials, Consumer finance) | 4,401,985 | 17,519,900 | ||||
GreenTree Hospitality Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure) † | 2,531,768 | 11,089,144 | ||||
Hua Medicine (Health care, Pharmaceuticals) 144A† | 8,733,136 | 3,409,127 | ||||
Kingdee International Software Group Co. Ltd. (Information technology, Software) † | 3,900,000 | 5,996,885 | ||||
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) † | 10,365,207 | 74,127,981 | ||||
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure) 144A† | 4,839,070 | 82,701,878 | ||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health care, Health care equipment & supplies) | 35,410,600 | 60,424,333 |
Shares | Value | |||||
China (continued) | ||||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) † | 4,104,700 | $182,314,813 | ||||
Tencent Music Entertainment Group ADR (Communication services, Entertainment) † | 4,556,603 | 33,764,428 | ||||
Tongdao Liepin Group (Communication services, Interactive media & services) † | 1,636,260 | 2,096,450 | ||||
Trip.com Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure) † | 1,020,178 | 36,226,521 | ||||
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) † | 5,122,500 | 54,839,548 | ||||
Uxin Ltd. ADR (Consumer discretionary, Specialty retail) † | 240,777 | 269,670 | ||||
Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline retail) † | 3,478,967 | 54,619,782 | ||||
Want Want China Holdings Ltd. (Consumer staples, Food products) | 76,125,800 | 48,549,624 | ||||
Weibo Corp. ADR (Communication services, Interactive media & services) † | 2,121,212 | 37,142,422 | ||||
Wuxi Biologics Cayman, Inc. (Health care, Life sciences tools & services) 144A† | 1,151,500 | 6,866,206 | ||||
Xiaomi Corp. Class B (Information technology, Technology hardware, storage & peripherals) 144A† | 24,421,900 | 34,664,531 | ||||
Zepp Health Corp. ADR (Information technology, Electronic equipment, instruments & components) ♠† | 2,439,291 | 3,561,365 | ||||
Zhou Hei Ya International Holdings Co. Ltd. (Consumer staples, Food products) 144A† | 25,612,726 | 11,736,738 | ||||
957,325,645 | ||||||
Colombia: 0.31% | ||||||
Bancolombia SA ADR (Financials, Banks) | 499,100 | 12,227,950 | ||||
Hong Kong: 5.33% | ||||||
AIA Group Ltd. (Financials, Insurance) | 9,017,500 | 98,174,166 | ||||
Johnson Electric Holdings Ltd. (Consumer discretionary, Automobile components) | 4,183,050 | 4,676,916 | ||||
Sun Art Retail Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 84,455,400 | 36,711,118 | ||||
WH Group Ltd. (Consumer staples, Food products) 144A | 126,938,195 | 70,671,374 | ||||
210,233,574 | ||||||
India: 14.93% | ||||||
Axis Bank Ltd. (Financials, Banks) † | 3,721,923 | 39,288,252 | ||||
Bajaj Finance Ltd. (Financials, Consumer finance) | 365,281 | 28,175,292 | ||||
Bandhan Bank Ltd. (Financials, Banks) 144A† | 1,416,131 | 3,987,868 | ||||
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services) | 5,019,052 | 49,133,227 | ||||
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services) | 347,789 | 1,749,508 | ||||
Dalmia Bharat Ltd. (Materials, Construction materials) | 624,658 | 15,284,596 | ||||
Fortis Healthcare Ltd. (Health care, Health care providers & services) † | 5,634,970 | 17,997,519 |
Shares | Value | |||||
India (continued) | ||||||
HDFC Bank Ltd. ADR (Financials, Banks) † | 368,752 | $25,738,890 | ||||
HDFC Bank Ltd. (Financials, Banks) | 2,200,000 | 45,485,445 | ||||
Housing Development Finance Corp. Ltd. (Financials, Financial services) | 1,115,700 | 38,013,960 | ||||
Indus Towers Ltd. (Communication services, Diversified telecommunication services) | 2,043,851 | 3,883,607 | ||||
ITC Ltd. (Consumer staples, Tobacco) | 15,363,960 | 80,119,370 | ||||
JM Financial Ltd. (Financials, Capital markets) | 11,571,429 | 8,612,291 | ||||
Kotak Mahindra Bank Ltd. (Financials, Banks) | 1,027,262 | 24,448,893 | ||||
Max Financial Services Ltd. (Financials, Insurance) † | 925,389 | 7,251,079 | ||||
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels) | 450,000 | 13,363,715 | ||||
Reliance Industries Ltd. GDR (Energy, Oil, gas & consumable fuels) 144A | 2,332,274 | 138,994,495 | ||||
SBI Life Insurance Co. Ltd. (Financials, Insurance) 144A | 964,273 | 13,472,277 | ||||
SH Kelkar & Co. Ltd. (Materials, Chemicals) 144A | 1,244,001 | 1,753,964 | ||||
Spandana Sphoorty Financial Ltd. (Financials, Consumer finance) † | 440,254 | 3,228,429 | ||||
UltraTech Cement Ltd. (Materials, Construction materials) † | 311,000 | 28,790,533 | ||||
588,773,210 | ||||||
Indonesia: 3.33% | ||||||
Astra International Tbk PT (Consumer discretionary, Automobiles) | 79,651,000 | 36,740,526 | ||||
Bank Central Asia Tbk PT (Financials, Banks) | 62,747,500 | 38,831,351 | ||||
Telkom Indonesia Persero Tbk PT ADR (Communication services, Diversified telecommunication services) | 1,377,471 | 39,671,165 | ||||
Telkom Indonesia Persero Tbk PT (Communication services, Diversified telecommunication services) | 56,000,000 | 16,220,325 | ||||
131,463,367 | ||||||
Luxembourg: 0.61% | ||||||
InPost SA (Industrials, Air freight & logistics) † | 2,222,122 | 23,849,692 | ||||
Mexico: 9.96% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 3,672,304 | 78,917,813 | ||||
Becle SAB de CV (Consumer staples, Beverages) | 14,709,921 | 34,051,387 | ||||
Cemex SAB de CV ADR (Materials, Construction materials) | 4,431,948 | 26,591,688 | ||||
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 57,093,002 | 78,782,913 | ||||
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 1,364,387 | 132,372,827 | ||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 2,563,566 | 22,217,239 | ||||
Sitios Latinoamerica SAB de CV (Communication services, Diversified telecommunication services) † | 4,152,304 | 1,683,601 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 4,472,900 | 18,028,925 | ||||
392,646,393 | ||||||
Nigeria: 0.12% | ||||||
IHS Holding Ltd. (Communication services, Diversified telecommunication services) † | 493,367 | 4,760,992 |
Shares | Value | |||||
Peru: 0.13% | ||||||
Cia de Minas Buenaventura SAA ADR (Materials, Metals & mining) | 745,533 | $5,270,918 | ||||
Philippines: 0.66% | ||||||
ACEN Corp. (Utilities, Independent power and renewable electricity producers) † | 2,512,872 | 273,557 | ||||
Ayala Corp. (Industrials, Industrial conglomerates) | 837,624 | 9,701,739 | ||||
San Miguel Food & Beverage, Inc. (Consumer staples, Food products) | 3,495,810 | 2,977,699 | ||||
SM Investments Corp. (Industrials, Industrial conglomerates) † | 812,873 | 13,172,123 | ||||
26,125,118 | ||||||
Russia: 0.00% | ||||||
Fix Price Group PLC GDR (Acquired 3-5-2021, cost $2,142,036) (Consumer staples, Consumer staples distribution & retail) ♦†˃ | 219,696 | 0 | ||||
LUKOIL PJSC (Acquired 4-9-2002, cost $16,145,227) (Energy, Oil, gas & consumable fuels) ♦†˃ | 340,179 | 0 | ||||
Magnit PJSC (Acquired 4-29-2013, cost $32,870,256) (Consumer staples, Consumer staples distribution & retail) ♦†˃ | 233,669 | 0 | ||||
Ozon Holdings PLC ADR (Acquired 11-24-2020, cost $2,412,000) (Consumer discretionary, Broadline retail) ♦†˃« | 80,400 | 0 | ||||
Sberbank of Russia PJSC (Acquired 8-18-2011, cost $17,232,150) (Financials, Banks) ♦†˃ | 6,000,456 | 0 | ||||
Yandex NV Class A (Acquired 11-30-2012, cost $13,875,426) (Communication services, Interactive media & services) ♦†˃ | 652,706 | 0 | ||||
0 | ||||||
South Africa: 2.94% | ||||||
MTN Group Ltd. (Communication services, Wireless telecommunication services) | 4,888,543 | 34,336,176 | ||||
Shoprite Holdings Ltd. (Consumer staples, Consumer staples distribution & retail) | 3,571,500 | 43,586,620 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 2,147,090 | 20,130,549 | ||||
Tiger Brands Ltd. (Consumer staples, Food products) | 1,631,933 | 17,681,170 | ||||
115,734,515 | ||||||
South Korea: 11.35% | ||||||
KT Corp. ADR (Communication services, Diversified telecommunication services) | 4,414,713 | 49,886,257 | ||||
KT&G Corp. (Consumer staples, Tobacco) | 293,091 | 18,781,680 | ||||
LG Chem Ltd. (Materials, Chemicals) | 50,109 | 27,834,709 | ||||
NAVER Corp. (Communication services, Interactive media & services) | 248,500 | 36,001,510 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 4,818,800 | 237,104,647 | ||||
Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 710,337 | 35,215,592 | ||||
SK Hynix, Inc. (Information technology, Semiconductors & semiconductor equipment) | 556,500 | 37,443,259 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 149,000 | 5,309,393 | ||||
447,577,047 |
Shares | Value | |||||
Taiwan: 12.19% | ||||||
104 Corp. (Industrials, Professional services) † | 1,655,000 | $11,418,685 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) † | 2,073,881 | 45,094,136 | ||||
President Chain Store Corp. (Consumer staples, Consumer staples distribution & retail) † | 3,220,000 | 28,367,883 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 7,105,224 | 116,352,260 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information technology, Semiconductors & semiconductor equipment) | 2,164,552 | 182,471,734 | ||||
Uni-President Enterprises Corp. (Consumer staples, Food products) † | 40,442,368 | 96,954,808 | ||||
480,659,506 | ||||||
Thailand: 2.42% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 1,933,139 | 8,411,185 | ||||
PTT PCL (Energy, Oil, gas & consumable fuels) | 22,759,000 | 20,717,790 | ||||
SCB X PCL (Financials, Banks) | 8,405,100 | 25,352,524 | ||||
Thai Beverage PCL (Consumer staples, Beverages) | 85,427,000 | 41,052,656 | ||||
95,534,155 | ||||||
United States: 1.40% | ||||||
MercadoLibre, Inc. (Consumer discretionary, Broadline retail) † | 25,116 | 32,085,439 | ||||
Southern Copper Corp. (Materials, Metals & mining) | 290,191 | 22,295,374 | ||||
Uxin Ltd. Class A (Consumer discretionary, Specialty retail) ♦ | 23,979,831 | 895,239 | ||||
55,276,052 | ||||||
Total common stocks (Cost $3,206,478,417) | 3,796,840,114 |
Interest rate | Maturity date | Principal | ||||
Convertible Debentures: 0.00% | ||||||
Brazil: 0.00% | ||||||
Lupatech SA Series 1 (Energy, Oil & gas services) ♦† | 6.50 % | 4-15-2049 | $ | 303,000 | 0 | |
Total convertible debentures (Cost $160,691) | 0 |
Expiration date | Shares | |||||
Warrants: 0.00% | ||||||
Brazil: 0.00% | ||||||
Diagnosticos da America SA (Health care, Health care providers & services) ♦† | 4-30-2025 | 72,020 | 0 | |||
Total warrants (Cost $0) | 0 |
Yield | Shares | Value | ||||
Short-term investments: 3.75% | ||||||
Investment companies: 3.75% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 % | 147,970,359 | $147,970,359 | |||
Total short-term investments (Cost $147,970,359) | 147,970,359 | |||||
Total investments in securities (Cost $3,354,609,467) | 100.02 % | 3,944,810,473 | ||||
Other assets and liabilities, net | (0.02 ) | (754,842 ) | ||||
Total net assets | 100.00 % | $3,944,055,631 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
♦ | The security is fair valued in accordance with Allspring Funds Management’s valuation procedures, as the Board-designated valuation designee. |
˃ | 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 $84,677,095), representing 0.00% of its net assets as of period end. |
« | This security is on loan pending return from the lending agent. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
BDR | Brazilian 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 | |
Common stocks | ||||||||
Zepp Health Corp.† | $3,000,328 | $0 | $0 | $0 | $561,037 | $3,561,365 | 2,439,291 | $0 |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 113,703,486 | 179,883,353 | (145,616,480 ) | 0 | 0 | 147,970,359 | 147,970,359 | 2,928,796 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 38,056,633 | 225,700,376 | (263,757,266 ) | 257 | 0 | 0 | 0 | 987,949 1 |
$257 | $561,037 | $151,531,724 | $3,916,745 |
† | Non-income-earning security |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $3,181,620,195) | $3,793,278,749 |
Investments in affiliated securities, at value (cost $172,989,272) | 151,531,724 |
Foreign currency, at value (cost $9,083,902) | 8,260,025 |
Cash collateral due to securities lending agent | 1,386,900 |
Receivable for Fund shares sold | 9,275,480 |
Receivable for investments sold | 6,156,941 |
Receivable for dividends | 6,031,388 |
Prepaid expenses and other assets | 239,718 |
Total assets | 3,976,160,925 |
Liabilities | |
Contingent tax liability | 14,927,504 |
Overdraft due to custodian bank | 4,454,887 |
Payable for investments purchased | 4,121,981 |
Payable for Fund shares redeemed | 2,725,191 |
Management fee payable | 2,707,774 |
Payable upon receipt of securities loaned | 1,386,400 |
Administration fees payable | 398,306 |
Distribution fee payable | 3,355 |
Accrued expenses and other liabilities | 1,379,896 |
Total liabilities | 32,105,294 |
Total net assets | $3,944,055,631 |
Net assets consist of | |
Paid-in capital | $3,801,144,989 |
Total distributable earnings | 142,910,642 |
Total net assets | $3,944,055,631 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $153,603,816 |
Shares outstanding–Class A1 | 6,594,701 |
Net asset value per share–Class A | $23.29 |
Maximum offering price per share – Class A2 | $24.71 |
Net assets–Class C | $5,367,320 |
Shares outstanding–Class C1 | 278,391 |
Net asset value per share–Class C | $19.28 |
Net assets–Class R6 | $418,500,523 |
Shares outstanding–Class R61 | 17,266,874 |
Net asset value per share–Class R6 | $24.24 |
Net assets–Administrator Class | $44,344,060 |
Shares outstanding–Administrator Class1 | 1,797,634 |
Net asset value per share–Administrator Class | $24.67 |
Net assets–Institutional Class | $3,322,239,912 |
Shares outstanding–Institutional Class1 | 137,051,997 |
Net asset value per share–Institutional Class | $24.24 |
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 $5,654,646) | $39,742,572 |
Income from affiliated securities | 3,130,800 |
Interest (net of foreign withholding taxes of $32) | 4,641 |
Total investment income | 42,878,013 |
Expenses | |
Management fee | 19,984,800 |
Administration fees | |
Class A | 162,320 |
Class C | 5,929 |
Class R6 | 61,062 |
Administrator Class | 29,645 |
Institutional Class | 2,151,946 |
Shareholder servicing fees | |
Class A | 193,238 |
Class C | 6,991 |
Administrator Class | 55,669 |
Distribution fee | |
Class C | 20,951 |
Custody and accounting fees | 2,344,019 |
Professional fees | 42,835 |
Registration fees | 79,747 |
Shareholder report expenses | 288,139 |
Trustees’ fees and expenses | 10,896 |
Other fees and expenses | 77,523 |
Total expenses | 25,515,710 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (3,407,001 ) |
Class A | (7,730 ) |
Class R6 | (20,354 ) |
Institutional Class | (165,534 ) |
Net expenses | 21,915,091 |
Net investment income | 20,962,922 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (228,115,368 ) |
Affiliated securities | 257 |
Foreign currency and foreign currency translations | 19,232 |
Net realized losses on investments | (228,095,879 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax refund of $(1,630,373)) | $787,081,316 |
Affiliated securities | 561,037 |
Foreign currency and foreign currency translations | 339,767 |
Net change in unrealized gains (losses) on investments | 787,982,120 |
Net realized and unrealized gains (losses) on investments | 559,886,241 |
Net increase in net assets resulting from operations | $580,849,163 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $20,962,922 | $49,464,076 | ||
Net realized losses on investments | (228,095,879 ) | (157,619,252 ) | ||
Net change in unrealized gains (losses) on investments | 787,982,120 | (1,751,750,563 ) | ||
Net increase (decrease) in net assets resulting from operations | 580,849,163 | (1,859,905,739 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,206,336 ) | (523,337 ) | ||
Class R6 | (5,221,911 ) | (3,926,921 ) | ||
Administrator Class | (408,773 ) | (226,378 ) | ||
Institutional Class | (38,037,725 ) | (29,592,408 ) | ||
Total distributions to shareholders | (44,874,745 ) | (34,269,044 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 226,309 | 5,249,257 | 522,651 | 13,494,450 |
Class C | 7,930 | 152,445 | 16,918 | 350,881 |
Class R6 | 1,708,551 | 41,313,041 | 4,238,704 | 110,361,263 |
Administrator Class | 90,618 | 2,217,831 | 238,489 | 6,392,265 |
Institutional Class | 11,998,859 | 287,076,396 | 40,883,064 | 1,076,015,019 |
336,008,970 | 1,206,613,878 | |||
Reinvestment of distributions | ||||
Class A | 48,588 | 1,102,474 | 17,202 | 485,624 |
Class R6 | 185,248 | 4,366,293 | 113,499 | 3,332,328 |
Administrator Class | 16,841 | 404,511 | 7,483 | 223,655 |
Institutional Class | 1,598,909 | 37,718,277 | 998,541 | 29,327,151 |
43,591,555 | 33,368,758 | |||
Payment for shares redeemed | ||||
Class A | (617,281 ) | (14,186,913 ) | (1,332,931 ) | (33,898,169 ) |
Class C | (63,631 ) | (1,211,730 ) | (174,207 ) | (3,663,650 ) |
Class R6 | (2,140,785 ) | (51,861,162 ) | (3,896,910 ) | (101,644,199 ) |
Administrator Class | (232,448 ) | (5,753,035 ) | (772,810 ) | (20,890,449 ) |
Institutional Class | (17,654,994 ) | (424,015,514 ) | (70,531,121 ) | (1,854,111,980 ) |
(497,028,354 ) | (2,014,208,447 ) | |||
Net decrease in net assets resulting from capital share transactions | (117,427,829 ) | (774,225,811 ) | ||
Total increase (decrease) in net assets | 418,546,589 | (2,668,400,594 ) | ||
Net assets | ||||
Beginning of period | 3,525,509,042 | 6,193,909,636 | ||
End of period | $3,944,055,631 | $3,525,509,042 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $20.18 | $30.11 | $27.39 | $25.29 | $21.16 | $24.83 |
Net investment income (loss) | 0.09 1 | 0.18 1 | (0.07 )1 | 0.00 2 | 0.10 | 0.07 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.20 | (10.04 ) | 2.81 | 2.28 | 4.11 | (3.70 ) |
Total from investment operations | 3.29 | (9.86 ) | 2.74 | 2.28 | 4.21 | (3.63 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.18 ) | (0.07 ) | (0.02 ) | (0.18 ) | (0.08 ) | (0.04 ) |
Net asset value, end of period | $23.29 | $20.18 | $30.11 | $27.39 | $25.29 | $21.16 |
Total return3 | 16.32 % | (32.82 )% | 10.00 % | 9.03 %4 | 19.95 % | (14.65 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.62 % | 1.54 % | 1.48 % | 1.54 % | 1.57 % | 1.58 % |
Net expenses | 1.44 % | 1.43 % | 1.46 % | 1.52 % | 1.57 % | 1.57 % |
Net investment income (loss) | 0.74 % | 0.69 % | (0.21 )% | 0.13 % | 0.43 % | 0.38 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 5 % | 9 % | 12 % | 8 % | 11 % |
Net assets, end of period (000s omitted) | $153,604 | $139,997 | $232,735 | $210,393 | $227,811 | $201,515 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $16.64 | $24.95 | $22.86 | $21.09 | $17.71 | $20.92 |
Net investment loss | (0.00 )1,2 | (0.02 )1 | (0.27 )1 | (0.14 )1 | (0.07 )1 | (0.08 )1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.64 | (8.29 ) | 2.36 | 1.87 | 3.45 | (3.13 ) |
Total from investment operations | 2.64 | (8.31 ) | 2.09 | 1.77 | 3.38 | (3.21 ) |
Net asset value, end of period | $19.28 | $16.64 | $24.95 | $22.86 | $21.09 | $17.71 |
Total return3 | 15.87 % | (33.31 )% | 9.14 % | 8.39 %4 | 19.09 % | (15.34 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.36 % | 2.28 % | 2.23 % | 2.29 % | 2.32 % | 2.33 % |
Net expenses | 2.19 % | 2.19 % | 2.22 % | 2.28 % | 2.32 % | 2.32 % |
Net investment loss | (0.02 )% | (0.11 )% | (0.98 )% | (0.64 )% | (0.37 )% | (0.38 )% |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 5 % | 9 % | 12 % | 8 % | 11 % |
Net assets, end of period (000s omitted) | $5,367 | $5,558 | $12,260 | $20,149 | $29,484 | $49,103 |
1 | Calculated based upon average shares outstanding |
2 | Amount is more than $(0.005). |
3 | Total return calculations do not include any sales charges. Returns 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 which had a 0.18% impact on the total return. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $21.06 | $31.45 | $28.59 | $26.39 | $22.10 | $26.00 |
Net investment income | 0.14 1 | 0.30 1 | 0.08 1 | 0.17 | 0.22 1 | 0.23 1 |
Net realized and unrealized gains (losses) on investments | 3.34 | (10.47 ) | 2.92 | 2.33 | 4.27 | (3.92 ) |
Total from investment operations | 3.48 | (10.17 ) | 3.00 | 2.50 | 4.49 | (3.69 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.30 ) | (0.22 ) | (0.14 ) | (0.30 ) | (0.20 ) | (0.21 ) |
Net asset value, end of period | $24.24 | $21.06 | $31.45 | $28.59 | $26.39 | $22.10 |
Total return2 | 16.58 % | (32.53 )% | 10.47 % | 9.49 % | 20.50 % | (14.33 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.19 % | 1.11 % | 1.05 % | 1.11 % | 1.14 % | 1.16 % |
Net expenses | 1.01 % | 1.01 % | 1.04 % | 1.11 % | 1.14 % | 1.15 % |
Net investment income | 1.18 % | 1.13 % | 0.23 % | 0.55 % | 0.88 % | 0.90 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 5 % | 9 % | 12 % | 8 % | 11 % |
Net assets, end of period (000s omitted) | $418,501 | $368,845 | $536,456 | $324,637 | $351,829 | $326,131 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $21.39 | $31.89 | $29.01 | $26.50 | $22.18 | $26.08 |
Net investment income (loss) | 0.10 1 | 0.20 1 | (0.05 )1 | 0.05 1 | 0.13 1 | 0.12 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.31 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.39 | (10.60 ) | 2.97 | 2.35 | 4.30 | (3.90 ) |
Total from investment operations | 3.49 | (10.40 ) | 2.92 | 2.71 | 4.43 | (3.78 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.21 ) | (0.10 ) | (0.04 ) | (0.20 ) | (0.11 ) | (0.12 ) |
Net asset value, end of period | $24.67 | $21.39 | $31.89 | $29.01 | $26.50 | $22.18 |
Total return2 | 16.35 % | (32.73 )%3 | 10.09 % | 10.25 %4 | 20.09 % | (14.57 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.54 % | 1.45 % | 1.40 % | 1.46 % | 1.49 % | 1.50 % |
Net expenses | 1.36 % | 1.36 % | 1.38 % | 1.43 % | 1.46 % | 1.46 % |
Net investment income (loss) | 0.83 % | 0.75 % | (0.13 )% | 0.20 % | 0.54 % | 0.48 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 5 % | 9 % | 12 % | 8 % | 11 % |
Net assets, end of period (000s omitted) | $44,344 | $41,117 | $78,118 | $73,888 | $104,869 | $103,740 |
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, 2022, the Fund received payments from a service provider which had a 0.04% impact on the total return. |
4 | 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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $21.05 | $31.42 | $28.57 | $26.38 | $22.10 | $25.99 |
Net investment income | 0.13 1 | 0.27 1 | 0.04 1 | 0.14 | 0.19 | 0.19 |
Net realized and unrealized gains (losses) on investments | 3.33 | (10.45 ) | 2.92 | 2.34 | 4.28 | (3.89 ) |
Total from investment operations | 3.46 | (10.18 ) | 2.96 | 2.48 | 4.47 | (3.70 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.27 ) | (0.19 ) | (0.11 ) | (0.29 ) | (0.19 ) | (0.19 ) |
Net asset value, end of period | $24.24 | $21.05 | $31.42 | $28.57 | $26.38 | $22.10 |
Total return2 | 16.49 % | (32.60 )% | 10.39 % | 9.42 % | 20.40 % | (14.35 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.29 % | 1.21 % | 1.15 % | 1.21 % | 1.25 % | 1.25 % |
Net expenses | 1.11 % | 1.11 % | 1.14 % | 1.18 % | 1.19 % | 1.19 % |
Net investment income | 1.08 % | 1.03 % | 0.12 % | 0.49 % | 0.81 % | 0.75 % |
Supplemental data | ||||||
Portfolio turnover rate | 1 % | 5 % | 9 % | 12 % | 8 % | 11 % |
Net assets, end of period (000s omitted) | $3,322,240 | $2,969,992 | $5,334,340 | $3,984,940 | $3,475,314 | $2,790,071 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,347,591,951 |
Gross unrealized losses | (806,891,666 ) |
Net unrealized gains | $540,700,285 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $182,311,202 | $0 | $0 | $182,311,202 |
Chile | 67,070,778 | 0 | 0 | 67,070,778 |
China | 323,019,164 | 634,306,481 | 0 | 957,325,645 |
Colombia | 12,227,950 | 0 | 0 | 12,227,950 |
Hong Kong | 0 | 210,233,574 | 0 | 210,233,574 |
India | 25,738,890 | 563,034,320 | 0 | 588,773,210 |
Indonesia | 39,671,165 | 91,792,202 | 0 | 131,463,367 |
Luxembourg | 0 | 23,849,692 | 0 | 23,849,692 |
Mexico | 392,646,393 | 0 | 0 | 392,646,393 |
Nigeria | 4,760,992 | 0 | 0 | 4,760,992 |
Peru | 5,270,918 | 0 | 0 | 5,270,918 |
Philippines | 0 | 26,125,118 | 0 | 26,125,118 |
Russia | 0 | 0 | 0 | 0 |
South Africa | 17,681,170 | 98,053,345 | 0 | 115,734,515 |
South Korea | 49,886,257 | 397,690,790 | 0 | 447,577,047 |
Taiwan | 182,471,734 | 298,187,772 | 0 | 480,659,506 |
Thailand | 25,352,524 | 70,181,631 | 0 | 95,534,155 |
United States | 54,380,813 | 895,239 | 0 | 55,276,052 |
Convertible debentures | 0 | 0 | 0 | 0 |
Warrants | ||||
Brazil | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 147,970,359 | 0 | 0 | 147,970,359 |
Total assets | $1,530,460,309 | $2,414,350,164 | $0 | $3,944,810,473 |
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 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$13,471,795 | $0.0803 | 100 % |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SAR0663 04-23
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Allspring Funds
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President
Allspring Funds
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 manager | Alison Shimada, Elaine Tse |
Average annual total returns (%) as of April 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (EQIAX) | 5-31-2012 | -10.95 | -2.13 | 0.41 | -5.50 | -0.96 | 1.01 | 1.70 | 1.55 |
Class C (EQICX) | 5-31-2012 | -7.26 | -1.72 | 0.40 | -6.26 | -1.72 | 0.40 | 2.45 | 2.30 |
Class R (EQIHX)3 | 9-30-2015 | – | – | – | -5.85 | -1.17 | 0.77 | 1.95 | 1.80 |
Class R6 (EQIRX)4 | 9-30-2015 | – | – | – | -5.17 | -0.56 | 1.43 | 1.27 | 1.17 |
Administrator Class (EQIDX) | 5-31-2012 | – | – | – | -5.44 | -0.87 | 1.16 | 1.62 | 1.45 |
Institutional Class (EQIIX) | 5-31-2012 | – | – | – | -5.17 | -0.63 | 1.38 | 1.37 | 1.22 |
MSCI EM Index (Net) (USD)5 | – | – | – | – | -6.51 | -1.05 | 1.80 | – | – |
MSCI EM High Dividend Yield Index (Net) (USD)6 | – | – | – | – | -3.25 | -1.24 | 0.11 | – | – |
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 29, 2024, 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 (Net) (USD), 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, 20231 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 6.95 |
Tencent Holdings Ltd. | 4.12 |
Alibaba Group Holding Ltd. | 3.20 |
Samsung Electronics Co. Ltd. | 2.91 |
Samsung Electronics Co. Ltd. | 2.48 |
China Construction Bank Corp. Class H | 2.03 |
LG Chem Ltd. | 1.88 |
Midea Group Co. Ltd. Class A | 1.83 |
Kia Corp. | 1.63 |
LIC Housing Finance Ltd. | 1.59 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g151397imgc8f2ae574.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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g151397imgbe314ca05.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 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,160.20 | $8.30 | 1.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.11 | $7.75 | 1.55 % |
Class C | ||||
Actual | $1,000.00 | $1,155.40 | $12.29 | 2.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.39 | $11.48 | 2.30 % |
Class R | ||||
Actual | $1,000.00 | $1,157.60 | $9.63 | 1.80 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.87 | $9.00 | 1.80 % |
Class R6 | ||||
Actual | $1,000.00 | $1,163.00 | $6.27 | 1.17 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.99 | $5.86 | 1.17 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,160.70 | $7.77 | 1.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.60 | $7.25 | 1.45 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,161.80 | $6.54 | 1.22 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.75 | $6.11 | 1.22 % |
Shares | Value | |||||
Common stocks: 91.60% | ||||||
Brazil: 4.73% | ||||||
Ambev SA (Consumer staples, Beverages) | 772,500 | $2,193,071 | ||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 763,400 | 1,787,664 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 564,972 | 2,652,802 | ||||
Cia Brasileira de Aluminio (Materials, Metals & mining) | 1,041,183 | 1,102,178 | ||||
Embraer SA ADR (Industrials, Aerospace & defense) † | 160,178 | 2,474,750 | ||||
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 235,187 | 2,231,925 | ||||
Vale SA (Materials, Metals & mining) | 188,200 | 2,731,802 | ||||
15,174,192 | ||||||
Chile: 1.25% | ||||||
Cencosud SA (Consumer staples, Consumer staples distribution & retail) † | 1,434,352 | 2,922,898 | ||||
Sociedad Quimica y Minera de Chile SA ADR (Materials, Chemicals) | 16,223 | 1,094,728 | ||||
4,017,626 | ||||||
China: 28.71% | ||||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) † | 972,600 | 10,283,905 | ||||
Baidu, Inc. Class A (Communication services, Interactive media & services) † | 188,994 | 2,844,719 | ||||
Baoshan Iron & Steel Co. Ltd. Class A (Materials, Metals & mining) † | 2,709,510 | 2,522,635 | ||||
China Communications Services Corp. Ltd. Class H (Industrials, Construction & engineering) † | 4,420,000 | 2,422,003 | ||||
China Construction Bank Corp. Class H (Financials, Banks) † | 9,745,000 | 6,514,786 | ||||
China Feihe Ltd. (Consumer staples, Food products) 144A | 215,000 | 145,187 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets) 144A† | 1,471,200 | 3,091,376 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 715,000 | 3,329,580 | ||||
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | 1,922,000 | 2,389,625 | ||||
China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication services) 144A† | 10,602,000 | 1,353,062 | ||||
China Vanke Co. Ltd. Class H (Real estate, Real estate management & development) † | 1,184,400 | 1,851,565 | ||||
China Yongda Automobiles Services Holdings Ltd. (Consumer discretionary, Specialty retail) † | 2,224,000 | 1,495,662 | ||||
Chow Tai Fook Jewellery Group Ltd. (Consumer discretionary, Specialty retail) | 1,754,800 | 3,524,009 | ||||
Country Garden Services Holdings Co. Ltd. (Real estate, Real estate management & development) † | 1,052,000 | 1,653,271 | ||||
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 224,700 | 3,080,997 | ||||
Ganfeng Lithium Group Co. Ltd. Class H (Materials, Chemicals) 144A† | 346,040 | 2,283,088 | ||||
Hengli Petrochemical Co. Ltd. Class A (Materials, Chemicals) † | 1,248,600 | 2,853,233 | ||||
Industrial & Commercial Bank of China Ltd. Class H (Financials, Banks) † | 4,710,000 | 2,533,999 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) † | 604,378 | 2,580,781 | ||||
JD.com, Inc. Class A (Consumer discretionary, Broadline retail) | 100,600 | 1,795,493 | ||||
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure) 144A† | 29,830 | 509,808 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 716,958 | 5,884,625 | ||||
Ping An Insurance Group Co. of China Ltd. Class H (Financials, Insurance) | 628,000 | 4,581,587 | ||||
Qifu Technology, Inc. ADR (Financials, Consumer finance) | 123,173 | 2,172,772 | ||||
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) † | 728,800 | 2,581,612 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) † | 298,300 | 13,249,326 |
Shares | Value | |||||
China (continued) | ||||||
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) † | 1,026,000 | $1,792,987 | ||||
Zhejiang NHU Co. Ltd. Class A (Health care, Pharmaceuticals) † | 590,821 | 1,457,679 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H (Industrials, Machinery) † | 2,627,400 | 1,434,152 | ||||
92,213,524 | ||||||
Colombia: 0.68% | ||||||
Ecopetrol SA ADR (Energy, Oil, gas & consumable fuels) | 224,858 | 2,185,620 | ||||
Greece: 0.43% | ||||||
National Bank of Greece SA (Financials, Banks) † | 263,972 | 1,381,406 | ||||
Hong Kong: 1.33% | ||||||
ASMPT Ltd. (Information technology, Semiconductors & semiconductor equipment) | 209,000 | 1,643,190 | ||||
CSPC Pharmaceutical Group Ltd. (Health care, Pharmaceuticals) | 2,586,000 | 2,633,314 | ||||
4,276,504 | ||||||
India: 11.12% | ||||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 81,419 | 4,419,094 | ||||
Embassy Office Parks REIT (Real estate, Office REITs) | 845,816 | 3,407,501 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 3,703,164 | 4,867,589 | ||||
Indus Towers Ltd. (Communication services, Diversified telecommunication services) | 925,609 | 1,758,788 | ||||
Infosys Ltd. (Information technology, IT services) | 288,293 | 4,448,118 | ||||
LIC Housing Finance Ltd. (Financials, Financial services) | 1,213,385 | 5,121,505 | ||||
Mahanagar Gas Ltd. (Utilities, Gas utilities) | 404,073 | 4,991,814 | ||||
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 4,673,246 | 2,537,262 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 1,435,210 | 4,173,311 | ||||
35,724,982 | ||||||
Indonesia: 2.47% | ||||||
Bank Mandiri Persero Tbk PT (Financials, Banks) | 8,499,200 | 3,004,465 | ||||
Bank Negara Indonesia Persero Tbk PT (Financials, Banks) | 5,217,864 | 3,362,644 | ||||
Telkom Indonesia Persero Tbk PT (Communication services, Diversified telecommunication services) | 5,419,150 | 1,569,650 | ||||
7,936,759 | ||||||
Italy: 0.82% | ||||||
PRADA SpA (Consumer discretionary, Textiles, apparel & luxury goods) † | 357,900 | 2,635,103 | ||||
Malaysia: 0.86% | ||||||
Petronas Chemicals Group Bhd (Materials, Chemicals) | 811,300 | 1,291,061 | ||||
RHB Bank Bhd (Financials, Banks) | 1,202,251 | 1,478,849 | ||||
2,769,910 | ||||||
Mexico: 2.57% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 79,726 | 1,713,312 | ||||
Grupo Bimbo SAB de CV Class A (Consumer staples, Food products) | 424,613 | 2,278,993 |
Shares | Value | |||||
Mexico (continued) | ||||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 207,600 | $1,799,173 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 610,491 | 2,460,707 | ||||
8,252,185 | ||||||
Panama: 0.53% | ||||||
Copa Holdings SA Class A (Industrials, Passenger airlines) | 19,008 | 1,716,802 | ||||
Peru: 0.66% | ||||||
Credicorp Ltd. (Financials, Banks) | 15,549 | 2,106,578 | ||||
Philippines: 0.58% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 953,783 | 1,855,192 | ||||
Poland: 0.80% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) † | 110,967 | 2,567,452 | ||||
Qatar: 0.42% | ||||||
Industries Qatar QSC (Industrials, Industrial conglomerates) | 380,434 | 1,340,511 | ||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining) ♦†˃ | 1,142,750 | 0 | ||||
Magnit PJSC (Acquired 4-29-2013, cost $1,919,054) (Consumer staples, Consumer staples distribution & retail) ♦†˃ | 27,916 | 0 | ||||
0 | ||||||
Saudi Arabia: 2.25% | ||||||
Al Rajhi Bank (Financials, Banks) | 77,667 | 1,603,043 | ||||
Alinma Bank (Financials, Banks) | 205,498 | 1,749,459 | ||||
Arabian Drilling Co. (Energy, Energy equipment & services) † | 48,839 | 1,924,548 | ||||
Saudi Telecom Co. (Communication services, Diversified telecommunication services) | 160,833 | 1,935,782 | ||||
7,212,832 | ||||||
Singapore: 0.77% | ||||||
BOC Aviation Ltd. (Industrials, Trading companies & distributors) 144A | 310,400 | 2,460,218 | ||||
South Africa: 3.17% | ||||||
Absa Group Ltd. (Financials, Banks) | 159,348 | 1,550,100 | ||||
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 221,096 | 3,028,323 | ||||
Gold Fields Ltd. ADR (Materials, Metals & mining) | 106,306 | 1,654,122 | ||||
Sanlam Ltd. (Financials, Insurance) | 778,475 | 2,401,495 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 166,609 | 1,562,082 | ||||
10,196,122 | ||||||
South Korea: 7.72% | ||||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 75,277 | 2,888,120 | ||||
Hana Financial Group, Inc. (Financials, Banks) | 71,935 | 2,260,459 | ||||
KB Financial Group, Inc. (Financials, Banks) | 57,586 | 2,137,373 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 82,660 | 5,235,128 |
Shares | Value | |||||
South Korea (continued) | ||||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 189,666 | $9,332,342 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 82,107 | 2,925,761 | ||||
24,779,183 | ||||||
Taiwan: 14.23% | ||||||
Advantech Co. Ltd. (Information technology, Technology hardware, storage & peripherals) † | 236,000 | 2,857,463 | ||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance) † | 2,322,000 | 3,216,852 | ||||
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) † | 322,000 | 1,998,879 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) † | 384,000 | 2,392,364 | ||||
Formosa Plastics Corp. (Materials, Chemicals) † | 538,000 | 1,645,804 | ||||
Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, instruments & components) † | 476,704 | 1,624,392 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) † | 132,000 | 2,870,187 | ||||
Poya International Co. Ltd. (Consumer discretionary, Broadline retail) † | 98,000 | 1,834,270 | ||||
Realtek Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) † | 219,000 | 2,568,207 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 1,362,000 | 22,303,558 | ||||
Vanguard International Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) † | 841,000 | 2,383,488 | ||||
45,695,464 | ||||||
Thailand: 2.79% | ||||||
Bangkok Bank PCL (Financials, Banks) | 1,094,300 | 5,041,302 | ||||
Thai Beverage PCL (Consumer staples, Beverages) | 5,134,400 | 2,467,378 | ||||
Tisco Financial Group PCL (Financials, Banks) | 548,300 | 1,450,765 | ||||
8,959,445 | ||||||
United Arab Emirates: 0.82% | ||||||
Aldar Properties PJSC (Real estate, Real estate management & development) | 1,787,586 | 2,636,666 | ||||
United Kingdom: 0.42% | ||||||
Anglo American PLC (Materials, Metals & mining) | 43,958 | 1,354,529 | ||||
United States: 1.47% | ||||||
Southern Copper Corp. (Materials, Metals & mining) | 29,584 | 2,272,939 | ||||
Yum China Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 40,050 | 2,451,000 | ||||
4,723,939 | ||||||
Total common stocks (Cost $266,399,437) | 294,172,744 |
Dividend rate | Shares | Value | ||||
Preferred stocks: 5.14% | ||||||
Brazil: 0.78% | ||||||
Itau Unibanco Holding SA (Financials, Banks) | 0.02 % | 484,200 | $2,516,232 | |||
South Korea: 4.36% | ||||||
LG Chem Ltd. (Materials, Chemicals) | 0.00 | 20,648 | 6,042,416 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 3.61 | 190,556 | 7,966,171 | |||
14,008,587 | ||||||
Total preferred stocks (Cost $16,089,445) | 16,524,819 |
Yield | ||||||
Short-term investments: 2.02% | ||||||
Investment companies: 2.02% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 | 6,473,870 | 6,473,870 | |||
Total short-term investments (Cost $6,473,870) | 6,473,870 | |||||
Total investments in securities (Cost $288,962,752) | 98.76 % | 317,171,433 | ||||
Other assets and liabilities, net | 1.24 | 3,988,068 | ||||
Total net assets | 100.00 % | $321,159,501 |
† | 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 Allspring Funds Management’s valuation procedures, as the Board-designated valuation designee. |
˃ | 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 | $10,320,765 | $58,437,043 | $(62,283,938 ) | $0 | $0 | $6,473,870 | 6,473,870 | $201,026 |
Assets | |
Investments in unaffiliated securities, at value (cost $282,488,882) | $310,697,563 |
Investments in affiliated securities, at value (cost $6,473,870) | 6,473,870 |
Cash | 97 |
Foreign currency, at value (cost $2,672,751) | 2,671,208 |
Receivable for investments sold | 5,292,106 |
Receivable for dividends | 1,256,844 |
Receivable for Fund shares sold | 991,335 |
Prepaid expenses and other assets | 52,622 |
Total assets | 327,435,645 |
Liabilities | |
Payable for investments purchased | 4,786,346 |
Payable for Fund shares redeemed | 1,013,562 |
Management fee payable | 242,960 |
Administration fees payable | 36,806 |
Distribution fees payable | 1,974 |
Trustees’ fees and expenses payable | 158 |
Accrued expenses and other liabilities | 194,338 |
Total liabilities | 6,276,144 |
Total net assets | $321,159,501 |
Net assets consist of | |
Paid-in capital | $345,231,371 |
Total distributable loss | (24,071,870 ) |
Total net assets | $321,159,501 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $70,030,340 |
Shares outstanding–Class A1 | 6,735,867 |
Net asset value per share–Class A | $10.40 |
Maximum offering price per share – Class A2 | $11.03 |
Net assets–Class C | $3,123,349 |
Shares outstanding–Class C1 | 302,003 |
Net asset value per share–Class C | $10.34 |
Net assets–Class R | $151,589 |
Shares outstanding–Class R1 | 14,557 |
Net asset value per share–Class R | $10.41 |
Net assets–Class R6 | $31,125,778 |
Shares outstanding–Class R61 | 2,996,293 |
Net asset value per share–Class R6 | $10.39 |
Net assets–Administrator Class | $2,524,006 |
Shares outstanding–Administrator Class1 | 240,769 |
Net asset value per share–Administrator Class | $10.48 |
Net assets–Institutional Class | $214,204,439 |
Shares outstanding–Institutional Class1 | 20,561,994 |
Net asset value per share–Institutional Class | $10.42 |
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 $568,197) | $4,355,981 |
Income from non-cash dividends | 720,469 |
Income from affiliated securities | 201,026 |
Interest (net of foreign withholding taxes of $3) | 1,710 |
Total investment income | 5,279,186 |
Expenses | |
Management fee | 1,669,248 |
Administration fees | |
Class A | 73,273 |
Class C | 3,510 |
Class R | 149 |
Class R6 | 4,611 |
Administrator Class | 1,159 |
Institutional Class | 137,904 |
Shareholder servicing fees | |
Class A | 87,050 |
Class C | 4,162 |
Class R | 177 |
Administrator Class | 1,913 |
Distribution fees | |
Class C | 12,486 |
Class R | 147 |
Custody and accounting fees | 147,868 |
Professional fees | 33,284 |
Registration fees | 38,799 |
Shareholder report expenses | 13,912 |
Trustees’ fees and expenses | 10,896 |
Other fees and expenses | 43,866 |
Total expenses | 2,284,414 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (145,338 ) |
Class A | (17,446 ) |
Class C | (836 ) |
Class R | (7 ) |
Administrator Class | (267 ) |
Institutional Class | (53,040 ) |
Net expenses | 2,067,480 |
Net investment income | 3,211,706 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | (5,808,491 ) |
Foreign currency and foreign currency translations | (126,551 ) |
Net realized losses on investments | (5,935,042 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $25,237) | $48,799,860 |
Foreign currency and foreign currency translations | (6 ) |
Net change in unrealized gains (losses) on investments | 48,799,854 |
Net realized and unrealized gains (losses) on investments | 42,864,812 |
Net increase in net assets resulting from operations | $46,076,518 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $3,211,706 | $8,976,628 | ||
Net realized losses on investments | (5,935,042 ) | (19,091,790 ) | ||
Net change in unrealized gains (losses) on investments | 48,799,854 | (91,809,626 ) | ||
Net increase (decrease) in net assets resulting from operations | 46,076,518 | (101,924,788 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (514,769 ) | (2,272,980 ) | ||
Class C | (11,261 ) | (105,651 ) | ||
Class R | (915 ) | (3,642 ) | ||
Class R6 | (293,950 ) | (1,156,899 ) | ||
Administrator Class | (13,349 ) | (63,004 ) | ||
Institutional Class | (1,902,278 ) | (7,016,165 ) | ||
Total distributions to shareholders | (2,736,522 ) | (10,618,341 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 248,716 | 2,567,535 | 478,576 | 5,382,246 |
Class C | 2,359 | 23,679 | 17,333 | 182,650 |
Class R | 2,243 | 22,910 | 2,890 | 32,427 |
Class R6 | 130,805 | 1,336,827 | 81,243 | 849,396 |
Administrator Class | 77,972 | 815,087 | 12,000 | 117,480 |
Institutional Class | 3,201,708 | 32,739,154 | 6,508,814 | 72,889,767 |
37,505,192 | 79,453,966 | |||
Reinvestment of distributions | ||||
Class A | 48,161 | 491,049 | 195,730 | 2,176,934 |
Class C | 1,091 | 11,097 | 9,051 | 101,754 |
Class R | 90 | 915 | 323 | 3,590 |
Class R6 | 23,359 | 237,603 | 84,772 | 942,060 |
Administrator Class | 1,287 | 13,222 | 5,280 | 59,134 |
Institutional Class | 176,755 | 1,804,232 | 601,019 | 6,657,509 |
2,558,118 | 9,940,981 | |||
Payment for shares redeemed | ||||
Class A | (553,263 ) | (5,639,712 ) | (1,113,452 ) | (12,636,350 ) |
Class C | (79,646 ) | (796,692 ) | (220,162 ) | (2,489,013 ) |
Class R | (577 ) | (6,014 ) | (2,050 ) | (22,845 ) |
Class R6 | (293,475 ) | (3,065,584 ) | (483,719 ) | (5,843,316 ) |
Administrator Class | (32,368 ) | (326,951 ) | (17,837 ) | (203,790 ) |
Institutional Class | (3,870,362 ) | (39,579,871 ) | (4,499,368 ) | (50,418,552 ) |
(49,414,824 ) | (71,613,866 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (9,351,514 ) | 17,781,081 | ||
Total increase (decrease) in net assets | 33,988,482 | (94,762,048 ) | ||
Net assets | ||||
Beginning of period | 287,171,019 | 381,933,067 | ||
End of period | $321,159,501 | $287,171,019 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.03 | $12.67 | $10.33 | $11.21 | $10.33 | $11.68 |
Net investment income | 0.09 1 | 0.27 1 | 0.24 | 0.20 | 0.24 | 0.27 |
Net realized and unrealized gains (losses) on investments | 1.36 | (3.59 ) | 2.34 | (0.85 ) | 0.86 | (1.36 ) |
Total from investment operations | 1.45 | (3.32 ) | 2.58 | (0.65 ) | 1.10 | (1.09 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.08 ) | (0.32 ) | (0.24 ) | (0.23 ) | (0.22 ) | (0.26 ) |
Net asset value, end of period | $10.40 | $9.03 | $12.67 | $10.33 | $11.21 | $10.33 |
Total return2 | 16.02 % | (26.67 )% | 24.93 % | (5.83 )% | 10.78 % | (9.47 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.69 % | 1.70 % | 1.63 % | 1.65 % | 1.69 % | 1.67 % |
Net expenses | 1.55 % | 1.54 % | 1.54 % | 1.52 % | 1.62 % | 1.62 % |
Net investment income | 1.77 % | 2.34 % | 1.88 % | 2.10 % | 2.12 % | 2.30 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $70,030 | $63,130 | $94,152 | $83,889 | $20,017 | $19,684 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $8.98 | $12.59 | $10.26 | $11.15 | $10.27 | $11.63 |
Net investment income | 0.05 1 | 0.18 1 | 0.11 | 0.11 | 0.15 | 0.18 |
Net realized and unrealized gains (losses) on investments | 1.34 | (3.56 ) | 2.36 | (0.85 ) | 0.87 | (1.35 ) |
Total from investment operations | 1.39 | (3.38 ) | 2.47 | (0.74 ) | 1.02 | (1.17 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.03 ) | (0.23 ) | (0.14 ) | (0.15 ) | (0.14 ) | (0.19 ) |
Net asset value, end of period | $10.34 | $8.98 | $12.59 | $10.26 | $11.15 | $10.27 |
Total return2 | 15.54 % | (27.27 )% | 24.00 % | (6.69 )% | 10.01 % | (10.20 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.44 % | 2.43 % | 2.37 % | 2.40 % | 2.44 % | 2.42 % |
Net expenses | 2.30 % | 2.30 % | 2.30 % | 2.31 % | 2.37 % | 2.37 % |
Net investment income | 0.98 % | 1.55 % | 1.07 % | 1.03 % | 1.30 % | 1.53 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $3,123 | $3,396 | $7,203 | $8,138 | $11,958 | $13,896 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class R | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.05 | $12.70 | $10.36 | $11.22 | $10.34 | $11.71 |
Net investment income | 0.08 1 | 0.24 1 | 0.22 | 0.17 | 0.20 | 0.24 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.35 | (3.59 ) | 2.33 | (0.85 ) | 0.88 | (1.37 ) |
Total from investment operations | 1.43 | (3.35 ) | 2.55 | (0.65 ) | 1.08 | (1.13 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.07 ) | (0.30 ) | (0.21 ) | (0.21 ) | (0.20 ) | (0.24 ) |
Net asset value, end of period | $10.41 | $9.05 | $12.70 | $10.36 | $11.22 | $10.34 |
Total return2 | 15.76 % | (26.86 )% | 24.58 % | (5.82 )%3 | 10.61 % | (9.70 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.90 % | 1.85 % | 1.85 % | 1.84 % | 1.93 % | 1.94 % |
Net expenses | 1.80 % | 1.77 % | 1.80 % | 1.78 % | 1.87 % | 1.87 % |
Net investment income | 1.56 % | 2.08 % | 1.66 % | 1.65 % | 1.97 % | 2.64 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $152 | $116 | $148 | $98 | $95 | $92 |
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 froman affiliate which had a 0.29% impact on the total return. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.02 | $12.67 | $10.33 | $11.23 | $10.34 | $11.69 |
Net investment income | 0.11 1 | 0.31 1 | 0.26 | 0.24 | 0.31 | 0.32 |
Net realized and unrealized gains (losses) on investments | 1.36 | (3.59 ) | 2.37 | (0.87 ) | 0.85 | (1.35 ) |
Total from investment operations | 1.47 | (3.28 ) | 2.63 | (0.63 ) | 1.16 | (1.03 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | (0.37 ) | (0.29 ) | (0.27 ) | (0.27 ) | (0.32 ) |
Net asset value, end of period | $10.39 | $9.02 | $12.67 | $10.33 | $11.23 | $10.34 |
Total return2 | 16.30 % | (26.49 )% | 25.44 % | (5.60 )% | 11.34 % | (9.05 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.26 % | 1.26 % | 1.19 % | 1.22 % | 1.26 % | 1.24 % |
Net expenses | 1.17 % | 1.17 % | 1.15 % | 1.16 % | 1.17 % | 1.17 % |
Net investment income | 2.15 % | 2.72 % | 2.00 % | 2.27 % | 2.81 % | 2.58 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $31,126 | $28,296 | $43,761 | $73,969 | $83,481 | $36,597 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.10 | $12.78 | $10.41 | $11.31 | $10.41 | $11.76 |
Net investment income | 0.10 1 | 0.28 1 | 0.22 1 | 0.20 1 | 0.25 1 | 0.22 1 |
Net realized and unrealized gains (losses) on investments | 1.36 | (3.63 ) | 2.40 | (0.87 ) | 0.89 | (1.29 ) |
Total from investment operations | 1.46 | (3.35 ) | 2.62 | (0.67 ) | 1.14 | (1.07 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.08 ) | (0.33 ) | (0.25 ) | (0.23 ) | (0.24 ) | (0.28 ) |
Net asset value, end of period | $10.48 | $9.10 | $12.78 | $10.41 | $11.31 | $10.41 |
Total return2 | 16.07 % | (26.65 )% | 25.03 % | (5.89 )% | 11.01 % | (9.29 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.58 % | 1.55 % | 1.52 % | 1.56 % | 1.61 % | 1.57 % |
Net expenses | 1.45 % | 1.43 % | 1.45 % | 1.45 % | 1.45 % | 1.45 % |
Net investment income | 1.90 % | 2.44 % | 1.75 % | 1.92 % | 2.24 % | 1.86 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $2,524 | $1,765 | $2,484 | $3,842 | $4,686 | $4,758 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.05 | $12.70 | $10.35 | $11.24 | $10.35 | $11.70 |
Net investment income | 0.11 1 | 0.30 1 | 0.28 | 0.19 1 | 0.28 | 0.32 |
Net realized and unrealized gains (losses) on investments | 1.35 | (3.60 ) | 2.35 | (0.82 ) | 0.87 | (1.36 ) |
Total from investment operations | 1.46 | (3.30 ) | 2.63 | (0.63 ) | 1.15 | (1.04 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.09 ) | (0.35 ) | (0.28 ) | (0.26 ) | (0.26 ) | (0.31 ) |
Net asset value, end of period | $10.42 | $9.05 | $12.70 | $10.35 | $11.24 | $10.35 |
Total return2 | 16.18 % | (26.44 )% | 25.27 % | (5.63 )% | 11.24 % | (9.11 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.36 % | 1.37 % | 1.30 % | 1.33 % | 1.36 % | 1.34 % |
Net expenses | 1.22 % | 1.22 % | 1.22 % | 1.22 % | 1.22 % | 1.22 % |
Net investment income | 2.10 % | 2.68 % | 2.21 % | 1.85 % | 2.54 % | 2.73 % |
Supplemental data | ||||||
Portfolio turnover rate | 37 % | 50 % | 73 % | 92 % | 73 % | 69 % |
Net assets, end of period (000s omitted) | $214,204 | $190,468 | $234,185 | $202,705 | $471,068 | $452,650 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $49,285,359 |
Gross unrealized losses | (21,564,314 ) |
Net unrealized gains | $27,721,045 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $15,174,192 | $0 | $0 | $15,174,192 |
Chile | 4,017,626 | 0 | 0 | 4,017,626 |
China | 2,172,772 | 90,040,752 | 0 | 92,213,524 |
Colombia | 2,185,620 | 0 | 0 | 2,185,620 |
Greece | 0 | 1,381,406 | 0 | 1,381,406 |
Hong Kong | 0 | 4,276,504 | 0 | 4,276,504 |
India | 3,407,501 | 32,317,481 | 0 | 35,724,982 |
Indonesia | 0 | 7,936,759 | 0 | 7,936,759 |
Italy | 0 | 2,635,103 | 0 | 2,635,103 |
Malaysia | 0 | 2,769,910 | 0 | 2,769,910 |
Mexico | 8,252,185 | 0 | 0 | 8,252,185 |
Panama | 1,716,802 | 0 | 0 | 1,716,802 |
Peru | 2,106,578 | 0 | 0 | 2,106,578 |
Philippines | 0 | 1,855,192 | 0 | 1,855,192 |
Poland | 0 | 2,567,452 | 0 | 2,567,452 |
Qatar | 0 | 1,340,511 | 0 | 1,340,511 |
Russia | 0 | 0 | 0 | 0 |
Saudi Arabia | 1,924,548 | 5,288,284 | 0 | 7,212,832 |
Singapore | 0 | 2,460,218 | 0 | 2,460,218 |
South Africa | 7,083,940 | 3,112,182 | 0 | 10,196,122 |
South Korea | 0 | 24,779,183 | 0 | 24,779,183 |
Taiwan | 0 | 45,695,464 | 0 | 45,695,464 |
Thailand | 0 | 8,959,445 | 0 | 8,959,445 |
United Arab Emirates | 0 | 2,636,666 | 0 | 2,636,666 |
United Kingdom | 0 | 1,354,529 | 0 | 1,354,529 |
United States | 2,272,939 | 2,451,000 | 0 | 4,723,939 |
Preferred stocks | ||||
Brazil | 2,516,232 | 0 | 0 | 2,516,232 |
South Korea | 0 | 14,008,587 | 0 | 14,008,587 |
Short-term investments | ||||
Investment companies | 6,473,870 | 0 | 0 | 6,473,870 |
Total assets | $59,304,805 | $257,866,628 | $0 | $317,171,433 |
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 |
$1,519,482 | $0.0478 | 100 % |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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P.O. Box 219967
Kansas City, MO 64121-9967
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SAR3356 04-23
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![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g112783imgedae42c52.jpg)
Allspring Funds
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President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Harindra de Silva, Ph.D., CFA, David Krider, CFA |
Average annual total returns (%) as of April 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | Since 1-6-2014 | 1 year | 5 year | Since 1-6-2014 | Gross | Net2 | |
Class A (AGAQX)3 | 12-12-2014 | -10.65 | -0.70 | 3.94 | -5.16 | 0.48 | 3.94 | 2.34 | 2.25 |
Class C (ASGCX)4 | 12-16-2022 | -6.36 | 0.43 | 3.92 | -5.36 | 0.43 | 3.92 | 3.09 | 3.00 |
Class R6 (AGAWX)5 | 12-12-2014 | – | – | – | -4.72 | 0.88 | 4.31 | 1.91 | 1.82 |
Institutional Class (AGAZX)6 | 12-12-2014 | – | – | – | -4.84 | 0.81 | 4.23 | 2.01 | 1.92 |
MSCI World Index (Net) (USD)7 | – | – | – | – | 3.18 | 8.14 | 7.99 | – | – |
Global Long/Short Equity Blended Index8 | – | – | – | – | 3.56 | 5.18 | 4.71 | – | – |
ICE BofA 3-Month U.S. Treasury Bill Index9 | – | – | – | – | 2.84 | 1.45 | 0.96 | – | – |
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, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.73% for Class A, 2.48% for Class C, 1.30% for Class R6 and 1.40% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), expenses from dividends and interest expense on securities sold short, 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 A shares prior to 12-16-2022, is based on the performance of the Investor Class shares of the Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor Fund”), and for the period prior to 12-12-2014, is based on the performance of a predecessor account, the Analytic Global Long/Short Equity Fund, L.P., a limited partnership that was reorganized into the Predecessor Fund on 12-12-2014 (the “Predecessor Account”). Performance of the Predecessor Account reflects the higher expenses applicable to it and returns would have been higher if adjusted to reflect Predecessor Fund expenses. The Predecessor Account was not registered under the Investment Company Act of 1940 (the “1940 Act”), and was not subject to certain restrictions imposed by the 1940 Act. If the Predecessor Account had been registered under the 1940 Act, performance may have been adversely affected. |
4 | Historical performance for the Class C shares prior to their inception reflects the performance of the Class A shares and is not adjusted to reflect the higher expenses applicable to the Class C shares. If these expenses had been included, returns would be lower. |
5 | Historical performance shown for the Class R6 shares prior to 12-16-2022 is based on the performance of Class Y shares of the Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor Fund”), and for the period prior to 12-12-2014, is based on the performance of a predecessor account, the Analytic Global Long/Short Equity Fund, L.P., a limited partnership that was reorganized into the Predecessor Fund on 12-12-2014 (the “Predecessor Account”). Performance of the Predecessor Account reflects the higher expenses applicable to it and returns would have been higher if adjusted to reflect Predecessor Fund expenses. The Predecessor Account was not registered under the Investment Company Act of 1940 (the “1940 Act”), and was not subject to certain restrictions imposed by the 1940 Act. If the Predecessor Account had been registered under the 1940 Act, performance may have been adversely affected. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
6 | Historical performance shown for the Institutional Class shares prior to 12-16-2022, is based on the performance of Class I shares of the Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor Fund”), and for the period prior to 12-12-2014, is based on the performance of a predecessor account, the Analytic Global Long/Short Equity Fund, L.P., a limited partnership that was reorganized into the Predecessor Fund on 12-12-2014 (the “Predecessor Account”). Performance of the Predecessor Account reflects the higher expenses applicable to it and returns would have been higher if adjusted to reflect Predecessor Fund expenses. The Predecessor Account was not registered under the Investment Company Act of 1940 (the “1940 Act”) and was not subject to certain restrictions imposed by the 1940 Act. If the Predecessor Account had been registered under the 1940 Act, performance may have been adversely affected. |
7 | The Morgan Stanley Capital International (MSCI) World Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed 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. |
8 | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is composed 50% of the MSCI World Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
9 | The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
Ten largest Long Positions holdings (%) as of April 30, 20231 | |
Chubu Electric Power Co., Inc. | 2.83 |
Apple, Inc. | 2.76 |
Kansai Electric Power Co., Inc. | 2.64 |
Conagra Brands, Inc. | 2.29 |
Novo Nordisk AS Class B | 2.25 |
Solvay SA | 2.24 |
Gilead Sciences, Inc. | 2.02 |
AutoZone, Inc. | 2.01 |
Link | 2.00 |
VeriSign, Inc. | 1.87 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Five largest short positions holdings (%) as of April 30, 20231 | |
Delivery Hero SE | (1.34 ) |
Aegon NV | (1.30 ) |
Eisai Co. Ltd. | (1.28 ) |
Micron Technology, Inc. | (1.28 ) |
adidas AG | (1.24 ) |
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 for Long and Short positions as of April 30, 20231 | ||
Long (%) | Short (%) | |
Health care | 16 | (12 ) |
Information technology | 15 | (13 ) |
Industrials | 13 | (22 ) |
Consumer discretionary | 9 | (15 ) |
Consumer staples | 9 | (1 ) |
Financials | 9 | (11 ) |
Energy | 8 | (16 ) |
Utilities | 8 | 0 |
Materials | 6 | (7 ) |
Real estate | 4 | 0 |
Communication services | 3 | (3 ) |
1 | Figures represent the percentage of the Fund’s long and short positions. Allocations are subject to change and may have changed since the date specified. |
Country Allocation for Long and Short positions as of April 30, 20231 | ||
Long (%) | Short (%) | |
United States | 60 | (54 ) |
Japan | 12 | (9 ) |
China & Hong Kong | 4 | 0 |
Canada | 3 | (8 ) |
Denmark | 3 | 0 |
United Kingdom | 3 | (4 ) |
Belgium | 2 | 0 |
France | 2 | 0 |
Spain | 2 | (2 ) |
Switzerland | 2 | 0 |
Australia | 1 | (3 ) |
Germany | 1 | (9 ) |
Ireland | 1 | 0 |
Italy | 1 | 0 |
Norway | 1 | 0 |
Portugal | 1 | 0 |
Sweden | 1 | (3 ) |
Netherlands | 0 | (8 ) |
1 | Figures represent the percentage of the Fund’s long and short positions. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,028.90 | $13.78 | 2.74 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,011.21 | $13.66 | 2.74 % |
Class C | ||||
Actual | $1,000.00 | $1,026.70 | $13.14 | 3.48 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,007.54 | $17.32 | 3.48 % |
Class R6 | ||||
Actual | $1,000.00 | $1,030.30 | $11.63 | 2.31 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.34 | $11.53 | 2.31 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,030.20 | $12.03 | 2.39 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,012.94 | $11.93 | 2.39 % |
Shares | Value | |||||
Long positions: 116.84% Common stocks: 100.53% | ||||||
Australia: 1.10% | ||||||
Pilbara Minerals Ltd. (Materials, Metals & mining) | 1,139,992 | $3,244,657 | ||||
Rio Tinto Ltd. (Materials, Metals & mining) | 42,420 | 3,181,696 | ||||
6,426,353 | ||||||
Belgium: 2.39% | ||||||
Elia Group SA/NV (Utilities, Electric utilities) † | 6,350 | 870,712 | ||||
Solvay SA (Materials, Chemicals) | 109,619 | 13,156,322 | ||||
14,027,034 | ||||||
Canada: 2.93% | ||||||
ARC Resources Ltd. (Energy, Oil, gas & consumable fuels) | 644,500 | 8,006,004 | ||||
Brookfield Renewable Corp. Class A (Utilities, Independent power and renewable electricity producers) | 100,800 | 3,368,060 | ||||
Constellation Software, Inc. (Information technology, Software) | 1,300 | 2,544,463 | ||||
Fairfax Financial Holdings Ltd. (Financials, Insurance) | 4,600 | 3,214,585 | ||||
Ritchie Bros Auctioneers, Inc. (Industrials, Commercial services & supplies) | 1,400 | 80,103 | ||||
17,213,215 | ||||||
Denmark: 2.94% | ||||||
AP Moller - Maersk AS Class A (Industrials, Marine transportation) | 2,268 | 4,053,353 | ||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 79,541 | 13,231,991 | ||||
17,285,344 | ||||||
Finland: 0.23% | ||||||
Kesko Oyj Class B (Consumer staples, Consumer staples distribution & retail) | 64,448 | 1,343,602 | ||||
France: 2.26% | ||||||
Bollore SE (Communication services, Entertainment) | 548,468 | 3,705,101 | ||||
Sartorius Stedim Biotech (Health care, Life sciences tools & services) | 35,673 | 9,556,749 | ||||
13,261,850 | ||||||
Germany: 0.41% | ||||||
Deutsche Lufthansa AG (Industrials, Passenger airlines) † | 223,504 | 2,402,651 | ||||
Hong Kong: 3.64% | ||||||
Link (Real estate, Retail REITs) | 1,792,500 | 11,724,539 | ||||
Swire Pacific Ltd. Class A (Real estate, Real estate management & development) | 351,500 | 2,790,251 | ||||
WH Group Ltd. (Consumer staples, Food products) 144A | 12,281,500 | 6,837,583 | ||||
21,352,373 | ||||||
Ireland: 0.92% | ||||||
Accenture PLC Class A (Information technology, IT services) # | 19,236 | 5,391,658 | ||||
Italy: 1.26% | ||||||
Saras SpA (Energy, Oil, gas & consumable fuels) † | 1,489,428 | 1,925,669 | ||||
UniCredit SpA (Financials, Banks) | 276,296 | 5,474,938 | ||||
7,400,607 |
Shares | Value | |||||
Japan: 11.78% | ||||||
BayCurrent Consulting, Inc. (Industrials, Professional services) | 219,600 | $7,633,293 | ||||
Chubu Electric Power Co., Inc. (Utilities, Electric utilities) | 1,491,300 | 16,631,508 | ||||
Kansai Electric Power Co., Inc. (Utilities, Electric utilities) | 1,438,300 | 15,526,026 | ||||
Mazda Motor Corp. (Consumer discretionary, Automobiles) | 1,061,100 | 9,602,407 | ||||
Mitsubishi Heavy Industries Ltd. (Industrials, Machinery) | 183,000 | 6,939,402 | ||||
Nippon Shinyaku Co. Ltd. (Health care, Pharmaceuticals) | 76,100 | 3,479,953 | ||||
Otsuka Holdings Co. Ltd. (Health care, Pharmaceuticals) | 76,700 | 2,609,392 | ||||
Taisei Corp. (Industrials, Construction & engineering) | 42,700 | 1,452,265 | ||||
Tokyo Gas Co. Ltd. (Utilities, Gas utilities) | 63,800 | 1,306,817 | ||||
Tosoh Corp. (Materials, Chemicals) | 47,600 | 635,950 | ||||
ZOZO, Inc. (Consumer discretionary, Specialty retail) | 160,300 | 3,373,409 | ||||
69,190,422 | ||||||
Netherlands: 0.44% | ||||||
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | 4,044 | 2,566,372 | ||||
Norway: 0.60% | ||||||
Mowi ASA (Consumer staples, Food products) | 185,817 | 3,545,255 | ||||
Portugal: 0.86% | ||||||
Jeronimo Martins SGPS SA (Consumer staples, Consumer staples distribution & retail) † | 199,917 | 5,044,948 | ||||
Singapore: 0.18% | ||||||
Genting Singapore Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 1,230,500 | 1,046,817 | ||||
Spain: 1.63% | ||||||
ACS Actividades de Construccion y Servicios SA (Industrials, Construction & engineering) | 171,408 | 5,893,416 | ||||
Naturgy Energy Group SA (Utilities, Gas utilities) | 118,327 | 3,684,264 | ||||
9,577,680 | ||||||
Sweden: 0.90% | ||||||
Industrivarden AB Class C (Financials, Financial services) | 185,702 | 5,303,005 | ||||
Switzerland: 2.36% | ||||||
EMS-Chemie Holding AG (Materials, Chemicals) † | 3,913 | 3,213,752 | ||||
Partners Group Holding AG (Financials, Capital markets) | 7,869 | 7,638,696 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 8,946 | 3,027,340 | ||||
13,879,788 | ||||||
United Kingdom: 3.03% | ||||||
CK Hutchison Holdings Ltd. (Industrials, Industrial conglomerates) | 442,000 | 2,954,959 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) # | 129,868 | 8,372,590 | ||||
Hargreaves Lansdown PLC (Financials, Capital markets) | 302,355 | 3,061,117 | ||||
TORM PLC Class A (Energy, Oil, gas & consumable fuels) | 108,017 | 3,380,881 | ||||
17,769,547 |
Shares | Value | |||||
United States: 60.67% | ||||||
AbbVie, Inc. (Health care, Biotechnology) # | 8,270 | $1,249,762 | ||||
Adobe, Inc. (Information technology, Software) †# | 27,212 | 10,274,163 | ||||
Albemarle Corp. (Materials, Chemicals) # | 28,889 | 5,357,754 | ||||
Alphabet, Inc. Class A (Communication services, Interactive media & services) †# | 43,582 | 4,678,092 | ||||
Alphabet, Inc. Class C (Communication services, Interactive media & services) †# | 27,595 | 2,986,331 | ||||
American International Group, Inc. (Financials, Insurance) # | 20,233 | 1,073,158 | ||||
Apple, Inc. (Information technology, Technology hardware, storage & peripherals) # | 95,408 | 16,188,829 | ||||
Arcturus Therapeutics Holdings, Inc. (Health care, Biotechnology) †# | 28,915 | 769,717 | ||||
Arhaus, Inc. (Consumer discretionary, Specialty retail) †# | 146,624 | 1,175,924 | ||||
AutoZone, Inc. (Consumer discretionary, Specialty retail) †# | 4,438 | 11,819,770 | ||||
Axcelis Technologies, Inc. (Information technology, Semiconductors & semiconductor equipment) †# | 12,784 | 1,512,347 | ||||
Axon Enterprise, Inc. (Industrials, Aerospace & defense) †# | 8,723 | 1,838,023 | ||||
Bandwidth, Inc. Class A (Communication services, Diversified telecommunication services) †# | 120,958 | 1,472,059 | ||||
Booking Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure) †# | 1,840 | 4,942,810 | ||||
Bristol-Myers Squibb Co. (Health care, Pharmaceuticals) # | 1,804 | 120,453 | ||||
Broadcom, Inc. (Information technology, Semiconductors & semiconductor equipment) # | 2,303 | 1,442,830 | ||||
Cal-Maine Foods, Inc. (Consumer staples, Food products) # | 76,657 | 3,641,208 | ||||
Catalyst Pharmaceuticals, Inc. (Health care, Biotechnology) †# | 163,012 | 2,595,151 | ||||
Caterpillar, Inc. (Industrials, Machinery) # | 21,710 | 4,750,148 | ||||
Centene Corp. (Health care, Health care providers & services) †# | 27,677 | 1,907,776 | ||||
Cigna Group (Health care, Health care providers & services) # | 30,393 | 7,698,243 | ||||
Clearway Energy, Inc. Class A (Utilities, Independent power and renewable electricity producers) # | 83,722 | 2,426,264 | ||||
Clorox Co. (Consumer staples, Household products) # | 14,647 | 2,425,836 | ||||
Conagra Brands, Inc. (Consumer staples, Food products) # | 354,328 | 13,450,291 | ||||
Consolidated Edison, Inc. (Utilities, Multi-utilities) # | 18,291 | 1,801,115 | ||||
CVS Health Corp. (Health care, Health care providers & services) # | 37,247 | 2,730,578 | ||||
Domino’s Pizza, Inc. (Consumer discretionary, Hotels, restaurants & leisure) # | 9,670 | 3,069,935 | ||||
Dropbox, Inc. Class A (Information technology, Software) †# | 292,554 | 5,950,548 | ||||
Eagle Pharmaceuticals, Inc. (Health care, Biotechnology) †# | 89,563 | 2,514,929 | ||||
Encore Wire Corp. (Industrials, Electrical equipment) # | 7,881 | 1,232,037 | ||||
Fair Isaac Corp. (Information technology, Software) †# | 871 | 634,044 | ||||
First Solar, Inc. (Information technology, Semiconductors & semiconductor equipment) †# | 39,263 | 7,168,639 | ||||
Gilead Sciences, Inc. (Health care, Biotechnology) # | 143,990 | 11,837,418 | ||||
Halozyme Therapeutics, Inc. (Health care, Biotechnology) †# | 44,983 | 1,445,304 | ||||
Harmony Biosciences Holdings, Inc. (Health care, Pharmaceuticals) †# | 164,336 | 5,298,193 | ||||
Hartford Financial Services Group, Inc. (Financials, Insurance) # | 18,718 | 1,328,791 | ||||
HF Sinclair Corp. (Energy, Oil, gas & consumable fuels) # | 158,382 | 6,986,230 | ||||
Holley, Inc. (Consumer discretionary, Automobile components) †# | 317,085 | 764,175 | ||||
Hubbell, Inc. (Industrials, Electrical equipment) # | 14,776 | 3,979,472 | ||||
IDEXX Laboratories, Inc. (Health care, Health care equipment & supplies) †# | 6,432 | 3,165,573 | ||||
Incyte Corp. (Health care, Biotechnology) †# | 46,867 | 3,487,373 | ||||
Kimberly-Clark Corp. (Consumer staples, Household products) # | 55,989 | 8,112,246 | ||||
Kiniksa Pharmaceuticals Ltd. Class A (Health care, Biotechnology) †# | 175,890 | 1,890,818 |
Shares | Value | |||||
United States (continued) | ||||||
Lattice Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) †# | 13,736 | $1,094,759 | ||||
Lennox International, Inc. (Industrials, Building products) | 20,338 | 5,733,486 | ||||
Lockheed Martin Corp. (Industrials, Aerospace & defense) # | 15,370 | 7,138,596 | ||||
Lululemon Athletica, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) †# | 21,031 | 7,990,308 | ||||
Marathon Petroleum Corp. (Energy, Oil, gas & consumable fuels) # | 53,747 | 6,557,134 | ||||
Mastercard, Inc. Class A (Financials, Financial services) # | 28,259 | 10,739,268 | ||||
MercadoLibre, Inc. (Consumer discretionary, Broadline retail) †# | 2,168 | 2,769,598 | ||||
MetLife, Inc. (Financials, Insurance) # | 123,981 | 7,603,755 | ||||
Microchip Technology, Inc. (Information technology, Semiconductors & semiconductor equipment) # | 56,521 | 4,125,468 | ||||
Microsoft Corp. (Information technology, Software) # | 15,488 | 4,758,843 | ||||
NetApp, Inc. (Information technology, Technology hardware, storage & peripherals) # | 98,513 | 6,195,483 | ||||
Netflix, Inc. (Communication services, Entertainment) †# | 9,431 | 3,111,570 | ||||
NRG Energy, Inc. (Utilities, Electric utilities) # | 2,032 | 69,433 | ||||
NVIDIA Corp. (Information technology, Semiconductors & semiconductor equipment) # | 25,206 | 6,994,413 | ||||
NVR, Inc. (Consumer discretionary, Household durables) † | 1,067 | 6,231,280 | ||||
PACCAR, Inc. (Industrials, Machinery) # | 117,022 | 8,740,373 | ||||
Packaging Corp. of America (Materials, Containers & packaging) | 2,026 | 274,037 | ||||
Perdoceo Education Corp. (Consumer discretionary, Diversified consumer services) †# | 8,186 | 106,254 | ||||
Phillips 66 (Energy, Oil, gas & consumable fuels) # | 90,769 | 8,986,131 | ||||
Prudential Financial, Inc. (Financials, Insurance) # | 106,226 | 9,241,662 | ||||
Public Storage (Real estate, Specialized REITs) # | 36,566 | 10,780,754 | ||||
Rollins, Inc. (Industrials, Commercial services & supplies) # | 150,705 | 6,367,286 | ||||
SIGA Technologies, Inc. (Health care, Pharmaceuticals) # | 158,975 | 926,824 | ||||
Steel Dynamics, Inc. (Materials, Metals & mining) # | 48,157 | 5,005,920 | ||||
Stryker Corp. (Health care, Health care equipment & supplies) # | 476 | 142,633 | ||||
Texas Pacific Land Corp. (Energy, Oil, gas & consumable fuels) # | 1,769 | 2,613,963 | ||||
Titan Machinery, Inc. (Industrials, Trading companies & distributors) †# | 50,072 | 1,569,757 | ||||
United Parcel Service, Inc. Class B (Industrials, Air freight & logistics) # | 7,732 | 1,390,291 | ||||
United Therapeutics Corp. (Health care, Biotechnology) †# | 20,401 | 4,694,882 | ||||
Valero Energy Corp. (Energy, Oil, gas & consumable fuels) # | 62,602 | 7,178,571 | ||||
VeriSign, Inc. (Information technology, IT services) # | 49,636 | 11,009,265 | ||||
Vertex Pharmaceuticals, Inc. (Health care, Biotechnology) †# | 21,403 | 7,292,644 | ||||
Vir Biotechnology, Inc. (Health care, Biotechnology) †# | 23,998 | 603,550 | ||||
Visa, Inc. Class A (Financials, Financial services) # | 4,473 | 1,041,001 | ||||
Wabash National Corp. (Industrials, Machinery) # | 154,272 | 3,960,162 | ||||
Walgreens Boots Alliance, Inc. (Consumer staples, Consumer staples distribution & retail) # | 41,520 | 1,463,580 | ||||
Zymeworks, Inc. (Health care, Biotechnology) †# | 307,115 | 2,579,766 | ||||
356,277,057 | ||||||
Total common stocks (Cost $582,806,134) | 590,305,578 |
Dividend rate | Shares | Value | ||||
Preferred stocks: 0.23% | ||||||
Germany: 0.23% | ||||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 6.03 % | 13,129 | $1,395,544 | |||
Total preferred stocks (Cost $907,244) | 1,395,544 |
Yield | ||||||
Short-term investments: 16.08% | ||||||
Investment companies: 16.08% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 | 94,410,299 | 94,410,299 | |||
Total short-term investments (Cost $94,410,299) | 94,410,299 | |||||
Total investments in securities (Cost $678,123,677) | 116.84 % | 686,111,421 |
Securities sold short: (29.69)% | ||||||
Common stocks: (29.69)% | ||||||
Australia: (0.87)% | ||||||
BrainChip Holdings Ltd. (Information technology, Software) † | (8,257,297 ) | (2,235,257 ) | ||||
Leo Lithium Ltd. (Materials, Metals & mining) † | (1,021,962 ) | (358,929 ) | ||||
Worley Ltd. (Industrials, Construction & engineering) | (252,836 ) | (2,540,361 ) | ||||
(5,134,547 ) | ||||||
Canada: (2.43)% | ||||||
Cameco Corp. (Energy, Oil, gas & consumable fuels) | (212,900 ) | (5,853,434 ) | ||||
Denison Mines Corp. (Energy, Oil, gas & consumable fuels) † | (799,100 ) | (878,812 ) | ||||
Energy Fuels, Inc. (Energy, Oil, gas & consumable fuels) † | (375,400 ) | (2,133,506 ) | ||||
Filo Mining Corp. (Materials, Metals & mining) † | (109,600 ) | (1,823,364 ) | ||||
NexGen Energy Ltd. (Energy, Oil, gas & consumable fuels) † | (915,600 ) | (3,561,436 ) | ||||
(14,250,552 ) | ||||||
Denmark: (0.09)% | ||||||
Vestas Wind Systems AS (Industrials, Electrical equipment) † | (18,087 ) | (500,478 ) | ||||
Germany: (2.58)% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | (41,419 ) | (7,294,135 ) | ||||
Delivery Hero SE (Consumer discretionary, Hotels, restaurants & leisure) 144A† | (196,108 ) | (7,838,670 ) | ||||
(15,132,805 ) | ||||||
Japan: (2.62)% | ||||||
Eisai Co. Ltd. (Health care, Pharmaceuticals) | (130,200 ) | (7,512,970 ) | ||||
Euglena Co. Ltd. (Consumer staples, Personal care products) † | (104,700 ) | (685,771 ) | ||||
JSR Corp. (Materials, Chemicals) | (123,100 ) | (2,856,343 ) | ||||
Kagome Co. Ltd. (Consumer staples, Food products) | (45,900 ) | (1,114,859 ) | ||||
Makita Corp. (Industrials, Machinery) | (114,500 ) | (3,230,124 ) | ||||
(15,400,067 ) |
Shares | Value | |||||
Luxembourg: (0.02)% | ||||||
Aroundtown SA (Real estate, Real estate management & development) † | (99,712 ) | $(135,847 ) | ||||
Netherlands: (2.39)% | ||||||
Aegon NV (Financials, Insurance) | (1,669,818 ) | (7,618,921 ) | ||||
Airbus SE (Industrials, Aerospace & defense) | (19,701 ) | (2,758,823 ) | ||||
Argenx SE (Health care, Biotechnology) † | (9,475 ) | (3,654,963 ) | ||||
(14,032,707 ) | ||||||
Norway: (0.01)% | ||||||
REC Silicon ASA (Information technology, Semiconductors & semiconductor equipment) † | (20,025 ) | (30,120 ) | ||||
Panama: (0.14)% | ||||||
Carnival Corp. (Consumer discretionary, Hotels, restaurants & leisure) † | (88,441 ) | (814,541 ) | ||||
Spain: (0.56)% | ||||||
Ferrovial SA (Industrials, Construction & engineering) | (105,360 ) | (3,303,395 ) | ||||
Sweden: (0.76)% | ||||||
Electrolux AB Class B (Consumer discretionary, Household durables) † | (51,712 ) | (780,080 ) | ||||
Investment AB Latour Class B (Industrials, Industrial conglomerates) | (59,425 ) | (1,286,652 ) | ||||
Kinnevik AB Class B (Financials, Financial services) † | (42,420 ) | (696,874 ) | ||||
PowerCell Sweden AB (Industrials, Electrical equipment) † | (197,419 ) | (1,675,777 ) | ||||
(4,439,383 ) | ||||||
Switzerland: (0.10)% | ||||||
IWG PLC (Real estate, Real estate management & development) † | (286,630 ) | (612,161 ) | ||||
United Kingdom: (1.17)% | ||||||
Capricorn Energy PLC (Energy, Oil, gas & consumable fuels) † | (644,068 ) | (1,775,895 ) | ||||
Hikma Pharmaceuticals PLC (Health care, Pharmaceuticals) | (11,586 ) | (268,341 ) | ||||
ITM Power PLC (Industrials, Electrical equipment) † | (368,489 ) | (362,647 ) | ||||
Petrofac Ltd. (Energy, Energy equipment & services) † | (456,213 ) | (409,656 ) | ||||
Prudential PLC (Financials, Insurance) | (264,888 ) | (4,053,060 ) | ||||
(6,869,599 ) | ||||||
United States: (15.95)% | ||||||
Alcoa Corp. (Materials, Metals & mining) | (178,947 ) | (6,646,092 ) | ||||
Alnylam Pharmaceuticals, Inc. (Health care, Biotechnology) † | (28,925 ) | (5,761,860 ) | ||||
Boeing Co. (Industrials, Aerospace & defense) † | (34,955 ) | (7,227,995 ) | ||||
Cassava Sciences, Inc. (Health care, Pharmaceuticals) † | (35,472 ) | (823,660 ) | ||||
Clean Energy Fuels Corp. (Energy, Oil, gas & consumable fuels) † | (150,977 ) | (644,672 ) | ||||
DoorDash, Inc. Class A (Consumer discretionary, Hotels, restaurants & leisure) † | (8,331 ) | (509,774 ) | ||||
Entegris, Inc. (Information technology, Semiconductors & semiconductor equipment) | (26,306 ) | (1,970,845 ) | ||||
Gevo, Inc. (Energy, Oil, gas & consumable fuels) † | (2,529,555 ) | (2,934,284 ) | ||||
Joby Aviation, Inc. (Industrials, Passenger airlines) † | (656,605 ) | (2,843,100 ) | ||||
Kinetik Holdings, Inc. (Energy, Oil, gas & consumable fuels) | (30,618 ) | (943,034 ) | ||||
Light & Wonder, Inc. (Consumer discretionary, Hotels, restaurants & leisure) † | (20,051 ) | (1,208,875 ) | ||||
Lucid Group, Inc. (Consumer discretionary, Automobiles) † | (607,687 ) | (4,825,035 ) |
Shares | Value | |||||
United States (continued) | ||||||
Micron Technology, Inc. (Information technology, Semiconductors & semiconductor equipment) | (116,439 ) | $(7,494,014 ) | ||||
NextDecade Corp. (Energy, Oil, gas & consumable fuels) † | (364,761 ) | (2,272,461 ) | ||||
Novocure Ltd. (Health care, Health care equipment & supplies) † | (44,243 ) | (2,915,614 ) | ||||
NuScale Power Corp. (Industrials, Electrical equipment) † | (123,388 ) | (1,094,451 ) | ||||
Occidental Petroleum Corp. (Energy, Oil, gas & consumable fuels) | (69,730 ) | (4,290,487 ) | ||||
Overstock.com, Inc. (Consumer discretionary, Specialty retail) † | (56,663 ) | (1,153,659 ) | ||||
Plug Power Inc. (Industrials, Electrical equipment) † | (606,151 ) | (5,473,543 ) | ||||
Rivian Automotive, Inc. Class A (Consumer discretionary, Automobiles) † | (96,479 ) | (1,236,861 ) | ||||
Roblox Corp. Class A (Communication services, Entertainment) † | (25,346 ) | (902,318 ) | ||||
Snap, Inc. Class A (Communication services, Interactive media & services) † | (448,441 ) | (3,905,921 ) | ||||
Stanley Black & Decker, Inc. (Industrials, Machinery) | (69,425 ) | (5,994,154 ) | ||||
Tellurian, Inc. (Energy, Oil, gas & consumable fuels) † | (1,550,007 ) | (2,201,010 ) | ||||
Toast, Inc. Class A (Financials, Financial services) † | (380,846 ) | (6,931,397 ) | ||||
Western Digital Corp. (Information technology, Technology hardware, storage & peripherals) † | (182,662 ) | (6,290,879 ) | ||||
Wolfspeed, Inc. (Information technology, Semiconductors & semiconductor equipment) † | (111,520 ) | (5,191,256 ) | ||||
(93,687,251 ) | ||||||
Total securities sold short (Proceeds $(189,475,715)) | (29.69 )% | (174,343,453 ) | ||||
Other assets and liabilities, net | 12.85 | 75,429,510 | ||||
Total net assets | 100.00 % | $587,197,478 |
† | 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 segregated as collateral for securities sold short. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $0 | $304,721,030 | $(210,310,731 ) | $0 | $0 | $94,410,299 | 94,410,299 | $1,388,367 |
Assets | |
Investments in unaffiliated securities, at value (cost $583,713,378) | $591,701,122 |
Investments in affiliated securities, at value (cost $94,410,299) | 94,410,299 |
Cash deposited with brokers for securities sold short | 72,728,076 |
Foreign currency, at value (cost $547,878) | 546,913 |
Receivable for dividends | 3,037,282 |
Receivable for Fund shares sold | 825,017 |
Prepaid expenses and other assets | 407,249 |
Total assets | 763,655,958 |
Liabilities | |
Payable for securities sold short, at value (proceeds $189,475,715) | 174,343,453 |
Payable for dividends and interest expense on securities sold short | 618,542 |
Management fee payable | 574,428 |
Payable for Fund shares redeemed | 446,609 |
Payable for investments purchased | 214,859 |
Administration fees payable | 52,925 |
Distribution fees payable | 197 |
Accrued expenses and other liabilities | 207,467 |
Total liabilities | 176,458,480 |
Total net assets | $587,197,478 |
Net assets consist of | |
Paid-in capital | $585,324,683 |
Total distributable earnings | 1,872,795 |
Total net assets | $587,197,478 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $4,812,502 |
Shares outstanding–Class A1 | 428,066 |
Net asset value per share–Class A | $11.24 |
Maximum offering price per share – Class A2 | $11.93 |
Net assets–Class C | $24,591 |
Shares outstanding–Class C1 | 2,205 |
Net asset value per share–Class C | $11.15 |
Net assets–Class R6 | $490,647,651 |
Shares outstanding–Class R61 | 42,983,154 |
Net asset value per share–Class R6 | $11.41 |
Net assets–Institutional Class | $91,712,734 |
Shares outstanding–Institutional Class1 | 8,064,117 |
Net asset value per share–Institutional Class | $11.37 |
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 $605,526) | $9,109,306 |
Interest and rebate income | 1,961,893 |
Income from affiliated securities | 1,388,367 |
Total investment income | 12,459,566 |
Expenses | |
Management fee | 3,793,524 |
Administration fees | |
Class A1 | 5,267 |
Class C2 | 20 |
Class R61 | 149,040 |
Institutional Class1 | 73,643 |
Shareholder servicing fees | |
Class A1 | 5,840 |
Class C2 | 22 |
Institutional Class1 | 3,122 |
Distribution fees | |
Class A1 | 1,999 |
Class C2 | 63 |
Custody and accounting fees | 143,833 |
Professional fees | 23,097 |
Registration fees | 73,971 |
Shareholder report expenses | 41,453 |
Trustees’ fees and expenses | 9,231 |
Transfer agent fees | 37,618 |
Interest expense | 2,062,394 |
Dividends on securities sold short | 940,283 |
Other fees and expenses | 8,972 |
Total expenses | 7,373,392 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (67,123 ) |
Class A | (4,488 ) |
Class R6 | (149,040 ) |
Institutional Class | (76,765 ) |
Net expenses | 7,075,976 |
Net investment income | 5,383,590 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 22,014,188 |
Securities sold short | (7,152,423 ) |
Foreign currency and foreign currency translations | 24,350 |
Net realized gains on investments | 14,886,115 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | $3,651,270 |
Securities sold short | (4,716,905 ) |
Foreign currency and foreign currency translations | 131,352 |
Net change in unrealized gains (losses) on investments | (934,283 ) |
Net realized and unrealized gains (losses) on investments | 13,951,832 |
Net increase in net assets resulting from operations | $19,335,422 |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for Class A, Class R6 and Institutional Class for the period prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Investor Class, Class Y and Class I shares, respectively. |
2 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $5,383,590 | $3,460,763 | ||
Net realized gains (losses) on investments | 14,886,115 | (33,586,810 ) | ||
Net change in unrealized gains (losses) on investments | (934,283 ) | (10,528,369 ) | ||
Net increase (decrease) in net assets resulting from operations | 19,335,422 | (40,654,416 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A1 | (19,120 ) | (287,566 ) | ||
Class C | (230 )2 | N/A | ||
Class R61 | (4,744,297 ) | (14,471,575 ) | ||
Institutional Class1 | (1,036,937 ) | (5,038,971 ) | ||
Total distributions to shareholders | (5,800,584 ) | (19,798,112 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A1 | 24,570 | 253,269 | 163,649 | 1,957,245 |
Class C | 2,185 2 | 25,000 2 | N/A | N/A |
Class R61 | 4,815,916 | 55,341,272 | 9,973,003 | 119,323,519 |
Institutional Class1 | 466,862 | 5,185,971 | 2,369,137 | 28,631,876 |
60,805,512 | 149,912,640 | |||
Reinvestment of distributions | ||||
Class A1 | 1,632 | 18,691 | 23,303 | 277,776 |
Class C | 20 2 | 230 2 | N/A | N/A |
Class R61 | 266,669 | 3,096,026 | 911,517 | 11,038,477 |
Institutional Class1 | 78,752 | 911,156 | 370,922 | 4,477,032 |
4,026,103 | 15,793,285 | |||
Payment for shares redeemed | ||||
Class A | (150,900 ) | (1,710,267 ) | (429,427 ) | (5,053,601 ) |
Class R6 | (5,312,712 ) | (61,052,164 ) | (8,859,879 ) | (105,371,457 ) |
Institutional Class | (3,559,871 ) | (40,720,431 ) | (5,638,698 ) | (66,994,687 ) |
(103,482,862 ) | (177,419,745 ) | |||
Net decrease in net assets resulting from capital share transactions | (38,651,247 ) | (11,713,820 ) | ||
Total decrease in net assets | (25,116,409 ) | (72,166,348 ) | ||
Net assets | ||||
Beginning of period | 612,313,887 | 684,480,235 | ||
End of period | $587,197,478 | $612,313,887 |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for Class A, Class R6 and Institutional Class for the periods prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Investor Class, Class Y and Class I shares, respectively. |
2 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023. |
Cash flows from operating activities | |
Net increase in net assets resulting from operations | $19,335,422 |
Adjustments to reconcile net decrease in net assets from operations to net cash provided by operating activities | |
Purchases of long-term securities | (1,483,023,165 ) |
Proceeds from the sales of long-term securities | 1,536,997,435 |
Proceeds from securities sold short | 422,916,518 |
Purchases to cover short securities | (439,720,794 ) |
Purchases and sales of short-term securities, net | (15,275,253 ) |
Decrease in cash deposited with brokers for securities sold short | 17,370,504 |
Increase in receivable for dividends | (242,525 ) |
Increase in prepaid expenses and other assets | (373,911 ) |
Increase in payable for investments purchased | 214,859 |
Decrease in trustees’ fees and expenses payable | (1,298 ) |
Decrease in management fee payable | (35,254 ) |
Increase in administration fees payable | 14,214 |
Decrease in distribution fees payable | (1,267 ) |
Decrease in custody and accounting fees payable | (63,144 ) |
Increase in payable for dividends and interest expense on securities sold short | 523,016 |
Increase in accrued expenses and other liabilities | 109,004 |
Proceeds from foreign currency transactions | 155,702 |
Net realized gains on unaffiliated securities | (22,014,188 ) |
Net realized losses on securities sold short | 7,152,423 |
Net realized gains on foreign currency and foreign currency translations | (24,350 ) |
Net change in unrealized gains (losses) on unaffiliated securities | (3,651,270 ) |
Net change in unrealized gains (losses) on securities sold short | 4,716,905 |
Net change in unrealized gain (losses) on foreign currency and foreign currency translations | (131,352 ) |
Net cash provided by operating activities | 44,948,231 |
Cash flows from financing activities | |
Proceeds from shares sold | 60,272,221 |
Cost of shares repurchased | (103,513,577 ) |
Cash distributions paid | (1,774,481 ) |
Net cash used in financing activities | (45,015,837 ) |
Net decrease in cash | (67,606 ) |
Cash (including foreign currency) | |
Beginning of period | 614,519 |
End of period | $546,913 |
Supplemental cash disclosure | |
Cash paid for dividends and interest expense on securities sold short | $2,479,661 |
Supplemental non-cash financing disclosure | |
Reinvestment of dividends | $4,026,103 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited)1 | Year ended October 31 | |||||
Class A | 20221 | 20211 | 20201 | 20191 | 20181 | |
Net asset value, beginning of period | $10.96 | $12.06 | $11.21 | $10.98 | $11.32 | $12.15 |
Net investment income (loss) | 0.07 2 | 0.02 2 | (0.11 )2 | (0.09 )2 | 0.01 2 | (0.05 )2 |
Net realized and unrealized gains (losses) on investments | 0.25 | (0.75 ) | 0.96 | 0.32 | (0.02 ) | 0.00 |
Total from investment operations | 0.32 | (0.73 ) | 0.85 | 0.23 | (0.01 ) | (0.05 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.04 ) | 0.00 | 0.00 | 0.00 | 0.00 | (0.02 ) |
Net realized gains | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) | (0.76 ) |
Total distributions to shareholders | (0.04 ) | (0.37 ) | 0.00 | 0.00 | (0.33 ) | (0.78 ) |
Net asset value, end of period | $11.24 | $10.96 | $12.06 | $11.21 | $10.98 | $11.32 |
Total return3 | 2.89 % | (6.32 )% | 7.58 % | 2.09 % | 0.06 % | (0.55 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.83 % | 2.34 % | 2.77 % | 2.72 % | 2.74 % | 2.68 % |
Net expenses* | 2.74 % | 2.31 % | 2.75 % | 2.67 % | 2.71 % | 2.63 % |
Net investment income (loss)* | 1.32 % | 0.14 % | (0.96 )% | (0.86 )% | 0.06 % | (0.43 )% |
Supplemental data | ||||||
Portfolio turnover rate | 242 % | 464 % | 437 % | 403 % | 220 % | 197 % |
Net assets, end of period (000s omitted) | $4,813 | $6,059 | $9,593 | $11,967 | $29,320 | $70,194 |
* | Ratios include dividends and interest expense on securities sold short as follows: |
Six months ended April 30, 2023 (unaudited) | 0.99% |
Year ended October 31, 2022 | 0.52% |
Year ended October 31, 2021 | 0.96% |
Year ended October 31, 2020 | 0.88% |
Year ended October 31, 2019 | 0.92% |
Year ended October 31, 2018 | 0.85% |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Investor Class. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Class C | Period ended April 30, 20231 (unaudited) |
Net asset value, beginning of period | $11.44 |
Net investment income | 0.04 2 |
Net realized and unrealized gains (losses) on investments | (0.22 ) |
Total from investment operations | (0.18 ) |
Distributions to shareholders from | |
Net investment income | (0.11 ) |
Net asset value, end of period | $11.15 |
Total return3 | (1.63 )% |
Ratios to average net assets (annualized) | |
Gross expenses* | 3.53 % |
Net expenses* | 3.48 % |
Net investment income* | 0.99 % |
Supplemental data | |
Portfolio turnover rate | 242 % |
Net assets, end of period (000s omitted) | $25 |
* | Ratios include dividends and interest expense on securities sold short in the amount of 0.99%. |
1 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited)1 | Year ended October 31 | |||||
Class R6 | 20221 | 20211 | 20201 | 20191 | 20181 | |
Net asset value, beginning of period | $11.18 | $12.24 | $11.34 | $11.10 | $11.39 | $12.23 |
Net investment income (loss) | 0.10 2 | 0.07 2 | (0.07 )2 | (0.05 )2 | 0.05 2 | 0.00 2 |
Net realized and unrealized gains (losses) on investments | 0.24 | (0.76 ) | 0.97 | 0.33 | (0.01 ) | (0.01 ) |
Total from investment operations | 0.34 | (0.69 ) | 0.90 | 0.28 | 0.04 | (0.01 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.11 ) | 0.00 | 0.00 | (0.04 ) | 0.00 | (0.07 ) |
Net realized gains | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) | (0.76 ) |
Total distributions to shareholders | (0.11 ) | (0.37 ) | 0.00 | (0.04 ) | (0.33 ) | (0.83 ) |
Net asset value, end of period | $11.41 | $11.18 | $12.24 | $11.34 | $11.10 | $11.39 |
Total return3 | 3.03 % | (5.89 )% | 7.94 % | 2.54 % | 0.51 % | (0.21 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.41 % | 1.94 % | 2.37 % | 2.32 % | 2.34 % | 2.29 % |
Net expenses* | 2.31 % | 1.91 % | 2.35 % | 2.27 % | 2.31 % | 2.24 % |
Net investment income (loss)* | 1.81 % | 0.55 % | (0.56 )% | (0.46 )% | 0.46 % | (0.04 )% |
Supplemental data | ||||||
Portfolio turnover rate | 242 % | 464 % | 437 % | 403 % | 220 % | 197 % |
Net assets, end of period (000s omitted) | $490,648 | $482,971 | $504,335 | $480,370 | $510,403 | $145,591 |
* | Ratios include dividends and interest expense on securities sold short as follows: |
Six months ended April 30, 2023 (unaudited) | 0.99% |
Year ended October 31, 2022 | 0.52% |
Year ended October 31, 2021 | 0.96% |
Year ended October 31, 2020 | 0.88% |
Year ended October 31, 2019 | 0.92% |
Year ended October 31, 2018 | 0.85% |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Class Y. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited)1 | Year ended October 31 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $11.13 | $12.20 | $11.30 | $11.07 | $11.37 | $12.20 |
Net investment income (loss) | 0.09 2 | 0.06 2 | (0.07 )2 | (0.06 )2 | 0.04 2 | (0.02 )2 |
Net realized and unrealized gains (losses) on investments | 0.25 | (0.76 ) | 0.97 | 0.32 | (0.01 ) | 0.00 |
Total from investment operations | 0.34 | 0.70 | 0.90 | 0.26 | 0.03 | (0.02 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | 0.00 | 0.00 | (0.03 ) | 0.00 | (0.05 ) |
Net realized gains | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) | (0.76 ) |
Total distributions to shareholders | (0.10 ) | (0.37 ) | 0.00 | (0.03 ) | (0.33 ) | (0.81 ) |
Net asset value, end of period | $11.37 | $11.13 | $12.20 | $11.30 | $11.07 | $11.37 |
Total return3 | 3.02 % | (6.00 )% | 7.96 % | 2.38 % | 0.42 % | (0.25 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.49 % | 2.02 % | 2.41 % | 2.41 % | 2.42 % | 2.40 % |
Net expenses* | 2.39 % | 1.99 % | 2.39 % | 2.36 % | 2.39 % | 2.35 % |
Net investment income (loss)* | 1.62 % | 0.47 % | (0.60 )% | (0.55 )% | 0.38 % | (0.15 )% |
Supplemental data | ||||||
Portfolio turnover rate | 242 % | 464 % | 437 % | 403 % | 220 % | 197 % |
Net assets, end of period (000s omitted) | $91,713 | $123,283 | $170,553 | $204,510 | $332,247 | $536,076 |
* | Ratios include dividends and interest expense on securities sold short as follows: |
Six months ended April 30, 2023 (unaudited) | 0.99% |
Year ended October 31, 2022 | 0.52% |
Year ended October 31, 2021 | 0.96% |
Year ended October 31, 2020 | 0.88% |
Year ended October 31, 2019 | 0.92% |
Year ended October 31, 2018 | 0.85% |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Class I. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $47,045,668 |
Gross unrealized losses | (322,486,443 ) |
Net unrealized losses | $(275,440,775 ) |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $0 | $6,426,353 | $0 | $6,426,353 |
Belgium | 0 | 14,027,034 | 0 | 14,027,034 |
Canada | 17,213,215 | 0 | 0 | 17,213,215 |
Denmark | 0 | 17,285,344 | 0 | 17,285,344 |
Finland | 0 | 1,343,602 | 0 | 1,343,602 |
France | 0 | 13,261,850 | 0 | 13,261,850 |
Germany | 0 | 2,402,651 | 0 | 2,402,651 |
Hong Kong | 0 | 21,352,373 | 0 | 21,352,373 |
Ireland | 5,391,658 | 0 | 0 | 5,391,658 |
Italy | 0 | 7,400,607 | 0 | 7,400,607 |
Japan | 0 | 69,190,422 | 0 | 69,190,422 |
Netherlands | 0 | 2,566,372 | 0 | 2,566,372 |
Norway | 0 | 3,545,255 | 0 | 3,545,255 |
Portugal | 0 | 5,044,948 | 0 | 5,044,948 |
Singapore | 0 | 1,046,817 | 0 | 1,046,817 |
Spain | 0 | 9,577,680 | 0 | 9,577,680 |
Sweden | 0 | 5,303,005 | 0 | 5,303,005 |
Switzerland | 0 | 13,879,788 | 0 | 13,879,788 |
United Kingdom | 8,372,590 | 9,396,957 | 0 | 17,769,547 |
United States | 356,277,057 | 0 | 0 | 356,277,057 |
Preferred stocks | ||||
Germany | 0 | 1,395,544 | 0 | 1,395,544 |
Short-term investments | ||||
Investment companies | 94,410,299 | 0 | 0 | 94,410,299 |
Total assets | $481,664,819 | $204,446,602 | $0 | $686,111,421 |
Liabilities | ||||
Securities sold short | ||||
Common stocks | ||||
Australia | $0 | $5,134,547 | $0 | $5,134,547 |
Canada | 14,250,552 | 0 | 0 | 14,250,552 |
Denmark | 0 | 500,478 | 0 | 500,478 |
Germany | 0 | 15,132,805 | 0 | 15,132,805 |
Japan | 0 | 15,400,067 | 0 | 15,400,067 |
Luxembourg | 0 | 135,847 | 0 | 135,847 |
Netherlands | 0 | 14,032,707 | 0 | 14,032,707 |
Norway | 0 | 30,120 | 0 | 30,120 |
Panama | 814,541 | 0 | 0 | 814,541 |
Spain | 0 | 3,303,395 | 0 | 3,303,395 |
Sweden | 0 | 4,439,383 | 0 | 4,439,383 |
Switzerland | 0 | 612,161 | 0 | 612,161 |
United Kingdom | 2,185,551 | 4,684,048 | 0 | 6,869,599 |
United States | 93,687,251 | 0 | 0 | 93,687,251 |
Total liabilities | $110,937,895 | $63,405,558 | $0 | $174,343,453 |
Average daily net assets | Management fee |
First $1 billion | 1.250 % |
Next $4 billion | 1.225 |
Over $5 billion | 1.200 |
Class-level administration fee | |
Class A | 0.21 % |
Class C | 0.21 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.73 % |
Class C | 2.48 |
Class R6 | 1.30 |
Institutional Class | 1.40 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g112783img50b7f95f1.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g112783img57d422bc4.jpg)
SAR4340 04-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img99c9f0182.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img43455adf3.jpg)
President
Allspring Funds
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, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (WFEAX) | 1-20-1998 | -0.75 | -1.24 | 2.91 | 5.27 | -0.07 | 3.52 | 1.38 | 1.14 |
Class C (WFEFX) | 3-6-1998 | 3.44 | -0.83 | 2.90 | 4.44 | -0.83 | 2.90 | 2.13 | 1.89 |
Class R (WFERX) | 10-10-2003 | – | – | – | 5.07 | -0.31 | 3.28 | 1.63 | 1.39 |
Class R6 (WFEHX)3 | 9-30-2015 | – | – | – | 5.63 | 0.24 | 3.81 | 0.95 | 0.79 |
Administrator Class (WFEDX) | 7-16-2010 | – | – | – | 5.30 | -0.07 | 3.53 | 1.30 | 1.14 |
Institutional Class (WFENX) | 3-9-1998 | – | – | – | 5.55 | 0.20 | 3.80 | 1.05 | 0.84 |
MSCI ACWI ex USA Index (Net)4 | – | – | – | – | 3.05 | 2.50 | 3.97 | – | – |
MSCI ACWI ex USA Value Index (Net)5 | – | – | – | – | 3.76 | 1.27 | 2.87 | – | – |
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 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.14% for Class A, 1.89% for Class C, 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, 20231 | |
Shell PLC | 3.49 |
Asahi Group Holdings Ltd. | 3.33 |
ORIX Corp. | 3.05 |
Quebecor, Inc. Class B | 3.01 |
Samsonite International SA | 3.00 |
Qantas Airways Ltd. | 2.87 |
ING Groep NV | 2.78 |
Samsung Electronics Co. Ltd. | 2.77 |
Orange SA | 2.76 |
Mitsubishi UFJ Financial Group, Inc. | 2.73 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img98ecc7674.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img1599b6e75.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,210.70 | $6.25 | 1.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.14 | $5.71 | 1.14 % |
Class C | ||||
Actual | $1,000.00 | $1,205.20 | $10.33 | 1.89 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.42 | $9.44 | 1.89 % |
Class R | ||||
Actual | $1,000.00 | $1,208.60 | $7.61 | 1.39 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $6.95 | 1.39 % |
Class R6 | ||||
Actual | $1,000.00 | $1,212.30 | $4.33 | 0.79 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.88 | $3.96 | 0.79 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,210.50 | $6.25 | 1.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.14 | $5.71 | 1.14 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,211.60 | $4.61 | 0.84 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.63 | $4.21 | 0.84 % |
Shares | Value | |||||
Common stocks: 95.06% | ||||||
Australia: 2.87% | ||||||
Qantas Airways Ltd. (Industrials, Passenger airlines) † | 2,155,381 | $9,505,109 | ||||
Brazil: 2.40% | ||||||
3R Petroleum Oleo E Gas SA (Energy, Oil, gas & consumable fuels) † | 304,900 | 1,935,960 | ||||
CPFL Energia SA (Utilities, Electric utilities) † | 903,600 | 6,003,710 | ||||
7,939,670 | ||||||
Canada: 5.47% | ||||||
Quebecor, Inc. Class B (Communication services, Media) | 385,539 | 9,951,138 | ||||
SNC-Lavalin Group, Inc. (Industrials, Construction & engineering) | 354,100 | 8,154,349 | ||||
18,105,487 | ||||||
China: 10.81% | ||||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 1,350,000 | 6,286,620 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) † | 608,101 | 2,596,679 | ||||
LONGi Green Energy Technology Co. Ltd. Class A (Information technology, Semiconductors & semiconductor equipment) † | 810,694 | 4,095,151 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 1,072,751 | 8,804,891 | ||||
Oppein Home Group, Inc. Class A (Consumer discretionary, Household durables) † | 168,306 | 2,803,369 | ||||
Topsports International Holdings Ltd. (Consumer discretionary, Specialty retail) 144A | 6,043,999 | 5,387,850 | ||||
Xinyi Glass Holdings Ltd. (Industrials, Building products) | 3,164,000 | 5,788,663 | ||||
35,763,223 | ||||||
Denmark: 1.93% | ||||||
Danske Bank AS (Financials, Banks) † | 302,729 | 6,398,112 | ||||
France: 9.07% | ||||||
CIE de Saint-Gobain (Industrials, Building products) † | 21,746 | 1,258,978 | ||||
Orange SA (Communication services, Diversified telecommunication services) | 702,632 | 9,145,398 | ||||
Sanofi (Health care, Pharmaceuticals) † | 80,025 | 8,624,157 | ||||
Sodexo SA (Consumer discretionary, Hotels, restaurants & leisure) † | 67,200 | 7,201,691 | ||||
Worldline SA (Financials, Financial services) 144A† | 86,816 | 3,776,732 | ||||
30,006,956 | ||||||
Germany: 5.54% | ||||||
ING Groep NV (Financials, Banks) † | 742,367 | 9,207,049 | ||||
Rheinmetall AG (Industrials, Aerospace & defense) | 26,018 | 7,620,484 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 9,182 | 1,513,490 | ||||
18,341,023 | ||||||
India: 0.98% | ||||||
Tech Mahindra Ltd. (Information technology, IT services) | 257,107 | 3,235,224 |
Shares | Value | |||||
Ireland: 2.80% | ||||||
Greencore Group PLC (Consumer staples, Food products) † | 2,225,340 | $2,398,167 | ||||
ICON PLC (Health care, Life sciences tools & services) † | 35,607 | 6,861,113 | ||||
9,259,280 | ||||||
Isle of Man (U.K.): 1.51% | ||||||
Entain PLC (Consumer discretionary, Hotels, restaurants & leisure) | 274,180 | 4,995,906 | ||||
Israel: 0.65% | ||||||
Check Point Software Technologies Ltd. (Information technology, Software) † | 16,821 | 2,142,322 | ||||
Italy: 2.81% | ||||||
Prysmian SpA (Industrials, Electrical equipment) | 40,528 | 1,658,634 | ||||
UniCredit SpA (Financials, Banks) | 385,425 | 7,637,380 | ||||
9,296,014 | ||||||
Japan: 13.88% | ||||||
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 285,000 | 11,010,711 | ||||
Hitachi Ltd. (Industrials, Industrial conglomerates) | 161,300 | 8,922,247 | ||||
Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | 1,442,900 | 9,031,880 | ||||
ORIX Corp. (Financials, Financial services) | 593,900 | 10,103,737 | ||||
Resonac Holdings Corp. (Materials, Chemicals) | 433,400 | 6,862,993 | ||||
45,931,568 | ||||||
Luxembourg: 3.00% | ||||||
Samsonite International SA (Consumer discretionary, Textiles, apparel & luxury goods) 144A† | 3,136,900 | 9,940,348 | ||||
Mexico: 2.64% | ||||||
America Movil SAB de CV Series B (Communication services, Wireless telecommunication services) | 8,093,400 | 8,728,331 | ||||
Netherlands: 3.51% | ||||||
CNH Industrial NV (Industrials, Machinery) | 193,885 | 2,728,318 | ||||
NN Group NV (Financials, Insurance) | 237,903 | 8,871,489 | ||||
11,599,807 | ||||||
Norway: 0.48% | ||||||
DNB Bank ASA (Financials, Banks) | 90,505 | 1,591,990 | ||||
South Korea: 5.02% | ||||||
Hana Financial Group, Inc. (Financials, Banks) | 80,800 | 2,539,030 | ||||
Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, storage & peripherals) | 7,392 | 9,159,638 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 138,004 | 4,917,567 | ||||
16,616,235 | ||||||
Switzerland: 0.21% | ||||||
Siemens Energy AG (Industrials, Electrical equipment) † | 27,829 | 683,038 |
Shares | Value | |||||
Thailand: 4.01% | ||||||
Minor International PCL (Consumer discretionary, Hotels, restaurants & leisure) | 5,108,300 | $4,712,247 | ||||
SCB X PCL (Financials, Banks) | 2,836,800 | 8,556,714 | ||||
13,268,961 | ||||||
United Kingdom: 9.81% | ||||||
ConvaTec Group PLC (Health care, Health care equipment & supplies) 144A | 1,717,897 | 4,749,249 | ||||
Informa PLC (Communication services, Media) | 544,620 | 4,951,182 | ||||
NatWest Group PLC (Financials, Banks) | 1,582,149 | 5,211,753 | ||||
Nomad Foods Ltd. (Consumer staples, Food products) † | 319,973 | 6,015,492 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 375,618 | 11,542,048 | ||||
32,469,724 | ||||||
United States: 5.66% | ||||||
Axalta Coating Systems Ltd. (Materials, Chemicals) † | 235,726 | 7,441,870 | ||||
Baker Hughes Co. (Energy, Energy equipment & services) | 193,537 | 5,659,022 | ||||
Gentex Corp. (Consumer discretionary, Automobile components) | 203,913 | 5,625,959 | ||||
18,726,851 | ||||||
Total common stocks (Cost $278,667,383) | 314,545,179 |
Yield | ||||||
Short-term investments: 3.26% | ||||||
Investment companies: 3.26% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 % | 10,797,364 | 10,797,364 | |||
Total short-term investments (Cost $10,797,364) | 10,797,364 | |||||
Total investments in securities (Cost $289,464,747) | 98.32 % | 325,342,543 | ||||
Other assets and liabilities, net | 1.68 | 5,555,767 | ||||
Total net assets | 100.00 % | $330,898,310 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | 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 | $4,710,469 | $81,295,472 | $(75,208,577 ) | $0 | $0 | $10,797,364 | 10,797,364 | $151,547 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 6,780,138 | 24,154,050 | (30,934,500 ) | 312 | 0 | 0 | 0 | 50,617 1 |
$312 | $0 | $10,797,364 | $202,164 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $278,667,383) | $314,545,179 |
Investments in affiliated securities, at value (cost $10,797,364) | 10,797,364 |
Foreign currency, at value (cost $611,994) | 611,196 |
Receivable for dividends | 4,421,958 |
Receivable for investments sold | 2,989,611 |
Receivable for Fund shares sold | 95,788 |
Prepaid expenses and other assets | 56,130 |
Total assets | 333,517,226 |
Liabilities | |
Payable for investments purchased | 1,656,054 |
Payable for Fund shares redeemed | 587,740 |
Management fee payable | 134,621 |
Administration fees payable | 40,542 |
Distribution fees payable | 2,115 |
Accrued expenses and other liabilities | 197,844 |
Total liabilities | 2,618,916 |
Total net assets | $330,898,310 |
Net assets consist of | |
Paid-in capital | $401,578,955 |
Total distributable loss | (70,680,645 ) |
Total net assets | $330,898,310 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $134,276,025 |
Shares outstanding–Class A1 | 11,069,670 |
Net asset value per share–Class A | $12.13 |
Maximum offering price per share – Class A2 | $12.87 |
Net assets–Class C | $3,248,944 |
Shares outstanding–Class C1 | 269,829 |
Net asset value per share–Class C | $12.04 |
Net assets–Class R | $347,466 |
Shares outstanding–Class R1 | 27,896 |
Net asset value per share–Class R | $12.46 |
Net assets–Class R6 | $48,427,686 |
Shares outstanding–Class R61 | 4,041,195 |
Net asset value per share–Class R6 | $11.98 |
Net assets–Administrator Class | $9,290,209 |
Shares outstanding–Administrator Class1 | 778,995 |
Net asset value per share–Administrator Class | $11.93 |
Net assets–Institutional Class | $135,307,980 |
Shares outstanding–Institutional Class1 | 11,281,800 |
Net asset value per share–Institutional Class | $11.99 |
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 $442,546) | $3,848,483 |
Income from affiliated securities | 157,213 |
Total investment income | 4,005,696 |
Expenses | |
Management fee | 1,298,690 |
Administration fees | |
Class A | 137,098 |
Class C | 3,592 |
Class R | 345 |
Class R6 | 7,056 |
Administrator Class | 6,162 |
Institutional Class | 86,992 |
Shareholder servicing fees | |
Class A | 163,213 |
Class C | 4,263 |
Class R | 410 |
Administrator Class | 11,851 |
Distribution fees | |
Class C | 12,784 |
Class R | 411 |
Custody and accounting fees | 94,254 |
Professional fees | 64,291 |
Registration fees | 100,135 |
Shareholder report expenses | 32,075 |
Trustees’ fees and expenses | 10,896 |
Other fees and expenses | 48,081 |
Total expenses | 2,082,599 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (414,782 ) |
Class A | (52,228 ) |
Class C | (1,197 ) |
Class R | (131 ) |
Institutional Class | (33,458 ) |
Net expenses | 1,580,803 |
Net investment income | 2,424,893 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (3,717,269 ) |
Affiliated securities | 312 |
Foreign currency and foreign currency translations | 7,249 |
Net realized losses on investments | (3,709,708 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | $62,189,950 |
Foreign currency and foreign currency translations | 313,668 |
Net change in unrealized gains (losses) on investments | 62,503,618 |
Net realized and unrealized gains (losses) on investments | 58,793,910 |
Net increase in net assets resulting from operations | $61,218,803 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $2,424,893 | $6,244,012 | ||
Net realized losses on investments | (3,709,708 ) | (11,970,649 ) | ||
Net change in unrealized gains (losses) on investments | 62,503,618 | (89,838,466 ) | ||
Net increase (decrease) in net assets resulting from operations | 61,218,803 | (95,565,103 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (269,452 ) | (3,279,726 ) | ||
Class C | 0 | (53,251 ) | ||
Class R | (338 ) | (4,783 ) | ||
Class R6 | (177,652 ) | (1,470,779 ) | ||
Administrator Class | (22,840 ) | (257,832 ) | ||
Institutional Class | (447,909 ) | (4,764,928 ) | ||
Tax basis return of capital | ||||
Class A | 0 | (186,969 ) | ||
Class C | 0 | (6,168 ) | ||
Class R | 0 | (399 ) | ||
Class R6 | 0 | (64,599 ) | ||
Administrator Class | 0 | (14,683 ) | ||
Institutional Class | 0 | (216,333 ) | ||
Total distributions to shareholders | (918,191 ) | (10,320,450 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 239,697 | 2,762,047 | 676,493 | 7,836,254 |
Class C | 3,115 | 36,861 | 13,684 | 163,351 |
Class R | 1,494 | 18,034 | 10,483 | 124,341 |
Class R6 | 104,978 | 1,196,208 | 317,223 | 3,659,212 |
Administrator Class | 1,716 | 19,505 | 13,227 | 159,292 |
Institutional Class | 702,810 | 8,057,678 | 1,905,612 | 22,686,107 |
12,090,333 | 34,628,557 | |||
Reinvestment of distributions | ||||
Class A | 22,985 | 261,274 | 292,324 | 3,349,903 |
Class C | 0 | 0 | 5,164 | 57,567 |
Class R | 27 | 319 | 439 | 4,979 |
Class R6 | 4,462 | 50,128 | 40,633 | 463,617 |
Administrator Class | 2,022 | 22,590 | 23,834 | 270,025 |
Institutional Class | 38,839 | 436,885 | 424,071 | 4,848,935 |
771,196 | 8,995,026 | |||
Payment for shares redeemed | ||||
Class A | (815,636 ) | (9,415,898 ) | (2,121,369 ) | (24,829,961 ) |
Class C | (66,200 ) | (759,955 ) | (176,928 ) | (2,107,596 ) |
Class R | (1,841 ) | (21,476 ) | (7,128 ) | (91,018 ) |
Class R6 | (339,840 ) | (3,886,156 ) | (294,973 ) | (3,327,619 ) |
Administrator Class | (101,608 ) | (1,180,714 ) | (282,466 ) | (3,443,810 ) |
Institutional Class | (2,338,082 ) | (26,265,861 ) | (4,022,876 ) | (44,955,655 ) |
(41,530,060 ) | (78,755,659 ) | |||
Net decrease in net assets resulting from capital share transactions | (28,668,531 ) | (35,132,076 ) | ||
Total increase (decrease) in net assets | 31,632,081 | (141,017,629 ) | ||
Net assets | ||||
Beginning of period | 299,266,229 | 440,283,858 | ||
End of period | $330,898,310 | $299,266,229 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $10.04 | $13.34 | $10.43 | $11.38 | $11.81 | $13.43 |
Net investment income | 0.08 1 | 0.16 | 0.23 1 | 0.12 | 0.24 1 | 0.27 |
Net realized and unrealized gains (losses) on investments | 2.03 | (3.17 ) | 2.89 | (0.97 ) | (0.16 ) | (1.40 ) |
Total from investment operations | 2.11 | (3.01 ) | 3.12 | (0.85 ) | 0.08 | (1.13 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.02 ) | (0.27 ) | (0.21 ) | (0.10 ) | (0.51 ) | (0.49 ) |
Tax basis return of capital | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.02 ) | (0.29 ) | (0.21 ) | (0.10 ) | (0.51 ) | (0.49 ) |
Net asset value, end of period | $12.13 | $10.04 | $13.34 | $10.43 | $11.38 | $11.81 |
Total return2 | 21.07 % | (22.84 )% | 29.92 % | (7.54 )% | 0.93 % | (8.81 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.48 % | 1.40 % | 1.36 % | 1.48 % | 1.45 % | 1.39 % |
Net expenses | 1.14 % | 1.13 % | 1.13 % | 1.13 % | 1.14 % | 1.14 % |
Net investment income | 1.34 % | 1.50 % | 1.73 % | 1.12 % | 2.13 % | 1.97 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $134,276 | $116,735 | $170,419 | $62,800 | $81,110 | $91,206 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.99 | $13.22 | $10.31 | $11.28 | $11.57 | $13.13 |
Net investment income | 0.03 1 | 0.09 1 | 0.09 1 | 0.03 1 | 0.12 1 | 0.15 |
Net realized and unrealized gains (losses) on investments | 2.02 | (3.17 ) | 2.89 | (0.95 ) | (0.12 ) | (1.35 ) |
Total from investment operations | 2.05 | (3.08 ) | 2.98 | (0.92 ) | 0.00 | (1.20 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | (0.13 ) | (0.07 ) | (0.05 ) | (0.29 ) | (0.36 ) |
Tax basis return of capital | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | 0.00 | (0.15 ) | (0.07 ) | (0.05 ) | (0.29 ) | (0.36 ) |
Net asset value, end of period | $12.04 | $9.99 | $13.22 | $10.31 | $11.28 | $11.57 |
Total return2 | 20.52 % | (23.38 )% | 28.94 % | (8.22 )% | 0.16 % | (9.47 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.22 % | 2.14 % | 2.12 % | 2.22 % | 2.19 % | 2.14 % |
Net expenses | 1.89 % | 1.89 % | 1.89 % | 1.89 % | 1.89 % | 1.89 % |
Net investment income | 0.53 % | 0.76 % | 0.72 % | 0.28 % | 1.07 % | 1.22 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $3,249 | $3,324 | $6,490 | $5,794 | $10,700 | $22,963 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class R | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $10.32 | $13.65 | $10.65 | $11.61 | $11.98 | $13.58 |
Net investment income | 0.07 1 | 0.15 1 | 0.16 1 | 0.07 1 | 0.22 1 | 0.23 1 |
Net realized and unrealized gains (losses) on investments | 2.08 | (3.27 ) | 3.00 | (0.97 ) | (0.15 ) | (1.41 ) |
Total from investment operations | 2.15 | (3.12 ) | 3.16 | (0.90 ) | 0.07 | (1.18 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.01 ) | (0.19 ) | (0.16 ) | (0.06 ) | (0.44 ) | (0.42 ) |
Tax basis return of capital | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.01 ) | (0.21 ) | (0.16 ) | (0.06 ) | (0.44 ) | (0.42 ) |
Net asset value, end of period | $12.46 | $10.32 | $13.65 | $10.65 | $11.61 | $11.98 |
Total return2 | 20.86 % | (22.98 )% | 29.67 % | (7.84 )% | 0.79 % | (9.03 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.73 % | 1.66 % | 1.61 % | 1.67 % | 1.64 % | 1.64 % |
Net expenses | 1.39 % | 1.39 % | 1.39 % | 1.39 % | 1.37 % | 1.39 % |
Net investment income | 1.11 % | 1.24 % | 1.19 % | 0.64 % | 1.88 % | 1.72 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $347 | $291 | $333 | $297 | $794 | $1,404 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class R6 | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.92 | $13.22 | $10.36 | $11.31 | $11.79 | $13.44 |
Net investment income | 0.10 1 | 0.22 | 0.31 | 0.16 | 0.35 | 0.31 |
Net realized and unrealized gains (losses) on investments | 2.00 | (3.16 ) | 2.81 | (0.96 ) | (0.23 ) | (1.40 ) |
Total from investment operations | 2.10 | (2.94 ) | 3.12 | (0.80 ) | 0.12 | (1.09 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.04 ) | (0.34 ) | (0.26 ) | (0.15 ) | (0.60 ) | (0.56 ) |
Tax basis return of capital | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.04 ) | (0.36 ) | (0.26 ) | (0.15 ) | (0.60 ) | (0.56 ) |
Net asset value, end of period | $11.98 | $9.92 | $13.22 | $10.36 | $11.31 | $11.79 |
Total return2 | 21.23 % | (22.56 )% | 30.17 % | (7.15 )% | 1.27 % | (8.57 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.05 % | 0.97 % | 0.95 % | 1.05 % | 1.01 % | 0.96 % |
Net expenses | 0.79 % | 0.79 % | 0.79 % | 0.79 % | 0.81 % | 0.84 % |
Net investment income | 1.69 % | 1.83 % | 1.70 % | 1.51 % | 2.23 % | 2.23 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $48,428 | $42,385 | $55,639 | $32,011 | $36,505 | $63,414 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.88 | $13.13 | $10.28 | $11.22 | $11.62 | $13.20 |
Net investment income | 0.07 1 | 0.18 1 | 0.27 1 | 0.10 1 | 0.23 1 | 0.20 1 |
Net realized and unrealized gains (losses) on investments | 2.01 | (3.14 ) | 2.80 | (0.94 ) | (0.14 ) | (1.31 ) |
Total from investment operations | 2.08 | (2.96 ) | 3.07 | (0.84 ) | 0.09 | (1.11 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.03 ) | (0.27 ) | (0.22 ) | (0.10 ) | (0.49 ) | (0.47 ) |
Tax basis return of capital | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.03 ) | (0.29 ) | (0.22 ) | (0.10 ) | (0.49 ) | (0.47 ) |
Net asset value, end of period | $11.93 | $9.88 | $13.13 | $10.28 | $11.22 | $11.62 |
Total return2 | 21.05 % | (22.81 )% | 29.87 % | (7.54 )% | 0.98 % | (8.79 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.40 % | 1.32 % | 1.26 % | 1.39 % | 1.36 % | 1.31 % |
Net expenses | 1.14 % | 1.14 % | 1.14 % | 1.14 % | 1.14 % | 1.14 % |
Net investment income | 1.30 % | 1.51 % | 2.06 % | 0.98 % | 2.00 % | 1.53 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $9,290 | $8,662 | $14,733 | $589 | $1,189 | $5,152 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $9.93 | $13.22 | $10.34 | $11.29 | $11.76 | $13.40 |
Net investment income | 0.09 1 | 0.22 1 | 0.25 1 | 0.14 1 | 0.33 | 0.30 1 |
Net realized and unrealized gains (losses) on investments | 2.01 | (3.16 ) | 2.88 | (0.96 ) | (0.22 ) | (1.39 ) |
Total from investment operations | 2.10 | (2.94 ) | 3.13 | (0.82 ) | 0.11 | (1.09 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.04 ) | (0.33 ) | (0.25 ) | (0.13 ) | (0.58 ) | (0.55 ) |
Tax basis return of capital | 0.00 | (0.20 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.04 ) | (0.35 ) | (0.25 ) | (0.13 ) | (0.58 ) | (0.55 ) |
Net asset value, end of period | $11.99 | $9.93 | $13.22 | $10.34 | $11.29 | $11.76 |
Total return2 | 21.16 % | (22.56 )% | 30.30 % | (7.28 )% | 1.19 % | (8.56 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.15 % | 1.07 % | 1.03 % | 1.15 % | 1.11 % | 1.06 % |
Net expenses | 0.84 % | 0.84 % | 0.84 % | 0.84 % | 0.86 % | 0.89 % |
Net investment income | 1.62 % | 1.79 % | 1.93 % | 1.33 % | 2.27 % | 2.31 % |
Supplemental data | ||||||
Portfolio turnover rate | 33 % | 58 % | 95 % | 73 % | 49 % | 62 % |
Net assets, end of period (000s omitted) | $135,308 | $127,869 | $192,670 | $86,052 | $150,749 | $243,235 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $51,754,218 |
Gross unrealized losses | (21,121,752 ) |
Net unrealized gains | $30,632,466 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $0 | $9,505,109 | $0 | $9,505,109 |
Brazil | 7,939,670 | 0 | 0 | 7,939,670 |
Canada | 18,105,487 | 0 | 0 | 18,105,487 |
China | 0 | 35,763,223 | 0 | 35,763,223 |
Denmark | 0 | 6,398,112 | 0 | 6,398,112 |
France | 0 | 30,006,956 | 0 | 30,006,956 |
Germany | 0 | 18,341,023 | 0 | 18,341,023 |
India | 0 | 3,235,224 | 0 | 3,235,224 |
Ireland | 9,259,280 | 0 | 0 | 9,259,280 |
Isle of Man (U.K.) | 0 | 4,995,906 | 0 | 4,995,906 |
Israel | 2,142,322 | 0 | 0 | 2,142,322 |
Italy | 0 | 9,296,014 | 0 | 9,296,014 |
Japan | 0 | 45,931,568 | 0 | 45,931,568 |
Luxembourg | 0 | 9,940,348 | 0 | 9,940,348 |
Mexico | 8,728,331 | 0 | 0 | 8,728,331 |
Netherlands | 0 | 11,599,807 | 0 | 11,599,807 |
Norway | 0 | 1,591,990 | 0 | 1,591,990 |
South Korea | 0 | 16,616,235 | 0 | 16,616,235 |
Switzerland | 0 | 683,038 | 0 | 683,038 |
Thailand | 13,268,961 | 0 | 0 | 13,268,961 |
United Kingdom | 6,015,492 | 26,454,232 | 0 | 32,469,724 |
United States | 18,726,851 | 0 | 0 | 18,726,851 |
Short-term investments | ||||
Investment companies | 10,797,364 | 0 | 0 | 10,797,364 |
Total assets | $94,983,758 | $230,358,785 | $0 | $325,342,543 |
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 |
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 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$834,159 | $0.0278 | 100 % |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img041bc7731.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g141606img1a6d4a476.jpg)
SAR3311 04-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g73386img15d2adce1.jpg)
Allspring Managed Account CoreBuilder® Shares – Series EM |
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 manager | Alison Shimada, Elaine Tse |
Average annual total returns (%) as of April 30, 2023 | ||||
Expense ratios1 (%) | ||||
Inception date | Since inception | Gross | Net2 | |
Allspring Managed Account CoreBuilder® Shares - Series EM (ACBEX) | 11-16-2022 | 6.95 | 0.21 | 0.00 |
MSCI EM Index (Net) (USD)3 | – | 1.80 * | – | – |
* | Based on the Fund’s inception date. |
1 | Reflects the expense ratios as stated in the most recent prospectus. 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 | Generally, no ordinary fees or expenses are charged to the Fund. Allspring Funds Management, LLC has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
3 | 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. |
Ten largest holdings (%) as of April 30, 20231 | |
Samsung Electronics Co. Ltd. | 11.43 |
Mahindra & Mahindra Ltd. | 4.08 |
Reliance Industries Ltd. GDR | 3.97 |
HDFC Bank Ltd. | 3.49 |
LG Chem Ltd. | 3.41 |
iShares MSCI Saudi Arabia ETF | 3.21 |
Kia Corp. | 3.09 |
Midea Group Co. Ltd. Class A | 2.99 |
Dr. Reddy’s Laboratories Ltd. | 2.18 |
Doosan Bobcat, Inc. | 2.12 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g73386imga93bc0682.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g73386imga019b6c73.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,069.50 | $0.00 2 | 0.00 %2 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.80 | $0.00 2 | 0.00 %2 |
Shares | Value | |||||
Common stocks: 89.88% | ||||||
Brazil: 3.15% | ||||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 24,600 | $57,606 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 14,600 | 68,554 | ||||
Cia Brasileira de Aluminio (Materials, Metals & mining) | 23,400 | 24,771 | ||||
150,931 | ||||||
Chile: 1.78% | ||||||
Cencosud SA (Consumer staples, Consumer staples distribution & retail) † | 41,904 | 85,391 | ||||
China: 22.21% | ||||||
Baoshan Iron & Steel Co. Ltd. Class A (Materials, Metals & mining) † | 78,900 | 73,458 | ||||
China Communications Services Corp. Ltd. Class H (Industrials, Construction & engineering) † | 128,000 | 70,139 | ||||
China Feihe Ltd. (Consumer staples, Food products) 144A | 6,000 | 4,052 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets) 144A† | 42,800 | 89,934 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 20,000 | 93,135 | ||||
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | 55,010 | 68,394 | ||||
China Tower Corp. Ltd. Class H (Communication services, Diversified telecommunication services) 144A† | 311,999 | 39,818 | ||||
China Vanke Co. Ltd. Class H (Real estate, Real estate management & development) † | 36,000 | 56,279 | ||||
China Yongda Automobiles Services Holdings Ltd. (Consumer discretionary, Specialty retail) † | 67,000 | 45,058 | ||||
Ganfeng Lithium Group Co. Ltd. Class H (Materials, Chemicals) 144A† | 10,000 | 65,978 | ||||
Hengli Petrochemical Co. Ltd. Class A (Materials, Chemicals) † | 35,600 | 81,351 | ||||
Industrial & Commercial Bank of China Ltd. Class H (Financials, Banks) † | 140,000 | 75,321 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) † | 17,400 | 74,301 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 17,400 | 142,815 | ||||
Zhejiang NHU Co. Ltd. Class A (Health care, Pharmaceuticals) † | 16,900 | 41,696 | ||||
Zoomlion Heavy Industry Science & Technology Co. Ltd. Class H (Industrials, Machinery) † | 76,000 | 41,484 | ||||
1,063,213 | ||||||
Greece: 0.90% | ||||||
National Bank of Greece SA ADR (Financials, Banks) † | 8,229 | 43,062 | ||||
Hong Kong: 2.63% | ||||||
ASMPT Ltd. (Information technology, Semiconductors & semiconductor equipment) | 6,200 | 48,745 | ||||
CSPC Pharmaceutical Group Ltd. (Health care, Pharmaceuticals) | 76,000 | 77,391 | ||||
126,136 | ||||||
India: 15.23% | ||||||
Dr. Reddy’s Laboratories Ltd. ADR (Health care, Pharmaceuticals) | 1,724 | 104,233 | ||||
HDFC Bank Ltd. ADR (Financials, Banks) † | 2,393 | 167,032 | ||||
ICICI Bank Ltd. ADR (Financials, Banks) | 3,175 | 72,231 | ||||
Mahindra & Mahindra Ltd. GDR (Consumer discretionary, Automobiles) | 13,009 | 195,368 | ||||
Reliance Industries Ltd. GDR (Energy, Oil, gas & consumable fuels) 144A | 3,189 | 190,052 | ||||
728,916 |
Shares | Value | |||||
Indonesia: 1.01% | ||||||
Bank Negara Indonesia Persero Tbk PT (Financials, Banks) | 74,900 | $48,269 | ||||
Italy: 1.57% | ||||||
PRADA SpA (Consumer discretionary, Textiles, apparel & luxury goods) † | 10,200 | 75,099 | ||||
Malaysia: 1.81% | ||||||
Petronas Chemicals Group Bhd (Materials, Chemicals) | 26,600 | 42,330 | ||||
RHB Bank Bhd (Financials, Banks) | 35,900 | 44,159 | ||||
86,489 | ||||||
Mexico: 1.45% | ||||||
Grupo Bimbo SAB de CV Class A (Consumer staples, Food products) | 12,900 | 69,237 | ||||
Philippines: 1.24% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 30,455 | 59,238 | ||||
Poland: 1.54% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) † | 3,191 | 73,830 | ||||
Qatar: 0.90% | ||||||
Industries Qatar QSC (Industrials, Industrial conglomerates) | 12,278 | 43,263 | ||||
Singapore: 1.52% | ||||||
BOC Aviation Ltd. (Industrials, Trading companies & distributors) 144A | 9,200 | 72,919 | ||||
South Africa: 0.80% | ||||||
Absa Group Ltd. (Financials, Banks) | 3,923 | 38,162 | ||||
South Korea: 16.64% | ||||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 2,649 | 101,633 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 2,337 | 148,010 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 11,121 | 547,198 | ||||
796,841 | ||||||
Taiwan: 12.41% | ||||||
Advantech Co. Ltd. (Information technology, Technology hardware, storage & peripherals) † | 7,000 | 84,755 | ||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance) † | 66,000 | 91,435 | ||||
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) † | 9,000 | 55,869 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) † | 11,000 | 68,531 | ||||
Formosa Plastics Corp. (Materials, Chemicals) † | 16,000 | 48,946 | ||||
Hon Hai Precision Industry Co. Ltd. (Information technology, Electronic equipment, instruments & components) † | 13,600 | 46,343 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) † | 2,750 | 59,796 | ||||
Poya International Co. Ltd. (Consumer discretionary, Broadline retail) † | 3,000 | 56,151 | ||||
Realtek Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) † | 7,000 | 82,089 | ||||
593,915 |
Shares | Value | |||||
Thailand: 1.48% | ||||||
Thai Beverage PCL (Consumer staples, Beverages) | 147,100 | $70,690 | ||||
United Arab Emirates: 1.61% | ||||||
Aldar Properties PJSC (Real estate, Real estate management & development) | 52,282 | 77,115 | ||||
Total common stocks (Cost $4,088,787) | 4,302,716 | |||||
Investment companies: 3.21% | ||||||
United States: 3.21% | ||||||
iShares MSCI Saudi Arabia ETF | 3,730 | 153,564 | ||||
Total investment companies (Cost $144,749) | 153,564 |
Dividend rate | ||||||
Preferred stocks: 3.41% | ||||||
South Korea: 3.41% | ||||||
LG Chem Ltd. (Materials, Chemicals) | 7.89 % | 557 | 163,000 | |||
Total preferred stocks (Cost $132,053) | 163,000 |
Yield | ||||||
Short-term investments: 2.83% | ||||||
Investment companies: 2.83% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 | 135,450 | 135,450 | |||
Total short-term investments (Cost $135,450) | 135,450 | |||||
Total investments in securities (Cost $4,501,039) | 99.33 % | 4,754,730 | ||||
Other assets and liabilities, net | 0.67 | 32,306 | ||||
Total net assets | 100.00 % | $4,787,036 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the 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 |
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 | $0 | $4,977,920 | $(4,842,470 ) | $0 | $0 | $135,450 | 135,450 | $8,743 |
Assets | |
Investments in unaffiliated securities, at value (cost $4,365,589) | $4,619,280 |
Investments in affiliated securities, at value (cost $135,450) | 135,450 |
Foreign currency, at value (cost $12,930) | 12,770 |
Receivable for investments sold | 100,793 |
Receivable for dividends | 6,654 |
Receivable from manager | 17 |
Prepaid expenses and other assets | 6,062 |
Total assets | 4,881,026 |
Liabilities | |
Payable for investments purchased | 93,990 |
Total liabilities | 93,990 |
Total net assets | $4,787,036 |
Net assets consist of | |
Paid-in capital | $4,497,921 |
Total distributable earnings | 289,115 |
Total net assets | $4,787,036 |
Computation of net asset value per share | |
Net assets | $4,787,036 |
Shares outstanding1 | 224,748 |
Net asset value per share | $21.30 |
1 | The Fund has an unlimited number of authorized shares. |
Investment income | |
Dividends (net of foreign withholdings taxes of $5,611) | $33,390 |
Income from affiliated securities | 8,743 |
Interest | 3 |
Total investment income | 42,136 |
Expenses | |
Custody and accounting fees | 6,062 |
Professional fees | 28,497 |
Registration fees | 33,502 |
Shareholder report expenses | 2,169 |
Trustees’ fees and expenses | 12,286 |
Other fees and expenses | 2,293 |
Total expenses | 84,809 |
Less: Fee waivers and/or expense reimbursements | (84,809 ) |
Net expenses | 0 |
Net investment income | 42,136 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 16,952 |
Foreign currency and foreign currency translations | (4,287 ) |
Net realized gains on investments | 12,665 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 253,691 |
Foreign currency and foreign currency translations | (253 ) |
Net change in unrealized gains (losses) on investments | 253,438 |
Net realized and unrealized gains (losses) on investments | 266,103 |
Net increase in net assets resulting from operations | $308,239 |
1 | For the period from November 16, 2022 (commencement of operations) to April 30, 2023 |
Period ended April 30, 20231 (unaudited) | ||
Operations | ||
Net investment income | $42,136 | |
Net realized gains on investments | 12,665 | |
Net change in unrealized gains (losses) on investments | 253,438 | |
Net increase in net assets resulting from operations | 308,239 | |
Distributions to shareholders from | ||
Net investment income and net realized gains | (19,124 ) | |
Capital share transactions | Shares | |
Proceeds from shares sold | 223,900 | 4,480,837 |
Reinvestment of distributions | 848 | 17,084 |
Net increase in net assets resulting from capital share transactions | 4,497,921 | |
Total increase in net assets | 4,787,036 | |
Net assets | ||
Beginning of period | 0 | |
End of period | $4,787,036 |
1 | For the period from November 16, 2022 (commencement of operations) to April 30, 2023 |
(For a share outstanding throughout each period)
Period ended April 30, 20231 (unaudited) | |
Net asset value, beginning of period | $20.00 |
Net investment income | 0.19 2 |
Net realized and unrealized gains (losses) on investments | 1.20 |
Total from investment operations | 1.39 |
Distributions to shareholders from | |
Net investment income | (0.09 ) |
Net asset value, end of period | $21.30 |
Total return3 | 6.95 % |
Ratios to average net assets (annualized) | |
Gross expenses | 4.10 % |
Net expenses | 0.00 %4 |
Net investment income | 2.04 % |
Supplemental data | |
Portfolio turnover rate | 42 % |
Net assets, end of period (000s omitted) | $4,787 |
1 | For the period from November 16, 2022 (commencement of operations) to April 30, 2023 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
4 | The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, except portfolio transactions or other investment-related costs (e.g., commissions), fees payable for services provided by the Fund’s securities lending agent (if any), interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. This commitment has an indefinite term. |
Gross unrealized gains | $370,316 |
Gross unrealized losses | (111,950 ) |
Net unrealized gains | $258,366 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $150,931 | $0 | $0 | $150,931 |
Chile | 85,391 | 0 | 0 | 85,391 |
China | 0 | 1,063,213 | 0 | 1,063,213 |
Greece | 43,062 | 0 | 0 | 43,062 |
Hong Kong | 0 | 126,135 | 0 | 126,135 |
India | 343,495 | 385,420 | 0 | 728,915 |
Indonesia | 0 | 48,269 | 0 | 48,269 |
Italy | 0 | 75,100 | 0 | 75,100 |
Malaysia | 0 | 86,489 | 0 | 86,489 |
Mexico | 69,237 | 0 | 0 | 69,237 |
Philippines | 0 | 59,238 | 0 | 59,238 |
Poland | 0 | 73,830 | 0 | 73,830 |
Qatar | 0 | 43,263 | 0 | 43,263 |
Singapore | 0 | 72,919 | 0 | 72,919 |
South Africa | 0 | 38,162 | 0 | 38,162 |
South Korea | 0 | 796,842 | 0 | 796,842 |
Taiwan | 0 | 593,915 | 0 | 593,915 |
Thailand | 0 | 70,690 | 0 | 70,690 |
United Arab Emirates | 0 | 77,115 | 0 | 77,115 |
Investment companies | 153,564 | 0 | 0 | 153,564 |
Preferred stocks | ||||
South Korea | 0 | 163,000 | 0 | 163,000 |
Short-term investments | ||||
Investment companies | 135,450 | 0 | 0 | 135,450 |
Total assets | $981,130 | $3,773,600 | $0 | $4,754,730 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
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Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
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SAR4904 04-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g120788img09c21bbe2.jpg)
Allspring Funds
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President
Allspring Funds
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, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | 10 year | 1 year | 5 year | 10 year | Gross | Net2 | |
Class A (EKGAX) | 3-16-1988 | -7.69 | 1.75 | 6.54 | -2.06 | 2.96 | 7.17 | 1.52 | 1.50 |
Class C (EKGCX) | 2-1-1993 | -3.79 | 2.24 | 6.55 | -2.79 | 2.24 | 6.55 | 2.27 | 2.25 |
Administrator Class (EKGYX) | 1-13-1997 | – | – | – | -1.93 | 3.09 | 7.32 | 1.44 | 1.40 |
Institutional Class (EKGIX) | 7-30-2010 | – | – | – | -1.70 | 3.34 | 7.58 | 1.19 | 1.15 |
MSCI World Small Cap Index (Net)3 | – | – | – | – | -1.81 | 4.24 | 7.47 | – | – |
S&P Developed SmallCap Index4 | – | – | – | – | -1.47 | 4.29 | 7.57 | – | – |
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 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.50% for Class A, 2.25% 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 Morgan Stanley Capital International (MSCI) World Small Cap Index (Net) captures small cap representation across 23 developed markets countries. The index covers approximately 14% of the free float-adjusted market capitalization in each country. You cannot invest directly in an index. |
4 | 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, 20231 | |
Innospec, Inc. | 3.86 |
Novanta, Inc. | 3.00 |
Gibraltar Industries, Inc. | 2.93 |
CSW Industrials, Inc. | 2.93 |
Ansell Ltd. | 2.43 |
Denny’s Corp. | 2.32 |
Progress Software Corp. | 2.17 |
Spectris PLC | 2.10 |
Globus Medical, Inc. Class A | 2.08 |
Alten SA | 2.04 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g120788img30a399ce4.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g120788imge246a3fd5.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,088.80 | $7.92 | 1.53 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.21 | $7.65 | 1.53 % |
Class C | ||||
Actual | $1,000.00 | $1,084.90 | $11.79 | 2.28 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.49 | $11.38 | 2.28 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,089.50 | $7.25 | 1.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.85 | $7.00 | 1.40 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,090.80 | $5.96 | 1.15 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.09 | $5.76 | 1.15 % |
Shares | Value | |||||
Common stocks: 96.94% | ||||||
Australia: 3.44% | ||||||
Ansell Ltd. (Health care, Health care equipment & supplies) | 208,499 | $3,710,260 | ||||
Cettire Ltd. (Consumer discretionary, Specialty retail) † | 643,971 | 837,093 | ||||
Inghams Group Ltd. (Consumer staples, Food products) | 375,176 | 700,337 | ||||
5,247,690 | ||||||
Belgium: 1.70% | ||||||
Barco NV (Information technology, Electronic equipment, instruments & components) † | 89,106 | 2,602,353 | ||||
Canada: 4.88% | ||||||
ATS Corp. (Industrials, Machinery) † | 22,800 | 977,395 | ||||
Canadian Western Bank (Financials, Banks) | 20,000 | 358,711 | ||||
Novanta, Inc. (Information technology, Electronic equipment, instruments & components) † | 30,002 | 4,585,506 | ||||
Primo Water Corp. (Consumer staples, Beverages) | 100,135 | 1,521,038 | ||||
7,442,650 | ||||||
Denmark: 0.64% | ||||||
SimCorp AS (Information technology, Software) | 8,960 | 971,222 | ||||
France: 2.62% | ||||||
Alten SA (Information technology, IT services) † | 18,297 | 3,110,636 | ||||
Metropole Television SA (Communication services, Media) † | 55,172 | 890,743 | ||||
4,001,379 | ||||||
Germany: 3.99% | ||||||
Cancom SE (Information technology, IT services) | 29,692 | 1,069,121 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 19,177 | 2,089,667 | ||||
Krones AG (Industrials, Machinery) | 13,403 | 1,761,087 | ||||
TAG Immobilien AG (Real estate, Real estate management & development) † | 136,177 | 1,166,072 | ||||
6,085,947 | ||||||
Ireland: 0.56% | ||||||
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 750,103 | 853,630 | ||||
Israel: 1.19% | ||||||
CyberArk Software Ltd. (Information technology, Software) † | 14,600 | 1,819,160 | ||||
Italy: 2.41% | ||||||
De’ Longhi SpA (Consumer discretionary, Household durables) † | 24,435 | 567,770 | ||||
GVS SpA (Industrials, Machinery) 144A† | 229,488 | 1,566,315 | ||||
Interpump Group SpA (Industrials, Machinery) † | 27,769 | 1,549,780 | ||||
3,683,865 | ||||||
Japan: 8.60% | ||||||
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | 71,300 | 1,580,068 | ||||
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 32,420 | 927,549 | ||||
DTS Corp. (Information technology, IT services) | 93,400 | 2,219,144 | ||||
Fuji Seal International, Inc. (Materials, Containers & packaging) | 85,500 | 971,782 |
Shares | Value | |||||
Japan (continued) | ||||||
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | 16,100 | $886,992 | ||||
Meitec Corp. (Industrials, Professional services) | 132,900 | 2,245,739 | ||||
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 193,800 | 1,516,904 | ||||
Orix JREIT, Inc. (Real estate, Office REITs) | 1,433 | 1,852,427 | ||||
Taikisha Ltd. (Industrials, Construction & engineering) | 34,300 | 929,244 | ||||
13,129,849 | ||||||
Netherlands: 0.42% | ||||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail) † | 52,150 | 256,056 | ||||
TKH Group NV (Industrials, Electrical equipment) | 7,992 | 386,907 | ||||
642,963 | ||||||
Norway: 1.04% | ||||||
Atea ASA (Information technology, IT services) | 66,218 | 909,662 | ||||
Elopak ASA (Materials, Containers & packaging) † | 303,237 | 681,476 | ||||
1,591,138 | ||||||
Spain: 2.15% | ||||||
Vidrala SA (Materials, Containers & packaging) | 4,747 | 498,329 | ||||
Viscofan SA (Consumer staples, Food products) | 40,712 | 2,790,674 | ||||
3,289,003 | ||||||
Sweden: 1.75% | ||||||
Hexpol AB (Materials, Chemicals) † | 80,806 | 952,364 | ||||
Loomis AB (Industrials, Commercial services & supplies) † | 53,564 | 1,714,518 | ||||
2,666,882 | ||||||
Switzerland: 1.40% | ||||||
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 4,243 | 1,040,566 | ||||
Bucher Industries AG (Industrials, Machinery) | 2,441 | 1,099,294 | ||||
2,139,860 | ||||||
United Kingdom: 7.70% | ||||||
Britvic PLC (Consumer staples, Beverages) | 241,232 | 2,773,343 | ||||
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 323,179 | 1,195,657 | ||||
Elementis PLC (Materials, Chemicals) † | 521,006 | 822,397 | ||||
Lancashire Holdings Ltd. (Financials, Insurance) | 152,853 | 1,178,166 | ||||
Morgan Advanced Materials PLC (Industrials, Machinery) | 99,460 | 384,501 | ||||
Nomad Foods Ltd. (Consumer staples, Food products) † | 67,132 | 1,262,081 | ||||
S4 Capital PLC (Communication services, Media) † | 384,665 | 707,151 | ||||
Samarkand Group PLC (Consumer discretionary, Broadline retail) † | 660,000 | 228,100 | ||||
Spectris PLC (Information technology, Electronic equipment, instruments & components) | 67,757 | 3,208,809 | ||||
11,760,205 | ||||||
United States: 52.45% | ||||||
Ambarella, Inc. (Information technology, Semiconductors & semiconductor equipment) † | 18,000 | 1,115,640 |
Shares | Value | |||||
United States (continued) | ||||||
Aris Water Solutions, Inc. Class A (Industrials, Commercial services & supplies) | 83,200 | $604,864 | ||||
AZEK Co., Inc. (Industrials, Building products) † | 45,600 | 1,237,584 | ||||
Azenta, Inc. (Health care, Life sciences tools & services) † | 70,000 | 3,044,300 | ||||
Balchem Corp. (Materials, Chemicals) | 11,531 | 1,515,173 | ||||
Blackbaud, Inc. (Information technology, Software) † | 39,900 | 2,767,265 | ||||
Brady Corp. Class A (Industrials, Commercial services & supplies) | 24,900 | 1,270,647 | ||||
Cactus, Inc. Class A (Energy, Energy equipment & services) | 30,300 | 1,226,544 | ||||
CBIZ, Inc. (Industrials, Professional services) † | 36,254 | 1,910,223 | ||||
CSW Industrials, Inc. (Industrials, Building products) | 33,163 | 4,466,061 | ||||
Denny’s Corp. (Consumer discretionary, Hotels, restaurants & leisure) † | 315,654 | 3,538,481 | ||||
E2open Parent Holdings, Inc. (Information technology, Software) † | 237,990 | 1,496,957 | ||||
Enovis Corp. (Health care, Health care equipment & supplies) † | 53,000 | 3,087,250 | ||||
EnPro Industries, Inc. (Industrials, Machinery) | 17,600 | 1,659,152 | ||||
FARO Technologies, Inc. (Information technology, Electronic equipment, instruments & components) † | 40,640 | 948,944 | ||||
FormFactor, Inc. (Information technology, Semiconductors & semiconductor equipment) † | 44,300 | 1,209,833 | ||||
Gibraltar Industries, Inc. (Industrials, Building products) † | 89,437 | 4,475,427 | ||||
Global Blue Group Holding AG (Information technology, IT services) | 225,000 | 1,242,000 | ||||
Globus Medical, Inc. Class A (Health care, Health care equipment & supplies) † | 54,700 | 3,180,258 | ||||
Hanover Insurance Group, Inc. (Financials, Insurance) | 24,900 | 2,977,044 | ||||
Helen of Troy Ltd. (Consumer discretionary, Household durables) † | 24,900 | 2,498,466 | ||||
Holley, Inc. (Consumer discretionary, Automobile components) † | 443,282 | 1,068,310 | ||||
Horace Mann Educators Corp. (Financials, Insurance) | 12,100 | 378,488 | ||||
ICU Medical, Inc. (Health care, Health care equipment & supplies) † | 11,240 | 2,125,934 | ||||
Innospec, Inc. (Materials, Chemicals) | 57,920 | 5,886,410 | ||||
J & J Snack Foods Corp. (Consumer staples, Food products) | 13,900 | 2,129,480 | ||||
Mayville Engineering Co., Inc. (Industrials, Machinery) † | 134,400 | 1,626,240 | ||||
Progress Software Corp. (Information technology, Software) | 60,400 | 3,314,752 | ||||
Quanex Building Products Corp. (Industrials, Building products) | 96,271 | 1,838,776 | ||||
QuidelOrtho Corp. (Health care, Health care equipment & supplies) † | 19,600 | 1,763,020 | ||||
Southwestern Energy Co. (Energy, Oil, gas & consumable fuels) † | 304,800 | 1,581,912 | ||||
Spectrum Brands Holdings, Inc. (Consumer staples, Household products) | 16,000 | 1,064,000 | ||||
Standex International Corp. (Industrials, Machinery) | 14,451 | 1,774,727 | ||||
Stepan Co. (Materials, Chemicals) | 25,600 | 2,360,320 | ||||
Varex Imaging Corp. (Health care, Health care equipment & supplies) † | 123,289 | 2,187,147 | ||||
Vivid Seats, Inc. Class A (Communication services, Entertainment) † | 123,442 | 886,314 | ||||
Wendy’s Co. (Consumer discretionary, Hotels, restaurants & leisure) | 94,600 | 2,090,660 | ||||
Ziff Davis, Inc. (Communication services, Interactive media & services) † | 34,700 | 2,537,958 | ||||
80,086,561 | ||||||
Total common stocks (Cost $133,002,544) | 148,014,357 |
Yield | Shares | Value | ||||
Short-term investments: 1.64% | ||||||
Investment companies: 1.64% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 % | 2,499,215 | $2,499,215 | |||
Total short-term investments (Cost $2,499,215) | 2,499,215 | |||||
Total investments in securities (Cost $135,501,759) | 98.58 % | 150,513,572 | ||||
Other assets and liabilities, net | 1.42 | 2,175,775 | ||||
Total net assets | 100.00 % | $152,689,347 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the 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 | $3,845,272 | $16,645,882 | $(17,991,939 ) | $0 | $0 | $2,499,215 | 2,499,215 | $54,280 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 1,789,962 | 8,923,900 | (10,713,900 ) | 38 | 0 | 0 | 0 | 40,400 1 |
$38 | $0 | $2,499,215 | $94,680 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $133,002,544) | $148,014,357 |
Investments in affiliated securities, at value (cost $2,499,215) | 2,499,215 |
Foreign currency, at value (cost $40,198) | 40,046 |
Receivable for investments sold | 1,931,104 |
Receivable for dividends | 573,225 |
Receivable for Fund shares sold | 24,098 |
Prepaid expenses and other assets | 59,899 |
Total assets | 153,141,944 |
Liabilities | |
Payable for Fund shares redeemed | 123,531 |
Payable for investments purchased | 114,194 |
Management fee payable | 102,422 |
Shareholder report expenses payable | 25,556 |
Administration fees payable | 22,957 |
Shareholder servicing fee payable | 21,697 |
Distribution fee payable | 1,587 |
Accrued expenses and other liabilities | 40,653 |
Total liabilities | 452,597 |
Total net assets | $152,689,347 |
Net assets consist of | |
Paid-in capital | $142,050,021 |
Total distributable earnings | 10,639,326 |
Total net assets | $152,689,347 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $98,705,404 |
Shares outstanding–Class A1 | 2,822,825 |
Net asset value per share–Class A | $34.97 |
Maximum offering price per share – Class A2 | $37.10 |
Net assets–Class C | $2,579,663 |
Shares outstanding–Class C1 | 128,220 |
Net asset value per share–Class C | $20.12 |
Net assets–Administrator Class | $4,702,523 |
Shares outstanding–Administrator Class1 | 125,676 |
Net asset value per share–Administrator Class | $37.42 |
Net assets–Institutional Class | $46,701,757 |
Shares outstanding–Institutional Class1 | 1,245,421 |
Net asset value per share–Institutional Class | $37.50 |
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 $56,824) | $865,448 |
Income from affiliated securities | 88,353 |
Interest | 12 |
Total investment income | 953,813 |
Expenses | |
Management fee | 737,377 |
Administration fees | |
Class A | 104,837 |
Class C | 2,811 |
Administrator Class | 2,966 |
Institutional Class | 31,299 |
Shareholder servicing fees | |
Class A | 124,614 |
Class C | 3,331 |
Administrator Class | 5,654 |
Distribution fee | |
Class C | 9,994 |
Custody and accounting fees | 19,267 |
Professional fees | 41,906 |
Registration fees | 36,687 |
Shareholder report expenses | 40,667 |
Trustees’ fees and expenses | 10,896 |
Other fees and expenses | 15,086 |
Total expenses | 1,187,392 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (61,602 ) |
Class A | (4,992 ) |
Administrator Class | (1,369 ) |
Institutional Class | (14,446 ) |
Net expenses | 1,104,983 |
Net investment loss | (151,170 ) |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (47,703 ) |
Affiliated securities | 38 |
Foreign currency and foreign currency translations | (70,898 ) |
Net realized losses on investments | (118,563 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 13,571,686 |
Foreign currency and foreign currency translations | 31,791 |
Net change in unrealized gains (losses) on investments | 13,603,477 |
Net realized and unrealized gains (losses) on investments | 13,484,914 |
Net increase in net assets resulting from operations | $13,333,744 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment loss | $(151,170 ) | $(330,937 ) | ||
Net realized gains (losses) on investments | (118,563 ) | 5,001,254 | ||
Net change in unrealized gains (losses) on investments | 13,603,477 | (75,202,679 ) | ||
Net increase (decrease) in net assets resulting from operations | 13,333,744 | (70,532,362 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (4,150,223 ) | (21,661,516 ) | ||
Class C | (195,645 ) | (1,019,521 ) | ||
Administrator Class | (174,295 ) | (3,849,616 ) | ||
Institutional Class | (1,889,603 ) | (17,015,522 ) | ||
Total distributions to shareholders | (6,409,766 ) | (43,546,175 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 37,027 | 1,283,349 | 100,591 | 4,163,801 |
Class C | 1,316 | 27,191 | 8,990 | 230,911 |
Administrator Class | 6,680 | 253,547 | 46,944 | 2,282,764 |
Institutional Class | 68,440 | 2,561,090 | 804,717 | 34,698,558 |
4,125,177 | 41,376,034 | |||
Reinvestment of distributions | ||||
Class A | 112,779 | 3,822,065 | 441,507 | 19,934,037 |
Class C | 9,988 | 195,259 | 37,210 | 1,006,145 |
Administrator Class | 4,698 | 170,245 | 78,981 | 3,800,581 |
Institutional Class | 50,473 | 1,831,661 | 348,182 | 16,723,192 |
6,019,230 | 41,463,955 | |||
Payment for shares redeemed | ||||
Class A | (230,215 ) | (8,001,466 ) | (464,719 ) | (18,563,699 ) |
Class C | (20,646 ) | (409,164 ) | (40,650 ) | (876,811 ) |
Administrator Class | (7,052 ) | (262,909 ) | (501,601 ) | (21,079,674 ) |
Institutional Class | (209,907 ) | (7,792,596 ) | (2,109,462 ) | (93,030,891 ) |
(16,466,135 ) | (133,551,075 ) | |||
Net decrease in net assets resulting from capital share transactions | (6,321,728 ) | (50,711,086 ) | ||
Total increase (decrease) in net assets | 602,250 | (164,789,623 ) | ||
Net assets | ||||
Beginning of period | 152,087,097 | 316,876,720 | ||
End of period | $152,689,347 | $152,087,097 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class A | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $33.49 | $54.12 | $36.87 | $39.97 | $39.97 | $45.81 |
Net investment income (loss) | (0.05 )1 | (0.10 )1 | (0.22 )1 | (0.10 )1 | 0.18 1 | 0.10 |
Net realized and unrealized gains (losses) on investments | 2.98 | (12.76 ) | 17.47 | (1.29 ) | 3.26 | (0.72 ) |
Total from investment operations | 2.93 | (12.86 ) | 17.25 | (1.39 ) | 3.44 | (0.62 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.54 ) | (0.03 ) | (0.22 ) |
Net realized gains | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) | (5.00 ) |
Total distributions to shareholders | (1.45 ) | (7.77 ) | 0.00 | (1.71 ) | (3.44 ) | (5.22 ) |
Net asset value, end of period | $34.97 | $33.49 | $54.12 | $36.87 | $39.97 | $39.97 |
Total return2 | 8.88 % | (27.48 )% | 46.79 % | (3.81 )% | 9.75 % | (1.82 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.62 % | 1.53 % | 1.49 % | 1.54 % | 1.53 % | 1.54 % |
Net expenses | 1.53 % | 1.52 % | 1.49 % | 1.53 % | 1.53 % | 1.54 % |
Net investment income (loss) | (0.30 )% | (0.25 )% | (0.44 )% | (0.27 )% | 0.47 % | 0.16 % |
Supplemental data | ||||||
Portfolio turnover rate | 7 % | 47 % | 53 % | 65 % | 62 % | 51 % |
Net assets, end of period (000s omitted) | $98,705 | $97,233 | $152,947 | $113,234 | $141,388 | $132,906 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Class C | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $19.92 | $35.63 | $24.46 | $26.68 | $28.02 | $33.65 |
Net investment loss | (0.11 )1 | (0.24 )1 | (0.39 )1 | (0.25 )1 | (0.07 )1 | (0.20 ) |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 1.76 | (7.70 ) | 11.56 | (0.87 ) | 2.14 | (0.43 ) |
Total from investment operations | 1.65 | (7.94 ) | 11.17 | (1.05 ) | 2.07 | (0.63 ) |
Distributions to shareholders from | ||||||
Net realized gains | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) | (5.00 ) |
Net asset value, end of period | $20.12 | $19.92 | $35.63 | $24.46 | $26.68 | $28.02 |
Total return2 | 8.49 % | (28.04 )% | 45.67 % | (4.25 )%3 | 8.90 % | (2.56 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.37 % | 2.28 % | 2.24 % | 2.29 % | 2.28 % | 2.29 % |
Net expenses | 2.28 % | 2.27 % | 2.24 % | 2.28 % | 2.28 % | 2.29 % |
Net investment loss | (1.06 )% | (0.99 )% | (1.19 )% | (1.00 )% | (0.26 )% | (0.59 )% |
Supplemental data | ||||||
Portfolio turnover rate | 7 % | 47 % | 53 % | 65 % | 62 % | 51 % |
Net assets, end of period (000s omitted) | $2,580 | $2,741 | $4,704 | $5,576 | $7,567 | $26,167 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $35.72 | $57.15 | $38.90 | $42.06 | $41.90 | $47.78 |
Net investment income (loss) | (0.03 )1 | (0.14 )1 | (0.12 )1 | (0.05 )1 | 0.25 1 | 0.14 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 | 0.00 |
Net realized and unrealized gains (losses) on investments | 3.18 | (13.52 ) | 18.37 | (1.36 ) | 3.42 | (0.73 ) |
Total from investment operations | 3.15 | (13.66 ) | 18.25 | (1.38 ) | 3.67 | (0.59 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.61 ) | (0.10 ) | (0.29 ) |
Net realized gains | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) | (5.00 ) |
Total distributions to shareholders | (1.45 ) | (7.77 ) | 0.00 | (1.78 ) | (3.51 ) | (5.29 ) |
Net asset value, end of period | $37.42 | $35.72 | $57.15 | $38.90 | $42.06 | $41.90 |
Total return2 | 8.95 % | (27.41 )% | 46.92 % | (3.61 )%3 | 9.90 % | (1.68 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.54 % | 1.42 % | 1.41 % | 1.46 % | 1.45 % | 1.46 % |
Net expenses | 1.40 % | 1.39 % | 1.39 % | 1.40 % | 1.40 % | 1.40 % |
Net investment income (loss) | (0.17 )% | (0.30 )% | (0.35 )% | (0.13 )% | 0.63 % | 0.30 % |
Supplemental data | ||||||
Portfolio turnover rate | 7 % | 47 % | 53 % | 65 % | 62 % | 51 % |
Net assets, end of period (000s omitted) | $4,703 | $4,335 | $28,406 | $20,157 | $24,746 | $27,965 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2022 | 2021 | 2020 | 2019 | 2018 | |
Net asset value, beginning of period | $35.75 | $57.05 | $38.74 | $41.92 | $41.80 | $47.68 |
Net investment income (loss) | 0.01 1 | 0.02 1 | (0.06 ) | 0.02 | 0.36 | 0.25 |
Net realized and unrealized gains (losses) on investments | 3.19 | (13.55 ) | 18.37 | (1.31 ) | 3.39 | (0.74 ) |
Total from investment operations | 3.20 | (13.53 ) | 18.31 | (1.29 ) | 3.75 | (0.49 ) |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.72 ) | (0.22 ) | (0.39 ) |
Net realized gains | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) | (5.00 ) |
Total distributions to shareholders | (1.45 ) | (7.77 ) | 0.00 | (1.89 ) | (3.63 ) | (5.39 ) |
Net asset value, end of period | $37.50 | $35.75 | $57.05 | $38.74 | $41.92 | $41.80 |
Total return2 | 9.08 % | (27.20 )% | 47.26 % | (3.42 )% | 10.17 % | (1.45 )% |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.29 % | 1.19 % | 1.16 % | 1.21 % | 1.20 % | 1.21 % |
Net expenses | 1.15 % | 1.15 % | 1.15 % | 1.15 % | 1.15 % | 1.15 % |
Net investment income (loss) | 0.08 % | 0.06 % | (0.12 )% | 0.11 % | 0.86 % | 0.54 % |
Supplemental data | ||||||
Portfolio turnover rate | 7 % | 47 % | 53 % | 65 % | 62 % | 51 % |
Net assets, end of period (000s omitted) | $46,702 | $47,779 | $130,820 | $87,313 | $104,011 | $118,625 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $34,807,036 |
Gross unrealized losses | (20,425,164 ) |
Net unrealized gains | $14,381,872 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $0 | $5,247,690 | $0 | $5,247,690 |
Belgium | 0 | 2,602,353 | 0 | 2,602,353 |
Canada | 7,442,650 | 0 | 0 | 7,442,650 |
Denmark | 0 | 971,222 | 0 | 971,222 |
France | 0 | 4,001,379 | 0 | 4,001,379 |
Germany | 0 | 6,085,947 | 0 | 6,085,947 |
Ireland | 0 | 853,630 | 0 | 853,630 |
Israel | 1,819,160 | 0 | 0 | 1,819,160 |
Italy | 0 | 3,683,865 | 0 | 3,683,865 |
Japan | 0 | 13,129,849 | 0 | 13,129,849 |
Netherlands | 256,056 | 386,907 | 0 | 642,963 |
Norway | 1,591,138 | 0 | 0 | 1,591,138 |
Spain | 0 | 3,289,003 | 0 | 3,289,003 |
Sweden | 0 | 2,666,882 | 0 | 2,666,882 |
Switzerland | 0 | 2,139,860 | 0 | 2,139,860 |
United Kingdom | 2,084,478 | 9,675,727 | 0 | 11,760,205 |
United States | 80,086,561 | 0 | 0 | 80,086,561 |
Short-term investments | ||||
Investment companies | 2,499,215 | 0 | 0 | 2,499,215 |
Total assets | $95,779,258 | $54,734,314 | $0 | $150,513,572 |
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 | 1.50 % |
Class C | 2.25 |
Administrator Class | 1.40 |
Institutional Class | 1.15 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g120788imga3405ea51.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g120788imgc7acfd8b6.jpg)
SAR4305 04-23
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g136794img8b8944022.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g136794imgeb69fee93.jpg)
President
Allspring Funds
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, 2023 | |||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | 1 year | Since inception | Gross | Net2 | |
Class A (ASPAX)3 | 6-1-2022 | 1.14 | -1.12 | 7.32 | 4.91 | 1.61 | 1.39 |
Class C (ACPCX)4 | 6-1-2022 | 5.86 | 3.53 | 6.86 | 4.53 | 2.36 | 2.14 |
Class R6 (WICRX) | 5-31-2019 | – | – | 7.78 | 5.10 | 1.18 | 0.96 |
Institutional Class (WICIX) | 5-31-2019 | – | – | 7.60 | 4.98 | 1.28 | 1.06 |
MSCI World ex U.S. Small Cap Index (Net)5 | – | – | – | -1.72 | 5.54 * | – | – |
* | 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 29, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.38% for Class A, 2.13% for Class C, 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 | Historical performance shown for the Class A shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class A shares. |
4 | Historical performance shown for the Class C shares prior to their inception reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class C shares. |
5 | The Morgan Stanley Capital International (MSCI) World ex U.S. 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 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 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, 20231 | |
Spectris PLC | 3.94 |
Alten SA | 3.78 |
Ansell Ltd. | 3.67 |
Viscofan SA | 2.97 |
Orix JREIT, Inc. | 2.55 |
Aeon Delight Co. Ltd. | 2.41 |
Britvic PLC | 2.37 |
Meitec Corp. | 2.36 |
Tate & Lyle PLC | 2.21 |
PrairieSky Royalty Ltd. | 2.19 |
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, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g136794img0c1fae214.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Geographic allocation as of April 30, 20231 |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g136794imgc271537c5.jpg)
1 | Figures represent the percentage of the Fund’s long-term investments. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,214.20 | $7.58 | 1.38 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.95 | $6.90 | 1.38 % |
Class C | ||||
Actual | $1,000.00 | $1,213.60 | $9.17 | 1.67 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,016.51 | $8.35 | 1.67 % |
Class R6 | ||||
Actual | $1,000.00 | $1,218.10 | $5.22 | 0.95 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.08 | $4.76 | 0.95 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,217.20 | $5.77 | 1.05 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.59 | $5.26 | 1.05 % |
Shares | Value | |||||
Common stocks: 95.76% | ||||||
Australia: 5.93% | ||||||
Ansell Ltd. (Health care, Health care equipment & supplies) | 380,903 | $6,778,205 | ||||
Inghams Group Ltd. (Consumer staples, Food products) | 905,543 | 1,690,367 | ||||
Orora Ltd. (Materials, Containers & packaging) | 1,078,538 | 2,465,040 | ||||
10,933,612 | ||||||
Austria: 0.78% | ||||||
Mayr Melnhof Karton AG (Materials, Containers & packaging) † | 9,018 | 1,439,611 | ||||
Belgium: 3.05% | ||||||
Azelis Group NV (Industrials, Trading companies & distributors) † | 73,018 | 1,732,314 | ||||
Barco NV (Information technology, Electronic equipment, instruments & components) † | 133,150 | 3,888,664 | ||||
5,620,978 | ||||||
Canada: 9.82% | ||||||
ATS Corp. (Industrials, Machinery) † | 61,400 | 2,632,109 | ||||
Canadian Western Bank (Financials, Banks) | 150,100 | 2,692,128 | ||||
Finning International, Inc. (Industrials, Trading companies & distributors) | 95,600 | 2,477,408 | ||||
Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | 82,800 | 2,696,340 | ||||
PrairieSky Royalty Ltd. (Energy, Oil, gas & consumable fuels) | 256,300 | 4,044,502 | ||||
Primo Water Corp. (Consumer staples, Beverages) | 234,325 | 3,559,367 | ||||
18,101,854 | ||||||
Denmark: 0.50% | ||||||
SimCorp AS (Information technology, Software) | 8,416 | 912,255 | ||||
France: 4.64% | ||||||
Alten SA (Information technology, IT services) † | 40,976 | 6,966,246 | ||||
Metropole Television SA (Communication services, Media) † | 98,069 | 1,583,309 | ||||
8,549,555 | ||||||
Germany: 7.12% | ||||||
Cancom SE (Information technology, IT services) | 86,116 | 3,100,782 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 29,756 | 3,242,433 | ||||
Krones AG (Industrials, Machinery) | 26,805 | 3,522,042 | ||||
Stabilus SE (Industrials, Machinery) | 17,667 | 1,154,586 | ||||
TAG Immobilien AG (Real estate, Real estate management & development) † | 246,628 | 2,111,854 | ||||
13,131,697 | ||||||
Ireland: 0.70% | ||||||
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 1,139,302 | 1,296,544 | ||||
Italy: 6.50% | ||||||
Azimut Holding SpA (Financials, Capital markets) † | 78,781 | 1,759,658 | ||||
Buzzi Unicem SpA (Materials, Construction materials) † | 119,072 | 2,960,826 | ||||
De’ Longhi SpA (Consumer discretionary, Household durables) † | 65,221 | 1,515,471 |
Shares | Value | |||||
Italy (continued) | ||||||
GVS SpA (Industrials, Machinery) 144A† | 364,545 | $2,488,114 | ||||
Interpump Group SpA (Industrials, Machinery) † | 58,308 | 3,254,153 | ||||
11,978,222 | ||||||
Japan: 23.63% | ||||||
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | 200,900 | 4,452,113 | ||||
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 116,060 | 3,320,521 | ||||
DTS Corp. (Information technology, IT services) | 168,300 | 3,998,735 | ||||
Ezaki Glico Co. Ltd. (Consumer staples, Food products) | 42,400 | 1,090,557 | ||||
Fuji Seal International, Inc. (Materials, Containers & packaging) | 164,900 | 1,874,232 | ||||
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | 58,000 | 3,195,376 | ||||
Kamigumi Co. Ltd. (Industrials, Transportation infrastructure) | 129,900 | 2,846,868 | ||||
Meitec Corp. (Industrials, Professional services) | 257,400 | 4,349,535 | ||||
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 213,400 | 1,670,317 | ||||
Orix JREIT, Inc. (Real estate, Office REITs) | 3,631 | 4,693,763 | ||||
PHC Holdings Corp. (Health care, Health care equipment & supplies) | 91,600 | 941,220 | ||||
San-A Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 85,500 | 2,890,947 | ||||
Sohgo Security Services Co. Ltd. (Industrials, Commercial services & supplies) | 55,000 | 1,536,109 | ||||
Stanley Electric Co. Ltd. (Consumer discretionary, Automobile components) | 86,100 | 1,942,235 | ||||
Sumitomo Warehouse Co. Ltd. (Industrials, Transportation infrastructure) | 144,200 | 2,395,634 | ||||
Taikisha Ltd. (Industrials, Construction & engineering) | 87,500 | 2,370,520 | ||||
43,568,682 | ||||||
Luxembourg: 0.05% | ||||||
Novem Group SA (Consumer discretionary, Automobile components) | 8,926 | 96,641 | ||||
Netherlands: 1.66% | ||||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail) † | 93,702 | 460,077 | ||||
TKH Group NV (Industrials, Electrical equipment) | 53,788 | 2,603,970 | ||||
3,064,047 | ||||||
Norway: 2.75% | ||||||
Atea ASA (Information technology, IT services) | 154,874 | 2,127,564 | ||||
Elopak ASA (Materials, Containers & packaging) † | 243,135 | 546,407 | ||||
SpareBank 1 SMN (Financials, Banks) | 185,078 | 2,392,875 | ||||
5,066,846 | ||||||
Spain: 4.07% | ||||||
Vidrala SA (Materials, Containers & packaging) | 19,387 | 2,035,203 | ||||
Viscofan SA (Consumer staples, Food products) | 79,855 | 5,473,797 | ||||
7,509,000 | ||||||
Sweden: 3.34% | ||||||
Hexpol AB (Materials, Chemicals) † | 186,151 | 2,193,939 | ||||
Loomis AB (Industrials, Commercial services & supplies) † | 123,975 | 3,968,288 | ||||
6,162,227 |
Shares | Value | |||||
Switzerland: 4.42% | ||||||
Arbonia AG (Industrials, Building products) | 171,105 | $2,095,228 | ||||
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 11,291 | 2,769,040 | ||||
Bucher Industries AG (Industrials, Machinery) | 4,738 | 2,133,738 | ||||
Montana Aerospace AG (Industrials, Aerospace & defense) 144A† | 63,964 | 1,159,271 | ||||
8,157,277 | ||||||
United Kingdom: 16.80% | ||||||
Britvic PLC (Consumer staples, Beverages) | 379,735 | 4,365,653 | ||||
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 739,047 | 2,734,232 | ||||
Elementis PLC (Materials, Chemicals) † | 1,025,613 | 1,618,908 | ||||
IMI PLC (Industrials, Machinery) | 30,426 | 610,463 | ||||
Lancashire Holdings Ltd. (Financials, Insurance) | 361,273 | 2,784,635 | ||||
Morgan Advanced Materials PLC (Industrials, Machinery) | 267,316 | 1,033,413 | ||||
Nomad Foods Ltd. (Consumer staples, Food products) † | 148,031 | 2,782,983 | ||||
S4 Capital PLC (Communication services, Media) † | 872,596 | 1,604,142 | ||||
Spectris PLC (Information technology, Electronic equipment, instruments & components) | 153,255 | 7,257,789 | ||||
SSP Group PLC (Consumer discretionary, Hotels, restaurants & leisure) † | 649,960 | 2,105,807 | ||||
Tate & Lyle PLC (Consumer staples, Food products) | 397,721 | 4,078,168 | ||||
30,976,193 | ||||||
Total common stocks (Cost $166,240,520) | 176,565,241 | |||||
Investment companies: 1.01% | ||||||
United States: 1.01% | ||||||
iShares MSCI EAFE Small-Cap ETF | 30,608 | 1,862,191 | ||||
Total investment companies (Cost $1,860,102) | 1,862,191 |
Yield | ||||||
Short-term investments: 2.93% | ||||||
Investment companies: 2.93% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 % | 5,396,755 | 5,396,755 | |||
Total short-term investments (Cost $5,396,755) | 5,396,755 | |||||
Total investments in securities (Cost $173,497,377) | 99.70 % | 183,824,187 | ||||
Other assets and liabilities, net | 0.30 | 550,197 | ||||
Total net assets | 100.00 % | $184,374,384 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♠ | The issuer of the security is an affiliated person of the 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 | $8,959,808 | $24,152,864 | $(27,715,917 ) | $0 | $0 | $5,396,755 | 5,396,755 | $143,668 |
Investments in affiliates no longer held at end of period | ||||||||
Securities Lending Cash Investments LLC | 2,952,741 | 17,522,825 | (20,475,598 ) | 34 | (2 ) | 0 | 0 | 31,755 1 |
$34 | $(2 ) | $5,396,755 | $175,423 |
1 | Amount shown represents income before fees and rebates. |
Assets | |
Investments in unaffiliated securities, at value (cost $168,100,622) | $178,427,432 |
Investments in affiliated securities, at value (cost $5,396,755) | 5,396,755 |
Cash | 7 |
Foreign currency, at value (cost $137,374) | 137,248 |
Receivable for investments sold | 1,611,883 |
Receivable for dividends | 923,902 |
Receivable for Fund shares sold | 115,756 |
Prepaid expenses and other assets | 123,425 |
Total assets | 186,736,408 |
Liabilities | |
Payable for investments purchased | 2,117,935 |
Management fee payable | 122,719 |
Payable for Fund shares redeemed | 93,079 |
Administration fees payable | 13,835 |
Trustees’ fees and expenses payable | 1,109 |
Distribution fee payable | 2 |
Accrued expenses and other liabilities | 13,345 |
Total liabilities | 2,362,024 |
Total net assets | $184,374,384 |
Net assets consist of | |
Paid-in capital | $181,455,203 |
Total distributable earnings | 2,919,181 |
Total net assets | $184,374,384 |
Computation of net asset value and offering price per share | |
Net assets–Class A1 | $31,590 |
Shares outstanding–Class A | 2,758 |
Net asset value per share–Class A | $11.45 |
Maximum offering price per share – Class A2 | $12.15 |
Net assets–Class C1 | $26,134 |
Shares outstanding–Class C | 2,284 |
Net asset value per share–Class C | $11.44 |
Net assets–Class R61 | $71,033,414 |
Shares outstanding–Class R6 | 6,206,166 |
Net asset value per share–Class R6 | $11.45 |
Net assets–Institutional Class1 | $113,283,246 |
Shares outstanding–Institutional Class | 9,882,841 |
Net asset value per share–Institutional Class | $11.46 |
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 $220,497) | $1,924,397 |
Income from affiliated securities | 147,875 |
Total investment income | 2,072,272 |
Expenses | |
Management fee | 865,951 |
Administration fees | |
Class A | 27 |
Class C | 26 |
Class R6 | 11,438 |
Institutional Class | 68,901 |
Shareholder servicing fees | |
Class A | 31 |
Class C | 31 |
Distribution fee | |
Class C | 18 |
Custody and accounting fees | 26,346 |
Professional fees | 41,330 |
Registration fees | 15,919 |
Shareholder report expenses | 8,735 |
Trustees’ fees and expenses | 10,896 |
Other fees and expenses | 4,110 |
Total expenses | 1,053,759 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (134,667 ) |
Net expenses | 919,092 |
Net investment income | 1,153,180 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (1,977,418 ) |
Affiliated securities | 34 |
Foreign currency and foreign currency translations | 4,505 |
Net realized losses on investments | (1,972,879 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 36,093,958 |
Affiliated securities | (2 ) |
Foreign currency and foreign currency translations | (460 ) |
Net change in unrealized gains (losses) on investments | 36,093,496 |
Net realized and unrealized gains (losses) on investments | 34,120,617 |
Net increase in net assets resulting from operations | $35,273,797 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income | $1,153,180 | $1,636,664 | ||
Net realized losses on investments | (1,972,879 ) | (5,756,709 ) | ||
Net change in unrealized gains (losses) on investments | 36,093,496 | (25,403,841 ) | ||
Net increase (decrease) in net assets resulting from operations | 35,273,797 | (29,523,886 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (248 ) | 0 1 | ||
Class C | (182 ) | 0 1 | ||
Class R6 | (1,043,071 ) | (801,820 ) | ||
Institutional Class | (1,230,408 ) | (2,079 ) | ||
Total distributions to shareholders | (2,273,909 ) | (803,899 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 467 | 5,300 | 2,267 1 | 25,000 1 |
Class C | 0 | 0 | 2,267 1 | 25,000 1 |
Class R6 | 110,409 | 1,235,797 | 3,544,181 | 38,873,752 |
Institutional Class | 1,275,388 | 13,836,468 | 10,832,056 | 110,774,581 |
15,077,565 | 149,698,333 | |||
Reinvestment of distributions | ||||
Class A | 24 | 248 | 0 1 | 0 1 |
Class C | 17 | 182 | 0 1 | 0 1 |
Class R6 | 64,723 | 665,359 | 53,931 | 717,191 |
Institutional Class | 119,457 | 1,230,408 | 156 | 2,079 |
1,896,197 | 719,270 | |||
Payment for shares redeemed | ||||
Class R6 | (1,445,762 ) | (15,910,877 ) | (174,217 ) | (1,670,741 ) |
Institutional Class | (1,436,451 ) | (15,622,038 ) | (918,980 ) | (9,027,493 ) |
(31,532,915 ) | (10,698,234 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (14,559,153 ) | 139,719,369 | ||
Total increase in net assets | 18,440,735 | 109,391,584 | ||
Net assets | ||||
Beginning of period | 165,933,649 | 56,542,065 | ||
End of period | $184,374,384 | $165,933,649 |
1 | For the period from June 1, 2022 (commencement of class operations) to October 31, 2022. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 20221 | |
Class A | ||
Net asset value, beginning of period | $9.53 | $11.03 |
Net investment income | 0.05 | 0.03 |
Net realized and unrealized gains (losses) on investments | 1.98 | (1.53 ) |
Total from investment operations | 2.03 | (1.50 ) |
Distributions to shareholders from | ||
Net investment income | (0.11 ) | 0.00 |
Net asset value, end of period | $11.45 | $9.53 |
Total return2 | 21.42 % | (13.60 )% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.53 % | 1.60 % |
Net expenses | 1.38 % | 1.38 % |
Net investment income | 0.96 % | 0.69 % |
Supplemental data | ||
Portfolio turnover rate | 13 % | 26 % |
Net assets, end of period (000s omitted) | $32 | $22 |
1 | For the period from June 1, 2022 (commencement of class operations) to October 31, 2022. |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 20221 | |
Class C | ||
Net asset value, beginning of period | $9.50 | $11.03 |
Net investment income | 0.03 | 0.00 2 |
Net realized and unrealized gains (losses) on investments | 1.99 | (1.53 ) |
Total from investment operations | 2.02 | (1.53 ) |
Distributions to shareholders from | ||
Net investment income | (0.08 ) | 0.00 |
Net asset value, end of period | $11.44 | $9.50 |
Total return3 | 21.36 % | (13.87 )% |
Ratios to average net assets (annualized) | ||
Gross expenses | 1.69 % | 2.12 % |
Net expenses | 1.67 % | 1.96 % |
Net investment income | 0.63 % | 0.06 % |
Supplemental data | ||
Portfolio turnover rate | 13 % | 26 % |
Net assets, end of period (000s omitted) | $26 | $22 |
1 | For the period from June 1, 2022 (commencement of class operations) to October 31, 2022. |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | ||||
Class R6 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $9.53 | $13.91 | $10.38 | $10.58 | $10.00 |
Net investment income | 0.07 2 | 0.20 2 | 0.06 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 1.99 | (4.38 ) | 3.56 | (0.03 ) | 0.53 |
Total from investment operations | 2.06 | (4.18 ) | 3.62 | (0.06 ) | 0.58 |
Distributions to shareholders from | |||||
Net investment income | (0.14 ) | (0.07 ) | (0.05 ) | (0.15 ) | 0.00 |
Net realized gains | 0.00 | (0.13 ) | (0.04 ) | (0.11 ) | 0.00 |
Total distributions to shareholders | (0.14 ) | (0.20 ) | (0.09 ) | (0.26 ) | 0.00 |
Net asset value, end of period | $11.45 | $9.53 | $13.91 | $10.38 | $10.58 |
Total return3 | 21.81 % | (30.47 )% | 35.04 % | 0.42 % | 5.80 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.10 % | 1.18 % | 1.68 % | 5.69 % | 7.81 % |
Net expenses | 0.95 % | 0.95 % | 0.95 % | 0.95 % | 0.95 % |
Net investment income | 1.28 % | 1.85 % | 0.70 % | 0.93 % | 1.24 % |
Supplemental data | |||||
Portfolio turnover rate | 13 % | 26 % | 19 % | 45 % | 14 % |
Net assets, end of period (000s omitted) | $71,033 | $71,264 | $56,386 | $5,086 | $5,183 |
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. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited) | Year ended October 31 | ||||
Institutional Class | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $9.53 | $13.92 | $10.38 | $10.57 | $10.00 |
Net investment income | 0.07 2 | 0.19 2 | 0.13 | 0.08 | 0.05 |
Net realized and unrealized gains (losses) on investments | 1.99 | (4.39 ) | 3.49 | (0.03 ) | 0.52 |
Total from investment operations | 2.06 | (4.20 ) | 3.62 | 0.05 | 0.57 |
Distributions to shareholders from | |||||
Net investment income | (0.13 ) | (0.06 ) | (0.04 ) | (0.13 ) | 0.00 |
Net realized gains | 0.00 | (0.13 ) | (0.04 ) | (0.11 ) | 0.00 |
Total distributions to shareholders | (0.13 ) | (0.19 ) | (0.08 ) | (0.24 ) | 0.00 |
Net asset value, end of period | $11.46 | $9.53 | $13.92 | $10.38 | $10.57 |
Total return3 | 21.72 % | (30.60 )% | 35.00 % | 0.35 % | 5.70 % |
Ratios to average net assets (annualized) | |||||
Gross expenses | 1.20 % | 1.26 % | 2.73 % | 5.76 % | 7.91 % |
Net expenses | 1.05 % | 1.05 % | 1.05 % | 1.05 % | 1.05 % |
Net investment income | 1.26 % | 1.86 % | 1.00 % | 0.83 % | 1.14 % |
Supplemental data | |||||
Portfolio turnover rate | 13 % | 26 % | 19 % | 45 % | 14 % |
Net assets, end of period (000s omitted) | $113,283 | $94,626 | $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 | $19,797,754 |
Gross unrealized losses | (9,826,686 ) |
Net unrealized gains | $9,971,068 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $0 | $10,933,612 | $0 | $10,933,612 |
Austria | 0 | 1,439,611 | 0 | 1,439,611 |
Belgium | 0 | 5,620,978 | 0 | 5,620,978 |
Canada | 18,101,854 | 0 | 0 | 18,101,854 |
Denmark | 0 | 912,255 | 0 | 912,255 |
France | 0 | 8,549,555 | 0 | 8,549,555 |
Germany | 0 | 13,131,697 | 0 | 13,131,697 |
Ireland | 0 | 1,296,544 | 0 | 1,296,544 |
Italy | 0 | 11,978,222 | 0 | 11,978,222 |
Japan | 0 | 43,568,682 | 0 | 43,568,682 |
Luxembourg | 0 | 96,641 | 0 | 96,641 |
Netherlands | 460,077 | 2,603,970 | 0 | 3,064,047 |
Norway | 2,673,971 | 2,392,875 | 0 | 5,066,846 |
Spain | 0 | 7,509,000 | 0 | 7,509,000 |
Sweden | 0 | 6,162,227 | 0 | 6,162,227 |
Switzerland | 0 | 8,157,277 | 0 | 8,157,277 |
United Kingdom | 6,507,698 | 24,468,495 | 0 | 30,976,193 |
Investment companies | 1,862,191 | 0 | 0 | 1,862,191 |
Short-term investments | ||||
Investment companies | 5,396,755 | 0 | 0 | 5,396,755 |
Total assets | $35,002,546 | $148,821,641 | $0 | $183,824,187 |
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 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.38 % |
Class C | 2.13 |
Class R6 | 0.95 |
Institutional Class | 1.05 |
Creditable foreign taxes paid | Per share amount | Foreign income as % of ordinary income distributions |
$207,556 | $0.0119 | 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 Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g136794img648155681.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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SAR4338 04-23
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![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g145016img27d6b42b2.jpg)
Allspring Funds
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g145016img6a7656333.jpg)
President
Allspring Funds
Investment objective | The Fund seeks long-term capital appreciation. |
Adviser | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Ryan Brown, CFA, Harindra de Silva, Ph.D., CFA |
Average annual total returns (%) as of April 30, 2023 | |||||||||
Including sales charge | Excluding sales charge | Expense ratios1 (%) | |||||||
Inception date | 1 year | 5 year | Since inception | 1 year | 5 year | Since inception | Gross | Net2 | |
Class A (ADMQX)3 | 3-31-2016 | -8.94 | 3.38 | 4.51 | -3.42 | 4.61 | 5.39 | 3.94 | 2.00 |
Class C (ADSCX)4 | 12-16-2022 | -4.52 | 4.56 | 5.35 | -3.69 | 4.56 | 5.35 | 4.69 | 2.75 |
Class R6 (ASLRX)5 | 12-16-2022 | – | – | – | -3.11 | 4.88 | 5.62 | 3.51 | 1.57 |
Institutional Class (ADMZX)6 | 3-31-2016 | – | – | – | -3.11 | 4.88 | 5.62 | 3.61 | 1.67 |
MSCI USA Index (Net) (USD)7 | – | – | – | – | 1.42 | 10.71 | 11.84 * | – | – |
ICE BofA 3-Month U.S. Treasury Bill Index8 | – | – | – | – | 2.84 | 1.45 | 1.25 * | – | – |
U.S. Long/Short Equity Blended Index9 | – | – | – | – | 2.70 | 6.46 | 6.78 * | – | – |
* | 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, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.58% for Class A, 2.33% for Class C, 1.15% for Class R6 and 1.25% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), expenses from dividends and interest expense on securities sold short, 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 A shares prior to 12-16-2022 is based on the performance of the Investor Class shares of the Fund’s predecessor, 361 Domestic Long/Short Equity Fund. |
4 | Historical performance for the Class C shares prior to their inception reflects the performance of the Class A shares and is not adjusted to reflect the higher expenses applicable to the Class C shares. If these expenses had been included, returns would be lower. |
5 | 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. Historical performance prior to 12-16-2022 is based on the performance of the Fund’s predecessor, 361 Domestic Long/Short Equity Fund. |
6 | Historical performance shown for the Institutional Class shares prior to 12-16-2022 is based on the performance of Class I shares of the Fund’s predecessor, 361 Domestic Long/Short Equity Fund. |
7 | The Morgan Stanley Capital International (MSCI) USA Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure large- and mid-cap U.S. equity market performance. 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. |
Footnotes continued from previous page | |
8 | The ICE BofA 3-Month U.S. Treasury Bill Index is an unmanaged index that is comprised of a single U.S. Treasury issue with approximately three months to final maturity, purchased at the beginning of each month and held for one full month. You cannot invest directly in an index. Copyright 2023. ICE Data Indices, LLC. All rights reserved. |
9 | Source: Allspring Funds Management, LLC. The U.S. Long/Short Equity Blended Index is composed 50% of the MSCI USA Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
Ten largest Long Positions holdings (%) as of April 30, 20231 | |
Microsoft Corp. | 2.98 |
Apple, Inc. | 2.95 |
Madison Square Garden Sports Corp. | 2.22 |
Lennox International, Inc. | 2.11 |
Huntington Ingalls Industries, Inc. | 2.05 |
SEI Investments Co. | 1.94 |
Humana, Inc. | 1.89 |
Crown Castle, Inc. | 1.78 |
Donaldson Co., Inc. | 1.75 |
OGE Energy Corp. | 1.75 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Five largest short positions holdings (%) as of April 30, 20231 | |
Whirlpool Corp. | (1.36 ) |
International Flavors & Fragrances, Inc. | (1.11 ) |
Hanesbrands, Inc. | (1.10 ) |
Palantir Technologies, Inc. Class A | (1.03 ) |
Alcoa Corp. | (1.01 ) |
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 for Long and Short positions as of April 30, 20231 | ||
Long (%) | Short (%) | |
Financials | 16 | (12 ) |
Information technology | 16 | (14 ) |
Industrials | 15 | (11 ) |
Consumer staples | 11 | (4 ) |
Health care | 11 | (20 ) |
Consumer discretionary | 8 | (21 ) |
Real estate | 7 | (2 ) |
Communication services | 6 | (2 ) |
Materials | 5 | (8 ) |
Utilities | 4 | 0 |
Energy | 1 | (6 ) |
1 | Figures represent the percentage of the Fund’s long and short positions. Allocations are subject to change and may have changed since the date specified. |
Beginning account value 11-1-2022 | Ending account value 4-30-2023 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,020.70 | $11.82 | 2.36 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.09 | $11.78 | 2.36 % |
Class C | ||||
Actual | $1,000.00 | $1,017.90 | $11.73 | 3.12 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,009.32 | $15.54 | 3.12 % |
Class R6 | ||||
Actual | $1,000.00 | $1,022.80 | $7.35 | 1.95 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.13 | $9.74 | 1.95 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,022.80 | $9.93 | 1.98 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.98 | $9.89 | 1.98 % |
Shares | Value | |||||
Long positions: 102.58% Common stocks: 101.27% | ||||||
Communication services: 6.48% | ||||||
Diversified telecommunication services: 0.27% | ||||||
Bandwidth, Inc. Class A †# | 5,220 | $63,527 | ||||
Entertainment: 3.85% | ||||||
Madison Square Garden Sports Corp. # | 2,577 | 516,689 | ||||
Playtika Holding Corp. †# | 20,139 | 201,390 | ||||
Spotify Technology SA †# | 1,347 | 179,959 | ||||
898,038 | ||||||
Interactive media & services: 0.73% | ||||||
Alphabet, Inc. Class A †# | 831 | 89,200 | ||||
Alphabet, Inc. Class C †# | 480 | 51,946 | ||||
Meta Platforms, Inc. Class A †# | 123 | 29,559 | ||||
170,705 | ||||||
Media: 1.63% | ||||||
Altice USA, Inc. Class A †# | 60,057 | 210,200 | ||||
New York Times Co. Class A # | 2,880 | 114,480 | ||||
Sirius XM Holdings, Inc. # | 14,558 | 55,320 | ||||
380,000 | ||||||
Consumer discretionary: 7.98% | ||||||
Automobile components: 0.82% | ||||||
BorgWarner, Inc. # | 347 | 16,701 | ||||
Gentex Corp. # | 2,048 | 56,504 | ||||
Holley, Inc. †# | 5,442 | 13,115 | ||||
Motorcar Parts of America, Inc. †# | 21,574 | 105,066 | ||||
191,386 | ||||||
Broadline retail: 1.13% | ||||||
Amazon.com, Inc. †# | 2,501 | 263,730 | ||||
Distributors: 0.03% | ||||||
LKQ Corp. # | 108 | 6,235 | ||||
Diversified consumer services: 1.15% | ||||||
Grand Canyon Education, Inc. †# | 2,260 | 268,262 | ||||
Hotels, restaurants & leisure: 2.40% | ||||||
Domino’s Pizza, Inc. # | 445 | 141,274 | ||||
Inspired Entertainment, Inc. †# | 989 | 12,659 | ||||
Marriott International, Inc. Class A # | 289 | 48,939 | ||||
Noodles & Co. †# | 2,443 | 12,069 | ||||
Travel & Leisure Co. # | 244 | 9,338 | ||||
Yum! Brands, Inc. # | 2,386 | 335,424 | ||||
559,703 |
Shares | Value | |||||
Household durables: 0.19% | ||||||
Beazer Homes USA, Inc. †# | 2,111 | $44,985 | ||||
Specialty retail: 2.26% | ||||||
AutoZone, Inc. †# | 9 | 23,970 | ||||
Best Buy Co., Inc. # | 1,752 | 130,559 | ||||
O’Reilly Automotive, Inc. †# | 72 | 66,046 | ||||
TJX Cos., Inc. # | 152 | 11,981 | ||||
Ulta Beauty, Inc. †# | 432 | 238,218 | ||||
Upbound Group, Inc. # | 2,129 | 56,759 | ||||
527,533 | ||||||
Consumer staples: 11.42% | ||||||
Beverages: 2.28% | ||||||
Boston Beer Co., Inc. Class A †# | 873 | 277,186 | ||||
Brown-Forman Corp. Class B # | 543 | 35,344 | ||||
Monster Beverage Corp. †# | 3,772 | 211,232 | ||||
PepsiCo, Inc. # | 42 | 8,017 | ||||
531,779 | ||||||
Consumer staples distribution & retail: 2.57% | ||||||
BJ’s Wholesale Club Holdings, Inc. †# | 2,085 | 159,231 | ||||
Dollar General Corp. # | 38 | 8,416 | ||||
Grocery Outlet Holding Corp. †# | 4,900 | 145,922 | ||||
Kroger Co. # | 66 | 3,210 | ||||
Walmart, Inc. # | 1,867 | 281,861 | ||||
598,640 | ||||||
Food products: 5.36% | ||||||
Ingredion, Inc. | 2,889 | 306,725 | ||||
Pilgrim’s Pride Corp. †# | 14,375 | 327,894 | ||||
Post Holdings, Inc. †# | 4,196 | 379,696 | ||||
Seaboard Corp. # | 53 | 208,877 | ||||
Tyson Foods, Inc. Class A # | 443 | 27,683 | ||||
1,250,875 | ||||||
Household products: 0.63% | ||||||
Colgate-Palmolive Co. # | 599 | 47,800 | ||||
Kimberly-Clark Corp. # | 599 | 86,789 | ||||
Procter & Gamble Co. # | 83 | 12,980 | ||||
147,569 | ||||||
Personal care products: 0.42% | ||||||
Herbalife Nutrition Ltd. †# | 6,651 | 98,834 | ||||
Tobacco: 0.16% | ||||||
Altria Group, Inc. # | 687 | 32,639 | ||||
Philip Morris International, Inc. # | 38 | 3,799 | ||||
36,438 |
Shares | Value | |||||
Energy: 1.39% | ||||||
Oil, gas & consumable fuels: 1.39% | ||||||
Centrus Energy Corp. Class A †# | 398 | $11,661 | ||||
Chevron Corp. # | 1,024 | 172,626 | ||||
Kinder Morgan, Inc. # | 192 | 3,293 | ||||
New Fortress Energy, Inc. # | 3,481 | 105,440 | ||||
Southwestern Energy Co. †# | 6,154 | 31,939 | ||||
324,959 | ||||||
Financials: 15.64% | ||||||
Banks: 2.29% | ||||||
Bank of NT Butterfield & Son Ltd. # | 4,558 | 117,277 | ||||
Bank OZK # | 1,756 | 62,724 | ||||
BOK Financial Corp. # | 2,817 | 236,262 | ||||
Citigroup, Inc. # | 258 | 12,144 | ||||
East West Bancorp, Inc. # | 1,666 | 86,116 | ||||
OceanFirst Financial Corp. # | 1,276 | 20,416 | ||||
534,939 | ||||||
Capital markets: 5.21% | ||||||
Affiliated Managers Group, Inc. # | 1,538 | 222,056 | ||||
Evercore, Inc. Class A # | 861 | 98,214 | ||||
Jefferies Financial Group, Inc. # | 3,919 | 125,526 | ||||
MarketAxess Holdings, Inc. # | 964 | 306,909 | ||||
SEI Investments Co. # | 7,667 | 451,663 | ||||
Virtu Financial, Inc. Class A # | 569 | 11,408 | ||||
1,215,776 | ||||||
Consumer finance: 0.73% | ||||||
PROG Holdings, Inc. †# | 5,603 | 169,379 | ||||
Financial services: 3.96% | ||||||
Corebridge Financial, Inc. # | 441 | 7,435 | ||||
Global Payments, Inc. # | 2,808 | 316,490 | ||||
Jack Henry & Associates, Inc. # | 1,639 | 267,714 | ||||
PayPal Holdings, Inc. †# | 3,582 | 272,232 | ||||
UWM Holdings Corp. # | 3,030 | 18,180 | ||||
Western Union Co. # | 3,919 | 42,835 | ||||
924,886 | ||||||
Insurance: 3.11% | ||||||
Erie Indemnity Co. Class A # | 506 | 109,969 | ||||
Hanover Insurance Group, Inc. # | 345 | 41,248 | ||||
Kemper Corp. # | 1,993 | 96,959 | ||||
Marsh & McLennan Cos., Inc. # | 127 | 22,884 | ||||
Reinsurance Group of America, Inc. # | 136 | 19,356 | ||||
SiriusPoint Ltd. †# | 2,103 | 18,275 | ||||
W R Berkley Corp. # | 6,555 | 386,221 | ||||
Willis Towers Watson PLC # | 132 | 30,571 | ||||
725,483 |
Shares | Value | |||||
Mortgage real estate investment trusts (REITs): 0.34% | ||||||
Chicago Atlantic Real Estate Finance, Inc. # | 1,785 | $25,275 | ||||
Rithm Capital Corp. # | 6,667 | 54,403 | ||||
79,678 | ||||||
Health care: 11.57% | ||||||
Biotechnology: 2.19% | ||||||
ADMA Biologics, Inc. †# | 16,455 | 55,124 | ||||
Catalyst Pharmaceuticals, Inc. †# | 2,337 | 37,205 | ||||
Eagle Pharmaceuticals, Inc. †# | 579 | 16,258 | ||||
Exelixis, Inc. †# | 1,462 | 26,755 | ||||
Kiniksa Pharmaceuticals Ltd. Class A †# | 2,114 | 22,726 | ||||
Neurocrine Biosciences, Inc. †# | 3,328 | 336,261 | ||||
Vanda Pharmaceuticals, Inc. †# | 2,545 | 15,626 | ||||
509,955 | ||||||
Health care equipment & supplies: 3.11% | ||||||
Abbott Laboratories # | 2,075 | 229,225 | ||||
Becton Dickinson & Co. # | 31 | 8,194 | ||||
Hologic, Inc. †# | 186 | 15,998 | ||||
Masimo Corp. # | 2,031 | 384,143 | ||||
OraSure Technologies, Inc. †# | 1,857 | 12,628 | ||||
ResMed, Inc. # | 11 | 2,650 | ||||
Zynex, Inc. †# | 6,400 | 73,216 | ||||
726,054 | ||||||
Health care providers & services: 2.10% | ||||||
Cigna Group # | 47 | 11,905 | ||||
Elevance Health, Inc. # | 80 | 37,492 | ||||
Humana, Inc. # | 829 | 439,776 | ||||
489,173 | ||||||
Life sciences tools & services: 3.71% | ||||||
Agilent Technologies, Inc. # | 321 | 43,473 | ||||
Bio-Techne Corp. # | 376 | 30,035 | ||||
Bruker Corp. # | 3,650 | 288,825 | ||||
Medpace Holdings, Inc. †# | 60 | 12,008 | ||||
Mettler-Toledo International, Inc. †# | 172 | 256,538 | ||||
PerkinElmer, Inc. | 20 | 2,610 | ||||
Waters Corp. †# | 82 | 24,630 | ||||
West Pharmaceutical Services, Inc. # | 577 | 208,435 | ||||
866,554 | ||||||
Pharmaceuticals: 0.46% | ||||||
Elanco Animal Health, Inc. †# | 2,066 | 19,565 | ||||
Harmony Biosciences Holdings, Inc. †# | 382 | 12,316 | ||||
Jazz Pharmaceuticals PLC †# | 244 | 34,274 | ||||
Phibro Animal Health Corp. Class A # | 1,881 | 29,268 | ||||
SIGA Technologies, Inc. # | 2,142 | 12,488 | ||||
107,911 |
Shares | Value | |||||
Industrials: 14.78% | ||||||
Aerospace & defense: 3.74% | ||||||
BWX Technologies, Inc. # | 1,738 | $112,240 | ||||
Huntington Ingalls Industries, Inc. # | 2,369 | 477,733 | ||||
Lockheed Martin Corp. # | 267 | 124,008 | ||||
Northrop Grumman Corp. # | 344 | 158,677 | ||||
872,658 | ||||||
Building products: 2.31% | ||||||
Allegion PLC # | 416 | 45,960 | ||||
Lennox International, Inc. | 1,749 | 493,060 | ||||
539,020 | ||||||
Commercial services & supplies: 1.41% | ||||||
Rollins, Inc. # | 3,621 | 152,987 | ||||
Stericycle, Inc. †# | 3,607 | 164,660 | ||||
Tetra Tech, Inc. # | 75 | 10,378 | ||||
328,025 | ||||||
Construction & engineering: 1.00% | ||||||
Valmont Industries, Inc. | 805 | 233,901 | ||||
Electrical equipment: 1.44% | ||||||
AMETEK, Inc. # | 29 | 4,000 | ||||
nVent Electric PLC # | 300 | 12,579 | ||||
Vertiv Holdings Co. # | 21,393 | 319,183 | ||||
335,762 | ||||||
Machinery: 3.79% | ||||||
Allison Transmission Holdings, Inc. # | 317 | 15,466 | ||||
Donaldson Co., Inc. # | 6,421 | 408,055 | ||||
ITT, Inc. # | 3,244 | 273,923 | ||||
Otis Worldwide Corp. # | 2,089 | 178,192 | ||||
Titan International, Inc. †# | 840 | 8,198 | ||||
883,834 | ||||||
Marine transportation: 0.09% | ||||||
Golden Ocean Group Ltd. # | 855 | 7,823 | ||||
Kirby Corp. †# | 201 | 14,440 | ||||
22,263 | ||||||
Professional services: 0.05% | ||||||
Booz Allen Hamilton Holding Corp. # | 60 | 5,743 | ||||
ManpowerGroup, Inc. # | 81 | 6,133 | ||||
11,876 | ||||||
Trading companies & distributors: 0.95% | ||||||
MSC Industrial Direct Co., Inc. Class A # | 2,442 | 221,563 |
Shares | Value | |||||
Information technology: 16.50% | ||||||
Communications equipment: 0.39% | ||||||
Comtech Telecommunications Corp. # | 2,320 | $24,012 | ||||
Motorola Solutions, Inc. # | 52 | 15,153 | ||||
Ubiquiti, Inc. # | 219 | 50,928 | ||||
90,093 | ||||||
Electronic equipment, instruments & components: 2.25% | ||||||
Keysight Technologies, Inc. †# | 2,403 | 347,570 | ||||
Vishay Precision Group, Inc. †# | 4,541 | 170,469 | ||||
Vontier Corp. # | 298 | 8,085 | ||||
526,124 | ||||||
IT services: 1.91% | ||||||
Accenture PLC Class A # | 135 | 37,839 | ||||
Brightcove, Inc. †# | 16,840 | 69,717 | ||||
EPAM Systems, Inc. †# | 1,197 | 338,081 | ||||
445,637 | ||||||
Semiconductors & semiconductor equipment: 1.37% | ||||||
Broadcom, Inc. # | 28 | 17,542 | ||||
Cirrus Logic, Inc. † | 39 | 3,346 | ||||
Lattice Semiconductor Corp. †# | 1,675 | 133,498 | ||||
QUALCOMM, Inc. # | 1,090 | 127,312 | ||||
Skyworks Solutions, Inc. # | 357 | 37,806 | ||||
319,504 | ||||||
Software: 7.63% | ||||||
Adeia, Inc. | 5,272 | 40,278 | ||||
Digital Turbine, Inc. †# | 2,078 | 24,375 | ||||
Dolby Laboratories, Inc. Class A # | 4,365 | 365,307 | ||||
Dropbox, Inc. Class A †# | 294 | 5,980 | ||||
Ebix, Inc. # | 2,149 | 34,943 | ||||
Elastic NV †# | 2,484 | 142,209 | ||||
Everbridge, Inc. †# | 168 | 4,415 | ||||
Gen Digital, Inc. # | 799 | 14,118 | ||||
LiveRamp Holdings, Inc. †# | 5,805 | 139,843 | ||||
Microsoft Corp. # | 2,265 | 695,944 | ||||
New Relic, Inc. †# | 288 | 20,583 | ||||
RingCentral, Inc. Class A †# | 5,345 | 147,308 | ||||
Teradata Corp. †# | 1,295 | 50,130 | ||||
Upland Software, Inc. †# | 26,023 | 95,504 | ||||
1,780,937 | ||||||
Technology hardware, storage & peripherals: 2.95% | ||||||
Apple, Inc. # | 4,064 | 689,579 | ||||
Materials: 5.25% | ||||||
Chemicals: 0.75% | ||||||
Element Solutions, Inc. # | 9,571 | 173,714 |
Shares | Value | |||||
Construction materials: 1.00% | ||||||
Eagle Materials, Inc. # | 1,571 | $232,838 | ||||
Containers & packaging: 2.41% | ||||||
Berry Global Group, Inc. # | 6,714 | 388,136 | ||||
Graphic Packaging Holding Co. # | 1,968 | 48,531 | ||||
Myers Industries, Inc. # | 3,818 | 72,351 | ||||
Sealed Air Corp. # | 99 | 4,751 | ||||
Silgan Holdings, Inc. # | 499 | 24,581 | ||||
Westrock Co. # | 802 | 24,004 | ||||
562,354 | ||||||
Metals & mining: 1.09% | ||||||
Newmont Corp. # | 3,965 | 187,941 | ||||
Reliance Steel & Aluminum Co. # | 47 | 11,647 | ||||
SSR Mining, Inc. # | 3,886 | 55,647 | ||||
255,235 | ||||||
Real estate: 6.55% | ||||||
Office REITs : 1.01% | ||||||
Highwoods Properties, Inc. # | 10,269 | 235,365 | ||||
Residential REITs : 1.40% | ||||||
Apartment Income REIT Corp. # | 8,880 | 328,382 | ||||
Specialized REITs : 4.14% | ||||||
American Tower Corp. # | 1,627 | 332,543 | ||||
Crown Castle, Inc. # | 3,382 | 416,290 | ||||
Lamar Advertising Co. Class A # | 362 | 38,256 | ||||
SBA Communications Corp. # | 575 | 150,012 | ||||
Weyerhaeuser Co. # | 958 | 28,654 | ||||
965,755 | ||||||
Utilities: 3.71% | ||||||
Electric utilities: 2.01% | ||||||
Constellation Energy Corp. # | 59 | 4,567 | ||||
Entergy Corp. # | 482 | 51,854 | ||||
Evergy, Inc. # | 101 | 6,273 | ||||
OGE Energy Corp. # | 10,864 | 407,834 | ||||
470,528 | ||||||
Gas utilities: 1.67% | ||||||
National Fuel Gas Co. # | 130 | 7,267 | ||||
UGI Corp. # | 11,269 | 381,794 | ||||
389,061 | ||||||
Multi-utilities: 0.03% | ||||||
NiSource, Inc. # | 237 | 6,745 | ||||
Total common stocks (Cost $23,373,918) | 23,633,739 |
Yield | Shares | Value | ||||
Short-term investments: 1.31% | ||||||
Investment companies: 1.31% | ||||||
Allspring Government Money Market Fund Select Class ♠∞ | 4.73 % | 304,897 | $304,897 | |||
Total short-term investments (Cost $304,897) | 304,897 | |||||
Total investments in securities (Cost $23,678,815) | 102.58 % | 23,938,636 |
Securities sold short: (30.06)% | ||||||
Common stocks: (30.06)% | ||||||
Communication services: (0.61)% | ||||||
Entertainment: (0.16)% | ||||||
Roblox Corp. Class A † | (1,030 ) | (36,668 ) | ||||
Interactive media & services: (0.45)% | ||||||
Bumble, Inc. Class A † | (3,193 ) | (58,145 ) | ||||
Cars.com, Inc. † | (2,406 ) | (47,085 ) | ||||
(105,230 ) | ||||||
Consumer discretionary: (6.21)% | ||||||
Automobile components: (0.02)% | ||||||
QuantumScape Corp. † | (741 ) | (5,187 ) | ||||
Automobiles: (1.49)% | ||||||
Ford Motor Co. | (12,272 ) | (145,791 ) | ||||
Lucid Group, Inc. † | (1,822 ) | (14,467 ) | ||||
Rivian Automotive, Inc. Class A † | (14,548 ) | (186,505 ) | ||||
(346,763 ) | ||||||
Broadline retail: (0.02)% | ||||||
Kohl’s Corp. | (254 ) | (5,596 ) | ||||
Diversified consumer services: (0.07)% | ||||||
Mister Car Wash, Inc. † | (1,752 ) | (15,453 ) | ||||
Hotels, restaurants & leisure: (1.38)% | ||||||
Carnival Corp. † | (14,382 ) | (132,458 ) | ||||
DoorDash, Inc. Class A † | (1,393 ) | (85,238 ) | ||||
Kura Sushi USA, Inc. Class A † | (66 ) | (4,549 ) | ||||
Las Vegas Sands Corp. † | (856 ) | (54,655 ) | ||||
Planet Fitness, Inc. Class A † | (388 ) | (32,258 ) | ||||
Wynn Resorts Ltd. † | (106 ) | (12,114 ) | ||||
(321,272 ) | ||||||
Household durables: (1.92)% | ||||||
Sonos, Inc. † | (5,573 ) | (117,813 ) | ||||
Vuzix Corp. † | (3,583 ) | (14,403 ) | ||||
Whirlpool Corp. | (2,269 ) | (316,730 ) | ||||
(448,946 ) |
Shares | Value | |||||
Specialty retail: (0.11)% | ||||||
Five Below, Inc. † | (15 ) | $(2,961 ) | ||||
RH † | (87 ) | (22,196 ) | ||||
(25,157 ) | ||||||
Textiles, apparel & luxury goods: (1.20)% | ||||||
Hanesbrands, Inc. † | (48,910 ) | (256,288 ) | ||||
PLBY Group, Inc. † | (14,647 ) | (24,461 ) | ||||
(280,749 ) | ||||||
Consumer staples: (1.20)% | ||||||
Consumer staples distribution & retail : (0.23)% | ||||||
Chefs’ Warehouse, Inc. † | (1,603 ) | (53,316 ) | ||||
Food products: (0.97)% | ||||||
Freshpet, Inc. † | (3,292 ) | (227,049 ) | ||||
Energy: (1.82)% | ||||||
Energy equipment & services: (0.96)% | ||||||
Baker Hughes Co. | (7,523 ) | (219,972 ) | ||||
Helix Energy Solutions Group, Inc. † | (344 ) | (2,494 ) | ||||
(222,466 ) | ||||||
Oil, gas & consumable fuels: (0.86)% | ||||||
Diamondback Energy, Inc. | (59 ) | (8,390 ) | ||||
Golar LNG Ltd. † | (8,497 ) | (192,882 ) | ||||
(201,272 ) | ||||||
Financials: (3.69)% | ||||||
Banks: (0.43)% | ||||||
Comerica, Inc. | (2,342 ) | (101,573 ) | ||||
Capital markets: (0.20)% | ||||||
Coinbase Global, Inc. Class A † | (200 ) | (10,758 ) | ||||
Robinhood Markets Class A † | (4,019 ) | (35,568 ) | ||||
(46,326 ) | ||||||
Consumer finance: (0.25)% | ||||||
SoFi Technologies, Inc. † | (5,977 ) | (37,237 ) | ||||
Upstart Holdings, Inc. † | (1,462 ) | (20,322 ) | ||||
(57,559 ) | ||||||
Financial services: (1.05)% | ||||||
Affirm Holdings, Inc. † | (2,391 ) | (23,575 ) | ||||
AvidXchange Holdings, Inc. † | (8,213 ) | (61,022 ) | ||||
TFS Financial Corp. | (894 ) | (10,764 ) | ||||
Voya Financial, Inc. | (1,966 ) | (150,360 ) | ||||
(245,721 ) | ||||||
Insurance: (1.37)% | ||||||
Aflac, Inc. | (387 ) | (27,032 ) |
Shares | Value | |||||
Insurance (continued) | ||||||
Brighthouse Financial, Inc. † | (2,834 ) | $(125,263 ) | ||||
Prudential Financial, Inc. | (1,924 ) | (167,388 ) | ||||
(319,683 ) | ||||||
Mortgage real estate investment trusts (REITs): (0.39)% | ||||||
AGNC Investment Corp. | (9,153 ) | (90,706 ) | ||||
Health care: (6.05)% | ||||||
Biotechnology: (1.80)% | ||||||
Akero Therapeutics, Inc. † | (1,062 ) | (47,514 ) | ||||
Apellis Pharmaceuticals, Inc. † | (656 ) | (54,730 ) | ||||
Intellia Therapeutics, Inc. † | (3,561 ) | (134,428 ) | ||||
IVERIC bio, Inc. † | (3,387 ) | (111,398 ) | ||||
Moderna, Inc. † | (80 ) | (10,631 ) | ||||
Novavax, Inc. † | (2,038 ) | (15,632 ) | ||||
SpringWorks Therapeutics, Inc. † | (1,950 ) | (45,591 ) | ||||
(419,924 ) | ||||||
Health care equipment & supplies: (0.56)% | ||||||
Novocure Ltd. † | (1,788 ) | (117,829 ) | ||||
Vicarious Surgical, Inc. † | (6,278 ) | (14,126 ) | ||||
(131,955 ) | ||||||
Health care providers & services: (1.01)% | ||||||
DocGo, Inc. † | (1,429 ) | (12,146 ) | ||||
Tenet Healthcare Corp. † | (2,258 ) | (165,556 ) | ||||
UnitedHealth Group, Inc. | (118 ) | (58,067 ) | ||||
(235,769 ) | ||||||
Health care technology: (0.26)% | ||||||
Teladoc Health, Inc. † | (2,277 ) | (60,409 ) | ||||
Life sciences tools & services: (1.05)% | ||||||
Illumina, Inc. † | (1,099 ) | (225,911 ) | ||||
OmniAb, Inc. † | (5,307 ) | (18,468 ) | ||||
(244,379 ) | ||||||
Pharmaceuticals: (1.37)% | ||||||
Axsome Therapeutics, Inc. † | (284 ) | (20,315 ) | ||||
Cassava Sciences, Inc. † | (464 ) | (10,774 ) | ||||
DICE Therapeutics, Inc. † | (4,041 ) | (131,332 ) | ||||
Phathom Pharmaceuticals, Inc. † | (505 ) | (5,403 ) | ||||
Ventyx Biosciences, Inc. † | (4,046 ) | (152,130 ) | ||||
(319,954 ) | ||||||
Industrials: (3.19)% | ||||||
Building products: (0.04)% | ||||||
Hayward Holdings, Inc. † | (673 ) | (8,103 ) |
Shares | Value | |||||
Commercial services & supplies: (0.39)% | ||||||
ACV Auctions, Inc. Class A † | (5,526 ) | $(72,004 ) | ||||
Li-Cycle Holdings Corp. † | (4,182 ) | (19,864 ) | ||||
(91,868 ) | ||||||
Electrical equipment: (0.68)% | ||||||
Bloom Energy Corp. Class A † | (6,128 ) | (102,031 ) | ||||
NuScale Power Corp. † | (1,478 ) | (13,110 ) | ||||
Plug Power Inc. † | (2,880 ) | (26,007 ) | ||||
Sunrun, Inc. † | (808 ) | (17,000 ) | ||||
(158,148 ) | ||||||
Ground transportation: (0.40)% | ||||||
Hertz Global Holdings, Inc. † | (744 ) | (12,410 ) | ||||
Lyft, Inc. Class A † | (7,941 ) | (81,395 ) | ||||
(93,805 ) | ||||||
Machinery: (0.04)% | ||||||
Blue Bird Corp. † | (258 ) | (4,825 ) | ||||
Stanley Black & Decker, Inc. | (36 ) | (3,108 ) | ||||
(7,933 ) | ||||||
Professional services: (1.07)% | ||||||
Clarivate PLC † | (26,284 ) | (232,876 ) | ||||
Planet Labs PBC † | (4,321 ) | (17,630 ) | ||||
(250,506 ) | ||||||
Trading companies & distributors: (0.57)% | ||||||
Distribution Solutions Group, Inc. † | (274 ) | (12,790 ) | ||||
Veritiv Corp. | (1,049 ) | (120,499 ) | ||||
(133,289 ) | ||||||
Information technology: (4.28)% | ||||||
Electronic equipment, instruments & components: (0.74)% | ||||||
Coherent Corp. † | (3,968 ) | (135,467 ) | ||||
Mirion Technologies, Inc. † | (4,617 ) | (37,398 ) | ||||
(172,865 ) | ||||||
IT services: (0.91)% | ||||||
Cloudflare, Inc. Class A † | (4,538 ) | (213,513 ) | ||||
Semiconductors & semiconductor equipment: (0.85)% | ||||||
Credo Technology Group Holding Ltd. † | (4,560 ) | (36,982 ) | ||||
Wolfspeed, Inc. † | (3,470 ) | (161,528 ) | ||||
(198,510 ) | ||||||
Software: (1.78)% | ||||||
Aspen Technology, Inc. † | (802 ) | (141,954 ) | ||||
Marathon Digital Holdings, Inc. † | (1,306 ) | (13,151 ) | ||||
NextNav, Inc. † | (6,413 ) | (13,852 ) |
Shares | Value | |||||
Software (continued) | ||||||
Palantir Technologies, Inc. Class A † | (31,017 ) | $(240,382 ) | ||||
Riot Platforms, Inc. † | (460 ) | (5,502 ) | ||||
(414,841 ) | ||||||
Materials: (2.45)% | ||||||
Chemicals: (1.23)% | ||||||
International Flavors & Fragrances, Inc. | (2,673 ) | (259,174 ) | ||||
PureCycle Technologies, Inc. † | (4,385 ) | (28,810 ) | ||||
(287,984 ) | ||||||
Construction materials: (0.18)% | ||||||
Martin Marietta Materials, Inc. | (115 ) | (41,768 ) | ||||
Metals & mining: (1.04)% | ||||||
5E Advanced Materials, Inc. † | (1,419 ) | (5,988 ) | ||||
Alcoa Corp. | (6,356 ) | (236,062 ) | ||||
(242,050 ) | ||||||
Real estate: (0.46)% | ||||||
Real estate management & development: (0.36)% | ||||||
Anywhere Real Estate, Inc. † | (7,580 ) | (48,285 ) | ||||
Zillow Group, Inc. Class A † | (662 ) | (28,320 ) | ||||
Zillow Group, Inc. Class C † | (151 ) | (6,575 ) | ||||
(83,180 ) | ||||||
Retail REITs : (0.10)% | ||||||
Realty Income Corp. | (366 ) | (22,999 ) | ||||
Utilities: (0.10)% | ||||||
Electric utilities: (0.01)% | ||||||
NextEra Energy, Inc. | (35 ) | (2,682 ) | ||||
Gas utilities: (0.09)% | ||||||
Atmos Energy Corp. | (188 ) | (21,458 ) | ||||
Total common stocks - Securities Sold Short (Proceeds $(7,150,889)) | (7,014,584 ) | |||||
Total securities sold short (Proceeds $(7,150,889)) | (30.06 )% | (7,014,584 ) | ||||
Other assets and liabilities, net | 27.48 | 6,414,468 | ||||
Total net assets | 100.00 % | $23,338,520 |
† | Non-income-earning security |
# | All or a portion of this security is segregated as collateral for securities sold short. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $0 | $22,974,993 | $(22,670,096 ) | $0 | $0 | $304,897 | 304,897 | $14,052 |
Assets | |
Investments in unaffiliated securities, at value (cost $23,373,918) | $23,633,739 |
Investments in affiliated securities, at value (cost $304,897) | 304,897 |
Cash deposited with brokers for securities sold short | 6,338,751 |
Receivable for dividends | 9,834 |
Receivable for Fund shares sold | 50 |
Prepaid expenses and other assets | 93,174 |
Total assets | 30,380,445 |
Liabilities | |
Payable for securities sold short, at value (proceeds $7,150,889) | 7,014,584 |
Payable for dividends and interest expense on securities sold short | 6,289 |
Management fee payable | 4,900 |
Administration fees payable | 4,525 |
Payable for Fund shares redeemed | 1,856 |
Distribution fees payable | 15 |
Accrued expenses and other liabilities | 9,756 |
Total liabilities | 7,041,925 |
Total net assets | $23,338,520 |
Net assets consist of | |
Paid-in capital | $23,275,282 |
Total distributable earnings | 63,238 |
Total net assets | $23,338,520 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $973,660 |
Shares outstanding–Class A1 | 133,776 |
Net asset value per share–Class A | $7.28 |
Maximum offering price per share – Class A2 | $7.72 |
Net assets–Class C | $24,849 |
Shares outstanding–Class C1 | 3,425 |
Net asset value per share–Class C | $7.26 |
Net assets–Class R6 | $199,647 |
Shares outstanding–Class R61 | 26,667 |
Net asset value per share–Class R6 | $7.49 |
Net assets–Institutional Class | $22,140,364 |
Shares outstanding–Institutional Class1 | 2,956,813 |
Net asset value per share–Institutional Class | $7.49 |
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 $80) | $49,798 |
Interest and rebate income | 25,662 |
Income from affiliated securities | 14,052 |
Total investment income | 89,512 |
Expenses | |
Management fee | 37,683 |
Administration fees | |
Class A1 | 6,429 |
Class C2 | 32 |
Class R62 | 125 |
Institutional Class1 | 15,317 |
Shareholder servicing fees | |
Class A1 | 1,501 |
Class C2 | 23 |
Institutional Class1 | 416 |
Distribution fees | |
Class A1 | 500 |
Class C2 | 64 |
Custody and accounting fees | 13,409 |
Professional fees | 20,703 |
Registration fees | 44,364 |
Shareholder report expenses | 4,489 |
Trustees’ fees and expenses | 5,996 |
Transfer agent fees | 5,293 |
Interest expense | 17,370 |
Dividends on securities sold short | 7,366 |
Other fees and expenses | 5,673 |
Total expenses | 186,753 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (91,847 ) |
Class A | (8,430 ) |
Class R6 | (125 ) |
Institutional Class | (15,733 ) |
Net expenses | 70,618 |
Net investment income | 18,894 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 21,968 |
Securities sold short | (60,910 ) |
Net realized losses on investments | (38,942 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | $227,772 |
Securities sold short | 76,611 |
Net change in unrealized gains (losses) on investments | 304,383 |
Net realized and unrealized gains (losses) on investments | 265,441 |
Net increase in net assets resulting from operations | $284,335 |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Domestic Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for Class A and Institutional Class for the period prior to December 16, 2022 is that of 361 Domestic Long/Short Equity Fund Investor Class and Class I shares, respectively. |
2 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023 |
Six months ended April 30, 2023 (unaudited) | Year ended October 31, 2022 | |||
Operations | ||||
Net investment income (loss) | $18,894 | $(46,128 ) | ||
Net realized gains (losses) on investments | (38,942 ) | 678,428 | ||
Net change in unrealized gains (losses) on investments | 304,383 | (462,051 ) | ||
Net increase in net assets resulting from operations | 284,335 | 170,249 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A1 | (192,954 ) | (714,276 ) | ||
Institutional Class1 | (470,344 ) | (1,148,448 ) | ||
Total distributions to shareholders | (663,298 ) | (1,862,724 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A1 | 8,450 | 65,515 | 166,466 | 1,465,738 |
Class C | 3,425 2 | 25,000 2 | N/A | N/A |
Class R6 | 26,667 2 | 200,000 2 | N/A | N/A |
Institutional Class1 | 2,834,964 | 21,066,772 | 268,803 | 2,392,530 |
21,357,287 | 3,858,268 | |||
Reinvestment of distributions | ||||
Class A1 | 23,346 | 169,957 | 79,119 | 653,525 |
Institutional Class1 | 61,598 | 460,755 | 133,179 | 1,122,699 |
630,712 | 1,776,224 | |||
Payment for shares redeemed | ||||
Class A1 | (108,069 ) | (836,413 ) | (244,383 ) | (2,046,532 ) |
Institutional Class1 | (361,844 ) | (2,742,565 ) | (533,303 ) | (5,248,711 ) |
(3,578,978 ) | (7,295,243 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 18,409,021 | (1,660,751 ) | ||
Total increase (decrease) in net assets | 18,030,058 | (3,353,226 ) | ||
Net assets | ||||
Beginning of period | 5,308,462 | 8,661,688 | ||
End of period | $23,338,520 | $5,308,462 |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Domestic Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for Class A and Institutional Class for the periods prior to December 16, 2022 is that of 361 Domestic Long/Short Equity Fund Investor Class and Class I shares, respectively. |
2 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023. |
Cash flows from operating activities | |
Net increase in net assets resulting from operations | $284,335 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities | |
Purchases of long-term securities | (28,455,991 ) |
Proceeds from the sales of long-term securities | 10,672,719 |
Proceeds from securities sold short | 8,393,639 |
Purchases to cover short securities | (3,024,226 ) |
Purchases and sales of short-term securities, net | 87,952 |
Increase in cash deposited with brokers for securities sold short | (5,364,371 ) |
Decrease in receivable for dividends | 4,217 |
Increase in prepaid expenses and other assets | (61,287 ) |
Decrease in trustees’ fees and expenses payable | (8,655 ) |
Increase in management fee payable | 4,900 |
Decrease in administration fees payable | (1,524 ) |
Decrease in distribution fees payable | (384 ) |
Decrease in custody and accounting fees payable | (4,555 ) |
Decrease in shareholder servicing fees payable | (2,206 ) |
Increase in payable for dividends and interest expense on securities sold short | 4,379 |
Decrease in accrued expenses and other liabilities | (19,712 ) |
Net realized gains on unaffiliated securities | (21,968 ) |
Net realized losses on securities sold short | 60,910 |
Net change in unrealized gains (losses) on unaffiliated securities | (227,772 ) |
Net change in unrealized gains (losses) on securities sold short | (76,611 ) |
Net cash used in operating activities | (17,756,211 ) |
Cash flows from financing activities | |
Proceeds from shares sold | 21,357,237 |
Cost of shares repurchased | (3,577,122 ) |
Cash distributions paid | (32,586 ) |
Net cash provided in financing activities | 17,747,529 |
Net decrease in cash | (8,682 ) |
Cash | |
Beginning of period | 8,682 |
End of period | $0 |
Supplemental cash disclosure | |
Cash paid for dividends and interest expense on securities sold short | $20,357 |
Supplemental non-cash financing disclosure | |
Reinvestment of dividends | $630,712 |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited)1 | Year ended October 31 | |||||
Class A | 20221 | 20211 | 20201 | 20191 | 20181 | |
Net asset value, beginning of period | $8.27 | $11.25 | $10.51 | $10.56 | $10.96 | $10.91 |
Net investment income (loss) | 0.02 2 | (0.08 )2 | (0.14 )2 | (0.11 )2 | (0.03 )2 | (0.12 )2 |
Net realized and unrealized gains (losses) on investments | 0.15 | 0.52 | 1.32 | 0.46 | 0.40 | 0.43 |
Total from investment operations | 0.17 | 0.44 | 1.18 | 0.35 | 0.37 | 0.31 |
Distributions to shareholders from | ||||||
Net realized gains | (1.16 ) | (3.42 ) | (0.44 ) | (0.40 ) | (0.77 ) | (0.26 ) |
Net asset value, end of period | $7.28 | $8.27 | $11.25 | $10.51 | $10.56 | $10.96 |
Total return3 | 2.07 % | 3.95 % | 11.75 % | 3.43 % | 3.88 % | 2.87 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 7.15 % | 6.00 % | 4.80 % | 3.27 % | 3.06 % | 3.38 % |
Net expenses* | 2.36 % | 2.21 % | 2.97 % | 2.69 % | 2.83 % | 3.02 % |
Net investment income (loss)* | 0.40 % | (0.90 )% | (1.36 )% | (1.07 )% | (0.26 )% | (1.08 )% |
Supplemental data | ||||||
Portfolio turnover rate | 194 % | 418 % | 479 % | 538 % | 332 % | 262 % |
Net assets, end of period (000s omitted) | $974 | $1,737 | $2,349 | $2,631 | $656 | $691 |
* | Ratios include dividends and interest expense on securities sold short as follows: |
Six months ended April 30, 2023 (unaudited) | 0.71% |
Year ended October 31, 2022 | 0.42% |
Year ended October 31, 2021 | 1.18% |
Year ended October 31, 2020 | 0.90% |
Year ended October 31, 2019 | 1.04% |
Year ended October 31, 2018 | 1.23% |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Domestic Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to December 16, 2022 is that of 361 Domestic Long/Short Equity Fund Investor Class. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Class C | Period ended April 30, 20231 (unaudited) |
Net asset value, beginning of period | $7.30 |
Net investment loss | (0.01 )2 |
Net realized and unrealized gains (losses) on investments | (0.03 ) |
Total from investment operations | (0.04 ) |
Net asset value, end of period | $7.26 |
Total return3 | (0.55 )% |
Ratios to average net assets (annualized) | |
Gross expenses* | 5.73 % |
Net expenses* | 3.12 % |
Net investment loss* | (0.28 )% |
Supplemental data | |
Portfolio turnover rate | 194 % |
Net assets, end of period (000s omitted) | $25 |
* | Ratios include dividends and interest expense on securities sold short in the amount of 0.71%. |
1 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023. |
2 | Calculated based upon average shares outstanding |
3 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Class R6 | Period ended April 30, 20231 (unaudited) |
Net asset value, beginning of period | $7.50 |
Net investment income | 0.02 2 |
Net realized and unrealized gains (losses) on investments | (0.03 ) |
Total from investment operations | (0.01 ) |
Net asset value, end of period | $7.49 |
Total return3 | (0.13 )% |
Ratios to average net assets (annualized) | |
Gross expenses* | 4.61 % |
Net expenses* | 1.95 % |
Net investment income* | 0.89 % |
Supplemental data | |
Portfolio turnover rate | 194 % |
Net assets, end of period (000s omitted) | $200 |
* | Ratios include dividends and interest expense on securities sold short in the amount of 0.71%. |
1 | For the period from December 16, 2022 (commencement of class operations) to April 30, 2023. |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
(For a share outstanding throughout each period)
Six months ended April 30, 2023 (unaudited)1 | Year ended October 31 | |||||
Institutional Class | 20221 | 20211 | 20201 | 20191 | 20181 | |
Net asset value, beginning of period | $8.46 | $11.41 | $10.62 | $10.65 | $11.02 | $10.94 |
Net investment income (loss) | 0.02 2 | (0.05 )2 | (0.11 )2 | (0.08 )2 | 0.00 2,3 | (0.09 )2 |
Net realized and unrealized gains (losses) on investments | 0.17 | 0.52 | 1.34 | 0.46 | 0.40 | 0.43 |
Total from investment operations | 0.19 | 0.47 | 1.23 | 0.38 | 0.40 | 0.34 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 | 0.00 |
Net realized gains | (1.16 ) | (3.42 ) | (0.44 ) | (0.40 ) | (0.77 ) | (0.26 ) |
Total distributions to shareholders | (1.16 ) | (3.42 ) | (0.44 ) | (0.41 ) | (0.77 ) | (0.26 ) |
Net asset value, end of period | $7.49 | $8.46 | $11.41 | $10.62 | $10.65 | $11.02 |
Total return4 | 2.28 % | 4.23 % | 12.11 % | 3.71 % | 4.15 % | 3.14 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 5.03 % | 5.69 % | 4.49 % | 2.99 % | 2.77 % | 3.06 % |
Net expenses* | 1.98 % | 1.90 % | 2.66 % | 2.41 % | 2.54 % | 2.70 % |
Net investment income (loss)* | 0.58 % | (0.59 )% | (1.05 )% | (0.79 )% | 0.03 % | (0.76 )% |
Supplemental data | ||||||
Portfolio turnover rate | 194 % | 418 % | 479 % | 538 % | 332 % | 262 % |
Net assets, end of period (000s omitted) | $22,140 | $3,572 | $6,313 | $8,108 | $13,658 | $9,261 |
* | Ratios include dividends and interest expense on securities sold short as follows: |
Six months ended April 30, 2023 (unaudited) | 0.71% |
Year ended October 31, 2022 | 0.42% |
Year ended October 31, 2021 | 1.18% |
Year ended October 31, 2020 | 0.90% |
Year ended October 31, 2019 | 1.04% |
Year ended October 31, 2018 | 1.23% |
1 | After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Domestic Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for the periods prior to December 16, 2022 is that of 361 Domestic Long/Short Equity Fund Class I. |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,226,326 |
Gross unrealized losses | (785,929 ) |
Net unrealized gains | $440,397 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $1,512,270 | $0 | $0 | $1,512,270 |
Consumer discretionary | 1,861,834 | 0 | 0 | 1,861,834 |
Consumer staples | 2,664,135 | 0 | 0 | 2,664,135 |
Energy | 324,959 | 0 | 0 | 324,959 |
Financials | 3,650,141 | 0 | 0 | 3,650,141 |
Health care | 2,699,647 | 0 | 0 | 2,699,647 |
Industrials | 3,448,902 | 0 | 0 | 3,448,902 |
Information technology | 3,851,874 | 0 | 0 | 3,851,874 |
Materials | 1,224,141 | 0 | 0 | 1,224,141 |
Real estate | 1,529,502 | 0 | 0 | 1,529,502 |
Utilities | 866,334 | 0 | 0 | 866,334 |
Short-term investments | ||||
Investment companies | 304,897 | 0 | 0 | 304,897 |
Total assets | $23,938,636 | $0 | $0 | $23,938,636 |
Liabilities | ||||
Securities sold short | ||||
Common stocks | ||||
Communication services | $141,898 | $0 | $0 | $141,898 |
Consumer discretionary | 1,449,123 | 0 | 0 | 1,449,123 |
Consumer staples | 280,365 | 0 | 0 | 280,365 |
Energy | 423,738 | 0 | 0 | 423,738 |
Financials | 861,568 | 0 | 0 | 861,568 |
Health care | 1,412,390 | 0 | 0 | 1,412,390 |
Industrials | 743,652 | 0 | 0 | 743,652 |
Information technology | 999,729 | 0 | 0 | 999,729 |
Materials | 571,802 | 0 | 0 | 571,802 |
Real estate | 106,179 | 0 | 0 | 106,179 |
Utilities | 24,140 | 0 | 0 | 24,140 |
Total liabilities | $7,014,584 | $0 | $0 | $7,014,584 |
Average daily net assets | Management fee |
First $1 billion | 1.100 % |
Next $4 billion | 1.075 |
Next $5 billion | 1.050 |
Over $10 billion | 1.025 |
Class-level administration fee | |
Class A | 0.21 % |
Class C | 0.21 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
Expense ratio caps | |
Class A | 1.58 % |
Class C | 2.33 |
Class R6 | 1.15 |
Institutional Class | 1.25 |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since 2018 | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006; Nominating and Governance Committee Chair, since 2018 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service* | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019 | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
* | Length of service dates reflect the Trustee’s commencement of service with the Trust’s predecessor entities, where applicable. |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the 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. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
![](https://capedge.com/proxy/N-CSRS/0001193125-23-181132/g145016imgeae140901.jpg)
P.O. Box 219967
Kansas City, MO 64121-9967
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SAR4341 04-23
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END 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.
(a)(3) Not applicable.
(a)(4) Not applicable.
(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: June 27, 2023 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: June 27, 2023 | ||
By: | /s/ Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: June 27, 2023 |