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 Managed Account CoreBuilder Shares—Series EM, Allspring Emerging Markets Equity Fund, Allspring Emerging Markets Equity Income Fund, Allspring Global Long/Short Equity Fund, Allspring International Equity Fund, Allspring Special Global Small Cap Fund, Allspring Special International Small Cap Fund and Allspring U.S. Long/Short Equity Fund.
Date of reporting period: April 30, 2024
ITEM 1. REPORT TO STOCKHOLDERS
2
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks to 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, 2024 | |||||
Expense ratios1 (%) | |||||
Inception date | 1 year | Since inception | Gross | Net2 | |
Allspring Managed Account CoreBuilder® Shares - Series EM (ACBEX) | 11-16-2022 | 11.20 | 12.68 | 3.97 | 0.00 |
MSCI ACWI ex USA Index (Net)3 | – | 9.32 | 13.14 * | – | – |
MSCI EM Index (Net) (USD)4 | – | 9.88 | 9.18 * | – | – |
* | Based on the Fund’s inception date. |
1 | Reflects the expense ratios as stated in the most recent prospectus, which include the impact of 0.02% 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 | 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) 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. |
4 | 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. You cannot invest directly in an index. |
Ten largest holdings (%) as of April 30, 20241 | |
Samsung Electronics Co. Ltd., Preferred stock | 6.16 |
Samsung Electronics Co. Ltd. | 5.79 |
Power Grid Corp. of India Ltd. | 4.04 |
Midea Group Co. Ltd. Class A | 3.76 |
LIC Housing Finance Ltd. | 3.55 |
GAIL India Ltd. | 3.45 |
Power Finance Corp. Ltd. | 3.39 |
Bajaj Auto Ltd. | 3.32 |
Embassy Office Parks REIT | 3.08 |
China Resources Land Ltd. | 2.97 |
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, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Actual | $1,000.00 | $1,181.60 | $0.00 2 | 0.00 %2 |
Hypothetical (5% return before expenses) | $1,000.00 | $1,024.86 | $0.00 2 | 0.00 %2 |
1 | Expenses paid is equal to the annualized net expense ratio multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
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. |
Shares | Value | |||||
Common stocks: 89.53% | ||||||
Brazil: 2.40% | ||||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 19,900 | $41,352 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 13,600 | 87,478 | ||||
128,830 | ||||||
China: 17.29% | ||||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets)144A | 59,200 | 71,386 | ||||
China Oilfield Services Ltd. Class H (Energy, Energy equipment & services) | 72,000 | 76,990 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 44,400 | 159,655 | ||||
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | 39,410 | 41,581 | ||||
Chinasoft International Ltd. (Information technology, IT services) | 116,000 | 69,754 | ||||
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 18,300 | 60,464 | ||||
Fuyao Glass Industry Group Co. Ltd. Class H (Consumer discretionary, Automobile components)144A | 11,750 | 70,348 | ||||
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household durables) | 8,700 | 50,471 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 17,600 | 69,356 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 21,000 | 201,962 | ||||
Weichai Power Co. Ltd. Class H (Industrials, Machinery) | 28,000 | 57,214 | ||||
929,181 | ||||||
Greece: 2.67% | ||||||
Jumbo SA (Consumer discretionary, Specialty retail) | 1,647 | 51,289 | ||||
National Bank of Greece SA (Financials, Banks)† | 11,445 | 92,339 | ||||
143,628 | ||||||
Hungary: 0.81% | ||||||
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | 1,713 | 43,622 | ||||
India: 30.39% | ||||||
360 ONE WAM Ltd. (Financials, Capital markets) | 16,035 | 150,647 | ||||
Ashok Leyland Ltd. (Industrials, Machinery) | 46,930 | 108,076 | ||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 1,675 | 178,819 | ||||
Embassy Office Parks REIT (Real estate, Office REITs) | 38,443 | 165,721 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 74,234 | 185,445 | ||||
LIC Housing Finance Ltd. (Financials, Financial services) | 23,663 | 190,575 | ||||
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 134,441 | 154,763 | ||||
Power Finance Corp. Ltd. (Financials, Financial services) | 34,544 | 182,090 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 60,168 | 217,013 | ||||
Ujjivan Financial Services Ltd. (Financials, Consumer finance) | 14,564 | 99,998 | ||||
1,633,147 | ||||||
Indonesia: 0.93% | ||||||
Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | 75,100 | 50,198 |
Shares | Value | |||||
Malaysia: 2.18% | ||||||
CIMB Group Holdings Bhd. (Financials, Banks) | 37,600 | $51,964 | ||||
Malaysia Airports Holdings Bhd. (Industrials, Transportation infrastructure) | 31,200 | 65,299 | ||||
117,263 | ||||||
Mexico: 0.84% | ||||||
Bolsa Mexicana de Valores SAB de CV (Financials, Capital markets) | 24,170 | 45,290 | ||||
Philippines: 1.49% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 36,238 | 79,980 | ||||
Poland: 2.13% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) | 1,269 | 52,537 | ||||
LPP SA (Consumer discretionary, Textiles, apparel & luxury goods) | 16 | 61,651 | ||||
114,188 | ||||||
Saudi Arabia: 5.33% | ||||||
Al Rajhi Bank (Financials, Banks) | 2,250 | 47,856 | ||||
Arabian Drilling Co. (Energy, Energy equipment & services) | 1,497 | 61,068 | ||||
Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 3,517 | 48,761 | ||||
Saudi Awwal Bank (Financials, Banks) | 7,933 | 86,088 | ||||
United International Transportation Co. (Industrials, Ground transportation) | 1,911 | 42,531 | ||||
286,304 | ||||||
Singapore: 2.57% | ||||||
BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 8,500 | 67,607 | ||||
Yangzijiang Shipbuilding Holdings Ltd. (Industrials, Machinery) | 54,900 | 70,470 | ||||
138,077 | ||||||
South Korea: 10.10% | ||||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 1,060 | 39,617 | ||||
Fila Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 1,732 | 50,986 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 1,667 | 141,233 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 5,597 | 311,118 | ||||
542,954 | ||||||
Taiwan: 7.86% | ||||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance) | 42,000 | 64,947 | ||||
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) | 11,000 | 89,339 | ||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | 3,000 | 29,380 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | 10,340 | 66,106 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 2,000 | 60,302 | ||||
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 8,000 | 62,786 | ||||
Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | 29,000 | 49,270 | ||||
422,130 |
Shares | Value | |||||
Thailand: 0.87% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 11,100 | $46,874 | ||||
Turkey: 0.93% | ||||||
BIM Birlesik Magazalar AS (Consumer staples, Consumer staples distribution & retail) | 4,192 | 50,082 | ||||
United Arab Emirates: 0.74% | ||||||
Abu Dhabi Commercial Bank PJSC (Financials, Banks) | 17,381 | 39,467 | ||||
Total common stocks (Cost $4,378,948) | 4,811,215 |
Dividend rate | ||||||
Preferred stocks: 7.15% | ||||||
South Korea: 7.15% | ||||||
LG Chem Ltd. (Materials, Chemicals) | 2.57 | 276 | 52,970 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 0.26 | 7,093 | 331,180 | |||
Total preferred stocks (Cost $388,166) | 384,150 |
Yield | ||||||
Short-term investments: 2.64% | ||||||
Investment companies: 2.64% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 141,698 | 141,698 | |||
Total short-term investments (Cost $141,698) | 141,698 | |||||
Total investments in securities (Cost $4,908,812) | 99.32 % | 5,337,063 | ||||
Other assets and liabilities, net | 0.68 | 36,610 | ||||
Total net assets | 100.00 % | $5,373,673 |
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. |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $80,580 | $1,512,082 | $(1,450,964 ) | $0 | $0 | $141,698 | 141,698 | $2,675 |
Assets | |
Investments in unaffiliated securities, at value (cost $4,767,114) | $5,195,365 |
Investments in affiliated securities, at value (cost $141,698) | 141,698 |
Foreign currency, at value (cost $25,900) | 25,882 |
Receivable for investments sold | 51,325 |
Receivable for dividends | 14,874 |
Receivable from manager | 4,403 |
Prepaid expenses and other assets | 20,828 |
Total assets | 5,454,375 |
Liabilities | |
Payable for investments purchased | 75,826 |
Professional fees payable | 4,166 |
Accrued expenses and other liabilities | 710 |
Total liabilities | 80,702 |
Total net assets | $5,373,673 |
Net assets consist of | |
Paid-in capital | $4,737,431 |
Total distributable earnings | 636,242 |
Total net assets | $5,373,673 |
Computation of net asset value per share | |
Net assets | $5,373,673 |
Shares outstanding1 | 235,813 |
Net asset value per share | $22.79 |
Investment income | |
Dividends (net of foreign withholdings taxes of $9,018) | $51,616 |
Income from affiliated securities | 2,675 |
Interest | 104 |
Total investment income | 54,395 |
Expenses | |
Custody and accounting fees | 4,586 |
Professional fees | 20,509 |
Registration fees | 15,119 |
Shareholder report expenses | 3,748 |
Trustees’ fees and expenses | 12,881 |
Other fees and expenses | 5,894 |
Total expenses | 62,737 |
Less: Fee waivers and/or expense reimbursements | (62,737 ) |
Net expenses | 0 |
Net investment income | 54,395 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 201,650 |
Foreign currency and foreign currency translations | (5,416 ) |
Forward foreign currency contracts | (55 ) |
Net realized gains on investments | 196,179 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 569,104 |
Foreign currency and foreign currency translations | (244 ) |
Net change in unrealized gains (losses) on investments | 568,860 |
Net realized and unrealized gains (losses) on investments | 765,039 |
Net increase in net assets resulting from operations | $819,434 |
Six months ended April 30, 2024 (unaudited) | year ended October 31, 20231 | |||
Operations | ||||
Net investment income | $54,395 | $136,525 | ||
Net realized gains on investments | 196,179 | 30,034 | ||
Net change in unrealized gains (losses) on investments | 568,860 | (140,850 ) | ||
Net increase in net assets resulting from operations | 819,434 | 25,709 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | (85,183 ) | (123,718 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | 2,716 | 60,811 | 224,911 | 4,502,070 |
Reinvestment of distributions | 3,533 | 75,963 | 5,215 | 110,558 |
Payment for shares redeemed | (562 ) | (11,971 ) | 0 | 0 |
Net increase in net assets resulting from capital share transactions | 124,803 | 4,612,628 | ||
Total increase in net assets | 859,054 | 4,514,619 | ||
Net assets | ||||
Beginning of period | 4,514,619 | 0 | ||
End of period | $5,373,673 | $4,514,619 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |
20231 | ||
Net asset value, beginning of period | $19.62 | $20.00 |
Net investment income | 0.23 2 | 0.61 2 |
Net realized and unrealized gains (losses) on investments | 3.30 | (0.44 ) |
Total from investment operations | 3.53 | 0.17 |
Distributions to shareholders from | ||
Net investment income | (0.15 ) | (0.55 ) |
Net realized gains | (0.21 ) | 0.00 |
Total distributions to shareholders | (0.36 ) | (0.55 ) |
Net asset value, end of period | $22.79 | $19.62 |
Total return3 | 18.16 % | 0.66 % |
Ratios to average net assets (annualized) | ||
Gross expenses | 2.48 % | 3.95 % |
Net expenses | 0.00 % | 0.00 %4 |
Net investment income | 2.15 % | 3.05 % |
Supplemental data | ||
Portfolio turnover rate | 72 % | 92 % |
Net assets, end of period (000s omitted) | $5,374 | $4,515 |
1 | For the period from November 16, 2022 (commencement of operations) to October 31, 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 | $490,433 |
Gross unrealized losses | (73,714 ) |
Net unrealized gains | $416,719 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $128,830 | $0 | $0 | $128,830 |
China | 0 | 929,180 | 0 | 929,180 |
Greece | 143,628 | 0 | 0 | 143,628 |
Hungary | 43,622 | 0 | 0 | 43,622 |
India | 165,721 | 1,467,426 | 0 | 1,633,147 |
Indonesia | 0 | 50,198 | 0 | 50,198 |
Malaysia | 0 | 117,262 | 0 | 117,262 |
Mexico | 45,290 | 0 | 0 | 45,290 |
Philippines | 79,980 | 0 | 0 | 79,980 |
Poland | 0 | 114,188 | 0 | 114,188 |
Saudi Arabia | 109,829 | 176,475 | 0 | 286,304 |
Singapore | 0 | 138,077 | 0 | 138,077 |
South Korea | 0 | 542,955 | 0 | 542,955 |
Taiwan | 0 | 422,131 | 0 | 422,131 |
Thailand | 46,874 | 0 | 0 | 46,874 |
Turkey | 0 | 50,082 | 0 | 50,082 |
United Arab Emirates | 0 | 39,467 | 0 | 39,467 |
Preferred stocks | ||||
South Korea | 0 | 384,150 | 0 | 384,150 |
Short-term investments | ||||
Investment companies | 141,698 | 0 | 0 | 141,698 |
Total assets | $905,472 | $4,431,591 | $0 | $5,337,063 |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
SAR4904 04-24
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | 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, 2024 | |||||||||
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 | -0.73 | -0.98 | 1.46 | 5.33 | 0.20 | 2.06 | 1.57 | 1.43 |
Class C (EMGCX) | 9-6-1994 | 3.51 | -0.54 | 1.45 | 4.51 | -0.54 | 1.45 | 2.32 | 2.18 |
Class R6 (EMGDX) | 6-28-2013 | – | – | – | 5.75 | 0.62 | 2.49 | 1.15 | 1.01 |
Administrator Class (EMGYX) | 9-6-1994 | – | – | – | 5.38 | 0.49 | 2.26 | 1.50 | 1.36 |
Institutional Class (EMGNX) | 7-30-2010 | – | – | – | 5.64 | 0.52 | 2.42 | 1.25 | 1.11 |
MSCI ACWI ex USA Index (Net)3 | – | – | – | – | 9.32 | 5.03 | 3.93 | – | – |
MSCI Emerging Markets Index (Net) (USD)4 | – | – | – | – | 9.88 | 1.89 | 2.96 | – | – |
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 1.43% for Class A, 2.18% 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 | 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. |
4 | 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. 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, 20241 | |
Samsung Electronics Co. Ltd. | 6.33 |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.15 |
Tencent Holdings Ltd. | 4.57 |
Taiwan Semiconductor Manufacturing Co. Ltd. | 4.18 |
Reliance Industries Ltd. GDR | 4.11 |
Fomento Economico Mexicano SAB de CV ADR | 2.55 |
WH Group Ltd. | 2.29 |
Bharti Airtel Ltd. | 1.98 |
HDFC Bank Ltd. | 1.92 |
ITC Ltd. | 1.88 |
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, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,117.07 | $7.53 | 1.43 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.75 | $7.17 | 1.43 % |
Class C | ||||
Actual | $1,000.00 | $1,113.26 | $11.45 | 2.18 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.02 | $10.92 | 2.18 % |
Class R6 | ||||
Actual | $1,000.00 | $1,119.84 | $5.32 | 1.01 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.84 | $5.07 | 1.01 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,117.70 | $7.16 | 1.36 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.10 | $6.82 | 1.36 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,118.70 | $5.85 | 1.11 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.34 | $5.57 | 1.11 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 96.38% | ||||||
Brazil: 5.02% | ||||||
Atacadao SA (Consumer staples, Consumer staples distribution & retail) | 9,127,000 | $19,633,438 | ||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 23,105,515 | 48,012,269 | ||||
Banco Bradesco SA ADR (Financials, Banks) | 5,976,276 | 16,135,945 | ||||
Cia Brasileira de Aluminio (Materials, Metals & mining) | 5,132,562 | 5,110,223 | ||||
Diagnosticos da America SA (Health care, Health care providers & services)† | 3,700,673 | 3,349,606 | ||||
Hapvida Participacoes e Investimentos SA (Health care, Health care providers & services)144A† | 37,501,316 | 26,649,435 | ||||
Lojas Renner SA (Consumer discretionary, Specialty retail) | 9,156,892 | 27,033,693 | ||||
Magazine Luiza SA (Consumer discretionary, Broadline retail)† | 22,599,800 | 5,919,140 | ||||
Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & development) | 1,796,906 | 7,921,114 | ||||
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 562,079 | 9,538,481 | ||||
Raia Drogasil SA (Consumer staples, Consumer staples distribution & retail) | 2,046,720 | 10,082,636 | ||||
Suzano SA (Materials, Paper & forest products) | 646,000 | 7,272,881 | ||||
Vale SA ADR (Materials, Metals & mining) | 1,204,498 | 14,658,741 | ||||
201,317,602 | ||||||
Chile: 2.20% | ||||||
Banco Santander Chile ADR (Financials, Banks) | 1,190,492 | 21,405,046 | ||||
Falabella SA (Consumer discretionary, Broadline retail)† | 18,396,599 | 49,246,664 | ||||
Sociedad Quimica y Minera de Chile SA ADR (Industrials, Electrical equipment) | 389,691 | 17,804,982 | ||||
88,456,692 | ||||||
China: 18.79% | ||||||
Agora, Inc. ADR (Information technology, Software)† | 1,224,765 | 3,049,665 | ||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | 3,610,000 | 33,800,649 | ||||
Alibaba Group Holding Ltd. ADR (Consumer discretionary, Broadline retail) | 940,837 | 70,421,650 | ||||
Bilibili, Inc. ADR (Communication services, Entertainment)† | 530,931 | 6,710,968 | ||||
China Literature Ltd. (Communication services, Media)144A† | 5,166,168 | 18,453,821 | ||||
China Meidong Auto Holdings Ltd. (Consumer discretionary, Specialty retail) | 12,373,400 | 3,993,557 | ||||
FinVolution Group ADR (Financials, Consumer finance) | 4,071,985 | 19,423,368 | ||||
GreenTree Hospitality Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure)† | 2,531,768 | 8,101,658 | ||||
Hua Medicine (Health care, Pharmaceuticals)144A† | 8,733,136 | 1,756,572 | ||||
Kingdee International Software Group Co. Ltd. (Information technology, Software)† | 18,250,000 | 19,254,201 | ||||
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 10,765,207 | 28,181,877 | ||||
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure)144A† | 4,809,070 | 65,665,583 |
Shares | Value | |||||
China(continued) | ||||||
Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health care, Health care equipment & supplies) | 35,410,600 | $24,172,294 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) | 4,177,700 | 183,330,772 | ||||
Tencent Music Entertainment Group ADR (Communication services, Entertainment)† | 2,727,961 | 34,235,911 | ||||
Tongdao Liepin Group (Communication services, Interactive media & services)† | 1,636,260 | 625,746 | ||||
Trip.com Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure)† | 809,682 | 39,075,253 | ||||
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | 5,122,500 | 36,914,794 | ||||
Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline retail) | 3,058,967 | 46,006,864 | ||||
Want Want China Holdings Ltd. (Consumer staples, Food products) | 76,125,800 | 43,499,345 | ||||
Weibo Corp. ADR (Communication services, Interactive media & services) | 2,071,212 | 17,853,847 | ||||
Wuxi Biologics Cayman, Inc. (Health care, Life sciences tools & services)144A† | 3,664,500 | 6,348,144 | ||||
Xiaomi Corp. Class B (Information technology, Technology hardware, storage & peripherals)144A† | 15,923,700 | 34,712,489 | ||||
Zepp Health Corp. ADR (Information technology, Electronic equipment, instruments & components)♠† | 2,439,291 | 2,049,004 | ||||
Zhou Hei Ya International Holdings Co. Ltd. (Consumer staples, Food products)144A | 25,612,726 | 6,114,892 | ||||
753,752,924 | ||||||
Colombia: 0.41% | ||||||
Bancolombia SA ADR (Financials, Banks) | 499,100 | 16,330,552 | ||||
Hong Kong: 4.50% | ||||||
AIA Group Ltd. (Financials, Insurance) | 8,967,500 | 65,681,134 | ||||
Johnson Electric Holdings Ltd. (Consumer discretionary, Automobile components) | 4,183,050 | 5,706,425 | ||||
Sun Art Retail Group Ltd. (Consumer staples, Consumer staples distribution & retail) | 84,455,400 | 17,432,304 | ||||
WH Group Ltd. (Consumer staples, Food products)144A | 126,338,195 | 91,827,650 | ||||
180,647,513 | ||||||
India: 15.19% | ||||||
Axis Bank Ltd. (Financials, Banks) | 3,301,923 | 46,088,532 | ||||
Bajaj Finance Ltd. (Financials, Consumer finance) | 153,281 | 12,714,989 | ||||
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services) | 5,019,052 | 79,444,954 | ||||
Bharti Airtel Ltd. (Partly Paid) (Communication services, Wireless telecommunication services) | 347,789 | 3,897,884 | ||||
Dalmia Bharat Ltd. (Materials, Construction materials) | 624,658 | 13,745,608 | ||||
Fortis Healthcare Ltd. (Health care, Health care providers & services) | 3,759,970 | 19,785,538 | ||||
HDFC Bank Ltd. (Financials, Banks) | 4,244,376 | 77,080,339 |
Shares | Value | |||||
India(continued) | ||||||
HDFC Bank Ltd. ADR (Financials, Banks) | 378,752 | $21,816,115 | ||||
IDFC First Bank Ltd. (Financials, Banks)† | 9,124,275 | 8,954,931 | ||||
ITC Ltd. (Consumer staples, Tobacco) | 14,477,139 | 75,487,204 | ||||
Kotak Mahindra Bank Ltd. (Financials, Banks) | 1,027,262 | 19,965,242 | ||||
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels) | 450,000 | 15,796,919 | ||||
Reliance Industries Ltd. GDR (Energy, Oil, gas & consumable fuels)144A | 2,332,274 | 164,891,772 | ||||
SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | 964,273 | 16,589,728 | ||||
UltraTech Cement Ltd. (Materials, Construction materials) | 279,000 | 33,274,750 | ||||
609,534,505 | ||||||
Indonesia: 3.72% | ||||||
Astra International Tbk. PT (Industrials, Industrial conglomerates) | 118,651,000 | 37,440,955 | ||||
Bank Central Asia Tbk. PT (Financials, Banks) | 62,747,500 | 37,729,083 | ||||
Bank Rakyat Indonesia Persero Tbk. PT (Financials, Banks) | 13,776,300 | 4,185,419 | ||||
Telkom Indonesia Persero Tbk. PT (Communication services, Diversified telecommunication services) | 221,500,000 | 42,939,628 | ||||
Telkom Indonesia Persero Tbk. PT ADR (Communication services, Diversified telecommunication services) | 1,377,471 | 26,791,811 | ||||
149,086,896 | ||||||
Luxembourg: 0.93% | ||||||
Allegro.eu SA (Consumer discretionary, Broadline retail)144A† | 188,407 | 1,570,581 | ||||
InPost SA (Industrials, Air freight & logistics)† | 2,222,122 | 35,675,626 | ||||
37,246,207 | ||||||
Mexico: 8.19% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 3,827,304 | 72,948,414 | ||||
Becle SAB de CV (Consumer staples, Beverages) | 15,009,921 | 30,500,437 | ||||
Cemex SAB de CV ADR (Materials, Construction materials)† | 3,608,277 | 28,541,471 | ||||
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | 37,501,850 | 53,678,056 | ||||
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 869,387 | 102,292,075 | ||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 2,243,566 | 22,253,943 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 4,872,900 | 18,162,349 | ||||
328,376,745 | ||||||
Philippines: 0.62% | ||||||
Ayala Corp. (Industrials, Industrial conglomerates) | 837,624 | 8,917,295 | ||||
San Miguel Food & Beverage, Inc. (Consumer staples, Food products) | 3,495,810 | 2,777,598 | ||||
SM Investments Corp. (Industrials, Industrial conglomerates) | 812,873 | 13,367,655 | ||||
25,062,548 | ||||||
Russia: 0.15% | ||||||
LUKOIL PJSC (Acquired 4-9-2002, cost $16,145,227) (Energy, Oil, gas & consumable fuels)♦‡†˃ | 340,179 | 5,886,971 |
Shares | Value | |||||
Russia(continued) | ||||||
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 | ||||
5,886,971 | ||||||
Singapore: 1.31% | ||||||
Grab Holdings Ltd. Class A (Industrials, Ground transportation)† | 8,505,105 | 29,767,867 | ||||
Sea Ltd. ADR (Communication services, Entertainment)† | 357,740 | 22,605,591 | ||||
52,373,458 | ||||||
South Africa: 2.86% | ||||||
MTN Group Ltd. (Communication services, Wireless telecommunication services) | 6,378,543 | 30,697,665 | ||||
Shoprite Holdings Ltd. (Consumer staples, Consumer staples distribution & retail) | 3,601,500 | 48,052,312 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 2,147,090 | 20,162,815 | ||||
Tiger Brands Ltd. (Consumer staples, Food products) | 1,471,933 | 16,011,132 | ||||
114,923,924 | ||||||
South Korea: 13.85% | ||||||
KT Corp. (Communication services, Diversified telecommunication services) | 335,000 | 8,375,653 | ||||
KT Corp. ADR (Communication services, Diversified telecommunication services) | 4,534,713 | 57,318,772 | ||||
KT&G Corp. (Consumer staples, Tobacco) | 364,091 | 23,460,491 | ||||
LG Chem Ltd. (Materials, Chemicals) | 87,809 | 25,231,757 | ||||
NAVER Corp. (Communication services, Interactive media & services) | 284,000 | 37,459,439 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 4,569,800 | 254,019,819 | ||||
Samsung Life Insurance Co. Ltd. (Financials, Insurance) | 674,848 | 42,524,097 | ||||
Samsung SDI Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 47,375 | 14,661,090 | ||||
SK Hynix, Inc. (Information technology, Semiconductors & semiconductor equipment) | 549,500 | 67,811,374 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 474,000 | 17,529,374 | ||||
SK Telecom Co. Ltd. ADR (Communication services, Wireless telecommunication services) | 360,000 | 7,354,800 | ||||
555,746,666 | ||||||
Taiwan: 14.70% | ||||||
104 Corp. (Industrials, Professional services) | 1,655,000 | 11,703,751 | ||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | 1,570,000 | 15,375,468 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 1,810,881 | 54,600,181 | ||||
President Chain Store Corp. (Consumer staples, Consumer staples distribution & retail) | 3,220,000 | 27,078,995 |
Shares | Value | |||||
Taiwan(continued) | ||||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 7,005,224 | $167,731,363 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information technology, Semiconductors & semiconductor equipment) | 1,797,052 | 246,807,122 | ||||
Uni-President Enterprises Corp. (Consumer staples, Food products) | 28,412,368 | 66,644,201 | ||||
589,941,081 | ||||||
Thailand: 2.27% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 2,033,139 | 8,585,706 | ||||
PTT PCL (Energy, Oil, gas & consumable fuels) | 23,259,000 | 21,181,631 | ||||
SCB X PCL (Financials, Banks) | 8,405,100 | 24,153,890 | ||||
Thai Beverage PCL (Consumer staples, Beverages) | 102,927,000 | 37,271,329 | ||||
91,192,556 | ||||||
United States: 1.67% | ||||||
MercadoLibre, Inc. (Consumer discretionary, Broadline retail)† | 26,516 | 38,678,889 | ||||
Southern Copper Corp. (Materials, Metals & mining) | 241,452 | 28,170,205 | ||||
66,849,094 | ||||||
Total common stocks (Cost $3,062,344,300) | 3,866,725,934 |
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 |
Dividend rate | Shares | |||||
Preferred stocks: 0.26% | ||||||
Brazil: 0.26% | ||||||
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | 0.11 | 1,272,900 | 10,300,669 | |||
Total preferred stocks (Cost $7,897,430) | 10,300,669 |
Expiration date | ||||||
Warrants: 0.00% | ||||||
Brazil: 0.00% | ||||||
Diagnosticos da America SA (Health care, Health care providers & services)♦† | 4-30-2025 | 72,020 | 15,858 | |||
Total warrants (Cost $0) | 15,858 |
Yield | Shares | Value | ||||
Short-term investments: 3.52% | ||||||
Investment companies: 3.52% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 141,390,238 | $141,390,238 | |||
Total short-term investments (Cost $141,390,238) | 141,390,238 | |||||
Total investments in securities (Cost $3,211,792,659) | 100.16 % | 4,018,432,699 | ||||
Other assets and liabilities, net | (0.16 ) | (6,458,457 ) | ||||
Total net assets | 100.00 % | $4,011,974,242 |
† | 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 procedures approved by the Board of Trustees. |
‡ | Security is valued using significant unobservable inputs. |
˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held restricted securities with an aggregate current value of $5,886,971 (original an aggregate cost of $35,789,377), representing 0.15% of its net assets as of period end. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
GDR | Global depositary receipt |
REIT | Real estate investment trust |
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Common stocks | ||||||||
Zepp Health Corp. ADR† | $2,512,470 | $0 | $0 | $0 | $(463,466 ) | $2,049,004 | 2,439,291 | $0 |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | 103,234,358 | 220,830,094 | (182,674,214 ) | 0 | 0 | 141,390,238 | 141,390,238 | 4,129,075 |
$0 | $(463,466 ) | $143,439,242 | $4,129,075 |
† | Non-income-earning security |
Assets | |
Investments in unaffiliated securities, at value (cost $3,045,383,508) | $3,874,993,457 |
Investments in affiliated securities, at value (cost $166,409,151) | 143,439,242 |
Cash | 948,469 |
Cash collateral for securities on loan | 1,386,900 |
Foreign currency, at value (cost $12,797,367) | 11,702,340 |
Receivable for dividends | 8,249,306 |
Receivable for Fund shares sold | 4,815,733 |
Receivable for investments sold | 3,637,747 |
Prepaid expenses and other assets | 216,866 |
Total assets | 4,049,390,060 |
Liabilities | |
Contingent tax liability | 20,159,056 |
Payable for investments purchased | 6,796,506 |
Payable for Fund shares redeemed | 4,685,083 |
Management fee payable | 2,969,835 |
Payable upon receipt of securities loaned | 1,386,400 |
Administration fees payable | 403,697 |
Distribution fee payable | 2,259 |
Accrued expenses and other liabilities | 1,012,982 |
Total liabilities | 37,415,818 |
Total net assets | $4,011,974,242 |
Net assets consist of | |
Paid-in capital | $3,698,824,788 |
Total distributable earnings | 313,149,454 |
Total net assets | $4,011,974,242 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $147,080,698 |
Shares outstanding–Class A1 | 6,052,213 |
Net asset value per share–Class A | $24.30 |
Maximum offering price per share – Class A2 | $25.78 |
Net assets–Class C | $3,579,450 |
Shares outstanding–Class C1 | 177,633 |
Net asset value per share–Class C | $20.15 |
Net assets–Class R6 | $421,688,037 |
Shares outstanding–Class R61 | 16,681,875 |
Net asset value per share–Class R6 | $25.28 |
Net assets–Administrator Class | $36,928,386 |
Shares outstanding–Administrator Class1 | 1,434,715 |
Net asset value per share–Administrator Class | $25.74 |
Net assets–Institutional Class | $3,402,697,671 |
Shares outstanding–Institutional Class1 | 134,587,143 |
Net asset value per share–Institutional Class | $25.28 |
Investment income | |
Dividends (net of foreign withholdings taxes of $5,981,117) | $35,046,390 |
Income from affiliated securities | 4,129,075 |
Interest (net of foreign withholding taxes of $40) | 37,611 |
Total investment income | 39,213,076 |
Expenses | |
Management fee | 19,887,687 |
Administration fees | |
Class A | 147,640 |
Class C | 4,061 |
Class R6 | 62,625 |
Administrator Class | 24,817 |
Institutional Class | 2,142,518 |
Shareholder servicing fees | |
Class A | 184,550 |
Class C | 5,063 |
Administrator Class | 47,422 |
Distribution fee | |
Class C | 15,166 |
Custody and accounting fees | 657,870 |
Professional fees | 39,132 |
Registration fees | 80,187 |
Shareholder report expenses | 192,798 |
Trustees’ fees and expenses | 14,569 |
Other fees and expenses | 75,852 |
Total expenses | 23,581,957 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (1,561,518 ) |
Class A | (8,975 ) |
Class R6 | (27,420 ) |
Administrator Class | (1,969 ) |
Institutional Class | (220,391 ) |
Net expenses | 21,761,684 |
Net investment income | 17,451,392 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | $11,019,035 |
Foreign currency and foreign currency translations | (610,706 ) |
Forward foreign currency contracts | (391 ) |
Net realized gains on investments | 10,407,938 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $4,180,089) | 400,045,461 |
Affiliated securities | (463,466 ) |
Foreign currency and foreign currency translations | 78,816 |
Net change in unrealized gains (losses) on investments | 399,660,811 |
Net realized and unrealized gains (losses) on investments | 410,068,749 |
Net increase in net assets resulting from operations | $427,520,141 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $17,451,392 | $55,523,080 | ||
Net realized gains (losses) on investments | 10,407,938 | (283,722,050 ) | ||
Net change in unrealized gains (losses) on investments | 399,660,811 | 601,091,006 | ||
Net increase in net assets resulting from operations | 427,520,141 | 372,892,036 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (1,408,280 ) | (1,206,336 ) | ||
Class R6 | (5,834,546 ) | (5,221,911 ) | ||
Administrator Class | (383,267 ) | (408,773 ) | ||
Institutional Class | (41,698,111 ) | (38,037,723 ) | ||
Total distributions to shareholders | (49,324,204 ) | (44,874,743 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 179,596 | 4,302,873 | 526,956 | 12,429,497 |
Class C | 2,478 | 48,749 | 10,989 | 211,779 |
Class R6 | 2,254,216 | 55,322,743 | 2,816,191 | 68,449,429 |
Administrator Class | 136,785 | 3,486,666 | 169,953 | 4,205,464 |
Institutional Class | 13,734,729 | 340,240,910 | 26,992,809 | 652,959,509 |
403,401,941 | 738,255,678 | |||
Reinvestment of distributions | ||||
Class A | 54,473 | 1,286,646 | 48,589 | 1,102,474 |
Class R6 | 199,691 | 4,900,420 | 185,248 | 4,366,293 |
Administrator Class | 15,147 | 378,820 | 16,841 | 404,511 |
Institutional Class | 1,686,203 | 41,396,276 | 1,598,910 | 37,718,277 |
47,962,162 | 43,591,555 | |||
Payment for shares redeemed | ||||
Class A | (571,480 ) | (13,615,671 ) | (1,123,006 ) | (25,992,556 ) |
Class C | (66,376 ) | (1,306,280 ) | (103,550 ) | (1,984,353 ) |
Class R6 | (1,995,183 ) | (49,795,664 ) | (4,292,148 ) | (105,617,539 ) |
Administrator Class | (269,198 ) | (6,848,208 ) | (557,436 ) | (13,911,202 ) |
Institutional Class | (12,995,765 ) | (322,804,751 ) | (37,538,966 ) | (911,083,142 ) |
(394,370,574 ) | (1,058,588,792 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | 56,993,529 | (276,741,559 ) | ||
Total increase in net assets | 435,189,466 | 51,275,734 | ||
Net assets | ||||
Beginning of period | 3,576,784,776 | 3,525,509,042 | ||
End of period | $4,011,974,242 | $3,576,784,776 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $21.96 | $20.18 | $30.11 | $27.39 | $25.29 | $21.16 |
Net investment income (loss) | 0.07 1 | 0.26 1 | 0.18 1 | (0.07 )1 | 0.00 2 | 0.10 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 2 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.49 | 1.70 | (10.04 ) | 2.81 | 2.28 | 4.11 |
Total from investment operations | 2.56 | 1.96 | (9.86 ) | 2.74 | 2.28 | 4.21 |
Distributions to shareholders from | ||||||
Net investment income | (0.22 ) | (0.18 ) | (0.07 ) | (0.02 ) | (0.18 ) | (0.08 ) |
Net asset value, end of period | $24.30 | $21.96 | $20.18 | $30.11 | $27.39 | $25.29 |
Total return3 | 11.71 % | 9.67 % | (32.82 )% | 10.00 % | 9.03 %4 | 19.95 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.52 % | 1.57 % | 1.54 % | 1.48 % | 1.54 % | 1.57 % |
Net expenses | 1.43 % | 1.42 % | 1.43 % | 1.46 % | 1.52 % | 1.57 % |
Net investment income (loss) | 0.57 % | 1.12 % | 0.69 % | (0.21 )% | 0.13 % | 0.43 % |
Supplemental data | ||||||
Portfolio turnover rate | 6 % | 4 % | 5 % | 9 % | 12 % | 8 % |
Net assets, end of period (000s omitted) | $147,081 | $140,306 | $139,997 | $232,735 | $210,393 | $227,811 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.10 | $16.64 | $24.95 | $22.86 | $21.09 | $17.71 |
Net investment income (loss) | (0.02 )1 | 0.07 1 | (0.02 )1 | (0.27 )1 | (0.14 )1 | (0.07 )1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.04 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.07 | 1.39 | (8.29 ) | 2.36 | 1.87 | 3.45 |
Total from investment operations | 2.05 | 1.46 | (8.31 ) | 2.09 | 1.77 | 3.38 |
Net asset value, end of period | $20.15 | $18.10 | $16.64 | $24.95 | $22.86 | $21.09 |
Total return2 | 11.33 % | 8.77 % | (33.31 )% | 9.14 % | 8.39 %3 | 19.09 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.26 % | 2.32 % | 2.28 % | 2.23 % | 2.29 % | 2.32 % |
Net expenses | 2.18 % | 2.19 % | 2.19 % | 2.22 % | 2.28 % | 2.32 % |
Net investment income (loss) | (0.21 )% | 0.34 % | (0.11 )% | (0.98 )% | (0.64 )% | (0.37 )% |
Supplemental data | ||||||
Portfolio turnover rate | 6 % | 4 % | 5 % | 9 % | 12 % | 8 % |
Net assets, end of period (000s omitted) | $3,579 | $4,373 | $5,558 | $12,260 | $20,149 | $29,484 |
1 | Calculated based upon average shares outstanding |
2 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
3 | During the year ended October 31, 2020, the Fund received a payment from an affiliate which had a 0.18% impact on the total return. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $22.89 | $21.06 | $31.45 | $28.59 | $26.39 | $22.10 |
Net investment income | 0.12 1 | 0.37 1 | 0.30 1 | 0.08 1 | 0.17 | 0.22 1 |
Net realized and unrealized gains (losses) on investments | 2.61 | 1.76 | (10.47 ) | 2.92 | 2.33 | 4.27 |
Total from investment operations | 2.73 | 2.13 | (10.17 ) | 3.00 | 2.50 | 4.49 |
Distributions to shareholders from | ||||||
Net investment income | (0.34 ) | (0.30 ) | (0.22 ) | (0.14 ) | (0.30 ) | (0.20 ) |
Net asset value, end of period | $25.28 | $22.89 | $21.06 | $31.45 | $28.59 | $26.39 |
Total return2 | 11.98 % | 10.09 % | (32.53 )% | 10.47 % | 9.49 % | 20.50 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.10 % | 1.15 % | 1.11 % | 1.05 % | 1.11 % | 1.14 % |
Net expenses | 1.01 % | 1.01 % | 1.01 % | 1.04 % | 1.11 % | 1.14 % |
Net investment income | 1.00 % | 1.54 % | 1.13 % | 0.23 % | 0.55 % | 0.88 % |
Supplemental data | ||||||
Portfolio turnover rate | 6 % | 4 % | 5 % | 9 % | 12 % | 8 % |
Net assets, end of period (000s omitted) | $421,688 | $371,408 | $368,845 | $536,456 | $324,637 | $351,829 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $23.26 | $21.39 | $31.89 | $29.01 | $26.50 | $22.18 |
Net investment income (loss) | 0.08 1 | 0.30 1 | 0.20 1 | (0.05 )1 | 0.05 1 | 0.13 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.31 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.65 | 1.78 | (10.60 ) | 2.97 | 2.35 | 4.30 |
Total from investment operations | 2.73 | 2.08 | (10.40 ) | 2.92 | 2.71 | 4.43 |
Distributions to shareholders from | ||||||
Net investment income | (0.25 ) | (0.21 ) | (0.10 ) | (0.04 ) | (0.20 ) | (0.11 ) |
Net asset value, end of period | $25.74 | $23.26 | $21.39 | $31.89 | $29.01 | $26.50 |
Total return2 | 11.77 % | 9.70 % | (32.73 )%3 | 10.09 % | 10.25 %4 | 20.09 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.45 % | 1.49 % | 1.45 % | 1.40 % | 1.46 % | 1.49 % |
Net expenses | 1.36 % | 1.35 % | 1.36 % | 1.38 % | 1.43 % | 1.46 % |
Net investment income (loss) | 0.64 % | 1.20 % | 0.75 % | (0.13 )% | 0.20 % | 0.54 % |
Supplemental data | ||||||
Portfolio turnover rate | 6 % | 4 % | 5 % | 9 % | 12 % | 8 % |
Net assets, end of period (000s omitted) | $36,928 | $36,101 | $41,117 | $78,118 | $73,888 | $104,869 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $22.89 | $21.05 | $31.42 | $28.57 | $26.38 | $22.10 |
Net investment income | 0.11 1 | 0.35 1 | 0.27 1 | 0.04 1 | 0.14 | 0.19 |
Net realized and unrealized gains (losses) on investments | 2.60 | 1.76 | (10.45 ) | 2.92 | 2.34 | 4.28 |
Total from investment operations | 2.71 | 2.11 | (10.18 ) | 2.96 | 2.48 | 4.47 |
Distributions to shareholders from | ||||||
Net investment income | (0.32 ) | (0.27 ) | (0.19 ) | (0.11 ) | (0.29 ) | (0.19 ) |
Net asset value, end of period | $25.28 | $22.89 | $21.05 | $31.42 | $28.57 | $26.38 |
Total return2 | 11.87 % | 10.01 % | (32.60 )% | 10.39 % | 9.42 % | 20.40 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.20 % | 1.25 % | 1.21 % | 1.15 % | 1.21 % | 1.25 % |
Net expenses | 1.11 % | 1.11 % | 1.11 % | 1.14 % | 1.18 % | 1.19 % |
Net investment income | 0.90 % | 1.43 % | 1.03 % | 0.12 % | 0.49 % | 0.81 % |
Supplemental data | ||||||
Portfolio turnover rate | 6 % | 4 % | 5 % | 9 % | 12 % | 8 % |
Net assets, end of period (000s omitted) | $3,402,698 | $3,024,598 | $2,969,992 | $5,334,340 | $3,984,940 | $3,475,314 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $1,486,875,807 |
Gross unrealized losses | (742,954,922 ) |
Net unrealized gains | $743,920,885 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $201,317,602 | $0 | $0 | $201,317,602 |
Chile | 88,456,692 | 0 | 0 | 88,456,692 |
China | 314,599,827 | 439,153,097 | 0 | 753,752,924 |
Colombia | 16,330,552 | 0 | 0 | 16,330,552 |
Hong Kong | 0 | 180,647,513 | 0 | 180,647,513 |
India | 186,707,887 | 422,826,618 | 0 | 609,534,505 |
Indonesia | 30,977,230 | 118,109,666 | 0 | 149,086,896 |
Luxembourg | 0 | 37,246,207 | 0 | 37,246,207 |
Mexico | 328,376,745 | 0 | 0 | 328,376,745 |
Philippines | 25,062,548 | 0 | 0 | 25,062,548 |
Russia | 0 | 0 | 5,886,971 | 5,886,971 |
Singapore | 52,373,458 | 0 | 0 | 52,373,458 |
South Africa | 30,697,665 | 84,226,259 | 0 | 114,923,924 |
South Korea | 64,673,572 | 491,073,094 | 0 | 555,746,666 |
Taiwan | 246,807,122 | 343,133,959 | 0 | 589,941,081 |
Thailand | 53,921,227 | 37,271,329 | 0 | 91,192,556 |
United States | 66,849,094 | 0 | 0 | 66,849,094 |
Convertible debentures | 0 | 0 | 0 | 0 |
Preferred stocks | ||||
Brazil | 10,300,669 | 0 | 0 | 10,300,669 |
Warrants | ||||
Brazil | 0 | 15,858 | 0 | 15,858 |
Short-term investments | ||||
Investment companies | 141,390,238 | 0 | 0 | 141,390,238 |
Total assets | $1,858,842,128 | $2,153,703,600 | $5,886,971 | $4,018,432,699 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.43 % |
Class C | 2.18 |
Class R6 | 1.01 |
Administrator Class | 1.36 |
Institutional Class | 1.11 |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR0663 04-24
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks to 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, 2024 | |||||||||
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 | 6.89 | 1.50 | 2.18 | 13.36 | 2.71 | 2.78 | 1.67 | 1.55 |
Class C (EQICX) | 5-31-2012 | 11.53 | 1.90 | 2.16 | 12.53 | 1.90 | 2.16 | 2.42 | 2.30 |
Class R6 (EQIRX)3 | 9-30-2015 | – | – | – | 13.76 | 3.08 | 3.20 | 1.25 | 1.17 |
Administrator Class (EQIDX) | 5-31-2012 | – | – | – | 13.46 | 2.77 | 2.94 | 1.60 | 1.45 |
Institutional Class (EQIIX) | 5-31-2012 | – | – | – | 13.70 | 3.02 | 3.15 | 1.35 | 1.22 |
MSCI ACWI ex USA Index (Net)4 | – | – | – | – | 9.32 | 5.03 | 3.93 | – | – |
MSCI Emerging Markets Index (Net) (USD)5 | – | – | – | – | 9.88 | 1.89 | 2.96 | – | – |
MSCI Emerging Markets High Dividend Yield Index (Net) (USD)6 | – | – | – | – | 13.02 | 1.70 | 1.85 | – | – |
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 1.55% for Class A, 2.30% for Class C, 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 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 | 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. You cannot invest directly in an index. |
6 | The MSCI EM High Dividend Yield Index (Net) (USD) is based on the MSCI EM Index, its parent index (Net) (USD), 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, 20241 | |
Taiwan Semiconductor Manufacturing Co. Ltd. | 8.94 |
Tencent Holdings Ltd. | 4.89 |
Samsung Electronics Co. Ltd., Preferred stock | 3.32 |
Samsung Electronics Co. Ltd. | 3.13 |
Alibaba Group Holding Ltd. | 2.29 |
Power Grid Corp. of India Ltd. | 2.18 |
Midea Group Co. Ltd. Class A | 1.92 |
Power Finance Corp. Ltd. | 1.82 |
GAIL India Ltd. | 1.80 |
LIC Housing Finance Ltd. | 1.78 |
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, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,198.79 | $8.47 | 1.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.16 | $7.77 | 1.55 % |
Class C | ||||
Actual | $1,000.00 | $1,195.04 | $12.55 | 2.30 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.43 | $11.51 | 2.30 % |
Class R6 | ||||
Actual | $1,000.00 | $1,201.71 | $6.40 | 1.17 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.05 | $5.87 | 1.17 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,199.94 | $7.93 | 1.45 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.65 | $7.27 | 1.45 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,201.50 | $6.68 | 1.22 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.80 | $6.12 | 1.22 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 93.35% | ||||||
Brazil: 4.43% | ||||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 659,600 | $1,370,620 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 467,072 | 3,004,315 | ||||
Embraer SA ADR (Industrials, Aerospace & defense)† | 135,382 | 3,459,010 | ||||
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 357,310 | 5,759,837 | ||||
Vale SA (Materials, Metals & mining) | 182,200 | 2,220,745 | ||||
15,814,527 | ||||||
China: 23.54% | ||||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | 873,300 | 8,176,761 | ||||
ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 244,600 | 2,769,115 | ||||
Baidu, Inc. Class A (Communication services, Interactive media & services)† | 182,794 | 2,368,202 | ||||
China Construction Bank Corp. Class H (Financials, Banks) | 5,601,000 | 3,623,795 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets)144A | 2,416,000 | 2,913,326 | ||||
China Merchants Bank Co. Ltd. Class H (Financials, Banks) | 819,500 | 3,549,137 | ||||
China Oilfield Services Ltd. Class H (Energy, Energy equipment & services) | 2,638,000 | 2,820,828 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 1,609,500 | 5,787,497 | ||||
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | 1,532,000 | 1,616,417 | ||||
Chinasoft International Ltd. (Information technology, IT services) | 4,554,000 | 2,738,437 | ||||
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 287,400 | 2,448,759 | ||||
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | 620,054 | 2,048,684 | ||||
Fuyao Glass Industry Group Co. Ltd. Class H (Consumer discretionary, Automobile components)144A | 420,800 | 2,519,355 | ||||
Great Wall Motor Co. Ltd. Class H (Consumer discretionary, Automobiles) | 1,182,000 | 1,786,169 | ||||
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household durables) | 324,000 | 1,879,608 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 584,078 | 2,301,663 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 713,158 | 6,858,604 | ||||
Ping An Insurance Group Co. of China Ltd. Class A (Financials, Insurance) | 285,102 | 1,620,590 | ||||
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 1,185,200 | 2,993,058 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) | 397,800 | 17,456,730 | ||||
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | 1,552,000 | 1,712,937 | ||||
TravelSky Technology Ltd. Class H (Consumer discretionary, Hotels, restaurants & leisure) | 1,472,000 | 1,912,176 | ||||
Weichai Power Co. Ltd. Class H (Industrials, Machinery) | 1,032,000 | 2,108,750 | ||||
84,010,598 | ||||||
Greece: 1.46% | ||||||
Jumbo SA (Consumer discretionary, Specialty retail) | 57,155 | 1,779,859 | ||||
National Bank of Greece SA (Financials, Banks)† | 423,207 | 3,414,449 | ||||
5,194,308 | ||||||
Hong Kong: 1.60% | ||||||
Lenovo Group Ltd. (Information technology, Technology hardware, storage & peripherals) | 5,066,000 | 5,698,032 |
Shares | Value | |||||
Hungary: 0.44% | ||||||
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | 61,847 | $1,574,935 | ||||
India: 17.93% | ||||||
360 ONE WAM Ltd. (Financials, Capital markets) | 583,797 | 5,484,697 | ||||
Ashok Leyland Ltd. (Industrials, Machinery) | 1,782,548 | 4,105,065 | ||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 58,346 | 6,228,890 | ||||
Embassy Office Parks REIT (Real estate, Office REITs) | 1,385,256 | 5,971,612 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 2,564,020 | 6,405,225 | ||||
Infosys Ltd. (Information technology, IT services) | 372,129 | 6,283,218 | ||||
LIC Housing Finance Ltd. (Financials, Financial services) | 790,223 | 6,364,220 | ||||
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 4,638,388 | 5,339,522 | ||||
Power Finance Corp. Ltd. (Financials, Financial services) | 1,233,942 | 6,504,417 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 2,155,579 | 7,774,694 | ||||
Ujjivan Financial Services Ltd. (Financials, Consumer finance) | 511,473 | 3,511,833 | ||||
63,973,393 | ||||||
Indonesia: 2.46% | ||||||
Bank Mandiri Persero Tbk. PT (Financials, Banks) | 10,368,900 | 4,382,693 | ||||
Bank Negara Indonesia Persero Tbk. PT (Financials, Banks) | 8,307,728 | 2,672,902 | ||||
Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | 2,577,400 | 1,722,782 | ||||
8,778,377 | ||||||
Luxembourg: 1.28% | ||||||
Samsonite International SA (Consumer discretionary, Textiles, apparel & luxury goods)144A† | 573,000 | 2,014,477 | ||||
Ternium SA ADR (Materials, Metals & mining) | 61,025 | 2,569,153 | ||||
4,583,630 | ||||||
Malaysia: 1.14% | ||||||
CIMB Group Holdings Bhd. (Financials, Banks) | 1,327,000 | 1,833,953 | ||||
Malaysia Airports Holdings Bhd. (Industrials, Transportation infrastructure) | 1,072,500 | 2,244,641 | ||||
4,078,594 | ||||||
Mexico: 2.97% | ||||||
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | 77,046 | 1,468,497 | ||||
Bolsa Mexicana de Valores SAB de CV (Financials, Capital markets) | 814,372 | 1,525,989 | ||||
Corp. Inmobiliaria Vesta SAB de CV ADR (Real estate, Real estate management & development) | 58,745 | 2,086,035 | ||||
Grupo Aeroportuario del Sureste SAB de CV ADR (Industrials, Transportation infrastructure) | 7,095 | 2,444,228 | ||||
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | 165,600 | 1,642,587 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 379,691 | 1,415,190 | ||||
10,582,526 | ||||||
Panama: 0.49% | ||||||
Copa Holdings SA Class A (Industrials, Passenger airlines) | 18,411 | 1,758,251 |
Shares | Value | |||||
Peru: 0.54% | ||||||
Credicorp Ltd. (Financials, Banks) | 11,653 | $1,929,853 | ||||
Philippines: 0.78% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 1,261,377 | 2,783,966 | ||||
Poland: 1.13% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) | 45,628 | 1,889,013 | ||||
LPP SA (Consumer discretionary, Textiles, apparel & luxury goods) | 558 | 2,150,080 | ||||
4,039,093 | ||||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining)♦†˃ | 1,142,750 | 0 | ||||
Saudi Arabia: 3.02% | ||||||
Al Rajhi Bank (Financials, Banks) | 82,262 | 1,749,652 | ||||
Arabian Drilling Co. (Energy, Energy equipment & services) | 51,849 | 2,115,101 | ||||
Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 122,203 | 1,694,277 | ||||
Saudi Awwal Bank (Financials, Banks) | 321,792 | 3,492,055 | ||||
United International Transportation Co. (Industrials, Ground transportation) | 77,855 | 1,732,719 | ||||
10,783,804 | ||||||
Singapore: 1.37% | ||||||
BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 300,200 | 2,387,712 | ||||
Yangzijiang Shipbuilding Holdings Ltd. (Industrials, Machinery) | 1,944,900 | 2,496,496 | ||||
4,884,208 | ||||||
South Africa: 2.26% | ||||||
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 225,740 | 2,953,376 | ||||
Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 8,494 | 1,628,000 | ||||
Sanlam Ltd. (Financials, Insurance) | 440,170 | 1,592,262 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 200,676 | 1,884,501 | ||||
8,058,139 | ||||||
South Korea: 7.87% | ||||||
Doosan Bobcat, Inc. (Industrials, Machinery) | 71,435 | 2,669,877 | ||||
Fila Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 63,148 | 1,858,925 | ||||
KB Financial Group, Inc. (Financials, Banks) | 85,930 | 4,660,576 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 57,675 | 4,886,374 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 200,777 | 11,160,518 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 76,568 | 2,831,623 | ||||
28,067,893 | ||||||
Taiwan: 15.40% | ||||||
ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 528,000 | 2,375,259 | ||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance) | 1,463,000 | 2,262,316 | ||||
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) | 417,000 | 3,386,753 |
Shares | Value | |||||
Taiwan(continued) | ||||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | 190,000 | $1,860,726 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | 370,000 | 2,365,490 | ||||
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 31,000 | 2,066,396 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 66,000 | 1,989,977 | ||||
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 325,000 | 2,550,677 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 1,333,000 | 31,917,025 | ||||
Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | 1,032,000 | 1,753,357 | ||||
United Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | 1,579,000 | 2,426,011 | ||||
54,953,987 | ||||||
Thailand: 0.49% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 416,100 | 1,757,141 | ||||
Turkey: 0.98% | ||||||
Akbank TAS (Financials, Banks) | 939,111 | 1,728,520 | ||||
BIM Birlesik Magazalar AS (Consumer staples, Consumer staples distribution & retail) | 148,068 | 1,768,960 | ||||
3,497,480 | ||||||
United Arab Emirates: 0.41% | ||||||
Abu Dhabi Commercial Bank PJSC (Financials, Banks) | 645,616 | 1,465,990 | ||||
United States: 1.36% | ||||||
Southern Copper Corp. (Materials, Metals & mining) | 41,712 | 4,866,539 | ||||
Total common stocks (Cost $257,374,382) | 333,135,264 |
Dividend rate | ||||||
Preferred stocks: 4.62% | ||||||
Brazil: 0.79% | ||||||
Itau Unibanco Holding SA (Financials, Banks) | 0.00 | 468,100 | 2,827,026 | |||
South Korea: 3.83% | ||||||
LG Chem Ltd. (Materials, Chemicals) | 2.57 | 9,462 | 1,815,963 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 0.26 | 253,956 | 11,857,484 | |||
13,673,447 | ||||||
Total preferred stocks (Cost $14,795,443) | 16,500,473 |
Yield | Shares | Value | ||||
Short-term investments: 1.94% | ||||||
Investment companies: 1.94% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 6,899,012 | $6,899,012 | |||
Total short-term investments (Cost $6,899,012) | 6,899,012 | |||||
Total investments in securities (Cost $279,068,837) | 99.91 % | 356,534,749 | ||||
Other assets and liabilities, net | 0.09 | 337,166 | ||||
Total net assets | 100.00 % | $356,871,915 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with a current value of $0 (original a cost of $1,726,284), 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 | $8,229,693 | $110,773,023 | $(112,103,704 ) | $0 | $0 | $6,899,012 | 6,899,012 | $228,583 |
Assets | |
Investments in unaffiliated securities, at value (cost $272,169,825) | $349,635,737 |
Investments in affiliated securities, at value (cost $6,899,012) | 6,899,012 |
Cash | 21 |
Foreign currency, at value (cost $1,699,233) | 1,695,891 |
Receivable for investments sold | 1,168,634 |
Receivable for dividends | 917,040 |
Receivable for Fund shares sold | 81,858 |
Prepaid expenses and other assets | 88,094 |
Total assets | 360,486,287 |
Liabilities | |
Contingent tax liability | 2,131,312 |
Payable for investments purchased | 487,228 |
Payable for Fund shares redeemed | 472,143 |
Management fee payable | 290,474 |
Administration fees payable | 36,099 |
Distribution fees payable | 1,359 |
Accrued expenses and other liabilities | 195,757 |
Total liabilities | 3,614,372 |
Total net assets | $356,871,915 |
Net assets consist of | |
Paid-in capital | $346,235,896 |
Total distributable earnings | 10,636,019 |
Total net assets | $356,871,915 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $69,249,682 |
Shares outstanding–Class A1 | 5,993,291 |
Net asset value per share–Class A | $11.55 |
Maximum offering price per share – Class A2 | $12.25 |
Net assets–Class C | $2,203,594 |
Shares outstanding–Class C1 | 191,897 |
Net asset value per share–Class C | $11.48 |
Net assets–Class R6 | $71,587,645 |
Shares outstanding–Class R61 | 6,206,222 |
Net asset value per share–Class R6 | $11.53 |
Net assets–Administrator Class | $1,494,916 |
Shares outstanding–Administrator Class1 | 128,385 |
Net asset value per share–Administrator Class | $11.64 |
Net assets–Institutional Class | $212,336,078 |
Shares outstanding–Institutional Class1 | 18,347,202 |
Net asset value per share–Institutional Class | $11.57 |
Investment income | |
Dividends (net of foreign withholdings taxes of $708,963) | $4,313,899 |
Income from affiliated securities | 228,583 |
Interest (net of foreign withholding taxes of $5) | 2,351 |
Total investment income | 4,544,833 |
Expenses | |
Management fee | 1,742,594 |
Administration fees | |
Class A | 67,357 |
Class C | 2,391 |
Class R6 | 7,943 |
Administrator Class | 1,046 |
Institutional Class | 134,941 |
Shareholder servicing fees | |
Class A | 84,196 |
Class C | 2,985 |
Administrator Class | 1,695 |
Distribution fees | |
Class C | 8,954 |
Custody and accounting fees | 69,680 |
Professional fees | 33,061 |
Registration fees | 39,014 |
Shareholder report expenses | 16,012 |
Trustees’ fees and expenses | 12,034 |
Other fees and expenses | 5,935 |
Total expenses | 2,229,838 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (32,198 ) |
Class A | (12,183 ) |
Class C | (387 ) |
Administrator Class | (209 ) |
Institutional Class | (47,510 ) |
Net expenses | 2,137,351 |
Net investment income | 2,407,482 |
Realized and unrealized gains (losses) on investments | |
Net realized losses on | |
Unaffiliated securities | $(2,235,693 ) |
Foreign currency and foreign currency translations | (187,135 ) |
Forward foreign currency contracts | (12 ) |
Net realized losses on investments | (2,422,840 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $1,849,416) | 58,875,385 |
Foreign currency and foreign currency translations | 6,758 |
Net change in unrealized gains (losses) on investments | 58,882,143 |
Net realized and unrealized gains (losses) on investments | 56,459,303 |
Net increase in net assets resulting from operations | $58,866,785 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $2,407,482 | $8,488,152 | ||
Net realized losses on investments | (2,422,840 ) | (16,697,240 ) | ||
Net change in unrealized gains (losses) on investments | 58,882,143 | 37,655,729 | ||
Net increase in net assets resulting from operations | 58,866,785 | 29,446,641 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (385,234 ) | (1,537,618 ) | ||
Class C | (6,107 ) | (41,933 ) | ||
Class R | N/A | (1,389 )1 | ||
Class R6 | (421,976 ) | (816,800 ) | ||
Administrator Class | (9,555 ) | (39,226 ) | ||
Institutional Class | (1,523,359 ) | (5,482,344 ) | ||
Total distributions to shareholders | (2,346,231 ) | (7,919,310 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 171,095 | 1,833,530 | 355,960 | 3,665,775 |
Class C | 2,004 | 22,188 | 18,026 | 184,185 |
Class R | N/A | N/A | 2,528 1 | 25,872 1 |
Class R6 | 3,886,647 | 42,431,765 | 209,687 | 2,143,968 |
Administrator Class | 159,482 | 1,733,300 | 262,573 | 2,752,535 |
Institutional Class | 1,487,293 | 16,056,998 | 5,327,777 | 54,723,173 |
62,077,781 | 63,495,508 | |||
Reinvestment of distributions | ||||
Class A | 34,304 | 368,508 | 142,319 | 1,466,445 |
Class C | 586 | 6,096 | 4,035 | 41,577 |
Class R | N/A | N/A | 136 1 | 1,389 1 |
Class R6 | 34,080 | 372,640 | 64,003 | 657,488 |
Administrator Class | 874 | 9,459 | 3,743 | 38,872 |
Institutional Class | 132,872 | 1,436,653 | 504,072 | 5,197,163 |
2,193,356 | 7,402,934 | |||
Payment for shares redeemed | ||||
Class A | (643,712 ) | (6,991,836 ) | (1,073,652 ) | (11,016,635 ) |
Class C | (68,794 ) | (741,370 ) | (142,159 ) | (1,443,334 ) |
Class R | N/A | N/A | (763 )1 | (7,955 )1 |
Class R6 | (581,156 ) | (6,480,020 ) | (542,643 ) | (5,625,702 ) |
Administrator Class | (183,972 ) | (2,015,928 ) | (308,193 ) | (3,224,088 ) |
Institutional Class | (3,486,279 ) | (37,770,305 ) | (6,672,426 ) | (68,199,395 ) |
(53,999,459 ) | (89,517,109 ) |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Shares | Shares | |||
Share conversions | ||||
Class A | 0 | $0 | 14,724 2 | $159,851 2 |
Class R | N/A | N/A | (14,702 )2 | (159,851 )2 |
0 | 0 | |||
Net increase (decrease) in net assets resulting from capital share transactions | 10,271,678 | (18,618,667 ) | ||
Total increase in net assets | 66,792,232 | 2,908,664 | ||
Net assets | ||||
Beginning of period | 290,079,683 | 287,171,019 | ||
End of period | $356,871,915 | $290,079,683 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.69 | $9.03 | $12.67 | $10.33 | $11.21 | $10.33 |
Net investment income | 0.06 1 | 0.25 1 | 0.27 1 | 0.24 | 0.20 | 0.24 |
Net realized and unrealized gains (losses) on investments | 1.86 | 0.64 | (3.59 ) | 2.34 | (0.85 ) | 0.86 |
Total from investment operations | 1.92 | 0.89 | (3.32 ) | 2.58 | (0.65 ) | 1.10 |
Distributions to shareholders from | ||||||
Net investment income | (0.06 ) | (0.23 ) | (0.32 ) | (0.24 ) | (0.23 ) | (0.22 ) |
Net asset value, end of period | $11.55 | $9.69 | $9.03 | $12.67 | $10.33 | $11.21 |
Total return2 | 19.88 % | 9.72 % | (26.67 )% | 24.93 % | (5.83 )% | 10.78 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.61 % | 1.68 % | 1.70 % | 1.63 % | 1.65 % | 1.69 % |
Net expenses | 1.55 % | 1.51 % | 1.54 % | 1.54 % | 1.52 % | 1.62 % |
Net investment income | 1.16 % | 2.43 % | 2.34 % | 1.88 % | 2.10 % | 2.12 % |
Supplemental data | ||||||
Portfolio turnover rate | 45 % | 68 % | 50 % | 73 % | 92 % | 73 % |
Net assets, end of period (000s omitted) | $69,250 | $62,296 | $63,130 | $94,152 | $83,889 | $20,017 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.63 | $8.98 | $12.59 | $10.26 | $11.15 | $10.27 |
Net investment income | 0.02 1 | 0.16 1 | 0.18 1 | 0.11 | 0.11 | 0.15 |
Net realized and unrealized gains (losses) on investments | 1.86 | 0.64 | (3.56 ) | 2.36 | (0.85 ) | 0.87 |
Total from investment operations | 1.88 | 0.80 | (3.38 ) | 2.47 | (0.74 ) | 1.02 |
Distributions to shareholders from | ||||||
Net investment income | (0.03 ) | (0.15 ) | (0.23 ) | (0.14 ) | (0.15 ) | (0.14 ) |
Net asset value, end of period | $11.48 | $9.63 | $8.98 | $12.59 | $10.26 | $11.15 |
Total return2 | 19.50 % | 8.79 % | (27.27 )% | 24.00 % | (6.69 )% | 10.01 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.35 % | 2.43 % | 2.43 % | 2.37 % | 2.40 % | 2.44 % |
Net expenses | 2.30 % | 2.30 % | 2.30 % | 2.30 % | 2.31 % | 2.37 % |
Net investment income | 0.36 % | 1.55 % | 1.55 % | 1.07 % | 1.03 % | 1.30 % |
Supplemental data | ||||||
Portfolio turnover rate | 45 % | 68 % | 50 % | 73 % | 92 % | 73 % |
Net assets, end of period (000s omitted) | $2,204 | $2,486 | $3,396 | $7,203 | $8,138 | $11,958 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.67 | $9.02 | $12.67 | $10.33 | $11.23 | $10.34 |
Net investment income | 0.09 1 | 0.28 1 | 0.31 1 | 0.26 | 0.24 | 0.31 1 |
Net realized and unrealized gains (losses) on investments | 1.85 | 0.64 | (3.59 ) | 2.37 | (0.87 ) | 0.85 |
Total from investment operations | 1.94 | 0.92 | (3.28 ) | 2.63 | (0.63 ) | 1.16 |
Distributions to shareholders from | ||||||
Net investment income | (0.08 ) | (0.27 ) | (0.37 ) | (0.29 ) | (0.27 ) | (0.27 ) |
Net asset value, end of period | $11.53 | $9.67 | $9.02 | $12.67 | $10.33 | $11.23 |
Total return2 | 20.17 % | 10.10 % | (26.49 )% | 25.44 % | (5.60 )% | 11.34 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.19 % | 1.25 % | 1.26 % | 1.19 % | 1.22 % | 1.26 % |
Net expenses | 1.17 % | 1.17 % | 1.17 % | 1.15 % | 1.16 % | 1.17 % |
Net investment income | 1.71 % | 2.77 % | 2.72 % | 2.00 % | 2.27 % | 2.81 % |
Supplemental data | ||||||
Portfolio turnover rate | 45 % | 68 % | 50 % | 73 % | 92 % | 73 % |
Net assets, end of period (000s omitted) | $71,588 | $27,722 | $28,296 | $43,761 | $73,969 | $83,481 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.76 | $9.10 | $12.78 | $10.41 | $11.31 | $10.41 |
Net investment income | 0.07 1 | 0.26 1 | 0.28 1 | 0.22 1 | 0.20 1 | 0.25 1 |
Net realized and unrealized gains (losses) on investments | 1.88 | 0.64 | (3.63 ) | 2.40 | (0.87 ) | 0.89 |
Total from investment operations | 1.95 | 0.90 | (3.35 ) | 2.62 | (0.67 ) | 1.14 |
Distributions to shareholders from | ||||||
Net investment income | (0.07 ) | (0.24 ) | (0.33 ) | (0.25 ) | (0.23 ) | (0.24 ) |
Net asset value, end of period | $11.64 | $9.76 | $9.10 | $12.78 | $10.41 | $11.31 |
Total return2 | 19.99 % | 9.75 % | (26.65 )% | 25.03 % | (5.89 )% | 11.01 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.49 % | 1.57 % | 1.55 % | 1.52 % | 1.56 % | 1.61 % |
Net expenses | 1.45 % | 1.45 % | 1.43 % | 1.45 % | 1.45 % | 1.45 % |
Net investment income | 1.19 % | 2.48 % | 2.44 % | 1.75 % | 1.92 % | 2.24 % |
Supplemental data | ||||||
Portfolio turnover rate | 45 % | 68 % | 50 % | 73 % | 92 % | 73 % |
Net assets, end of period (000s omitted) | $1,495 | $1,484 | $1,765 | $2,484 | $3,842 | $4,686 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $9.70 | $9.05 | $12.70 | $10.35 | $11.24 | $10.35 |
Net investment income | 0.08 1 | 0.28 1 | 0.30 1 | 0.28 | 0.19 1 | 0.28 |
Net realized and unrealized gains (losses) on investments | 1.87 | 0.63 | (3.60 ) | 2.35 | (0.82 ) | 0.87 |
Total from investment operations | 1.95 | 0.91 | (3.30 ) | 2.63 | (0.63 ) | 1.15 |
Distributions to shareholders from | ||||||
Net investment income | (0.08 ) | (0.26 ) | (0.35 ) | (0.28 ) | (0.26 ) | (0.26 ) |
Net asset value, end of period | $11.57 | $9.70 | $9.05 | $12.70 | $10.35 | $11.24 |
Total return2 | 20.15 % | 9.95 % | (26.44 )% | 25.27 % | (5.63 )% | 11.24 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.29 % | 1.35 % | 1.37 % | 1.30 % | 1.33 % | 1.36 % |
Net expenses | 1.22 % | 1.22 % | 1.22 % | 1.22 % | 1.22 % | 1.22 % |
Net investment income | 1.49 % | 2.72 % | 2.68 % | 2.21 % | 1.85 % | 2.54 % |
Supplemental data | ||||||
Portfolio turnover rate | 45 % | 68 % | 50 % | 73 % | 92 % | 73 % |
Net assets, end of period (000s omitted) | $212,336 | $196,092 | $190,468 | $234,185 | $202,705 | $471,068 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $84,710,488 |
Gross unrealized losses | (13,125,116 ) |
Net unrealized gains | $71,585,372 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $15,814,527 | $0 | $0 | $15,814,527 |
China | 0 | 84,010,598 | 0 | 84,010,598 |
Greece | 5,194,308 | 0 | 0 | 5,194,308 |
Hong Kong | 0 | 5,698,032 | 0 | 5,698,032 |
Hungary | 1,574,935 | 0 | 0 | 1,574,935 |
India | 5,971,612 | 58,001,781 | 0 | 63,973,393 |
Indonesia | 0 | 8,778,377 | 0 | 8,778,377 |
Luxembourg | 2,569,153 | 2,014,477 | 0 | 4,583,630 |
Malaysia | 0 | 4,078,594 | 0 | 4,078,594 |
Mexico | 10,582,526 | 0 | 0 | 10,582,526 |
Panama | 1,758,251 | 0 | 0 | 1,758,251 |
Peru | 1,929,853 | 0 | 0 | 1,929,853 |
Philippines | 2,783,966 | 0 | 0 | 2,783,966 |
Poland | 0 | 4,039,093 | 0 | 4,039,093 |
Russia | 0 | 0 | 0 | 0 |
Saudi Arabia | 3,809,378 | 6,974,426 | 0 | 10,783,804 |
Singapore | 0 | 4,884,208 | 0 | 4,884,208 |
South Africa | 4,581,376 | 3,476,763 | 0 | 8,058,139 |
South Korea | 0 | 28,067,893 | 0 | 28,067,893 |
Taiwan | 0 | 54,953,987 | 0 | 54,953,987 |
Thailand | 1,757,141 | 0 | 0 | 1,757,141 |
Turkey | 0 | 3,497,480 | 0 | 3,497,480 |
United Arab Emirates | 0 | 1,465,990 | 0 | 1,465,990 |
United States | 4,866,539 | 0 | 0 | 4,866,539 |
Preferred stocks | ||||
Brazil | 2,827,026 | 0 | 0 | 2,827,026 |
South Korea | 0 | 13,673,447 | 0 | 13,673,447 |
Short-term investments | ||||
Investment companies | 6,899,012 | 0 | 0 | 6,899,012 |
Total assets | $72,919,603 | $283,615,146 | $0 | $356,534,749 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.55 % |
Class C | 2.30 |
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 |
$0.0000 | $0.0000 | 0.0000 % |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR3356 04-24
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34 |
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Kevin Cole, CFA†, Harindra de Silva, Ph.D., CFA, David Krider, CFA |
Average annual total returns (%) as of April 30, 2024 | |||||||||
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 (AGAQX)3 | 12-12-2014 | 4.12 | 1.77 | 3.57 | 10.52 | 2.98 | 4.18 | 2.74 | 2.66 |
Class C (ASGCX)4 | 12-16-2022 | 9.45 | 2.93 | 4.15 | 10.45 | 2.93 | 4.15 | 3.49 | 3.41 |
Class R6 (AGAWX)5 | 12-12-2014 | – | – | – | 11.07 | 3.42 | 4.58 | 2.32 | 2.24 |
Institutional Class (AGAZX)6 | 12-12-2014 | – | – | – | 10.93 | 3.35 | 4.49 | 2.42 | 2.34 |
MSCI ACWI (Net)7 | – | – | – | – | 17.46 | 9.44 | 8.19 | – | – |
MSCI World Index (Net) (USD)8 | – | – | – | – | 18.39 | 10.46 | 8.87 | – | – |
Global Long/Short Equity Blended Index9 | – | – | – | – | 11.98 | 6.62 | 5.38 | – | – |
ICE BofA 3-Month U.S. Treasury Bill Index10 | – | – | – | – | 5.36 | 2.07 | 1.42 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.02% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.72% for Class A, 2.47% 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 on short positions, 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 December 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 December 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 December 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 December 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 December 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 December 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. |
† | Mr. Cole became a portfolio manager of the Fund on January 24, 2024. |
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 December 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 December 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 December 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) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. 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. |
8 | The 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. You cannot invest directly in an index. |
9 | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is weighted 50% MSCI World Index (Net) (USD) and 50% ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
10 | 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 2024. ICE Data Indices, LLC. All rights reserved. |
Ten largest Long Positions (%) as of April 30, 20241 | |
NVIDIA Corp. | 2.12 |
Alphabet, Inc. Class A | 2.06 |
Rio Tinto Ltd. | 2.04 |
Alphabet, Inc. Class C | 1.99 |
Danske Bank AS | 1.96 |
CK Hutchison Holdings Ltd. | 1.85 |
Fortescue Ltd. | 1.84 |
Molson Coors Beverage Co. Class B | 1.82 |
Cardinal Health, Inc. | 1.81 |
Heidelberg Materials AG | 1.74 |
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 (%) as of April 30, 20241 | |
Suzuki Motor Corp. | (1.29 ) |
Ivanhoe Mines Ltd. Class A | (1.25 ) |
Moderna, Inc. | (1.14 ) |
Argenx SE | (1.06 ) |
Toast, Inc. Class A | (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, 20241 | ||
Long (%) | Short (%) | |
Industrials | 15 | (13 ) |
Financials | 14 | (10 ) |
Information technology | 12 | (4 ) |
Health care | 11 | (22 ) |
Communication services | 10 | (12 ) |
Consumer staples | 10 | (1 ) |
Consumer discretionary | 9 | (12 ) |
Materials | 7 | (17 ) |
Utilities | 7 | (1 ) |
Real estate | 3 | (4 ) |
Energy | 2 | (4 ) |
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, 20241 | ||
Long (%) | Short (%) | |
United States | 59 | (40 ) |
Japan | 11 | (14 ) |
United Kingdom | 9 | (10 ) |
Australia | 4 | (4 ) |
Canada | 4 | (9 ) |
Denmark | 3 | 0 |
Germany | 3 | (1 ) |
China & Hong Kong | 1 | 0 |
France | 1 | (1 ) |
Italy | 1 | (3 ) |
Netherlands | 1 | (8 ) |
Singapore | 1 | 0 |
Sweden | 1 | (8 ) |
Switzerland | 1 | (2 ) |
Curacao | 0 | 0 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,121.12 | $13.45 | 2.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,012.18 | $12.76 | 2.55 % |
Class C | ||||
Actual | $1,000.00 | $1,121.63 | $14.08 | 2.67 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,011.59 | $13.35 | 2.67 % |
Class R6 | ||||
Actual | $1,000.00 | $1,124.48 | $11.25 | 2.13 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,014.27 | $10.67 | 2.13 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,124.18 | $11.72 | 2.22 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.82 | $11.12 | 2.22 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Long positions: 110.14% Common stocks: 98.22% | ||||||
Australia: 4.36% | ||||||
Fortescue Ltd. (Materials, Metals & mining) | 538,629 | $8,927,476 | ||||
Helia Group Ltd. (Financials, Financial services) | 591,793 | 1,518,981 | ||||
Origin Energy Ltd. (Utilities, Electric utilities) | 126,779 | 800,155 | ||||
Rio Tinto Ltd. (Materials, Metals & mining) | 118,972 | 9,901,365 | ||||
21,147,977 | ||||||
Austria: 0.23% | ||||||
ams-OSRAM AG (Information technology, Semiconductors & semiconductor equipment)† | 924,431 | 1,110,295 | ||||
Canada: 3.90% | ||||||
Cogeco Communications, Inc. (Communication services, Diversified telecommunication services) | 5,700 | 225,946 | ||||
Dundee Precious Metals, Inc. (Materials, Metals & mining) | 95,900 | 725,877 | ||||
Empire Co. Ltd. Class A (Consumer staples, Consumer staples distribution & retail) | 191,000 | 4,449,475 | ||||
Fairfax Financial Holdings Ltd. (Financials, Insurance) | 3,700 | 4,022,683 | ||||
Great-West Lifeco, Inc. (Financials, Insurance) | 72,000 | 2,129,169 | ||||
Parkland Corp. (Energy, Oil, gas & consumable fuels) | 122,400 | 3,770,736 | ||||
Power Corp. of Canada (Financials, Insurance) | 122,200 | 3,255,945 | ||||
Trican Well Service Ltd. (Energy, Energy equipment & services) | 113,900 | 345,841 | ||||
18,925,672 | ||||||
Denmark: 3.13% | ||||||
Danske Bank AS (Financials, Banks) | 330,750 | 9,521,296 | ||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 44,367 | 5,689,721 | ||||
15,211,017 | ||||||
France: 1.05% | ||||||
SEB SA (Consumer discretionary, Household durables) | 3,450 | 407,184 | ||||
Teleperformance SE (Industrials, Professional services)† | 51,891 | 4,700,532 | ||||
5,107,716 | ||||||
Germany: 2.11% | ||||||
Daimler Truck Holding AG (Industrials, Machinery) | 5,338 | 240,724 | ||||
Deutsche Bank AG (Financials, Capital markets) | 97,839 | 1,562,735 | ||||
Heidelberg Materials AG (Materials, Construction materials) | 83,832 | 8,436,488 | ||||
10,239,947 | ||||||
Hong Kong: 1.12% | ||||||
Jardine Matheson Holdings Ltd. (Industrials, Industrial conglomerates) | 24,900 | 955,413 | ||||
Swire Pacific Ltd. Class A (Real estate, Real estate management & development) | 526,500 | 4,458,775 | ||||
5,414,188 |
Shares | Value | |||||
Ireland: 0.25% | ||||||
Alkermes PLC (Health care, Biotechnology)†# | 2,479 | $60,834 | ||||
Medtronic PLC (Health care, Health care equipment & supplies)# | 4,891 | 392,454 | ||||
Weatherford International PLC (Energy, Energy equipment & services)†# | 6,319 | 781,155 | ||||
1,234,443 | ||||||
Italy: 0.64% | ||||||
Banca Monte dei Paschi di Siena SpA (Financials, Banks)† | 645,369 | 3,112,793 | ||||
Japan: 10.75% | ||||||
Chubu Electric Power Co., Inc. (Utilities, Electric utilities) | 643,200 | 8,256,087 | ||||
Hitachi Construction Machinery Co. Ltd. (Industrials, Machinery) | 101,200 | 2,890,503 | ||||
Inpex Corp. (Energy, Oil, gas & consumable fuels) | 88,800 | 1,330,206 | ||||
JFE Holdings, Inc. (Materials, Metals & mining) | 295,000 | 4,403,086 | ||||
Kansai Electric Power Co., Inc. (Utilities, Electric utilities) | 451,600 | 6,764,705 | ||||
Komatsu Ltd. (Industrials, Machinery) | 13,500 | 403,058 | ||||
Mizuho Financial Group, Inc. (Financials, Banks) | 208,400 | 4,028,186 | ||||
Nippon Yusen KK (Industrials, Marine transportation) | 285,000 | 8,091,283 | ||||
Osaka Gas Co. Ltd. (Utilities, Gas utilities) | 18,500 | 411,364 | ||||
Panasonic Holdings Corp. (Consumer discretionary, Household durables) | 212,700 | 1,856,541 | ||||
SCREEN Holdings Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 20,000 | 2,063,543 | ||||
Tokyo Electric Power Co. Holdings, Inc. (Utilities, Electric utilities)† | 924,200 | 5,748,782 | ||||
Tokyo Kiraboshi Financial Group, Inc. (Financials, Banks) | 62,200 | 1,846,326 | ||||
Toyota Tsusho Corp. (Industrials, Trading companies & distributors) | 63,700 | 4,050,039 | ||||
52,143,709 | ||||||
Netherlands: 0.57% | ||||||
CNH Industrial NV (Industrials, Machinery)†# | 63,907 | 728,540 | ||||
EXOR NV (Financials, Financial services) | 7,243 | 790,758 | ||||
Stellantis NV (Consumer discretionary, Automobiles) | 56,019 | 1,239,504 | ||||
2,758,802 | ||||||
Norway: 0.08% | ||||||
Hoegh Autoliners ASA (Industrials, Marine transportation) | 9,731 | 102,138 | ||||
Wallenius Wilhelmsen ASA (Industrials, Marine transportation) | 30,123 | 303,415 | ||||
405,553 | ||||||
Portugal: 0.08% | ||||||
Jeronimo Martins SGPS SA (Consumer staples, Consumer staples distribution & retail) | 18,781 | 386,358 | ||||
Singapore: 1.41% | ||||||
BW LPG Ltd. (Energy, Oil, gas & consumable fuels)144A | 113,391 | 1,644,442 | ||||
Jardine Cycle & Carriage Ltd. (Industrials, Industrial conglomerates) | 101,000 | 1,949,123 | ||||
Sembcorp Industries Ltd. (Utilities, Multi-utilities) | 576,800 | 2,254,176 | ||||
Wilmar International Ltd. (Consumer staples, Food products) | 420,900 | 989,356 | ||||
6,837,097 |
Shares | Value | |||||
Sweden: 0.44% | ||||||
Betsson AB Class B (Consumer discretionary, Hotels, restaurants & leisure) | 19,452 | $215,011 | ||||
Industrivarden AB Class C (Financials, Financial services) | 4,208 | 135,286 | ||||
Intrum AB (Industrials, Commercial services & supplies) | 77,319 | 180,859 | ||||
Volvo AB Class A (Industrials, Machinery) | 39,059 | 1,028,667 | ||||
Volvo AB Class B (Industrials, Machinery) | 22,724 | 578,398 | ||||
2,138,221 | ||||||
Switzerland: 1.13% | ||||||
Adecco Group AG (Industrials, Professional services) | 107,684 | 3,767,051 | ||||
BKW AG (Utilities, Electric utilities) | 5,334 | 791,768 | ||||
Bunge Global SA (Consumer staples, Food products)# | 865 | 88,023 | ||||
Swatch Group AG (Consumer discretionary, Textiles, apparel & luxury goods) | 20,172 | 836,320 | ||||
5,483,162 | ||||||
United Kingdom: 8.95% | ||||||
Bank of Georgia Group plc (Financials, Banks) | 13,629 | 912,585 | ||||
Barclays PLC (Financials, Banks) | 886,936 | 2,236,225 | ||||
BT Group PLC (Communication services, Diversified telecommunication services) | 451,903 | 577,895 | ||||
Centrica PLC (Utilities, Multi-utilities) | 4,804,444 | 7,669,197 | ||||
CK Hutchison Holdings Ltd. (Industrials, Industrial conglomerates) | 1,847,500 | 8,972,887 | ||||
Close Brothers Group plc (Financials, Banks) | 20,205 | 114,976 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages)# | 26,502 | 1,908,674 | ||||
HSBC Holdings PLC (Financials, Banks) | 298,881 | 2,590,686 | ||||
J Sainsbury PLC (Consumer staples, Consumer staples distribution & retail) | 585,100 | 1,919,231 | ||||
Serica Energy plc (Energy, Oil, gas & consumable fuels) | 89,728 | 207,772 | ||||
Standard Chartered PLC (Financials, Banks) | 830,996 | 7,139,534 | ||||
Unilever PLC London Stock Exchange (Consumer staples, Personal care products) | 57,765 | 2,988,230 | ||||
Vodafone Group PLC (Communication services, Wireless telecommunication services) | 7,330,401 | 6,181,737 | ||||
43,419,629 | ||||||
United States: 58.02% | ||||||
AbbVie, Inc. (Health care, Biotechnology)# | 2,281 | 370,982 | ||||
Adobe, Inc. (Information technology, Software)†# | 10,147 | 4,696,336 | ||||
Alphabet, Inc. Class A (Communication services, Interactive media & services)†# | 61,393 | 9,993,553 | ||||
Alphabet, Inc. Class C (Communication services, Interactive media & services)†# | 58,766 | 9,675,234 | ||||
Altria Group, Inc. (Consumer staples, Tobacco)# | 122,531 | 5,368,083 | ||||
A-Mark Precious Metals, Inc. (Financials, Financial services)# | 81,391 | 3,261,337 | ||||
Amazon.com, Inc. (Consumer discretionary, Broadline retail)†# | 9,944 | 1,740,200 | ||||
AMC Networks, Inc. Class A (Communication services, Media)†# | 84,591 | 898,356 | ||||
American Tower Corp. (Real estate, Specialized REITs)# | 25,332 | 4,345,958 | ||||
Amphastar Pharmaceuticals, Inc. (Health care, Pharmaceuticals)†# | 17,989 | 742,046 |
Shares | Value | |||||
United States(continued) | ||||||
Apple, Inc. (Information technology, Technology hardware, storage & peripherals)# | 36,674 | $6,246,682 | ||||
Archer-Daniels-Midland Co. (Consumer staples, Food products)# | 28,547 | 1,674,567 | ||||
Arista Networks, Inc. (Information technology, Communications equipment)†# | 2,748 | 705,027 | ||||
AT&T, Inc. (Communication services, Diversified telecommunication services)# | 98,762 | 1,668,090 | ||||
Axcelis Technologies, Inc. (Information technology, Semiconductors & semiconductor equipment)†# | 5,757 | 595,965 | ||||
Bank of New York Mellon Corp. (Financials, Capital markets)# | 98,465 | 5,562,288 | ||||
Beazer Homes USA, Inc. (Consumer discretionary, Household durables)†# | 46,958 | 1,316,233 | ||||
BellRing Brands, Inc. (Consumer staples, Personal care products)†# | 28,355 | 1,564,345 | ||||
Berkshire Hathaway, Inc. Class B (Financials, Financial services)†# | 4,742 | 1,881,294 | ||||
Best Buy Co., Inc. (Consumer discretionary, Specialty retail)# | 10,678 | 786,328 | ||||
Booking Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure)# | 1,616 | 5,578,481 | ||||
Bristol-Myers Squibb Co. (Health care, Pharmaceuticals)# | 46,736 | 2,053,580 | ||||
Broadcom, Inc. (Information technology, Semiconductors & semiconductor equipment)# | 2,121 | 2,757,873 | ||||
Builders FirstSource, Inc. (Industrials, Building products)†# | 18,051 | 3,300,084 | ||||
Campbell Soup Co. (Consumer staples, Food products)# | 73,431 | 3,356,531 | ||||
Cardinal Health, Inc. (Health care, Health care providers & services)# | 85,308 | 8,790,136 | ||||
Cencora, Inc. (Health care, Health care providers & services)# | 14,731 | 3,521,446 | ||||
Centene Corp. (Health care, Health care providers & services)†# | 101,534 | 7,418,074 | ||||
Central Garden & Pet Co. (Consumer staples, Household products)†# | 4,253 | 174,160 | ||||
Charter Communications, Inc. Class A (Communication services, Media)†# | 4,359 | 1,115,642 | ||||
Cisco Systems, Inc. (Information technology, Communications equipment)# | 124,142 | 5,832,191 | ||||
Clorox Co. (Consumer staples, Household products)# | 3,639 | 538,099 | ||||
Colgate-Palmolive Co. (Consumer staples, Household products)# | 19,272 | 1,771,482 | ||||
Comcast Corp. Class A (Communication services, Media)# | 202,358 | 7,711,863 | ||||
Consensus Cloud Solutions, Inc. (Information technology, Software)†# | 75,983 | 884,442 | ||||
Consolidated Edison, Inc. (Utilities, Multi-utilities)# | 8,169 | 771,154 | ||||
Corebridge Financial, Inc. (Financials, Financial services)# | 181,136 | 4,810,972 | ||||
Costco Wholesale Corp. (Consumer staples, Consumer staples distribution & retail)# | 7,396 | 5,346,568 | ||||
Customers Bancorp, Inc. (Financials, Banks)†# | 5,426 | 247,805 | ||||
CVS Health Corp. (Health care, Health care providers & services)# | 54,697 | 3,703,534 | ||||
D.R. Horton, Inc. (Consumer discretionary, Household durables)# | 23,727 | 3,380,860 | ||||
Deckers Outdoor Corp. (Consumer discretionary, Textiles, apparel & luxury goods)†# | 3,352 | 2,743,511 | ||||
Dorian LPG Ltd. (Energy, Oil, gas & consumable fuels)# | 42,388 | 1,751,472 | ||||
Dream Finders Homes, Inc. Class A (Consumer discretionary, Household durables)†# | 73,998 | 2,626,929 | ||||
Dropbox, Inc. Class A (Information technology, Software)†# | 149,406 | 3,460,243 | ||||
eBay, Inc. (Consumer discretionary, Broadline retail)# | 95,519 | 4,923,049 | ||||
Electronic Arts, Inc. (Communication services, Entertainment)# | 6,566 | 832,700 |
Shares | Value | |||||
United States(continued) | ||||||
Equinix, Inc. (Real estate, Specialized REITs)# | 374 | $265,955 | ||||
Equity LifeStyle Properties, Inc. (Real estate, Residential REITs)# | 52,546 | 3,167,998 | ||||
FedEx Corp. (Industrials, Air freight & logistics)# | 5,589 | 1,463,088 | ||||
Ferguson PLC (Industrials, Trading companies & distributors)# | 1,286 | 269,931 | ||||
First Citizens BancShares, Inc. Class A (Financials, Banks)# | 3,487 | 5,881,732 | ||||
Ford Motor Co. (Consumer discretionary, Automobiles)# | 50,737 | 616,455 | ||||
Franklin Resources, Inc. (Financials, Capital markets)# | 26,526 | 605,854 | ||||
Genuine Parts Co. (Consumer discretionary, Distributors)# | 18,626 | 2,928,194 | ||||
Gilead Sciences, Inc. (Health care, Biotechnology)# | 38,313 | 2,498,008 | ||||
Huntington Ingalls Industries, Inc. (Industrials, Aerospace & defense)# | 7,392 | 2,047,067 | ||||
Hyster-Yale Materials Handling, Inc. (Industrials, Machinery)# | 1,328 | 77,781 | ||||
Incyte Corp. (Health care, Biotechnology)†# | 109,058 | 5,676,469 | ||||
International Business Machines Corp. (Information technology, IT services)# | 4,903 | 814,879 | ||||
Jabil, Inc. (Information technology, Electronic equipment, instruments & components)# | 56,726 | 6,657,363 | ||||
James River Group Holdings Ltd. (Financials, Insurance)# | 68,242 | 606,671 | ||||
Kimberly-Clark Corp. (Consumer staples, Household products)# | 37,231 | 5,083,148 | ||||
Kraft Heinz Co. (Consumer staples, Food products)# | 20,447 | 789,459 | ||||
Lennar Corp. Class A (Consumer discretionary, Household durables)# | 12,413 | 1,882,059 | ||||
Lockheed Martin Corp. (Industrials, Aerospace & defense)# | 4,888 | 2,272,578 | ||||
Masco Corp. (Industrials, Building products)# | 87,384 | 5,981,435 | ||||
Medifast, Inc. (Consumer staples, Personal care products)# | 11,609 | 319,596 | ||||
Meta Platforms, Inc. Class A (Communication services, Interactive media & services)# | 15,879 | 6,830,669 | ||||
Metropolitan Bank Holding Corp. (Financials, Banks)†# | 2,077 | 82,457 | ||||
Microsoft Corp. (Information technology, Software)# | 20,328 | 7,914,300 | ||||
Molina Healthcare, Inc. (Health care, Health care providers & services)†# | 20,907 | 7,152,285 | ||||
Molson Coors Beverage Co. Class B (Consumer staples, Beverages)# | 154,171 | 8,827,832 | ||||
NVIDIA Corp. (Information technology, Semiconductors & semiconductor equipment)# | 11,907 | 10,287,886 | ||||
OraSure Technologies, Inc. (Health care, Health care equipment & supplies)†# | 105,983 | 560,650 | ||||
Otis Worldwide Corp. (Industrials, Machinery)# | 65,573 | 5,980,258 | ||||
Owens Corning (Industrials, Building products)# | 29,745 | 5,003,406 | ||||
PACCAR, Inc. (Industrials, Machinery)# | 12,544 | 1,331,044 | ||||
Palo Alto Networks, Inc. (Information technology, Software)†# | 1,821 | 529,711 | ||||
Photronics, Inc. (Information technology, Semiconductors & semiconductor equipment)†# | 89,418 | 2,450,947 | ||||
Powell Industries, Inc. (Industrials, Electrical equipment)# | 14,080 | 2,013,440 | ||||
PulteGroup, Inc. (Consumer discretionary, Household durables)# | 63,645 | 7,091,326 | ||||
REV Group, Inc. (Industrials, Machinery)# | 128,059 | 2,799,370 | ||||
Roivant Sciences Ltd. (Health care, Biotechnology)†# | 43,288 | 471,839 | ||||
Solventum Corp. (Health care, Health care equipment & supplies)†# | 771 | 50,123 | ||||
United Therapeutics Corp. (Health care, Biotechnology)†# | 1,818 | 426,012 | ||||
Viatris, Inc. (Health care, Pharmaceuticals)# | 384,396 | 4,447,462 | ||||
VICI Properties, Inc. (Real estate, Specialized REITs)# | 63,242 | 1,805,559 |
Shares | Value | |||||
United States(continued) | ||||||
Walgreens Boots Alliance, Inc. (Consumer staples, Consumer staples distribution & retail)# | 50,049 | $887,369 | ||||
Xerox Holdings Corp. (Information technology, Technology hardware, storage & peripherals)# | 6,978 | 92,738 | ||||
Zscaler, Inc. (Information technology, Software)†# | 11,875 | 2,053,663 | ||||
281,491,851 | ||||||
Total common stocks (Cost $448,171,356) | 476,568,430 |
Dividend rate | ||||||
Preferred stocks: 0.98% | ||||||
Germany: 0.98% | ||||||
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | 9.09 | 9,274 | 952,919 | |||
Volkswagen AG (Consumer discretionary, Automobiles) | 9.35 | 30,840 | 3,778,057 | |||
Total preferred stocks (Cost $4,935,912) | 4,730,976 |
Expiration date | ||||||
Warrants: 0.00% | ||||||
Canada: 0.00% | ||||||
Constellation Software, Inc. (Information technology, Software)♦† | 3-31-2040 | 800 | 0 | |||
Total warrants (Cost $0) | 0 |
Yield | ||||||
Short-term investments: 10.94% | ||||||
Investment companies: 10.94% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 53,058,946 | 53,058,946 | |||
Total short-term investments (Cost $53,058,946) | 53,058,946 | |||||
Total investments in securities (Cost $506,166,214) | 110.14 % | 534,358,352 |
Securities sold short: (30.00)% | ||||||
Common stocks: (29.91)% | ||||||
Australia: (1.16)% | ||||||
APA Group (Utilities, Gas utilities) | (186,274 ) | (994,048 ) | ||||
BrainChip Holdings Ltd. (Information technology, Software) | (1,963,779 ) | (363,243 ) | ||||
De Grey Mining Ltd. (Materials, Metals & mining) | (2,766,480 ) | (2,302,174 ) | ||||
Mineral Resources Ltd. (Materials, Metals & mining) | (43,727 ) | (1,983,558 ) | ||||
(5,643,023 ) | ||||||
Canada: (2.85)% | ||||||
Ballard Power Systems, Inc. (Industrials, Electrical equipment) | (240,599 ) | (632,672 ) | ||||
Filo Corp. (Materials, Metals & mining) | (161,200 ) | (2,888,755 ) |
Shares | Value | |||||
Canada(continued) | ||||||
First Quantum Minerals Ltd. (Materials, Metals & mining) | (333,700 ) | $(4,237,153 ) | ||||
Ivanhoe Mines Ltd. Class A (Materials, Metals & mining) | (448,900 ) | (6,084,679 ) | ||||
(13,843,259 ) | ||||||
France: (0.44)% | ||||||
Sartorius Stedim Biotech (Health care, Life sciences tools & services) | (9,967 ) | (2,146,563 ) | ||||
Germany: (0.13)% | ||||||
Delivery Hero SE (Consumer discretionary, Hotels, restaurants & leisure)144A | (14,004 ) | (391,798 ) | ||||
MTU Aero Engines AG (Industrials, Aerospace & defense) | (970 ) | (233,689 ) | ||||
(625,487 ) | ||||||
Italy: (0.83)% | ||||||
Amplifon SpA (Health care, Health care providers & services) | (104,243 ) | (3,480,289 ) | ||||
Salvatore Ferragamo SpA (Consumer discretionary, Textiles, apparel & luxury goods) | (53,795 ) | (533,802 ) | ||||
(4,014,091 ) | ||||||
Japan: (4.23)% | ||||||
Daiichi Sankyo Co. Ltd. (Health care, Pharmaceuticals) | (139,500 ) | (4,695,247 ) | ||||
Dentsu Group, Inc. (Communication services, Media) | (104,900 ) | (2,837,877 ) | ||||
Eisai Co. Ltd. (Health care, Pharmaceuticals) | (106,400 ) | (4,369,744 ) | ||||
NIDEC Corp. (Industrials, Electrical equipment) | (14,700 ) | (688,443 ) | ||||
RENOVA, Inc. (Utilities, Independent power and renewable electricity producers) | (25,100 ) | (235,850 ) | ||||
Sumitomo Pharma Co. Ltd. (Health care, Pharmaceuticals) | (558,800 ) | (1,410,246 ) | ||||
Suzuki Motor Corp. (Consumer discretionary, Automobiles) | (538,400 ) | (6,270,088 ) | ||||
(20,507,495 ) | ||||||
Netherlands: (2.32)% | ||||||
Airbus SE (Industrials, Aerospace & defense) | (23,678 ) | (3,896,398 ) | ||||
Argenx SE (Health care, Biotechnology) | (13,773 ) | (5,145,094 ) | ||||
OCI NV (Materials, Chemicals) | (82,610 ) | (2,221,926 ) | ||||
(11,263,418 ) | ||||||
Norway: (0.01)% | ||||||
NEL ASA (Industrials, Electrical equipment) | (122,780 ) | (56,731 ) | ||||
Sweden: (2.36)% | ||||||
Beijer Ref AB (Industrials, Trading companies & distributors) | (300,758 ) | (4,238,690 ) | ||||
EQT AB (Financials, Capital markets) | (139,863 ) | (3,773,413 ) | ||||
PowerCell Sweden AB (Industrials, Electrical equipment) | (104,867 ) | (255,897 ) | ||||
Sagax AB Class B (Real estate, Real estate management & development) | (126,870 ) | (3,177,087 ) | ||||
(11,445,087 ) | ||||||
Switzerland: (0.58)% | ||||||
Avolta AG (Consumer discretionary, Specialty retail) | (56,367 ) | (2,131,622 ) |
Shares | Value | |||||
Switzerland(continued) | ||||||
IWG PLC (Real estate, Real estate management & development) | (51,782 ) | $(119,553 ) | ||||
Siemens Energy AG (Industrials, Electrical equipment) | (26,989 ) | (554,177 ) | ||||
(2,805,352 ) | ||||||
United Kingdom: (3.01)% | ||||||
Croda International PLC (Materials, Chemicals) | (19,559 ) | (1,120,272 ) | ||||
ITM Power PLC (Industrials, Electrical equipment) | (1,727,014 ) | (1,104,153 ) | ||||
Legal & General Group plc (Financials, Insurance) | (1,639,532 ) | (4,812,845 ) | ||||
Melrose Industries PLC (Industrials, Aerospace & defense) | (17,104 ) | (134,375 ) | ||||
Ocado Group PLC (Consumer staples, Consumer staples distribution & retail) | (414,460 ) | (1,814,598 ) | ||||
Oxford Nanopore Technologies PLC (Health care, Life sciences tools & services) | (313,173 ) | (384,869 ) | ||||
Tullow Oil PLC (Energy, Oil, gas & consumable fuels) | (829,599 ) | (376,295 ) | ||||
WPP PLC (Communication services, Media) | (482,419 ) | (4,835,364 ) | ||||
(14,582,771 ) | ||||||
United States: (11.99)% | ||||||
23andMe Holding Co. Class A (Health care, Health care providers & services) | (838,858 ) | (421,275 ) | ||||
ACELYRIN, Inc. (Health care, Biotechnology) | (68,409 ) | (285,950 ) | ||||
AMC Entertainment Holdings, Inc. Class A (Communication services, Entertainment) | (321,065 ) | (940,720 ) | ||||
Applied Digital Corp. (Information technology, IT services) | (25,228 ) | (68,242 ) | ||||
Boeing Co. (Industrials, Aerospace & defense) | (7,258 ) | (1,218,183 ) | ||||
Cassava Sciences, Inc. (Health care, Pharmaceuticals) | (28,130 ) | (623,080 ) | ||||
Certara, Inc. (Health care, Health care technology) | (100,592 ) | (1,721,129 ) | ||||
ChargePoint Holdings, Inc. (Industrials, Electrical equipment) | (488,855 ) | (650,177 ) | ||||
Clear Channel Outdoor Holdings, Inc. (Communication services, Media) | (408,381 ) | (567,650 ) | ||||
Community Health Systems, Inc. (Health care, Health care providers & services) | (286,708 ) | (946,136 ) | ||||
Enovix Corp. (Industrials, Electrical equipment) | (57,956 ) | (362,805 ) | ||||
Exact Sciences Corp. (Health care, Biotechnology) | (1,667 ) | (98,936 ) | ||||
Freeport-McMoRan, Inc. (Materials, Metals & mining) | (45,181 ) | (2,256,339 ) | ||||
Freyr Battery, Inc. (Industrials, Electrical equipment) | (95,888 ) | (158,215 ) | ||||
FuelCell Energy, Inc. (Industrials, Electrical equipment) | (1,329,222 ) | (1,233,252 ) | ||||
Globalstar, Inc. (Communication services, Diversified telecommunication services) | (74,457 ) | (96,050 ) | ||||
Joby Aviation, Inc. (Industrials, Passenger airlines) | (192,306 ) | (971,145 ) | ||||
Kura Sushi USA, Inc. Class A (Consumer discretionary, Hotels, restaurants & leisure) | (653 ) | (71,882 ) | ||||
Lattice Semiconductor Corp. (Information technology, Semiconductors & semiconductor equipment) | (7,108 ) | (487,609 ) | ||||
Lemonade, Inc. (Financials, Insurance) | (18,549 ) | (319,599 ) | ||||
Luminar Technologies, Inc. (Consumer discretionary, Automobile components) | (588,058 ) | (864,445 ) | ||||
MicroVision, Inc. (Information technology, Electronic equipment, instruments & components) | (716,653 ) | (1,039,147 ) |
Shares | Value | |||||
United States(continued) | ||||||
Moderna, Inc. (Health care, Biotechnology) | (50,274 ) | $(5,545,725 ) | ||||
MongoDB, Inc. (Information technology, IT services) | (1,507 ) | (550,326 ) | ||||
MP Materials Corp. (Materials, Metals & mining) | (38,208 ) | (611,328 ) | ||||
NextDecade Corp. (Energy, Oil, gas & consumable fuels) | (366,331 ) | (2,351,845 ) | ||||
Nikola Corp. (Industrials, Machinery) | (99,177 ) | (61,549 ) | ||||
Pliant Therapeutics, Inc. (Health care, Pharmaceuticals) | (49,266 ) | (582,324 ) | ||||
PureCycle Technologies, Inc. (Materials, Chemicals) | (171,326 ) | (800,092 ) | ||||
QuantumScape Corp. (Consumer discretionary, Automobile components) | (344,950 ) | (1,869,629 ) | ||||
Redfin Corp. (Real estate, Real estate management & development) | (304,571 ) | (1,708,643 ) | ||||
Revance Therapeutics, Inc. (Health care, Pharmaceuticals) | (187,328 ) | (676,254 ) | ||||
Rivian Automotive, Inc. Class A (Consumer discretionary, Automobiles) | (356,850 ) | (3,175,965 ) | ||||
Roblox Corp. Class A (Communication services, Entertainment) | (86,870 ) | (3,089,097 ) | ||||
Seritage Growth Properties Class A (Real estate, Real estate management & development) | (30,131 ) | (281,424 ) | ||||
Solid Power, Inc. (Consumer discretionary, Automobile components) | (175,578 ) | (296,727 ) | ||||
Syndax Pharmaceuticals, Inc. (Health care, Biotechnology) | (15,761 ) | (333,030 ) | ||||
Targa Resources Corp. (Energy, Oil, gas & consumable fuels) | (23,844 ) | (2,719,647 ) | ||||
Tellurian, Inc. (Energy, Oil, gas & consumable fuels) | (140,022 ) | (60,223 ) | ||||
Toast, Inc. Class A (Financials, Financial services) | (208,340 ) | (4,923,074 ) | ||||
Trade Desk, Inc. Class A (Communication services, Media) | (59,075 ) | (4,894,364 ) | ||||
Triumph Group, Inc. (Industrials, Aerospace & defense) | (127,990 ) | (1,709,946 ) | ||||
Unity Software, Inc. (Information technology, Software) | (111,798 ) | (2,713,338 ) | ||||
Upstart Holdings, Inc. (Financials, Consumer finance) | (70,381 ) | (1,557,532 ) | ||||
Virgin Galactic Holdings, Inc. (Industrials, Aerospace & defense) | (344,439 ) | (299,696 ) | ||||
Wynn Resorts Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | (21,551 ) | (1,975,149 ) | ||||
(58,188,893 ) | ||||||
Total common stocks (Cost $(162,250,172)) | (145,122,170 ) |
Dividend rate | ||||||
Preferred stocks: (0.09)% | ||||||
Germany: (0.09)% | ||||||
Dr Ing hc F Porsche AG (Consumer discretionary, Automobiles)144A | 1.08 | (4,785 ) | (425,991 ) | |||
Total preferred stocks (Cost $(482,511)) | (425,991 ) | |||||
Total securities sold short (Proceeds $(162,732,683)) | (30.00 )% | (145,548,161 ) | ||||
Other assets and liabilities, net | 19.86 | 96,372,628 | ||||
Total net assets | 100.00 % | $485,182,819 |
† | Non-income-earning security |
# | All or a portion of this security is segregated as collateral for securities sold short. |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
♠ | 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 | $29,550,411 | $111,071,693 | $(87,563,158 ) | $0 | $0 | $53,058,946 | 53,058,946 | $1,262,752 |
Assets | |
Investments in unaffiliated securities, at value (cost $453,107,268) | $481,299,406 |
Investments in affiliated securities, at value (cost $53,058,946) | 53,058,946 |
Cash deposited with brokers for securities sold short | 149,375,285 |
Foreign currency, at value (cost $700,725) | 694,553 |
Receivable for dividends | 2,554,531 |
Receivable for Fund shares sold | 133,739 |
Prepaid expenses and other assets | 498,226 |
Total assets | 687,614,686 |
Liabilities | |
Securities sold short, at value (proceeds $162,732,683) | 145,548,161 |
Payable for borrowing on margin loan | 55,509,018 |
Management fee payable | 477,949 |
Payable for dividends on securities sold short | 453,278 |
Payable for interest expense on margin loan | 191,083 |
Payable for Fund shares redeemed | 188,410 |
Administration fees payable | 47,205 |
Distribution fees payable | 202 |
Accrued expenses and other liabilities | 16,561 |
Total liabilities | 202,431,867 |
Total net assets | $485,182,819 |
Net assets consist of | |
Paid-in capital | $447,339,258 |
Total distributable earnings | 37,843,561 |
Total net assets | $485,182,819 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $3,932,721 |
Shares outstanding–Class A1 | 324,964 |
Net asset value per share–Class A | $12.10 |
Maximum offering price per share – Class A2 | $12.84 |
Net assets–Class C | $27,157 |
Shares outstanding–Class C1 | 2,262 |
Net asset value per share–Class C | $12.01 |
Net assets–Class R6 | $426,038,755 |
Shares outstanding–Class R61 | 34,677,763 |
Net asset value per share–Class R6 | $12.29 |
Net assets–Institutional Class | $55,184,186 |
Shares outstanding–Institutional Class1 | 4,506,272 |
Net asset value per share–Institutional Class | $12.25 |
Investment income | |
Dividends (net of foreign withholdings taxes of $274,373) | $7,043,760 |
Interest and rebate income | 1,802,807 |
Income from affiliated securities | 1,262,752 |
Total investment income | 10,109,319 |
Expenses | |
Management fee | 3,057,923 |
Administration fees | |
Class A | 3,878 |
Class C | 26 |
Class R6 | 64,189 |
Institutional Class | 37,334 |
Shareholder servicing fees | |
Class A | 4,847 |
Class C | 33 |
Distribution fees | |
Class C | 8 |
Custody and accounting fees | 37,232 |
Professional fees | 66,836 |
Registration fees | 31,581 |
Shareholder report expenses | 22,880 |
Trustees’ fees and expenses | 12,630 |
Interest expense | 1,104,525 |
Dividends on securities sold short | 914,312 |
Other fees and expenses | 7,098 |
Total expenses | 5,365,332 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (129,323 ) |
Net expenses | 5,236,009 |
Net investment income | 4,873,310 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 22,565,963 |
Securities sold short | (8,196,406 ) |
Foreign currency and foreign currency translations | 100,796 |
Net realized gains on investments | 14,470,353 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 48,073,559 |
Securities sold short | (10,029,383 ) |
Foreign currency and foreign currency translations | (11,867 ) |
Net change in unrealized gains (losses) on investments | 38,032,309 |
Net realized and unrealized gains (losses) on investments | 52,502,662 |
Net increase in net assets resulting from operations | $57,375,972 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $4,873,310 | $10,793,905 | ||
Net realized gains on investments | 14,470,353 | 18,758,458 | ||
Net change in unrealized gains (losses) on investments | 38,032,309 | (16,776,861 ) | ||
Net increase in net assets resulting from operations | 57,375,972 | 12,775,502 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (101,654 ) | (19,120 ) | ||
Class C | (636 ) | (230 )1 | ||
Class R6 | (13,046,660 ) | (4,744,297 ) | ||
Institutional Class | (1,660,413 ) | (1,036,937 ) | ||
Total distributions to shareholders | (14,809,363 ) | (5,800,584 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 20,273 | 248,833 | 41,544 | 442,978 |
Class C | 0 | 0 | 2,185 1 | 25,000 1 |
Class R6 | 663,685 | 7,895,956 | 6,264,449 | 71,754,111 |
Institutional Class | 128,381 | 1,532,573 | 842,807 | 9,696,802 |
9,677,362 | 81,918,891 | |||
Reinvestment of distributions | ||||
Class A | 8,683 | 99,077 | 1,632 | 18,691 |
Class C | 57 | 636 | 20 1 | 230 1 |
Class R6 | 750,265 | 8,680,562 | 266,669 | 3,096,026 |
Institutional Class | 129,453 | 1,493,882 | 78,752 | 911,156 |
10,274,157 | 4,026,103 | |||
Payment for shares redeemed | ||||
Class A | (41,282 ) | (486,877 ) | (258,650 ) | (2,915,835 ) |
Class R6 | (4,088,417 ) | (48,555,192 ) | (12,392,169 ) | (141,590,647 ) |
Institutional Class | (1,063,150 ) | (12,610,059 ) | (6,688,345 ) | (76,410,498 ) |
(61,652,128 ) | (220,916,980 ) | |||
Net decrease in net assets resulting from capital share transactions | (41,700,609 ) | (134,971,986 ) | ||
Total increase (decrease) in net assets | 866,000 | (127,997,068 ) | ||
Net assets | ||||
Beginning of period | 484,316,819 | 612,313,887 | ||
End of period | $485,182,819 | $484,316,819 |
Cash flows from operating activities | |
Net increase in net assets resulting from operations | $57,375,972 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities | |
Purchases of long-term securities | (519,904,729 ) |
Proceeds from the sales of long-term securities | 597,101,354 |
Proceeds from securities sold short | 256,354,114 |
Purchases to cover short securities | (271,408,379 ) |
Purchases and sales of short-term securities, net | (23,508,535 ) |
Decrease in receivable for dividends | 228,002 |
Increase in prepaid expenses and other assets | (66,846 ) |
Decrease in trustees’ fees and expenses payable | (2,760 ) |
Decrease in management fee payable | (24,295 ) |
Decrease in administration fee payable | (1,235 ) |
Increase in distribution fees payable | 7 |
Increase in payable for dividends on securities sold short | 254,379 |
Increase in payable for interest expense on margin loan | 29,515 |
Decrease in accrued expenses and other liabilities | (104,085 ) |
Proceeds from foreign currency transactions | 88,929 |
Net realized gains on unaffiliated securities | (22,565,963 ) |
Net realized losses on securities sold short | 8,196,406 |
Net realized gains on foreign currency and foreign currency translations | (100,796 ) |
Net change in unrealized gains (losses) on unaffiliated securities | (48,073,559 ) |
Net change in unrealized gains (losses) on securities sold short | 10,029,383 |
Net change in unrealized gain (losses) on foreign currency and foreign currency translations | 11,867 |
Net cash provided by operating activities | 43,908,746 |
Cash flows from financing activities | |
Increase in margin loan borrowings, net | 19,079,357 |
Proceeds from shares sold | 9,634,054 |
Cost of shares redeemed | (63,294,629 ) |
Cash distributions paid | (4,535,206 ) |
Net cash used in financing activities | (39,116,424 ) |
Net increase in cash | 4,792,322 |
Cash (including foreign currency) | |
Beginning of period | 145,277,516 |
End of period | $150,069,838 |
Supplemental cash disclosure | |
Cash paid for dividends on securities sold short | $659,933 |
Cash paid for interest expense | 1,075,010 |
Supplemental non-cash financing disclosure | |
Reinvestment of dividends | $10,274,157 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 20231,2 | 20222 | 20212 | 20202 | 20192 | |
Net asset value, beginning of period | $11.08 | $10.96 | $12.06 | $11.21 | $10.98 | $11.32 |
Net investment income (loss) | 0.09 3 | 0.16 3 | 0.02 3 | (0.11 )3 | (0.09 )3 | 0.01 3 |
Net realized and unrealized gains (losses) on investments | 1.54 | 0.00 4 | (0.75 ) | 0.96 | 0.32 | (0.02 ) |
Total from investment operations | 1.63 | 0.16 | (0.73 ) | 0.85 | 0.23 | (0.01 ) |
Distributions to shareholders from | ||||||
Net investment income | (0.61 ) | (0.04 ) | 0.00 | 0.00 | 0.00 | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) |
Total distributions to shareholders | (0.61 ) | (0.04 ) | (0.37 ) | 0.00 | 0.00 | (0.33 ) |
Net asset value, end of period | $12.10 | $11.08 | $10.96 | $12.06 | $11.21 | $10.98 |
Total return5 | 12.11 % | 1.42 % | (6.32 )% | 7.58 % | 2.09 % | 0.06 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.60 % | 2.69 % | 2.34 % | 2.77 % | 2.72 % | 2.74 % |
Net expenses* | 2.55 % | 2.63 % | 2.31 % | 2.75 % | 2.67 % | 2.71 % |
Net investment income (loss)* | 1.59 % | 1.44 % | 0.14 % | (0.96 )% | (0.86 )% | 0.06 % |
Supplemental data | ||||||
Portfolio turnover rate | 146 % | 395 % | 464 % | 437 % | 403 % | 220 % |
Net assets, end of period (000s omitted) | $3,933 | $3,736 | $6,059 | $9,593 | $11,967 | $29,320 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 0.82% |
Year ended October 31, 20231 | 0.91%2 |
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% |
1 | For the year ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
2 | 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. |
3 | Calculated based upon average shares outstanding |
4 | Amount is less than $0.005. |
5 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |
Class C | 20231 | |
Net asset value, beginning of period | $10.98 | $11.44 |
Net investment income | 0.09 2 | 0.13 2 |
Net realized and unrealized gains (losses) on investments | 1.23 | (0.48 ) |
Total from investment operations | 1.32 | (0.35 ) |
Distributions to shareholders from | ||
Net investment income | (0.29 ) | (0.11 ) |
Net asset value, end of period | $12.01 | $10.98 |
Total return3 | 12.16 % | (3.13 )% |
Ratios to average net assets (annualized) | ||
Gross expenses* | 2.67 % | 3.03 % |
Net expenses* | 2.67 % | 3.00 % |
Net investment income* | 1.46 % | 1.33 % |
Supplemental data | ||
Portfolio turnover rate | 146 % | 395 % |
Net assets, end of period (000s omitted) | $27 | $24 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 0.82 |
Year ended October 31, 20231 | 0.91 |
1 | For the period from December 16, 2022 (commencement of class operations) to October 31, 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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class R6 | 20231,2 | 20222 | 20212 | 20202 | 20192 | |
Net asset value, beginning of period | $11.27 | $11.18 | $12.24 | $11.34 | $11.10 | $11.39 |
Net investment income (loss) | 0.12 3 | 0.22 3 | 0.07 3 | (0.07 )3 | (0.05 )3 | 0.05 3 |
Net realized and unrealized gains (losses) on investments | 1.26 | (0.02 ) | (0.76 ) | 0.97 | 0.33 | (0.01 ) |
Total from investment operations | 1.38 | 0.20 | (0.69 ) | 0.90 | 0.28 | 0.04 |
Distributions to shareholders from | ||||||
Net investment income | (0.36 ) | (0.11 ) | 0.00 | 0.00 | (0.04 ) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) |
Total distributions to shareholders | (0.36 ) | (0.11 ) | (0.37 ) | 0.00 | (0.04 ) | (0.33 ) |
Net asset value, end of period | $12.29 | $11.27 | $11.18 | $12.24 | $11.34 | $11.10 |
Total return4 | 12.45 % | 1.77 % | (5.89 )% | 7.94 % | 2.54 % | 0.51 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.18 % | 2.29 % | 1.94 % | 2.37 % | 2.32 % | 2.34 % |
Net expenses* | 2.13 % | 2.22 % | 1.91 % | 2.35 % | 2.27 % | 2.31 % |
Net investment income (loss)* | 2.01 % | 1.90 % | 0.55 % | (0.56 )% | (0.46 )% | 0.46 % |
Supplemental data | ||||||
Portfolio turnover rate | 146 % | 395 % | 464 % | 437 % | 403 % | 220 % |
Net assets, end of period (000s omitted) | $426,039 | $420,946 | $482,971 | $504,335 | $480,370 | $510,403 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 0.82% |
Year ended October 31, 20231 | 0.91%2 |
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% |
1 | For the year ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
2 | 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. |
3 | Calculated based upon average shares outstanding |
4 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 20231,2 | 20222 | 20212 | 20202 | 20192 | |
Net asset value, beginning of period | $11.22 | $11.13 | $12.20 | $11.30 | $11.07 | $11.37 |
Net investment income (loss) | 0.11 3 | 0.20 3 | 0.06 3 | (0.07 )3 | (0.06 )3 | 0.04 3 |
Net realized and unrealized gains (losses) on investments | 1.26 | (0.01 ) | (0.76 ) | 0.97 | 0.32 | (0.01 ) |
Total from investment operations | 1.37 | 0.19 | 0.70 | 0.90 | 0.26 | 0.03 |
Distributions to shareholders from | ||||||
Net investment income | (0.34 ) | (0.10 ) | 0.00 | 0.00 | (0.03 ) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.37 ) | 0.00 | 0.00 | (0.33 ) |
Total distributions to shareholders | (0.34 ) | (0.10 ) | (0.37 ) | 0.00 | (0.03 ) | (0.33 ) |
Net asset value, end of period | $12.25 | $11.22 | $11.13 | $12.20 | $11.30 | $11.07 |
Total return4 | 12.42 % | 1.66 % | (6.00 )% | 7.96 % | 2.38 % | 0.42 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 2.27 % | 2.36 % | 2.02 % | 2.41 % | 2.41 % | 2.42 % |
Net expenses* | 2.22 % | 2.29 % | 1.99 % | 2.39 % | 2.36 % | 2.39 % |
Net investment income (loss)* | 1.91 % | 1.72 % | 0.47 % | (0.60 )% | (0.55 )% | 0.38 % |
Supplemental data | ||||||
Portfolio turnover rate | 146 % | 395 % | 464 % | 437 % | 403 % | 220 % |
Net assets, end of period (000s omitted) | $55,184 | $59,611 | $123,283 | $170,553 | $204,510 | $332,247 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 0.82% |
Year ended October 31, 20231 | 0.91%2 |
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% |
1 | For the year ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
2 | 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. |
3 | Calculated based upon average shares outstanding |
4 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $71,233,240 |
Gross unrealized losses | (31,543,939 ) |
Net unrealized gains | $39,689,301 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $0 | $21,147,977 | $0 | $21,147,977 |
Austria | 0 | 1,110,295 | 0 | 1,110,295 |
Canada | 18,925,672 | 0 | 0 | 18,925,672 |
Denmark | 0 | 15,211,017 | 0 | 15,211,017 |
France | 0 | 5,107,716 | 0 | 5,107,716 |
Germany | 0 | 10,239,947 | 0 | 10,239,947 |
Hong Kong | 955,413 | 4,458,775 | 0 | 5,414,188 |
Ireland | 1,234,443 | 0 | 0 | 1,234,443 |
Italy | 0 | 3,112,793 | 0 | 3,112,793 |
Japan | 0 | 52,143,709 | 0 | 52,143,709 |
Netherlands | 728,540 | 2,030,262 | 0 | 2,758,802 |
Norway | 0 | 405,553 | 0 | 405,553 |
Portugal | 0 | 386,358 | 0 | 386,358 |
Singapore | 1,644,442 | 5,192,655 | 0 | 6,837,097 |
Sweden | 0 | 2,138,221 | 0 | 2,138,221 |
Switzerland | 88,023 | 5,395,139 | 0 | 5,483,162 |
United Kingdom | 2,023,650 | 41,395,979 | 0 | 43,419,629 |
United States | 281,491,851 | 0 | 0 | 281,491,851 |
Preferred stocks | ||||
Germany | 0 | 4,730,976 | 0 | 4,730,976 |
Warrants | ||||
Canada | 0 | 0 | 0 | 0 |
Short-term investments | ||||
Investment companies | 53,058,946 | 0 | 0 | 53,058,946 |
Total assets | $360,150,980 | $174,207,372 | $0 | $534,358,352 |
Liabilities | ||||
Securities sold short | ||||
Common stocks | ||||
Australia | $0 | $5,643,023 | $0 | $5,643,023 |
Canada | 13,843,259 | 0 | 0 | 13,843,259 |
France | 0 | 2,146,563 | 0 | 2,146,563 |
Germany | 0 | 625,487 | 0 | 625,487 |
Italy | 0 | 4,014,091 | 0 | 4,014,091 |
Japan | 0 | 20,507,495 | 0 | 20,507,495 |
Netherlands | 0 | 11,263,418 | 0 | 11,263,418 |
Norway | 0 | 56,731 | 0 | 56,731 |
Sweden | 0 | 11,445,087 | 0 | 11,445,087 |
Switzerland | 0 | 2,805,352 | 0 | 2,805,352 |
United Kingdom | 761,164 | 13,821,607 | 0 | 14,582,771 |
United States | 58,188,893 | 0 | 0 | 58,188,893 |
Preferred stocks | ||||
Germany | 0 | 425,991 | 0 | 425,991 |
Total liabilities | $72,793,316 | $72,754,845 | $0 | $145,548,161 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.72 % |
Class C | 2.47 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR4340 04-24
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | Allspring Global Investments, LLC |
Portfolio managers | Jonathan Drexel, CFA, Paige Henderson, CFA, CFP |
Average annual total returns (%) as of April 30, 2024 | |||||||||
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 | 3.39 | 2.36 | 3.09 | 9.70 | 3.58 | 3.70 | 1.45 | 1.15 |
Class C (WFEFX) | 3-6-1998 | 7.82 | 2.79 | 3.08 | 8.82 | 2.79 | 3.08 | 2.20 | 1.90 |
Class R6 (WFEHX)3 | 9-30-2015 | – | – | – | 10.04 | 3.91 | 4.00 | 1.03 | 0.80 |
Administrator Class (WFEDX) | 7-16-2010 | – | – | – | 9.62 | 3.57 | 3.70 | 1.38 | 1.15 |
Institutional Class (WFENX) | 3-9-1998 | – | – | – | 10.00 | 3.88 | 3.98 | 1.13 | 0.85 |
MSCI ACWI ex USA Index (Net)4 | – | – | – | – | 9.32 | 5.03 | 3.93 | – | – |
MSCI EAFE Index (Net)5 | – | – | – | – | 9.28 | 6.18 | 4.38 | – | – |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.14% for Class A, 1.89% for Class C, 0.79% 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 Europe, Australasia, Far East (EAFE) Index (Net) is a free-float-adjusted market capitalization-weighted index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. You cannot invest directly in an index. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20241 | |
BAE Systems PLC | 3.35 |
AstraZeneca PLC | 2.94 |
Vinci SA | 2.91 |
Toyota Motor Corp. | 2.89 |
Nestle SA | 2.66 |
ING Groep NV | 2.64 |
AXA SA | 2.62 |
Airbus SE | 2.56 |
Deutsche Boerse AG | 2.55 |
Veolia Environnement SA | 2.54 |
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, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,149.62 | $6.09 | 1.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $5.72 | 1.14 % |
Class C | ||||
Actual | $1,000.00 | $1,145.32 | $10.08 | 1.89 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,015.47 | $9.47 | 1.89 % |
Class R6 | ||||
Actual | $1,000.00 | $1,151.33 | $4.23 | 0.79 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.94 | $3.97 | 0.79 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,150.18 | $6.09 | 1.14 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.20 | $5.72 | 1.14 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,151.46 | $4.49 | 0.84 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.69 | $4.22 | 0.84 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 94.69% | ||||||
Canada: 3.61% | ||||||
Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | 74,157 | $5,624,809 | ||||
TC Energy Corp. (Energy, Oil, gas & consumable fuels) | 96,125 | 3,446,081 | ||||
9,070,890 | ||||||
Denmark: 1.55% | ||||||
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | 30,364 | 3,893,946 | ||||
Finland: 2.04% | ||||||
Nordea Bank Abp Helsinki Stock Exchange (Financials, Banks) | 438,658 | 5,140,307 | ||||
France: 20.98% | ||||||
Air Liquide SA (Materials, Chemicals) | 22,652 | 4,430,248 | ||||
AXA SA (Financials, Insurance) | 190,735 | 6,590,195 | ||||
Capgemini SE (Information technology, IT services) | 15,912 | 3,344,400 | ||||
L’Oreal SA (Consumer staples, Personal care products) | 10,076 | 4,724,164 | ||||
LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | 6,644 | 5,457,621 | ||||
Sanofi SA (Health care, Pharmaceuticals) | 52,038 | 5,140,993 | ||||
Schneider Electric SE (Industrials, Electrical equipment) | 14,644 | 3,339,028 | ||||
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | 83,222 | 6,041,814 | ||||
Veolia Environnement SA (Utilities, Multi-utilities) | 205,385 | 6,384,946 | ||||
Vinci SA (Industrials, Construction & engineering) | 62,389 | 7,310,500 | ||||
52,763,909 | ||||||
Germany: 15.16% | ||||||
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | 25,956 | 6,254,958 | ||||
Allianz SE (Financials, Insurance) | 12,540 | 3,558,664 | ||||
Deutsche Boerse AG (Financials, Capital markets) | 33,236 | 6,407,633 | ||||
Deutsche Post AG (Industrials, Air freight & logistics) | 140,581 | 5,886,116 | ||||
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | 181,687 | 4,161,643 | ||||
SAP SE (Information technology, Software) | 31,568 | 5,700,143 | ||||
Siemens AG (Industrials, Industrial conglomerates) | 32,801 | 6,144,726 | ||||
38,113,883 | ||||||
Hong Kong: 1.53% | ||||||
AIA Group Ltd. (Financials, Insurance) | 523,800 | 3,836,496 | ||||
Israel: 0.77% | ||||||
Check Point Software Technologies Ltd. (Information technology, Software)† | 12,990 | 1,940,966 | ||||
Japan: 12.22% | ||||||
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | 83,700 | 2,863,290 | ||||
Nintendo Co. Ltd. (Communication services, Entertainment) | 81,100 | 3,955,163 | ||||
ORIX Corp. (Financials, Financial services) | 191,900 | 3,927,312 | ||||
Seven & i Holdings Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 349,000 | 4,509,497 | ||||
Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | 86,100 | 4,890,805 |
Shares | Value | |||||
Japan(continued) | ||||||
Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor equipment) | 15,200 | $3,334,055 | ||||
Toyota Motor Corp. (Consumer discretionary, Automobiles) | 318,200 | 7,257,689 | ||||
30,737,811 | ||||||
Netherlands: 6.17% | ||||||
Airbus SE (Industrials, Aerospace & defense) | 39,060 | 6,427,625 | ||||
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | 2,789 | 2,433,319 | ||||
ING Groep NV (Financials, Banks) | 420,475 | 6,647,821 | ||||
15,508,765 | ||||||
South Korea: 2.22% | ||||||
Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, storage & peripherals) | 4,008 | 5,592,985 | ||||
Switzerland: 7.51% | ||||||
Nestle SA (Consumer staples, Food products) | 66,514 | 6,678,016 | ||||
Novartis AG (Health care, Pharmaceuticals) | 62,713 | 6,086,765 | ||||
Roche Holding AG (Health care, Pharmaceuticals) | 15,116 | 3,622,008 | ||||
TE Connectivity Ltd. (Information technology, Electronic equipment, instruments & components) | 17,693 | 2,503,206 | ||||
18,889,995 | ||||||
United Kingdom: 20.12% | ||||||
AstraZeneca PLC (Health care, Pharmaceuticals) | 48,897 | 7,395,616 | ||||
BAE Systems PLC (Industrials, Aerospace & defense) | 507,159 | 8,435,179 | ||||
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | 65,110 | 4,689,222 | ||||
Diageo PLC (Consumer staples, Beverages) | 172,152 | 5,949,517 | ||||
National Grid PLC (Utilities, Multi-utilities) | 225,246 | 2,954,586 | ||||
Rio Tinto PLC (Materials, Metals & mining) | 93,347 | 6,315,926 | ||||
Shell PLC (Energy, Oil, gas & consumable fuels) | 127,503 | 4,532,553 | ||||
Smith & Nephew PLC (Health care, Health care equipment & supplies) | 340,889 | 4,130,090 | ||||
Unilever PLC London Stock Exchange (Consumer staples, Personal care products) | 119,661 | 6,190,160 | ||||
50,592,849 | ||||||
United States: 0.81% | ||||||
EOG Resources, Inc. (Energy, Oil, gas & consumable fuels) | 15,456 | 2,042,201 | ||||
Total common stocks (Cost $206,855,854) | 238,125,003 | |||||
Investment companies: 2.23% | ||||||
United States: 2.23% | ||||||
iShares MSCI EAFE ETF | 72,482 | 5,600,684 | ||||
Total investment companies (Cost $5,242,666) | 5,600,684 |
Yield | Shares | Value | ||||
Short-term investments: 1.67% | ||||||
Investment companies: 1.67% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 4,196,726 | $4,196,726 | |||
Total short-term investments (Cost $4,196,726) | 4,196,726 | |||||
Total investments in securities (Cost $216,295,246) | 98.59 % | 247,922,413 | ||||
Other assets and liabilities, net | 1.41 | 3,558,115 | ||||
Total net assets | 100.00 % | $251,480,528 |
† | Non-income-earning security |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
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 | $3,094,072 | $37,977,219 | $(36,874,565 ) | $0 | $0 | $4,196,726 | 4,196,726 | $117,782 |
Assets | |
Investments in unaffiliated securities, at value (cost $212,098,520) | $243,725,687 |
Investments in affiliated securities, at value (cost $4,196,726) | 4,196,726 |
Cash | 57,143 |
Foreign currency, at value (cost $753,424) | 749,979 |
Receivable for dividends | 3,304,672 |
Receivable for Fund shares sold | 98,758 |
Total assets | 252,132,965 |
Liabilities | |
Payable for Fund shares redeemed | 267,619 |
Management fee payable | 115,553 |
Professional fees payable | 47,829 |
Custody and accounting fees payable | 32,733 |
Administration fees payable | 31,700 |
Distribution fees payable | 816 |
Accrued expenses and other liabilities | 156,187 |
Total liabilities | 652,437 |
Total net assets | $251,480,528 |
Net assets consist of | |
Paid-in capital | $304,829,453 |
Total distributable loss | (53,348,925 ) |
Total net assets | $251,480,528 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $116,630,249 |
Shares outstanding–Class A1 | 8,951,076 |
Net asset value per share–Class A | $13.03 |
Maximum offering price per share – Class A2 | $13.82 |
Net assets–Class C | $1,316,941 |
Shares outstanding–Class C1 | 101,590 |
Net asset value per share–Class C | $12.96 |
Net assets–Class R6 | $26,182,449 |
Shares outstanding–Class R61 | 2,036,767 |
Net asset value per share–Class R6 | $12.85 |
Net assets–Administrator Class | $8,086,607 |
Shares outstanding–Administrator Class1 | 632,198 |
Net asset value per share–Administrator Class | $12.79 |
Net assets–Institutional Class | $99,264,282 |
Shares outstanding–Institutional Class1 | 7,711,028 |
Net asset value per share–Institutional Class | $12.87 |
Investment income | |
Dividends (net of foreign withholdings taxes of $505,699) | $4,116,090 |
Income from affiliated securities | 117,782 |
Interest | 8,127 |
Total investment income | 4,241,999 |
Expenses | |
Management fee | 1,015,398 |
Administration fees | |
Class A | 117,909 |
Class C | 1,539 |
Class R6 | 3,888 |
Administrator Class | 5,340 |
Institutional Class | 65,172 |
Shareholder servicing fees | |
Class A | 147,386 |
Class C | 1,905 |
Administrator Class | 10,237 |
Distribution fees | |
Class C | 5,716 |
Custody and accounting fees | 9,513 |
Professional fees | 34,028 |
Registration fees | 100,688 |
Shareholder report expenses | 19,056 |
Trustees’ fees and expenses | 12,033 |
Other fees and expenses | 7,030 |
Total expenses | 1,556,838 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (229,121 ) |
Class A | (43,430 ) |
Class C | (476 ) |
Institutional Class | (26,857 ) |
Net expenses | 1,256,954 |
Net investment income | 2,985,045 |
Realized and unrealized gains (losses) on investments | |
Net realized gains on | |
Unaffiliated securities | 10,000,668 |
Foreign currency and foreign currency translations | 85,964 |
Net realized gains on investments | 10,086,632 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 23,142,599 |
Foreign currency and foreign currency translations | (44,704 ) |
Net change in unrealized gains (losses) on investments | 23,097,895 |
Net realized and unrealized gains (losses) on investments | 33,184,527 |
Net increase in net assets resulting from operations | $36,169,572 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $2,985,045 | $6,296,075 | ||
Net realized gains on investments | 10,086,632 | 7,723,195 | ||
Net change in unrealized gains (losses) on investments | 23,097,895 | 35,035,399 | ||
Net increase in net assets resulting from operations | 36,169,572 | 49,054,669 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (911,708 ) | (1,968,447 ) | ||
Class C | (4,848 ) | (20,285 ) | ||
Class R | N/A | (338 )1 | ||
Class R6 | (256,870 ) | (806,843 ) | ||
Administrator Class | (68,040 ) | (146,702 ) | ||
Institutional Class | (929,379 ) | (2,478,449 ) | ||
Total distributions to shareholders | (2,170,845 ) | (5,421,064 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 160,317 | 2,036,034 | 687,699 | 8,275,452 |
Class C | 844 | 10,574 | 8,623 | 103,233 |
Class R | N/A | N/A | 1,796 1 | 21,766 1 |
Class R6 | 37,996 | 479,453 | 162,362 | 1,878,219 |
Administrator Class | 9,280 | 120,695 | 2,724 | 31,421 |
Institutional Class | 509,023 | 6,405,863 | 2,287,400 | 27,318,093 |
9,052,619 | 37,628,184 | |||
Reinvestment of distributions | ||||
Class A | 68,303 | 880,686 | 159,900 | 1,907,489 |
Class C | 377 | 4,793 | 1,637 | 19,566 |
Class R | N/A | N/A | 27 1 | 319 1 |
Class R6 | 8,458 | 107,721 | 21,784 | 255,898 |
Administrator Class | 5,312 | 67,265 | 12,377 | 144,944 |
Institutional Class | 71,706 | 914,350 | 205,449 | 2,417,802 |
1,974,815 | 4,746,018 | |||
Payment for shares redeemed | ||||
Class A | (996,638 ) | (12,669,457 ) | (2,779,727 ) | (33,500,520 ) |
Class C | (69,394 ) | (859,035 ) | (173,411 ) | (2,053,907 ) |
Class R | N/A | N/A | (2,179 )1 | (25,637 )1 |
Class R6 | (90,004 ) | (1,164,743 ) | (2,375,424 ) | (28,330,065 ) |
Administrator Class | (87,441 ) | (1,085,167 ) | (186,919 ) | (2,208,268 ) |
Institutional Class | (3,607,770 ) | (42,994,918 ) | (4,633,013 ) | (53,927,952 ) |
(58,773,320 ) | (120,046,349 ) |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Shares | Shares | |||
Share conversions | ||||
Class A | 0 | $0 | 28,598 2 | $354,077 2 |
Class R | N/A | N/A | (27,860 )2 | (354,077 )2 |
0 | 0 | |||
Net decrease in net assets resulting from capital share transactions | (47,745,886 ) | (77,672,147 ) | ||
Total decrease in net assets | (13,747,159 ) | (34,038,542 ) | ||
Net assets | ||||
Beginning of period | 265,227,687 | 299,266,229 | ||
End of period | $251,480,528 | $265,227,687 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.41 | $10.04 | $13.34 | $10.43 | $11.38 | $11.81 |
Net investment income | 0.14 1 | 0.22 1 | 0.16 | 0.23 1 | 0.12 | 0.24 1 |
Net realized and unrealized gains (losses) on investments | 1.58 | 1.34 | (3.17 ) | 2.89 | (0.97 ) | (0.16 ) |
Total from investment operations | 1.72 | 1.56 | (3.01 ) | 3.12 | (0.85 ) | 0.08 |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | (0.19 ) | (0.27 ) | (0.21 ) | (0.10 ) | (0.51 ) |
Tax basis return of capital | 0.00 | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.10 ) | (0.19 ) | (0.29 ) | (0.21 ) | (0.10 ) | (0.51 ) |
Net asset value, end of period | $13.03 | $11.41 | $10.04 | $13.34 | $10.43 | $11.38 |
Total return2 | 14.96 % | 15.53 % | (22.84 )% | 29.92 % | (7.54 )% | 0.93 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.39 % | 1.45 % | 1.40 % | 1.36 % | 1.48 % | 1.45 % |
Net expenses | 1.14 % | 1.12 % | 1.13 % | 1.13 % | 1.13 % | 1.14 % |
Net investment income | 2.21 % | 1.82 % | 1.50 % | 1.73 % | 1.12 % | 2.13 % |
Supplemental data | ||||||
Portfolio turnover rate | 32 % | 126 % | 58 % | 95 % | 73 % | 49 % |
Net assets, end of period (000s omitted) | $116,630 | $110,902 | $116,735 | $170,419 | $62,800 | $81,110 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.34 | $9.99 | $13.22 | $10.31 | $11.28 | $11.57 |
Net investment income | 0.08 1 | 0.12 1 | 0.09 1 | 0.09 1 | 0.03 1 | 0.12 1 |
Net realized and unrealized gains (losses) on investments | 1.58 | 1.32 | (3.17 ) | 2.89 | (0.95 ) | (0.12 ) |
Total from investment operations | 1.66 | 1.44 | (3.08 ) | 2.98 | (0.92 ) | 0.00 |
Distributions to shareholders from | ||||||
Net investment income | (0.04 ) | (0.09 ) | (0.13 ) | (0.07 ) | (0.05 ) | (0.29 ) |
Tax basis return of capital | 0.00 | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.04 ) | (0.09 ) | (0.15 ) | (0.07 ) | (0.05 ) | (0.29 ) |
Net asset value, end of period | $12.96 | $11.34 | $9.99 | $13.22 | $10.31 | $11.28 |
Total return2 | 14.53 % | 14.51 % | (23.38 )% | 28.94 % | (8.22 )% | 0.16 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.13 % | 2.20 % | 2.14 % | 2.12 % | 2.22 % | 2.19 % |
Net expenses | 1.89 % | 1.89 % | 1.89 % | 1.89 % | 1.89 % | 1.89 % |
Net investment income | 1.23 % | 1.01 % | 0.76 % | 0.72 % | 0.28 % | 1.07 % |
Supplemental data | ||||||
Portfolio turnover rate | 32 % | 126 % | 58 % | 95 % | 73 % | 49 % |
Net assets, end of period (000s omitted) | $1,317 | $1,926 | $3,324 | $6,490 | $5,794 | $10,700 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.26 | $9.92 | $13.22 | $10.36 | $11.31 | $11.79 |
Net investment income | 0.16 1 | 0.26 1 | 0.22 | 0.31 | 0.16 | 0.35 |
Net realized and unrealized gains (losses) on investments | 1.55 | 1.31 | (3.16 ) | 2.81 | (0.96 ) | (0.23 ) |
Total from investment operations | 1.71 | 1.57 | (2.94 ) | 3.12 | (0.80 ) | 0.12 |
Distributions to shareholders from | ||||||
Net investment income | (0.12 ) | (0.23 ) | (0.34 ) | (0.26 ) | (0.15 ) | (0.60 ) |
Tax basis return of capital | 0.00 | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.12 ) | (0.23 ) | (0.36 ) | (0.26 ) | (0.15 ) | (0.60 ) |
Net asset value, end of period | $12.85 | $11.26 | $9.92 | $13.22 | $10.36 | $11.31 |
Total return2 | 15.13 % | 15.87 % | (22.56 )% | 30.17 % | (7.15 )% | 1.27 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 0.97 % | 1.02 % | 0.97 % | 0.95 % | 1.05 % | 1.01 % |
Net expenses | 0.79 % | 0.79 % | 0.79 % | 0.79 % | 0.79 % | 0.81 % |
Net investment income | 2.58 % | 2.23 % | 1.83 % | 1.70 % | 1.51 % | 2.23 % |
Supplemental data | ||||||
Portfolio turnover rate | 32 % | 126 % | 58 % | 95 % | 73 % | 49 % |
Net assets, end of period (000s omitted) | $26,182 | $23,429 | $42,385 | $55,639 | $32,011 | $36,505 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.21 | $9.88 | $13.13 | $10.28 | $11.22 | $11.62 |
Net investment income | 0.14 1 | 0.21 1 | 0.18 1 | 0.27 1 | 0.10 1 | 0.23 1 |
Net realized and unrealized gains (losses) on investments | 1.54 | 1.32 | (3.14 ) | 2.80 | (0.94 ) | (0.14 ) |
Total from investment operations | 1.68 | 1.53 | (2.96 ) | 3.07 | (0.84 ) | 0.09 |
Distributions to shareholders from | ||||||
Net investment income | (0.10 ) | (0.20 ) | (0.27 ) | (0.22 ) | (0.10 ) | (0.49 ) |
Tax basis return of capital | 0.00 | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.10 ) | (0.20 ) | (0.29 ) | (0.22 ) | (0.10 ) | (0.49 ) |
Net asset value, end of period | $12.79 | $11.21 | $9.88 | $13.13 | $10.28 | $11.22 |
Total return2 | 15.02 % | 15.36 % | (22.81 )% | 29.87 % | (7.54 )% | 0.98 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.32 % | 1.37 % | 1.32 % | 1.26 % | 1.39 % | 1.36 % |
Net expenses | 1.14 % | 1.14 % | 1.14 % | 1.14 % | 1.14 % | 1.14 % |
Net investment income | 2.19 % | 1.76 % | 1.51 % | 2.06 % | 0.98 % | 2.00 % |
Supplemental data | ||||||
Portfolio turnover rate | 32 % | 126 % | 58 % | 95 % | 73 % | 49 % |
Net assets, end of period (000s omitted) | $8,087 | $7,902 | $8,662 | $14,733 | $589 | $1,189 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $11.27 | $9.93 | $13.22 | $10.34 | $11.29 | $11.76 |
Net investment income | 0.16 1 | 0.24 1 | 0.22 1 | 0.25 1 | 0.14 1 | 0.33 |
Net realized and unrealized gains (losses) on investments | 1.56 | 1.32 | (3.16 ) | 2.88 | (0.96 ) | (0.22 ) |
Total from investment operations | 1.72 | 1.56 | (2.94 ) | 3.13 | (0.82 ) | 0.11 |
Distributions to shareholders from | ||||||
Net investment income | (0.12 ) | (0.22 ) | (0.33 ) | (0.25 ) | (0.13 ) | (0.58 ) |
Tax basis return of capital | 0.00 | 0.00 | (0.02 ) | 0.00 | 0.00 | 0.00 |
Total distributions to shareholders | (0.12 ) | (0.22 ) | (0.35 ) | (0.25 ) | (0.13 ) | (0.58 ) |
Net asset value, end of period | $12.87 | $11.27 | $9.93 | $13.22 | $10.34 | $11.29 |
Total return2 | 15.15 % | 15.75 % | (22.56 )% | 30.30 % | (7.28 )% | 1.19 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.07 % | 1.12 % | 1.07 % | 1.03 % | 1.15 % | 1.11 % |
Net expenses | 0.84 % | 0.84 % | 0.84 % | 0.84 % | 0.84 % | 0.86 % |
Net investment income | 2.49 % | 2.07 % | 1.79 % | 1.93 % | 1.33 % | 2.27 % |
Supplemental data | ||||||
Portfolio turnover rate | 32 % | 126 % | 58 % | 95 % | 73 % | 49 % |
Net assets, end of period (000s omitted) | $99,264 | $121,069 | $127,869 | $192,670 | $86,052 | $150,749 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $33,881,812 |
Gross unrealized losses | (4,143,913 ) |
Net unrealized gains | $29,737,899 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Canada | $9,070,890 | $0 | $0 | $9,070,890 |
Denmark | 0 | 3,893,946 | 0 | 3,893,946 |
Finland | 0 | 5,140,307 | 0 | 5,140,307 |
France | 0 | 52,763,909 | 0 | 52,763,909 |
Germany | 0 | 38,113,883 | 0 | 38,113,883 |
Hong Kong | 0 | 3,836,496 | 0 | 3,836,496 |
Israel | 1,940,966 | 0 | 0 | 1,940,966 |
Japan | 0 | 30,737,811 | 0 | 30,737,811 |
Netherlands | 2,433,319 | 13,075,446 | 0 | 15,508,765 |
South Korea | 0 | 5,592,985 | 0 | 5,592,985 |
Switzerland | 2,503,206 | 16,386,789 | 0 | 18,889,995 |
United Kingdom | 4,689,222 | 45,903,627 | 0 | 50,592,849 |
United States | 2,042,201 | 0 | 0 | 2,042,201 |
Investment companies | 5,600,684 | 0 | 0 | 5,600,684 |
Short-term investments | ||||
Investment companies | 4,196,726 | 0 | 0 | 4,196,726 |
Total assets | $32,477,214 | $215,445,199 | $0 | $247,922,413 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.14 % |
Class C | 1.89 |
Class R6 | 0.79 |
Administrator Class | 1.14 |
Institutional Class | 0.84 |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR3311 04-24
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | 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, 2024 | |||||||||
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 | -1.36 | 2.08 | 5.00 | 4.66 | 3.30 | 5.63 | 1.61 | 1.47 |
Class C (EKGCX) | 2-1-1993 | 2.88 | 2.58 | 5.02 | 3.88 | 2.58 | 5.02 | 2.36 | 2.22 |
Administrator Class (EKGYX) | 1-13-1997 | – | – | – | 4.76 | 3.43 | 5.77 | 1.54 | 1.40 |
Institutional Class (EKGIX) | 7-30-2010 | – | – | – | 5.01 | 3.68 | 6.03 | 1.29 | 1.15 |
MSCI ACWI (Net)3 | – | – | – | – | 17.46 | 9.44 | 8.19 | – | – |
MSCI World Small Cap Index (Net)4 | – | – | – | – | 10.00 | 6.11 | 6.56 | – | – |
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 1.47% for Class A, 2.22% 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) All Country World Index (ACWI) (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. 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. |
4 | The 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. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Ten largest holdings (%) as of April 30, 20241 | |
Innospec, Inc. | 4.17 |
Gibraltar Industries, Inc. | 3.45 |
Novanta, Inc. | 3.32 |
CSW Industrials, Inc. | 3.11 |
Spectris PLC | 2.60 |
Ansell Ltd. | 2.50 |
J & J Snack Foods Corp. | 2.38 |
Hanover Insurance Group, Inc. | 2.15 |
Alten SA | 2.13 |
Enovis Corp. | 1.92 |
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, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,128.24 | $7.78 | 1.47 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.55 | $7.37 | 1.47 % |
Class C | ||||
Actual | $1,000.00 | $1,124.26 | $11.73 | 2.22 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.82 | $11.12 | 2.22 % |
Administrator Class | ||||
Actual | $1,000.00 | $1,128.71 | $7.41 | 1.40 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.90 | $7.02 | 1.40 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,130.31 | $6.09 | 1.15 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.15 | $5.77 | 1.15 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 98.48% | ||||||
Australia: 3.62% | ||||||
Ansell Ltd. (Health care, Health care equipment & supplies) | 210,622 | $3,462,855 | ||||
Bapcor Ltd. (Consumer discretionary, Distributors) | 134,853 | 504,928 | ||||
Domino’s Pizza Enterprises Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 8,506 | 214,568 | ||||
Steadfast Group Ltd. (Financials, Insurance) | 229,889 | 836,663 | ||||
5,019,014 | ||||||
Belgium: 1.04% | ||||||
Barco NV (Information technology, Electronic equipment, instruments & components) | 103,449 | 1,435,148 | ||||
Canada: 5.47% | ||||||
ATS Corp. (Industrials, Machinery)† | 21,200 | 697,453 | ||||
Canadian Western Bank (Financials, Banks) | 18,800 | 360,664 | ||||
Novanta, Inc. (Information technology, Electronic equipment, instruments & components)† | 29,342 | 4,592,023 | ||||
Primo Water Corp. (Consumer staples, Beverages) | 102,235 | 1,927,883 | ||||
7,578,023 | ||||||
France: 2.59% | ||||||
Alten SA (Information technology, IT services) | 25,058 | 2,944,823 | ||||
Metropole Television SA (Communication services, Media) | 45,106 | 636,980 | ||||
3,581,803 | ||||||
Germany: 4.66% | ||||||
Cancom SE (Information technology, IT services) | 27,594 | 861,652 | ||||
CTS Eventim AG & Co. KGaA (Communication services, Entertainment) | 6,357 | 562,141 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 16,262 | 1,751,368 | ||||
Krones AG (Industrials, Machinery) | 12,411 | 1,636,165 | ||||
TAG Immobilien AG (Real estate, Real estate management & development)† | 115,715 | 1,645,197 | ||||
6,456,523 | ||||||
Ireland: 0.53% | ||||||
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 692,072 | 731,932 | ||||
Italy: 2.00% | ||||||
GVS SpA (Industrials, Machinery)144A† | 195,395 | 1,137,566 | ||||
Interpump Group SpA (Industrials, Machinery) | 37,563 | 1,636,235 | ||||
2,773,801 | ||||||
Japan: 8.90% | ||||||
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | 59,800 | 1,414,404 | ||||
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 32,620 | 619,942 | ||||
DTS Corp. (Information technology, IT services) | 83,200 | 2,269,754 | ||||
Fuji Seal International, Inc. (Materials, Containers & packaging) | 70,100 | 900,742 | ||||
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | 14,700 | 1,426,181 | ||||
MEITEC Group Holdings, Inc. (Industrials, Professional services) | 123,700 | 2,307,005 | ||||
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 159,200 | 1,224,267 |
Shares | Value | |||||
Japan(continued) | ||||||
Orix JREIT, Inc. (Real estate, Office REITs) | 1,273 | $1,341,844 | ||||
Taikisha Ltd. (Industrials, Construction & engineering) | 28,000 | 825,850 | ||||
12,329,989 | ||||||
Netherlands: 0.26% | ||||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail)† | 35,650 | 139,748 | ||||
TKH Group NV (Industrials, Electrical equipment)† | 4,980 | 214,508 | ||||
354,256 | ||||||
Norway: 1.08% | ||||||
Atea ASA (Information technology, IT services) | 68,454 | 877,513 | ||||
Elopak ASA (Materials, Containers & packaging) | 205,229 | 622,606 | ||||
1,500,119 | ||||||
Spain: 1.89% | ||||||
Viscofan SA (Consumer staples, Food products) | 41,193 | 2,619,022 | ||||
Sweden: 1.86% | ||||||
Hexpol AB (Materials, Chemicals) | 67,843 | 767,652 | ||||
Loomis AB (Industrials, Commercial services & supplies) | 70,846 | 1,810,594 | ||||
2,578,246 | ||||||
Switzerland: 1.41% | ||||||
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 4,396 | 999,571 | ||||
Bucher Industries AG (Industrials, Machinery) | 2,501 | 961,019 | ||||
1,960,590 | ||||||
United Kingdom: 7.95% | ||||||
Britvic PLC (Consumer staples, Beverages) | 223,148 | 2,460,817 | ||||
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 390,331 | 1,582,354 | ||||
Elementis PLC (Materials, Chemicals)† | 448,350 | 788,347 | ||||
Lancashire Holdings Ltd. (Financials, Insurance) | 143,881 | 1,096,698 | ||||
Nomad Foods Ltd. (Consumer staples, Food products) | 63,739 | 1,151,126 | ||||
S4 Capital PLC (Communication services, Media)† | 517,397 | 316,404 | ||||
Samarkand Group PLC (Consumer discretionary, Broadline retail)† | 660,000 | 16,494 | ||||
Spectris PLC (Information technology, Electronic equipment, instruments & components) | 87,091 | 3,602,358 | ||||
11,014,598 | ||||||
United States: 55.22% | ||||||
Aris Water Solutions, Inc. Class A (Industrials, Commercial services & supplies) | 46,047 | 646,039 | ||||
Azenta, Inc. (Health care, Life sciences tools & services)† | 17,947 | 941,500 | ||||
Balchem Corp. (Materials, Chemicals) | 10,864 | 1,535,952 | ||||
Blackbaud, Inc. (Information technology, Software)† | 33,014 | 2,572,451 | ||||
Brady Corp. Class A (Industrials, Commercial services & supplies) | 38,630 | 2,279,170 | ||||
Cactus, Inc. Class A (Energy, Energy equipment & services) | 40,567 | 2,013,746 | ||||
CBIZ, Inc. (Industrials, Professional services)† | 35,664 | 2,538,563 | ||||
CSW Industrials, Inc. (Industrials, Building products) | 18,129 | 4,307,813 | ||||
Denny’s Corp. (Consumer discretionary, Hotels, restaurants & leisure)† | 298,002 | 2,389,976 |
Shares | Value | |||||
United States(continued) | ||||||
E2open Parent Holdings, Inc. (Information technology, Software)† | 45,662 | $221,461 | ||||
Enovis Corp. (Health care, Health care equipment & supplies)† | 48,264 | 2,665,621 | ||||
EnPro, Inc. (Industrials, Machinery) | 13,912 | 2,088,609 | ||||
FormFactor, Inc. (Information technology, Semiconductors & semiconductor equipment)† | 24,820 | 1,106,724 | ||||
Gibraltar Industries, Inc. (Industrials, Building products)† | 66,962 | 4,785,104 | ||||
Global Blue Group Holding AG (Information technology, IT services)† | 225,000 | 1,152,000 | ||||
Globus Medical, Inc. Class A (Health care, Health care equipment & supplies)† | 38,615 | 1,922,641 | ||||
Hanover Insurance Group, Inc. (Financials, Insurance) | 22,913 | 2,974,566 | ||||
Helen of Troy Ltd. (Consumer discretionary, Household durables)† | 24,999 | 2,317,657 | ||||
Holley, Inc. (Consumer discretionary, Automobile components)† | 330,157 | 1,327,231 | ||||
Horace Mann Educators Corp. (Financials, Insurance) | 15,301 | 563,995 | ||||
ICU Medical, Inc. (Health care, Health care equipment & supplies)† | 8,833 | 864,927 | ||||
Innospec, Inc. (Materials, Chemicals) | 48,124 | 5,774,880 | ||||
J & J Snack Foods Corp. (Consumer staples, Food products) | 23,983 | 3,292,626 | ||||
Mayville Engineering Co., Inc. (Industrials, Machinery)† | 106,831 | 1,469,995 | ||||
MSA Safety, Inc. (Industrials, Commercial services & supplies) | 7,822 | 1,411,089 | ||||
MSC Industrial Direct Co., Inc. Class A (Industrials, Trading companies & distributors) | 16,445 | 1,500,442 | ||||
Progress Software Corp. (Information technology, Software) | 49,926 | 2,487,313 | ||||
Quaker Chemical Corp. (Materials, Chemicals) | 10,354 | 1,931,332 | ||||
Quanex Building Products Corp. (Industrials, Building products) | 79,570 | 2,643,315 | ||||
Southwestern Energy Co. (Energy, Oil, gas & consumable fuels)† | 224,524 | 1,681,685 | ||||
Spectrum Brands Holdings, Inc. (Consumer staples, Household products) | 32,183 | 2,634,822 | ||||
Standex International Corp. (Industrials, Machinery) | 6,125 | 1,058,890 | ||||
Stepan Co. (Materials, Chemicals) | 17,635 | 1,463,529 | ||||
Teradata Corp. (Information technology, Software)† | 57,993 | 2,151,540 | ||||
UFP Technologies, Inc. (Health care, Health care equipment & supplies)† | 1,473 | 303,350 | ||||
UL Solutions, Inc. Class A (Industrials, Professional services)† | 6,828 | 239,663 | ||||
Varex Imaging Corp. (Health care, Health care equipment & supplies)† | 82,185 | 1,335,506 | ||||
Watts Water Technologies, Inc. Class A (Industrials, Machinery) | 5,940 | 1,178,852 | ||||
Wendy’s Co. (Consumer discretionary, Hotels, restaurants & leisure) | 91,763 | 1,834,342 | ||||
Ziff Davis, Inc. (Communication services, Interactive media & services)† | 17,809 | 892,409 | ||||
76,501,326 | ||||||
Total common stocks (Cost $114,547,731) | 136,434,390 |
Yield | ||||||
Short-term investments: 0.89% | ||||||
Investment companies: 0.89% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 1,238,673 | 1,238,673 | |||
Total short-term investments (Cost $1,238,673) | 1,238,673 | |||||
Total investments in securities (Cost $115,786,404) | 99.37 % | 137,673,063 | ||||
Other assets and liabilities, net | 0.63 | 873,660 | ||||
Total net assets | 100.00 % | $138,546,723 |
† | 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 | $2,568,998 | $9,685,658 | $(11,015,983 ) | $0 | $0 | $1,238,673 | 1,238,673 | $52,226 |
Assets | |
Investments in unaffiliated securities, at value (cost $114,547,731) | $136,434,390 |
Investments in affiliated securities, at value (cost $1,238,673) | 1,238,673 |
Cash | 43 |
Foreign currency, at value (cost $24,071) | 23,875 |
Receivable for investments sold | 1,044,926 |
Receivable for dividends | 541,932 |
Receivable for Fund shares sold | 86,298 |
Prepaid expenses and other assets | 56,407 |
Total assets | 139,426,544 |
Liabilities | |
Payable for investments purchased | 500,032 |
Payable for Fund shares redeemed | 166,681 |
Management fee payable | 102,444 |
Administration fees payable | 20,685 |
Distribution fee payable | 1,171 |
Accrued expenses and other liabilities | 88,808 |
Total liabilities | 879,821 |
Total net assets | $138,546,723 |
Net assets consist of | |
Paid-in capital | $120,786,002 |
Total distributable earnings | 17,760,721 |
Total net assets | $138,546,723 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $90,243,273 |
Shares outstanding–Class A1 | 2,465,476 |
Net asset value per share–Class A | $36.60 |
Maximum offering price per share – Class A2 | $38.83 |
Net assets–Class C | $1,840,615 |
Shares outstanding–Class C1 | 88,060 |
Net asset value per share–Class C | $20.90 |
Net assets–Administrator Class | $3,690,392 |
Shares outstanding–Administrator Class1 | 94,132 |
Net asset value per share–Administrator Class | $39.20 |
Net assets–Institutional Class | $42,772,443 |
Shares outstanding–Institutional Class1 | 1,086,168 |
Net asset value per share–Institutional Class | $39.38 |
Investment income | |
Dividends (net of foreign withholdings taxes of $64,278) | $1,069,289 |
Income from affiliated securities | 52,226 |
Interest | 730 |
Total investment income | 1,122,245 |
Expenses | |
Management fee | 686,057 |
Administration fees | |
Class A | 93,799 |
Class C | 2,018 |
Administrator Class | 2,677 |
Institutional Class | 28,923 |
Shareholder servicing fees | |
Class A | 117,103 |
Class C | 2,515 |
Administrator Class | 5,145 |
Distribution fee | |
Class C | 7,545 |
Custody and accounting fees | 10,821 |
Professional fees | 33,702 |
Registration fees | 36,890 |
Shareholder report expenses | 8,429 |
Trustees’ fees and expenses | 12,024 |
Other fees and expenses | 11,228 |
Total expenses | 1,058,876 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (57,809 ) |
Class A | (2,964 ) |
Administrator Class | (107 ) |
Institutional Class | (1,484 ) |
Net expenses | 996,512 |
Net investment income | 125,733 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 223,381 |
Foreign currency and foreign currency translations | (2,130 ) |
Net realized gains on investments | 221,251 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 16,657,511 |
Foreign currency and foreign currency translations | (1,751 ) |
Net change in unrealized gains (losses) on investments | 16,655,760 |
Net realized and unrealized gains (losses) on investments | 16,877,011 |
Net increase in net assets resulting from operations | $17,002,744 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income (loss) | $125,733 | $(64,689 ) | ||
Net realized gains (losses) on investments | 221,251 | (531,479 ) | ||
Net change in unrealized gains (losses) on investments | 16,655,760 | 3,817,545 | ||
Net increase in net assets resulting from operations | 17,002,744 | 3,221,377 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | 0 | (4,150,223 ) | ||
Class C | 0 | (195,645 ) | ||
Administrator Class | 0 | (174,295 ) | ||
Institutional Class | 0 | (1,889,603 ) | ||
Total distributions to shareholders | 0 | (6,409,766 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 17,339 | 650,598 | 63,025 | 2,218,647 |
Class C | 1,306 | 28,158 | 6,055 | 127,665 |
Administrator Class | 2,227 | 89,185 | 9,490 | 361,614 |
Institutional Class | 111,007 | 4,463,078 | 135,131 | 5,092,101 |
5,231,019 | 7,800,027 | |||
Reinvestment of distributions | ||||
Class A | 0 | 0 | 112,419 | 3,809,379 |
Class C | 0 | 0 | 9,988 | 195,259 |
Administrator Class | 0 | 0 | 4,698 | 170,245 |
Institutional Class | 0 | 0 | 50,473 | 1,831,661 |
0 | 6,006,544 | |||
Payment for shares redeemed | ||||
Class A | (189,317 ) | (6,987,027 ) | (441,224 ) | (15,465,048 ) |
Class C | (21,347 ) | (451,480 ) | (45,504 ) | (928,758 ) |
Administrator Class | (18,074 ) | (722,263 ) | (25,559 ) | (947,722 ) |
Institutional Class | (184,522 ) | (7,317,571 ) | (362,336 ) | (13,572,450 ) |
(15,478,341 ) | (30,913,978 ) | |||
Net decrease in net assets resulting from capital share transactions | (10,247,322 ) | (17,107,407 ) | ||
Total increase (decrease) in net assets | 6,755,422 | (20,295,796 ) | ||
Net assets | ||||
Beginning of period | 131,791,301 | 152,087,097 | ||
End of period | $138,546,723 | $131,791,301 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $32.44 | $33.49 | $54.12 | $36.87 | $39.97 | $39.97 |
Net investment income (loss) | 0.02 1 | (0.05 )1 | (0.10 )1 | (0.22 )1 | (0.10 )1 | 0.18 1 |
Net realized and unrealized gains (losses) on investments | 4.14 | 0.45 | (12.76 ) | 17.47 | (1.29 ) | 3.26 |
Total from investment operations | 4.16 | 0.40 | (12.86 ) | 17.25 | (1.39 ) | 3.44 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.54 ) | (0.03 ) |
Net realized gains | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) |
Total distributions to shareholders | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.71 ) | (3.44 ) |
Net asset value, end of period | $36.60 | $32.44 | $33.49 | $54.12 | $36.87 | $39.97 |
Total return2 | 12.82 % | 1.00 % | (27.48 )% | 46.79 % | (3.81 )% | 9.75 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.56 % | 1.61 % | 1.53 % | 1.49 % | 1.54 % | 1.53 % |
Net expenses | 1.47 % | 1.50 % | 1.52 % | 1.49 % | 1.53 % | 1.53 % |
Net investment income (loss) | 0.08 % | (0.14 )% | (0.25 )% | (0.44 )% | (0.27 )% | 0.47 % |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 15 % | 47 % | 53 % | 65 % | 62 % |
Net assets, end of period (000s omitted) | $90,243 | $85,554 | $97,233 | $152,947 | $113,234 | $141,388 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class C | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $18.59 | $19.92 | $35.63 | $24.46 | $26.68 | $28.02 |
Net investment loss | (0.07 )1 | (0.18 )1 | (0.24 )1 | (0.39 )1 | (0.25 )1 | (0.07 )1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.07 | 0.00 |
Net realized and unrealized gains (losses) on investments | 2.38 | 0.30 | (7.70 ) | 11.56 | (0.87 ) | 2.14 |
Total from investment operations | 2.31 | 0.12 | (7.94 ) | 11.17 | (1.05 ) | 2.07 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) |
Net asset value, end of period | $20.90 | $18.59 | $19.92 | $35.63 | $24.46 | $26.68 |
Total return2 | 12.43 % | 0.24 % | (28.04 )% | 45.67 % | (4.25 )%3 | 8.90 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 2.30 % | 2.36 % | 2.28 % | 2.24 % | 2.29 % | 2.28 % |
Net expenses | 2.22 % | 2.26 % | 2.27 % | 2.24 % | 2.28 % | 2.28 % |
Net investment loss | (0.67 )% | (0.90 )% | (0.99 )% | (1.19 )% | (1.00 )% | (0.26 )% |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 15 % | 47 % | 53 % | 65 % | 62 % |
Net assets, end of period (000s omitted) | $1,841 | $2,010 | $2,741 | $4,704 | $5,576 | $7,567 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Administrator Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $34.73 | $35.72 | $57.15 | $38.90 | $42.06 | $41.90 |
Net investment income (loss) | 0.03 1 | (0.01 )1 | (0.14 )1 | (0.12 ) | (0.05 )1 | 0.25 1 |
Payment from affiliate | 0.00 | 0.00 | 0.00 | 0.00 | 0.03 | 0.00 |
Net realized and unrealized gains (losses) on investments | 4.44 | 0.47 | (13.52 ) | 18.37 | (1.36 ) | 3.42 |
Total from investment operations | 4.47 | 0.46 | (13.66 ) | 18.25 | (1.38 ) | 3.67 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.61 ) | (0.10 ) |
Net realized gains | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) |
Total distributions to shareholders | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.78 ) | (3.51 ) |
Net asset value, end of period | $39.20 | $34.73 | $35.72 | $57.15 | $38.90 | $42.06 |
Total return2 | 12.87 % | 1.11 % | (27.41 )% | 46.92 % | (3.61 )%3 | 9.90 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.49 % | 1.54 % | 1.42 % | 1.41 % | 1.46 % | 1.45 % |
Net expenses | 1.40 % | 1.38 % | 1.39 % | 1.39 % | 1.40 % | 1.40 % |
Net investment income (loss) | 0.15 % | (0.01 )% | (0.30 )% | (0.35 )% | (0.13 )% | 0.63 % |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 15 % | 47 % | 53 % | 65 % | 62 % |
Net assets, end of period (000s omitted) | $3,690 | $3,820 | $4,335 | $28,406 | $20,157 | $24,746 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 2019 | |
Net asset value, beginning of period | $34.84 | $35.75 | $57.05 | $38.74 | $41.92 | $41.80 |
Net investment income (loss) | 0.08 1 | 0.08 1 | 0.02 1 | (0.06 ) | 0.02 | 0.36 |
Net realized and unrealized gains (losses) on investments | 4.46 | 0.46 | (13.55 ) | 18.37 | (1.31 ) | 3.39 |
Total from investment operations | 4.54 | 0.54 | (13.53 ) | 18.31 | (1.29 ) | 3.75 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.72 ) | (0.22 ) |
Net realized gains | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.17 ) | (3.41 ) |
Total distributions to shareholders | 0.00 | (1.45 ) | (7.77 ) | 0.00 | (1.89 ) | (3.63 ) |
Net asset value, end of period | $39.38 | $34.84 | $35.75 | $57.05 | $38.74 | $41.92 |
Total return2 | 13.03 % | 1.34 % | (27.20 )% | 47.26 % | (3.42 )% | 10.17 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.24 % | 1.29 % | 1.19 % | 1.16 % | 1.21 % | 1.20 % |
Net expenses | 1.15 % | 1.15 % | 1.15 % | 1.15 % | 1.15 % | 1.15 % |
Net investment income (loss) | 0.41 % | 0.21 % | 0.06 % | (0.12 )% | 0.11 % | 0.86 % |
Supplemental data | ||||||
Portfolio turnover rate | 10 % | 15 % | 47 % | 53 % | 65 % | 62 % |
Net assets, end of period (000s omitted) | $42,772 | $40,407 | $47,779 | $130,820 | $87,313 | $104,011 |
1 | Calculated based upon average shares outstanding |
2 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $34,934,143 |
Gross unrealized losses | (14,114,895 ) |
Net unrealized gains | $20,819,248 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $504,928 | $4,514,086 | $0 | $5,019,014 |
Belgium | 0 | 1,435,148 | 0 | 1,435,148 |
Canada | 7,578,023 | 0 | 0 | 7,578,023 |
France | 0 | 3,581,803 | 0 | 3,581,803 |
Germany | 0 | 6,456,523 | 0 | 6,456,523 |
Ireland | 731,932 | 0 | 0 | 731,932 |
Italy | 0 | 2,773,801 | 0 | 2,773,801 |
Japan | 0 | 12,329,989 | 0 | 12,329,989 |
Netherlands | 139,748 | 214,508 | 0 | 354,256 |
Norway | 1,500,119 | 0 | 0 | 1,500,119 |
Spain | 0 | 2,619,022 | 0 | 2,619,022 |
Sweden | 0 | 2,578,246 | 0 | 2,578,246 |
Switzerland | 0 | 1,960,590 | 0 | 1,960,590 |
United Kingdom | 2,564,228 | 8,450,370 | 0 | 11,014,598 |
United States | 76,501,326 | 0 | 0 | 76,501,326 |
Short-term investments | ||||
Investment companies | 1,238,673 | 0 | 0 | 1,238,673 |
Total assets | $90,758,977 | $46,914,086 | $0 | $137,673,063 |
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 | 0.20 % |
Class C | 0.20 |
Administrator Class | 0.13 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.47 % |
Class C | 2.22 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR4305 04-24
Allspring Funds
President
Allspring Funds
Notice to Shareholders |
Beginning in July 2024, the Fund will be required by the Securities and Exchange Commission to send shareholders a paper copy of a new tailored shareholder report in place of the full shareholder report that you are now receiving. The tailored shareholder report will contain concise information about the Fund, including certain expense and performance information and fund statistics. If you wish to receive this new tailored shareholder report electronically, please follow the instructions on the back cover of this report. |
Other information that is currently included in the shareholder report, such as the Fund’s financial statements, will be available online and upon request, free of charge, in paper or electronic format. |
Investment objective | The Fund seeks long-term capital appreciation. |
Manager | Allspring Funds Management, LLC |
Subadviser | 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, 2024 | |||||||
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 | -6.95 | 2.18 | -1.28 | 3.42 | 1.61 | 1.38 |
Class C (ACPCX)4 | 6-1-2022 | -2.64 | 2.79 | -1.64 | 2.79 | 2.36 | 2.13 |
Class R6 (WICRX) | 5-31-2019 | – | – | -0.95 | 3.84 | 1.19 | 0.96 |
Institutional Class (WICIX) | 5-31-2019 | – | – | -1.06 | 3.72 | 1.29 | 1.06 |
MSCI ACWI ex USA Index (Net)5 | – | – | – | 9.32 | 6.31 * | – | – |
MSCI World ex USA Small Cap Index (Net)6 | – | – | – | 5.01 | 5.43 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.37% for Class A, 2.12% 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) 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. |
6 | The MSCI World ex USA Small Cap Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed tomeasure the equity market performance of developed markets excluding the U.S. 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, 20241 | |
Spectris PLC | 3.41 |
Alten SA | 2.97 |
Viscofan SA | 2.87 |
MEITEC Group Holdings, Inc. | 2.71 |
Ansell Ltd. | 2.70 |
PrairieSky Royalty Ltd. | 2.59 |
Primo Water Corp. | 2.38 |
Buzzi SpA | 2.36 |
DTS Corp. | 2.31 |
Britvic PLC | 2.25 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Sector allocation as of April 30, 20241 |
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, 20241 |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,136.07 | $7.28 | 1.37 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,018.05 | $6.87 | 1.37 % |
Class C | ||||
Actual | $1,000.00 | $1,134.28 | $8.23 | 1.55 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,017.16 | $7.77 | 1.55 % |
Class R6 | ||||
Actual | $1,000.00 | $1,138.72 | $5.05 | 0.95 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,020.14 | $4.77 | 0.95 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,137.26 | $5.58 | 1.05 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,019.64 | $5.27 | 1.05 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Common stocks: 94.82% | ||||||
Australia: 5.60% | ||||||
Ansell Ltd. (Health care, Health care equipment & supplies) | 317,394 | $5,218,303 | ||||
Bapcor Ltd. (Consumer discretionary, Distributors) | 309,766 | 1,159,852 | ||||
Domino’s Pizza Enterprises Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | 48,979 | 1,235,516 | ||||
Orora Ltd. (Materials, Containers & packaging) | 1,113,599 | 1,560,924 | ||||
Steadfast Group Ltd. (Financials, Insurance) | 451,699 | 1,643,924 | ||||
10,818,519 | ||||||
Austria: 0.53% | ||||||
Mayr Melnhof Karton AG (Materials, Containers & packaging) | 8,592 | 1,028,205 | ||||
Belgium: 2.07% | ||||||
Azelis Group NV (Industrials, Trading companies & distributors) | 73,664 | 1,769,994 | ||||
Barco NV (Information technology, Electronic equipment, instruments & components) | 160,048 | 2,220,345 | ||||
3,990,339 | ||||||
Canada: 10.20% | ||||||
ATS Corp. (Industrials, Machinery)† | 46,840 | 1,540,975 | ||||
Canadian Western Bank (Financials, Banks) | 161,880 | 3,105,547 | ||||
Enerplus Corp. (Energy, Oil, gas & consumable fuels) | 71,500 | 1,399,970 | ||||
Finning International, Inc. (Industrials, Trading companies & distributors) | 83,160 | 2,609,000 | ||||
Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | 41,760 | 1,447,563 | ||||
PrairieSky Royalty Ltd. (Energy, Oil, gas & consumable fuels) | 262,460 | 5,000,781 | ||||
Primo Water Corp. (Consumer staples, Beverages) | 243,825 | 4,597,899 | ||||
19,701,735 | ||||||
France: 3.70% | ||||||
Alten SA (Information technology, IT services) | 48,832 | 5,738,751 | ||||
Metropole Television SA (Communication services, Media) | 100,414 | 1,418,030 | ||||
7,156,781 | ||||||
Germany: 7.03% | ||||||
Cancom SE (Information technology, IT services) | 88,949 | 2,777,528 | ||||
CTS Eventim AG & Co. KGaA (Communication services, Entertainment) | 8,731 | 772,071 | ||||
Gerresheimer AG (Health care, Life sciences tools & services) | 25,734 | 2,771,473 | ||||
Krones AG (Industrials, Machinery) | 27,780 | 3,662,289 | ||||
TAG Immobilien AG (Real estate, Real estate management & development)† | 253,217 | 3,600,155 | ||||
13,583,516 | ||||||
Ireland: 0.57% | ||||||
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | 1,041,104 | 1,101,067 | ||||
Italy: 7.35% | ||||||
Azimut Holding SpA (Financials, Capital markets) | 87,372 | 2,302,466 | ||||
Buzzi SpA (Materials, Construction materials) | 126,625 | 4,562,340 | ||||
De’ Longhi SpA (Consumer discretionary, Household durables) | 58,833 | 1,929,281 |
Shares | Value | |||||
Italy(continued) | ||||||
GVS SpA (Industrials, Machinery)144A† | 334,638 | $1,948,221 | ||||
Interpump Group SpA (Industrials, Machinery) | 79,388 | 3,458,122 | ||||
14,200,430 | ||||||
Japan: 26.87% | ||||||
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | 142,100 | 3,360,983 | ||||
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | 119,660 | 2,274,136 | ||||
DTS Corp. (Information technology, IT services) | 163,800 | 4,468,578 | ||||
Ezaki Glico Co. Ltd. (Consumer staples, Food products) | 45,100 | 1,164,300 | ||||
Fuji Seal International, Inc. (Materials, Containers & packaging) | 171,300 | 2,201,101 | ||||
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | 44,300 | 4,297,946 | ||||
Hoshizaki Corp. (Industrials, Machinery) | 98,000 | 3,376,952 | ||||
Kamigumi Co. Ltd. (Industrials, Transportation infrastructure) | 154,200 | 3,330,039 | ||||
MEITEC Group Holdings, Inc. (Industrials, Professional services) | 280,400 | 5,229,461 | ||||
MISUMI Group, Inc. (Industrials, Machinery) | 112,900 | 1,835,512 | ||||
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | 199,800 | 1,536,485 | ||||
Orix JREIT, Inc. (Real estate, Office REITs) | 3,784 | 3,988,639 | ||||
PHC Holdings Corp. (Health care, Health care equipment & supplies) | 76,100 | 549,050 | ||||
San-A Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | 88,600 | 2,659,007 | ||||
Shimamura Co. Ltd. (Consumer discretionary, Specialty retail) | 43,800 | 2,159,202 | ||||
Sohgo Security Services Co. Ltd. (Industrials, Commercial services & supplies) | 278,700 | 1,550,056 | ||||
Stanley Electric Co. Ltd. (Consumer discretionary, Automobile components) | 191,700 | 3,392,513 | ||||
Sumitomo Warehouse Co. Ltd. (Industrials, Transportation infrastructure) | 137,200 | 2,272,036 | ||||
Taikisha Ltd. (Industrials, Construction & engineering) | 76,700 | 2,262,238 | ||||
51,908,234 | ||||||
Luxembourg: 0.03% | ||||||
Novem Group SA (Consumer discretionary, Automobile components) | 8,890 | 55,217 | ||||
Netherlands: 1.52% | ||||||
Aalberts NV (Industrials, Machinery) | 30,192 | 1,435,502 | ||||
MYT Netherlands Parent BV ADR (Consumer discretionary, Specialty retail)† | 93,702 | 367,312 | ||||
TKH Group NV (Industrials, Electrical equipment)† | 26,478 | 1,140,513 | ||||
2,943,327 | ||||||
Norway: 2.80% | ||||||
Atea ASA (Information technology, IT services) | 166,748 | 2,137,544 | ||||
Elopak ASA (Materials, Containers & packaging) | 238,716 | 724,196 | ||||
SpareBank 1 SMN (Financials, Banks) | 193,199 | 2,539,117 | ||||
5,400,857 | ||||||
Spain: 3.96% | ||||||
Vidrala SA (Materials, Containers & packaging) | 20,133 | 2,117,070 | ||||
Viscofan SA (Consumer staples, Food products) | 87,125 | 5,539,346 | ||||
7,656,416 |
Shares | Value | |||||
Sweden: 2.97% | ||||||
Hexpol AB (Materials, Chemicals) | 201,280 | $2,277,510 | ||||
Loomis AB (Industrials, Commercial services & supplies) | 135,149 | 3,453,969 | ||||
5,731,479 | ||||||
Switzerland: 3.15% | ||||||
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | 12,232 | 2,781,335 | ||||
Bucher Industries AG (Industrials, Machinery) | 5,353 | 2,056,911 | ||||
Montana Aerospace AG (Industrials, Aerospace & defense)144A† | 64,945 | 1,255,129 | ||||
6,093,375 | ||||||
United Kingdom: 16.47% | ||||||
Britvic PLC (Consumer staples, Beverages) | 394,206 | 4,347,199 | ||||
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 779,241 | 3,158,948 | ||||
Elementis PLC (Materials, Chemicals)† | 1,052,464 | 1,850,579 | ||||
IMI PLC (Industrials, Machinery) | 116,124 | 2,529,494 | ||||
Lancashire Holdings Ltd. (Financials, Insurance) | 457,421 | 3,486,580 | ||||
Morgan Advanced Materials PLC (Industrials, Machinery) | 49,261 | 193,280 | ||||
Nomad Foods Ltd. (Consumer staples, Food products) | 162,836 | 2,940,818 | ||||
S4 Capital PLC (Communication services, Media)† | 890,629 | 544,646 | ||||
Spectris PLC (Information technology, Electronic equipment, instruments & components) | 159,256 | 6,587,330 | ||||
SSP Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | 857,236 | 2,097,397 | ||||
Tate & Lyle PLC (Consumer staples, Food products) | 495,149 | 4,077,322 | ||||
31,813,593 | ||||||
Total common stocks (Cost $171,932,050) | 183,183,090 |
Yield | ||||||
Short-term investments: 4.59% | ||||||
Investment companies: 4.59% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 8,860,897 | 8,860,897 | |||
Total short-term investments (Cost $8,860,897) | 8,860,897 | |||||
Total investments in securities (Cost $180,792,947) | 99.41 % | 192,043,987 | ||||
Other assets and liabilities, net | 0.59 | 1,133,905 | ||||
Total net assets | 100.00 % | $193,177,892 |
† | 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 | $7,255,327 | $52,978,194 | $(51,372,624 ) | $0 | $0 | $8,860,897 | 8,860,897 | $197,466 |
Assets | |
Investments in unaffiliated securities, at value (cost $171,932,050) | $183,183,090 |
Investments in affiliated securities, at value (cost $8,860,897) | 8,860,897 |
Foreign currency, at value (cost $51,519) | 51,099 |
Receivable for dividends | 1,057,259 |
Receivable for investments sold | 737,135 |
Receivable for Fund shares sold | 107,991 |
Prepaid expenses and other assets | 159,037 |
Total assets | 194,156,508 |
Liabilities | |
Payable for investments purchased | 666,430 |
Management fee payable | 130,859 |
Custody and accounting fees payable | 110,903 |
Payable for Fund shares redeemed | 31,244 |
Administration fees payable | 14,586 |
Accrued expenses and other liabilities | 24,594 |
Total liabilities | 978,616 |
Total net assets | $193,177,892 |
Net assets consist of | |
Paid-in capital | $195,499,427 |
Total distributable loss | (2,321,535 ) |
Total net assets | $193,177,892 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $135,073 |
Shares outstanding–Class A1 | 12,130 |
Net asset value per share–Class A | $11.14 |
Maximum offering price per share – Class A2 | $11.82 |
Net assets–Class C | $25,711 |
Shares outstanding–Class C1 | 2,310 |
Net asset value per share–Class C | $11.13 |
Net assets–Class R6 | $71,891,828 |
Shares outstanding–Class R61 | 6,456,214 |
Net asset value per share–Class R6 | $11.14 |
Net assets–Institutional Class | $121,125,280 |
Shares outstanding–Institutional Class1 | 10,859,259 |
Net asset value per share–Institutional Class | $11.15 |
Investment income | |
Dividends (net of foreign withholdings taxes of $253,339) | $2,440,946 |
Income from affiliated securities | 197,466 |
Total investment income | 2,638,412 |
Expenses | |
Management fee | 871,917 |
Administration fees | |
Class A | 87 |
Class C | 26 |
Class R6 | 9,740 |
Institutional Class | 77,034 |
Shareholder servicing fees | |
Class A | 109 |
Class C | 30 |
Custody and accounting fees | 61,471 |
Professional fees | 33,584 |
Registration fees | 16,007 |
Shareholder report expenses | 17,422 |
Trustees’ fees and expenses | 11,774 |
Other fees and expenses | 9,668 |
Total expenses | 1,108,869 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (156,003 ) |
Class R6 | (6,861 ) |
Institutional Class | (14,494 ) |
Net expenses | 931,511 |
Net investment income | 1,706,901 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | (4,482,838 ) |
Foreign currency and foreign currency translations | 26,793 |
Forward foreign currency contracts | 1,058 |
Net realized losses on investments | (4,454,987 ) |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 26,382,215 |
Foreign currency and foreign currency translations | (15,480 ) |
Net change in unrealized gains (losses) on investments | 26,366,735 |
Net realized and unrealized gains (losses) on investments | 21,911,748 |
Net increase in net assets resulting from operations | $23,618,649 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $1,706,901 | $2,699,228 | ||
Net realized losses on investments | (4,454,987 ) | (3,484,797 ) | ||
Net change in unrealized gains (losses) on investments | 26,366,735 | 10,633,725 | ||
Net increase in net assets resulting from operations | 23,618,649 | 9,848,156 | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A | (740 ) | (248 ) | ||
Class C | (289 ) | (182 ) | ||
Class R6 | (1,224,530 ) | (1,043,071 ) | ||
Institutional Class | (2,208,165 ) | (1,230,408 ) | ||
Total distributions to shareholders | (3,433,724 ) | (2,273,909 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A | 9,255 | 103,624 | 608 | 6,900 |
Class R6 | 2,753,896 | 31,313,284 | 847,812 | 9,367,003 |
Institutional Class | 2,087,580 | 23,757,967 | 4,194,833 | 45,675,976 |
55,174,875 | 55,049,879 | |||
Reinvestment of distributions | ||||
Class A | 64 | 740 | 24 | 248 |
Class C | 26 | 289 | 17 | 182 |
Class R6 | 63,070 | 726,561 | 64,723 | 665,359 |
Institutional Class | 178,968 | 2,065,291 | 119,457 | 1,230,408 |
2,792,881 | 1,896,197 | |||
Payment for shares redeemed | ||||
Class A | (88 ) | (995 ) | 0 | 0 |
Class R6 | (2,416,943 ) | (27,426,005 ) | (2,333,140 ) | (25,411,660 ) |
Institutional Class | (2,820,006 ) | (31,699,934 ) | (2,826,020 ) | (30,890,167 ) |
(59,126,934 ) | (56,301,827 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (1,159,178 ) | 644,249 | ||
Total increase in net assets | 19,025,747 | 8,218,496 | ||
Net assets | ||||
Beginning of period | 174,152,145 | 165,933,649 | ||
End of period | $193,177,892 | $174,152,145 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | ||
Class A | 2023 | 20221 | |
Net asset value, beginning of period | $9.95 | $9.53 | $11.03 |
Net investment income | 0.12 2 | 0.13 2 | 0.03 |
Net realized and unrealized gains (losses) on investments | 1.24 | 0.40 | (1.53 ) |
Total from investment operations | 1.36 | 0.53 | (1.50 ) |
Distributions to shareholders from | |||
Net investment income | (0.17 ) | (0.11 ) | 0.00 |
Net asset value, end of period | $11.14 | $9.95 | $9.53 |
Total return3 | 13.61 % | 5.52 % | (13.60 )% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.54 % | 1.60 % | 1.60 % |
Net expenses | 1.37 % | 1.37 % | 1.38 % |
Net investment income | 2.08 % | 1.18 % | 0.69 % |
Supplemental data | |||
Portfolio turnover rate | 22 % | 37 % | 26 % |
Net assets, end of period (000s omitted) | $135 | $29 | $22 |
1 | For the period from June 1, 2022 (commencement of class operations) to October 31, 2022 |
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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | ||
Class C | 2023 | 20221 | |
Net asset value, beginning of period | $9.92 | $9.50 | $11.03 |
Net investment income | 0.07 2 | 0.09 2 | 0.00 3 |
Net realized and unrealized gains (losses) on investments | 1.27 | 0.41 | (1.53 ) |
Total from investment operations | 1.34 | 0.50 | (1.53 ) |
Distributions to shareholders from | |||
Net investment income | (0.13 ) | (0.08 ) | 0.00 |
Net asset value, end of period | $11.13 | $9.92 | $9.50 |
Total return4 | 13.43 % | 5.24 % | (13.87 )% |
Ratios to average net assets (annualized) | |||
Gross expenses | 1.55 % | 1.73 % | 2.12 % |
Net expenses | 1.55 % | 1.68 % | 1.96 % |
Net investment income | 1.35 % | 0.83 % | 0.06 % |
Supplemental data | |||
Portfolio turnover rate | 22 % | 37 % | 26 % |
Net assets, end of period (000s omitted) | $26 | $23 | $22 |
1 | For the period from June 1, 2022 (commencement of class operations) to October 31, 2022 |
2 | Calculated based upon average shares outstanding |
3 | Amount is less than $0.005. |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class R6 | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $9.96 | $9.53 | $13.91 | $10.38 | $10.58 | $10.00 |
Net investment income | 0.11 2 | 0.16 2 | 0.20 2 | 0.06 | 0.09 | 0.05 |
Net realized and unrealized gains (losses) on investments | 1.28 | 0.41 | (4.38 ) | 3.56 | (0.03 ) | 0.53 |
Total from investment operations | 1.39 | 0.57 | (4.18 ) | 3.62 | (0.06 ) | 0.58 |
Distributions to shareholders from | ||||||
Net investment income | (0.21 ) | (0.14 ) | (0.07 ) | (0.05 ) | (0.15 ) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.13 ) | (0.04 ) | (0.11 ) | 0.00 |
Total distributions to shareholders | (0.21 ) | (0.14 ) | (0.20 ) | (0.09 ) | (0.26 ) | 0.00 |
Net asset value, end of period | $11.14 | $9.96 | $9.53 | $13.91 | $10.38 | $10.58 |
Total return3 | 13.87 % | 5.96 % | (30.47 )% | 35.04 % | 0.42 % | 5.80 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.14 % | 1.17 % | 1.18 % | 1.68 % | 5.69 % | 7.81 % |
Net expenses | 0.95 % | 0.95 % | 0.95 % | 0.95 % | 0.95 % | 0.95 % |
Net investment income | 1.97 % | 1.50 % | 1.85 % | 0.70 % | 0.93 % | 1.24 % |
Supplemental data | ||||||
Portfolio turnover rate | 22 % | 37 % | 26 % | 19 % | 45 % | 14 % |
Net assets, end of period (000s omitted) | $71,892 | $60,318 | $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. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 2023 | 2022 | 2021 | 2020 | 20191 | |
Net asset value, beginning of period | $9.97 | $9.53 | $13.92 | $10.38 | $10.57 | $10.00 |
Net investment income | 0.10 2 | 0.16 2 | 0.19 2 | 0.13 | 0.08 | 0.05 |
Net realized and unrealized gains (losses) on investments | 1.28 | 0.41 | (4.39 ) | 3.49 | (0.03 ) | 0.52 |
Total from investment operations | 1.38 | 0.57 | (4.20 ) | 3.62 | 0.05 | 0.57 |
Distributions to shareholders from | ||||||
Net investment income | (0.20 ) | (0.13 ) | (0.06 ) | (0.04 ) | (0.13 ) | 0.00 |
Net realized gains | 0.00 | 0.00 | (0.13 ) | (0.04 ) | (0.11 ) | 0.00 |
Total distributions to shareholders | (0.20 ) | (0.13 ) | (0.19 ) | (0.08 ) | (0.24 ) | 0.00 |
Net asset value, end of period | $11.15 | $9.97 | $9.53 | $13.92 | $10.38 | $10.57 |
Total return3 | 13.73 % | 5.89 % | (30.60 )% | 35.00 % | 0.35 % | 5.70 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses | 1.24 % | 1.28 % | 1.26 % | 2.73 % | 5.76 % | 7.91 % |
Net expenses | 1.05 % | 1.05 % | 1.05 % | 1.05 % | 1.05 % | 1.05 % |
Net investment income | 1.80 % | 1.45 % | 1.86 % | 1.00 % | 0.83 % | 1.14 % |
Supplemental data | ||||||
Portfolio turnover rate | 22 % | 37 % | 26 % | 19 % | 45 % | 14 % |
Net assets, end of period (000s omitted) | $121,125 | $113,783 | $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 | $21,684,659 |
Gross unrealized losses | (18,057,013 ) |
Net unrealized gains | $3,627,646 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Australia | $1,159,852 | $9,658,667 | $0 | $10,818,519 |
Austria | 0 | 1,028,205 | 0 | 1,028,205 |
Belgium | 0 | 3,990,339 | 0 | 3,990,339 |
Canada | 19,701,735 | 0 | 0 | 19,701,735 |
France | 0 | 7,156,781 | 0 | 7,156,781 |
Germany | 0 | 13,583,516 | 0 | 13,583,516 |
Ireland | 1,101,067 | 0 | 0 | 1,101,067 |
Italy | 0 | 14,200,430 | 0 | 14,200,430 |
Japan | 0 | 51,908,234 | 0 | 51,908,234 |
Luxembourg | 55,217 | 0 | 0 | 55,217 |
Netherlands | 367,312 | 2,576,015 | 0 | 2,943,327 |
Norway | 2,861,740 | 2,539,117 | 0 | 5,400,857 |
Spain | 0 | 7,656,416 | 0 | 7,656,416 |
Sweden | 0 | 5,731,479 | 0 | 5,731,479 |
Switzerland | 0 | 6,093,375 | 0 | 6,093,375 |
United Kingdom | 11,242,646 | 20,570,947 | 0 | 31,813,593 |
Short-term investments | ||||
Investment companies | 8,860,897 | 0 | 0 | 8,860,897 |
Total assets | $45,350,466 | $146,693,521 | $0 | $192,043,987 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.37 % |
Class C | 2.12 |
Class R6 | 0.95 |
Institutional Class | 1.05 |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
William R. Ebsworth (Born 1957) | Trustee, since 2015 | Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR4338 04-24
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Allspring Funds
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, Kevin Cole, CFA†, Harindra de Silva, Ph.D., CFA |
Average annual total returns (%) as of April 30, 2024 | |||||||||
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 | 2.07 | 4.73 | 4.97 | 8.24 | 5.98 | 5.74 | 3.69 | 2.24 |
Class C (ADSCX)4 | 12-16-2022 | 6.58 | 5.79 | 5.62 | 7.58 | 5.79 | 5.62 | 4.44 | 2.99 |
Class R6 (ASLRX)5 | 12-16-2022 | – | – | – | 8.68 | 6.26 | 5.99 | 3.27 | 1.82 |
Institutional Class (ADMZX)6 | 3-31-2016 | – | – | – | 8.68 | 6.26 | 5.99 | 3.37 | 1.92 |
Russell 3000® Index7 | – | – | – | – | 22.30 | 12.43 | 13.23 * | – | – |
MSCI USA Index (Net) (USD)8 | – | – | – | – | 22.76 | 12.61 | 13.14 * | – | – |
U.S. Long/Short Equity Blended Index9 | – | – | – | – | 14.05 | 7.69 | 7.64 * | – | – |
ICE BofA 3-Month U.S. Treasury Bill Index10 | – | – | – | – | 5.36 | 2.07 | 1.74 * | – | – |
* | Based on the inception date of the oldest Fund class. |
1 | Reflects the expense ratios as stated in the most recent prospectuses, which include the impact of 0.01% in acquired fund fees and expenses. The expense ratios shown are subject to change and may differ from the annualized expense ratios shown in the Financial Highlights of this report, which do not include acquired fund fees and expenses. |
2 | The manager has contractually committed through February 28, 2025, to waive fees and/or reimburse expenses to the extent necessary to cap total annual fund operating expenses after fee waivers at 1.57% for Class A, 2.32% 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 on short positions, 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 December 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 December 16, 2022 is based on the performance of Class I shares of the Fund’s predecessor, 361 Domestic Long/Short Equity Fund. |
6 | Historical performance shown for the Institutional Class shares prior to December 16, 2022 is based on the performance of Class I shares of the Fund’s predecessor, 361 Domestic Long/Short Equity Fund. |
7 | The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. |
† | Mr. Cole became a portfolio manager of the Fund on January 24, 2024. |
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute. |
Footnotes continued from previous page | |
8 | 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. |
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. |
10 | 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 2024. ICE Data Indices, LLC. All rights reserved. |
Ten largest Long Positions (%) as of April 30, 20241 | |
Microsoft Corp. | 2.85 |
Texas Roadhouse, Inc. Class A | 2.17 |
Apple, Inc. | 2.14 |
Arch Capital Group Ltd. | 2.10 |
Clorox Co. | 2.05 |
Murphy USA, Inc. | 2.03 |
NVIDIA Corp. | 1.95 |
EMCOR Group, Inc. | 1.92 |
Colgate-Palmolive Co. | 1.80 |
Amazon.com, Inc. | 1.73 |
1 | Figures represent the percentage of the Fund’s net assets. Holdings are subject to change and may have changed since the date specified. |
Five largest short positions (%) as of April 30, 20241 | |
TFS Financial Corp. | (1.18 ) |
Hayward Holdings, Inc. | (1.07 ) |
MP Materials Corp. | (0.86 ) |
Hasbro, Inc. | (0.84 ) |
RBC Bearings, Inc. | (0.78 ) |
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, 20241 | ||
Long (%) | Short (%) | |
Information technology | 27 | (7 ) |
Consumer discretionary | 13 | (28 ) |
Financials | 13 | (10 ) |
Health care | 13 | (7 ) |
Industrials | 13 | (20 ) |
Consumer staples | 10 | (1 ) |
Communication services | 3 | (5 ) |
Energy | 3 | (3 ) |
Utilities | 3 | (1 ) |
Real estate | 2 | (6 ) |
Materials | 0 | (12 ) |
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 11-1-2023 | Ending account value 4-30-2024 | Expenses paid during the period1 | Annualized net expense ratio | |
Class A | ||||
Actual | $1,000.00 | $1,127.33 | $14.23 | 2.69 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,011.49 | $13.45 | 2.69 % |
Class C | ||||
Actual | $1,000.00 | $1,123.74 | $18.16 | 3.44 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,007.76 | $17.17 | 3.44 % |
Class R6 | ||||
Actual | $1,000.00 | $1,130.56 | $11.92 | 2.25 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.68 | $11.27 | 2.25 % |
Institutional Class | ||||
Actual | $1,000.00 | $1,130.56 | $12.50 | 2.36 % |
Hypothetical (5% return before expenses) | $1,000.00 | $1,013.13 | $11.81 | 2.36 % |
1 | Expenses paid is equal to the annualized net expense ratio of each class multiplied by the average account value over the period, multiplied by 182 divided by 366 (to reflect the one-half-year period). |
Shares | Value | |||||
Long positions: 109.25% Common stocks: 97.12% | ||||||
Communication services: 2.51% | ||||||
Entertainment: 1.18% | ||||||
Spotify Technology SA†# | 980 | $274,831 | ||||
Interactive media & services: 1.33% | ||||||
Alphabet, Inc. Class A†# | 731 | 118,992 | ||||
Alphabet, Inc. Class C†# | 509 | 83,802 | ||||
DHI Group, Inc.†# | 8,181 | 19,143 | ||||
Meta Platforms, Inc. Class A# | 174 | 74,850 | ||||
Outbrain, Inc.†# | 2,838 | 11,494 | ||||
308,281 | ||||||
Consumer discretionary: 12.50% | ||||||
Automobile components: 0.48% | ||||||
Holley, Inc.†# | 2,844 | 11,433 | ||||
Phinia, Inc.# | 2,540 | 99,060 | ||||
110,493 | ||||||
Automobiles: 0.39% | ||||||
Tesla, Inc.†# | 409 | 74,961 | ||||
Thor Industries, Inc.# | 149 | 14,814 | ||||
89,775 | ||||||
Broadline retail: 4.17% | ||||||
Amazon.com, Inc.†# | 2,299 | 402,325 | ||||
Coupang, Inc.†# | 15,187 | 341,708 | ||||
eBay, Inc.# | 4,002 | 206,263 | ||||
Kohl’s Corp.# | 796 | 19,056 | ||||
969,352 | ||||||
Distributors: 1.32% | ||||||
Genuine Parts Co.# | 1,865 | 293,197 | ||||
Pool Corp.# | 34 | 12,326 | ||||
305,523 | ||||||
Diversified consumer services: 0.30% | ||||||
H&R Block, Inc.# | 1,462 | 69,050 | ||||
Hotels, restaurants & leisure: 3.54% | ||||||
Chipotle Mexican Grill, Inc.†# | 101 | 319,119 | ||||
Texas Roadhouse, Inc. Class A# | 3,128 | 502,920 | ||||
822,039 | ||||||
Leisure products: 0.18% | ||||||
JAKKS Pacific, Inc.†# | 2,238 | 42,321 |
Shares | Value | |||||
Specialty retail: 2.12% | ||||||
AutoNation, Inc.†# | 132 | $21,272 | ||||
Murphy USA, Inc.# | 1,139 | 471,341 | ||||
492,613 | ||||||
Consumer staples: 9.70% | ||||||
Beverages: 0.36% | ||||||
Monster Beverage Corp.†# | 204 | 10,904 | ||||
PepsiCo, Inc.# | 416 | 73,178 | ||||
84,082 | ||||||
Consumer staples distribution & retail: 2.00% | ||||||
Costco Wholesale Corp.# | 75 | 54,217 | ||||
Kroger Co.# | 245 | 13,568 | ||||
Walmart, Inc.# | 6,671 | 395,924 | ||||
463,709 | ||||||
Food products: 1.51% | ||||||
Archer-Daniels-Midland Co.# | 1,602 | 93,973 | ||||
Dole PLC# | 10,151 | 123,538 | ||||
Ingredion, Inc.# | 99 | 11,345 | ||||
Pilgrim’s Pride Corp.†# | 451 | 16,245 | ||||
Vital Farms, Inc.†# | 538 | 14,397 | ||||
WK Kellogg Co.# | 3,939 | 91,936 | ||||
351,434 | ||||||
Household products: 5.45% | ||||||
Church & Dwight Co., Inc.# | 382 | 41,214 | ||||
Clorox Co.# | 3,220 | 476,141 | ||||
Colgate-Palmolive Co.# | 4,542 | 417,501 | ||||
Kimberly-Clark Corp.# | 1,274 | 173,939 | ||||
Procter & Gamble Co.# | 964 | 157,325 | ||||
1,266,120 | ||||||
Personal care products: 0.38% | ||||||
Herbalife Ltd.†# | 10,107 | 87,426 | ||||
Energy: 3.41% | ||||||
Energy equipment & services: 0.05% | ||||||
Baker Hughes Co.# | 344 | 11,222 | ||||
Oil, gas & consumable fuels: 3.36% | ||||||
Cheniere Energy, Inc.# | 451 | 71,177 | ||||
CONSOL Energy, Inc.# | 596 | 49,325 | ||||
Dorian LPG Ltd.# | 1,539 | 63,591 | ||||
Excelerate Energy, Inc. Class A# | 2,482 | 41,846 | ||||
Hallador Energy Co.†# | 3,076 | 15,718 | ||||
HF Sinclair Corp.# | 2,067 | 112,135 | ||||
Marathon Petroleum Corp.# | 593 | 107,760 |
Shares | Value | |||||
Oil, gas & consumable fuels(continued) | ||||||
Targa Resources Corp.# | 1,977 | $225,497 | ||||
Valero Energy Corp.# | 587 | 93,844 | ||||
780,893 | ||||||
Financials: 12.31% | ||||||
Banks: 0.65% | ||||||
Bancorp, Inc.†# | 1,572 | 47,066 | ||||
Bank of NT Butterfield & Son Ltd.# | 1,387 | 47,158 | ||||
First Citizens BancShares, Inc. Class A# | 8 | 13,494 | ||||
Northeast Bank# | 832 | 43,031 | ||||
150,749 | ||||||
Capital markets: 1.49% | ||||||
Ameriprise Financial, Inc.# | 33 | 13,589 | ||||
Cboe Global Markets, Inc.# | 937 | 169,738 | ||||
Morningstar, Inc.# | 110 | 31,092 | ||||
Virtu Financial, Inc. Class A# | 2,519 | 54,662 | ||||
XP, Inc. Class A# | 3,758 | 76,926 | ||||
346,007 | ||||||
Consumer finance: 0.80% | ||||||
SLM Corp.# | 8,790 | 186,260 | ||||
Financial services: 3.03% | ||||||
Apollo Global Management, Inc.# | 203 | 22,001 | ||||
Berkshire Hathaway, Inc. Class B†# | 176 | 69,825 | ||||
Corpay, Inc.†# | 53 | 16,013 | ||||
Equitable Holdings, Inc.# | 3,350 | 123,649 | ||||
Jack Henry & Associates, Inc.# | 440 | 71,584 | ||||
NCR Atleos Corp.†# | 9,138 | 182,120 | ||||
Western Union Co.# | 16,194 | 217,647 | ||||
702,839 | ||||||
Insurance: 6.10% | ||||||
Allstate Corp.# | 564 | 95,914 | ||||
Arch Capital Group Ltd.†# | 5,215 | 487,811 | ||||
Hartford Financial Services Group, Inc.# | 403 | 39,047 | ||||
James River Group Holdings Ltd.# | 8,415 | 74,809 | ||||
Kinsale Capital Group, Inc.# | 89 | 32,329 | ||||
Progressive Corp.# | 1,218 | 253,649 | ||||
Reinsurance Group of America, Inc.# | 697 | 130,332 | ||||
Travelers Cos., Inc.# | 631 | 133,873 | ||||
Universal Insurance Holdings, Inc.# | 2,770 | 54,070 | ||||
W R Berkley Corp.# | 762 | 58,651 | ||||
White Mountains Insurance Group Ltd.# | 24 | 42,675 | ||||
Willis Towers Watson PLC# | 50 | 12,557 | ||||
1,415,717 |
Shares | Value | |||||
Mortgage real estate investment trusts (REITs): 0.24% | ||||||
Rithm Capital Corp.# | 5,085 | $56,545 | ||||
Health care: 13.10% | ||||||
Biotechnology: 2.54% | ||||||
ACADIA Pharmaceuticals, Inc.†# | 3,104 | 51,868 | ||||
Arcellx, Inc.†# | 185 | 9,254 | ||||
Catalyst Pharmaceuticals, Inc.†# | 1,390 | 20,920 | ||||
Exelixis, Inc.†# | 1,357 | 31,835 | ||||
Incyte Corp.†# | 7,350 | 382,567 | ||||
Neurocrine Biosciences, Inc.†# | 432 | 59,417 | ||||
Vertex Pharmaceuticals, Inc.†# | 88 | 34,567 | ||||
590,428 | ||||||
Health care equipment & supplies: 0.43% | ||||||
GE HealthCare Technologies, Inc.# | 290 | 22,110 | ||||
Hologic, Inc.†# | 195 | 14,775 | ||||
ICU Medical, Inc.†# | 272 | 26,634 | ||||
Tactile Systems Technology, Inc.†# | 1,642 | 22,611 | ||||
UFP Technologies, Inc.†# | 62 | 12,768 | ||||
98,898 | ||||||
Health care providers & services: 4.69% | ||||||
Cardinal Health, Inc.# | 1,754 | 180,732 | ||||
Cencora, Inc.# | 634 | 151,558 | ||||
Centene Corp.†# | 1,412 | 103,161 | ||||
Cigna Group# | 374 | 133,533 | ||||
CVS Health Corp.# | 1,346 | 91,138 | ||||
Elevance Health, Inc.# | 71 | 37,529 | ||||
Humana, Inc.# | 1,050 | 317,194 | ||||
Molina Healthcare, Inc.†# | 177 | 60,552 | ||||
Universal Health Services, Inc. Class B# | 73 | 12,441 | ||||
1,087,838 | ||||||
Life sciences tools & services: 1.10% | ||||||
Medpace Holdings, Inc.†# | 658 | 255,534 | ||||
Pharmaceuticals: 4.34% | ||||||
Amphastar Pharmaceuticals, Inc.†# | 322 | 13,283 | ||||
Amylyx Pharmaceuticals, Inc.†# | 21,508 | 38,929 | ||||
Bristol-Myers Squibb Co.# | 5,440 | 239,034 | ||||
Eli Lilly & Co.# | 345 | 269,479 | ||||
Merck & Co., Inc.# | 1,265 | 163,463 | ||||
Pfizer, Inc.# | 2,146 | 54,981 | ||||
Phibro Animal Health Corp. Class A# | 3,153 | 52,655 | ||||
Royalty Pharma PLC Class A# | 2,554 | 70,746 | ||||
Viatris, Inc.# | 9,054 | 104,755 | ||||
1,007,325 |
Shares | Value | |||||
Industrials: 13.10% | ||||||
Aerospace & defense: 1.21% | ||||||
General Dynamics Corp.# | 271 | $77,802 | ||||
General Electric Co.# | 165 | 26,700 | ||||
Huntington Ingalls Industries, Inc.# | 495 | 137,080 | ||||
Lockheed Martin Corp.# | 84 | 39,054 | ||||
280,636 | ||||||
Building products: 2.73% | ||||||
Builders FirstSource, Inc.†# | 1,356 | 247,904 | ||||
Owens Corning# | 2,300 | 386,883 | ||||
634,787 | ||||||
Construction & engineering: 2.38% | ||||||
Argan, Inc.# | 231 | 13,920 | ||||
EMCOR Group, Inc.# | 1,249 | 446,105 | ||||
IES Holdings, Inc.†# | 691 | 93,368 | ||||
553,393 | ||||||
Electrical equipment: 0.48% | ||||||
GE Vernova, Inc.†# | 75 | 11,528 | ||||
Vertiv Holdings Co.# | 1,066 | 99,138 | ||||
110,666 | ||||||
Machinery: 2.48% | ||||||
AGCO Corp.# | 111 | 12,675 | ||||
Allison Transmission Holdings, Inc.# | 3,544 | 260,661 | ||||
CNH Industrial NV†# | 1,188 | 13,543 | ||||
Donaldson Co., Inc.# | 2,003 | 144,617 | ||||
Hyster-Yale Materials Handling, Inc.# | 1,261 | 73,857 | ||||
ITT, Inc.# | 379 | 49,020 | ||||
PACCAR, Inc.# | 193 | 20,479 | ||||
574,852 | ||||||
Professional services: 2.22% | ||||||
Booz Allen Hamilton Holding Corp.# | 275 | 40,609 | ||||
CACI International, Inc. Class A†# | 275 | 110,613 | ||||
FTI Consulting, Inc.†# | 354 | 75,696 | ||||
Leidos Holdings, Inc.# | 1,361 | 190,839 | ||||
ManpowerGroup, Inc.# | 470 | 35,462 | ||||
Science Applications International Corp.# | 477 | 61,390 | ||||
514,609 | ||||||
Trading companies & distributors: 1.60% | ||||||
Core & Main, Inc. Class A†# | 2,570 | 145,128 | ||||
WESCO International, Inc.# | 1,034 | 157,944 | ||||
WW Grainger, Inc.# | 75 | 69,101 | ||||
372,173 |
Shares | Value | |||||
Information technology: 25.83% | ||||||
Communications equipment: 1.80% | ||||||
Arista Networks, Inc.†# | 1,090 | $279,650 | ||||
Motorola Solutions, Inc.# | 410 | 139,052 | ||||
418,702 | ||||||
Electronic equipment, instruments & components: 1.40% | ||||||
Arrow Electronics, Inc.†# | 725 | 92,561 | ||||
Avnet, Inc.# | 1,570 | 76,726 | ||||
Daktronics, Inc.†# | 2,868 | 27,102 | ||||
Jabil, Inc.# | 474 | 55,629 | ||||
Vontier Corp.# | 1,762 | 71,590 | ||||
323,608 | ||||||
IT services: 3.66% | ||||||
Accenture PLC Class A# | 300 | 90,273 | ||||
Amdocs Ltd.# | 656 | 55,097 | ||||
Cognizant Technology Solutions Corp. Class A# | 2,544 | 167,090 | ||||
DXC Technology Co.†# | 5,046 | 98,347 | ||||
Gartner, Inc.†# | 228 | 94,070 | ||||
GoDaddy, Inc. Class A†# | 2,820 | 345,112 | ||||
849,989 | ||||||
Semiconductors & semiconductor equipment: 8.75% | ||||||
Allegro MicroSystems, Inc.†# | 837 | 24,851 | ||||
Applied Materials, Inc.# | 233 | 46,285 | ||||
Broadcom, Inc.# | 11 | 14,303 | ||||
Cirrus Logic, Inc.†# | 2,897 | 256,587 | ||||
Credo Technology Group Holding Ltd.†# | 5,089 | 90,940 | ||||
First Solar, Inc.†# | 67 | 11,812 | ||||
inTEST Corp.†# | 9,534 | 107,448 | ||||
Microchip Technology, Inc.# | 1,980 | 182,120 | ||||
Monolithic Power Systems, Inc.# | 435 | 291,159 | ||||
NVE Corp.# | 134 | 10,908 | ||||
NVIDIA Corp.# | 525 | 453,610 | ||||
Photronics, Inc.†# | 4,211 | 115,424 | ||||
Qorvo, Inc.†# | 1,462 | 170,820 | ||||
QUALCOMM, Inc.# | 909 | 150,758 | ||||
Rambus, Inc.†# | 194 | 10,635 | ||||
Skyworks Solutions, Inc.# | 329 | 35,068 | ||||
SMART Global Holdings, Inc.†# | 3,203 | 58,519 | ||||
2,031,247 | ||||||
Software: 7.05% | ||||||
Adeia, Inc.# | 1,945 | 19,139 | ||||
Cadence Design Systems, Inc.†# | 160 | 44,101 | ||||
Elastic NV†# | 439 | 44,875 | ||||
Gen Digital, Inc.# | 3,000 | 60,420 | ||||
Gitlab, Inc. Class A†# | 859 | 45,072 | ||||
Microsoft Corp.# | 1,697 | 660,693 |
Shares | Value | |||||
Software(continued) | ||||||
Oracle Corp.# | 868 | $98,735 | ||||
Palantir Technologies, Inc. Class A†# | 1,923 | 42,248 | ||||
Pegasystems, Inc.# | 782 | 46,466 | ||||
Rimini Street, Inc.†# | 8,011 | 21,309 | ||||
ServiceNow, Inc.†# | 65 | 45,066 | ||||
Smartsheet, Inc. Class A†# | 4,549 | 172,089 | ||||
Synopsys, Inc.†# | 29 | 15,387 | ||||
Teradata Corp.†# | 6,090 | 225,939 | ||||
UiPath, Inc. Class A†# | 5,025 | 95,324 | ||||
1,636,863 | ||||||
Technology hardware, storage & peripherals: 3.17% | ||||||
Apple, Inc.# | 2,918 | 497,023 | ||||
Hewlett Packard Enterprise Co.# | 750 | 12,750 | ||||
HP, Inc.# | 2,543 | 71,433 | ||||
NetApp, Inc.# | 759 | 77,577 | ||||
Pure Storage, Inc. Class A†# | 214 | 10,786 | ||||
Super Micro Computer, Inc.†# | 76 | 65,269 | ||||
734,838 | ||||||
Materials: 0.19% | ||||||
Construction materials: 0.19% | ||||||
Eagle Materials, Inc.# | 178 | 44,626 | ||||
Real estate: 1.84% | ||||||
Real estate management & development: 0.65% | ||||||
CBRE Group, Inc. Class A†# | 784 | 68,122 | ||||
Forestar Group, Inc.†# | 356 | 11,032 | ||||
Jones Lang LaSalle, Inc.†# | 334 | 60,354 | ||||
RMR Group, Inc. Class A# | 500 | 11,860 | ||||
151,368 | ||||||
Residential REITs : 0.62% | ||||||
Apartment Income REIT Corp.# | 3,759 | 144,271 | ||||
Specialized REITs : 0.57% | ||||||
Rayonier, Inc.# | 2,438 | 72,311 | ||||
Weyerhaeuser Co.# | 1,977 | 59,646 | ||||
131,957 | ||||||
Utilities: 2.63% | ||||||
Electric utilities: 1.67% | ||||||
Genie Energy Ltd. Class B# | 657 | 10,045 | ||||
NRG Energy, Inc.# | 1,964 | 142,724 | ||||
PG&E Corp.# | 13,765 | 235,519 | ||||
388,288 | ||||||
Gas utilities: 0.91% | ||||||
National Fuel Gas Co.# | 3,957 | 210,117 |
Shares | Value | |||||
Independent power and renewable electricity producers: 0.05% | ||||||
Vistra Corp.# | 159 | $12,059 | ||||
Total common stocks (Cost $20,542,185) | 22,546,353 |
Yield | ||||||
Short-term investments: 12.13% | ||||||
Investment companies: 12.13% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.23 % | 2,815,349 | 2,815,349 | |||
Total short-term investments (Cost $2,815,349) | 2,815,349 | |||||
Total investments in securities (Cost $23,357,534) | 109.25 % | 25,361,702 |
Securities sold short: (27.95)% | ||||||
Common stocks: (27.95)% | ||||||
Communication services: (1.28)% | ||||||
Diversified telecommunication services: (0.08)% | ||||||
AST SpaceMobile, Inc. | (8,257 ) | (18,248 ) | ||||
Entertainment: (0.85)% | ||||||
AMC Entertainment Holdings, Inc. Class A | (19,383 ) | (56,792 ) | ||||
Roblox Corp. Class A | (3,571 ) | (126,985 ) | ||||
Roku, Inc. | (234 ) | (13,492 ) | ||||
(197,269 ) | ||||||
Interactive media & services: (0.27)% | ||||||
Match Group, Inc. | (665 ) | (20,495 ) | ||||
ZoomInfo Technologies, Inc. | (2,718 ) | (43,108 ) | ||||
(63,603 ) | ||||||
Media: (0.08)% | ||||||
Cardlytics, Inc. | (1,487 ) | (18,216 ) | ||||
Consumer discretionary: (7.68)% | ||||||
Automobile components: (0.69)% | ||||||
QuantumScape Corp. | (29,772 ) | (161,364 ) | ||||
Automobiles: (0.59)% | ||||||
Lucid Group, Inc. | (28,287 ) | (72,132 ) | ||||
Rivian Automotive, Inc. Class A | (7,355 ) | (65,459 ) | ||||
(137,591 ) | ||||||
Hotels, restaurants & leisure: (1.46)% | ||||||
Airbnb, Inc. Class A | (204 ) | (32,348 ) | ||||
Caesars Entertainment, Inc. | (1,160 ) | (41,551 ) | ||||
Carnival Corp. | (2,575 ) | (38,162 ) | ||||
Churchill Downs, Inc. | (308 ) | (39,732 ) | ||||
Penn Entertainment, Inc. | (609 ) | (10,073 ) |
Shares | Value | |||||
Hotels, restaurants & leisure(continued) | ||||||
Planet Fitness, Inc. Class A | (2,190 ) | $(131,050 ) | ||||
Red Robin Gourmet Burgers, Inc. | (5,975 ) | (45,111 ) | ||||
(338,027 ) | ||||||
Household durables: (1.65)% | ||||||
iRobot Corp. | (5,807 ) | (49,708 ) | ||||
Leggett & Platt, Inc. | (5,337 ) | (96,440 ) | ||||
Newell Brands, Inc. | (10,070 ) | (79,956 ) | ||||
Purple Innovation, Inc. | (22,177 ) | (33,709 ) | ||||
Traeger, Inc. | (4,613 ) | (9,918 ) | ||||
Whirlpool Corp. | (1,205 ) | (114,306 ) | ||||
(384,037 ) | ||||||
Leisure products: (1.09)% | ||||||
Clarus Corp. | (2,412 ) | (15,268 ) | ||||
Funko, Inc. Class A | (5,448 ) | (33,178 ) | ||||
Hasbro, Inc. | (3,194 ) | (195,792 ) | ||||
Peloton Interactive, Inc. Class A | (2,887 ) | (8,979 ) | ||||
(253,217 ) | ||||||
Specialty retail: (1.43)% | ||||||
EVgo, Inc. | (35,908 ) | (64,993 ) | ||||
GameStop Corp. Class A | (8,364 ) | (92,757 ) | ||||
GrowGeneration Corp. | (15,538 ) | (46,459 ) | ||||
RH | (514 ) | (126,984 ) | ||||
(331,193 ) | ||||||
Textiles, apparel & luxury goods: (0.77)% | ||||||
Birkenstock Holding PLC | (2,031 ) | (90,928 ) | ||||
Figs, Inc. Class A | (12,806 ) | (65,439 ) | ||||
VF Corp. | (1,747 ) | (21,767 ) | ||||
(178,134 ) | ||||||
Consumer staples: (0.37)% | ||||||
Consumer staples distribution & retail : (0.10)% | ||||||
Walgreens Boots Alliance, Inc. | (1,353 ) | (23,989 ) | ||||
Household products: (0.05)% | ||||||
Spectrum Brands Holdings, Inc. | (138 ) | (11,298 ) | ||||
Personal care products: (0.22)% | ||||||
Beauty Health Co. | (15,891 ) | (51,328 ) | ||||
Energy: (0.95)% | ||||||
Energy equipment & services: (0.04)% | ||||||
SEACOR Marine Holdings, Inc. | (801 ) | (9,788 ) | ||||
Oil, gas & consumable fuels: (0.91)% | ||||||
HighPeak Energy, Inc. | (847 ) | (12,036 ) |
Shares | Value | |||||
Oil, gas & consumable fuels(continued) | ||||||
Range Resources Corp. | (3,439 ) | $(123,495 ) | ||||
Vitesse Energy, Inc. | (3,332 ) | (73,937 ) | ||||
(209,468 ) | ||||||
Financials: (2.93)% | ||||||
Banks: (1.93)% | ||||||
PNC Financial Services Group, Inc. | (263 ) | (40,307 ) | ||||
Prosperity Bancshares, Inc. | (1,968 ) | (121,957 ) | ||||
TFS Financial Corp. | (22,844 ) | (274,357 ) | ||||
Truist Financial Corp. | (315 ) | (11,828 ) | ||||
(448,449 ) | ||||||
Capital markets: (0.13)% | ||||||
Coinbase Global, Inc. Class A | (150 ) | (30,589 ) | ||||
Consumer finance: (0.13)% | ||||||
Upstart Holdings, Inc. | (1,313 ) | (29,057 ) | ||||
Financial services: (0.42)% | ||||||
Affirm Holdings, Inc. | (3,026 ) | (96,469 ) | ||||
Insurance: (0.21)% | ||||||
F&G Annuities & Life, Inc. | (1,314 ) | (49,695 ) | ||||
Mortgage real estate investment trusts (REITs): (0.11)% | ||||||
AGNC Investment Corp. | (2,766 ) | (25,309 ) | ||||
Health care: (1.92)% | ||||||
Biotechnology: (0.92)% | ||||||
ACELYRIN, Inc. | (1,398 ) | (5,844 ) | ||||
Bioxcel Therapeutics, Inc. | (11,279 ) | (28,423 ) | ||||
Genelux Corp. | (2,855 ) | (8,879 ) | ||||
Gritstone bio, Inc. | (11,889 ) | (9,511 ) | ||||
IGM Biosciences, Inc. | (1,888 ) | (18,182 ) | ||||
ImmunityBio, Inc. | (2,480 ) | (19,815 ) | ||||
Inozyme Pharma, Inc. | (2,729 ) | (12,035 ) | ||||
Kodiak Sciences, Inc. | (2,796 ) | (8,975 ) | ||||
Novavax, Inc. | (15,409 ) | (66,721 ) | ||||
Sana Biotechnology, Inc. | (3,881 ) | (34,929 ) | ||||
(213,314 ) | ||||||
Health care equipment & supplies: (0.48)% | ||||||
Beyond Air, Inc. | (4,013 ) | (4,334 ) | ||||
Cutera, Inc. | (17,217 ) | (41,665 ) | ||||
Novocure Ltd. | (4,385 ) | (53,673 ) | ||||
Tandem Diabetes Care, Inc. | (342 ) | (12,548 ) | ||||
(112,220 ) |
Shares | Value | |||||
Health care providers & services: (0.41)% | ||||||
Accolade, Inc. | (5,976 ) | $(45,597 ) | ||||
Nano-X Imaging Ltd. | (5,484 ) | (49,136 ) | ||||
(94,733 ) | ||||||
Health care technology: (0.11)% | ||||||
Certara, Inc. | (672 ) | (11,498 ) | ||||
OptimizeRx Corp. | (1,396 ) | (14,239 ) | ||||
(25,737 ) | ||||||
Industrials: (5.61)% | ||||||
Aerospace & defense: (1.58)% | ||||||
AeroVironment, Inc. | (140 ) | (22,370 ) | ||||
HEICO Corp. | (700 ) | (145,180 ) | ||||
Mercury Systems, Inc. | (508 ) | (14,326 ) | ||||
Rocket Lab USA, Inc. | (21,697 ) | (81,581 ) | ||||
RTX Corp. | (344 ) | (34,923 ) | ||||
TransDigm Group, Inc. | (22 ) | (27,457 ) | ||||
Triumph Group, Inc. | (2,241 ) | (29,940 ) | ||||
Virgin Galactic Holdings, Inc. | (11,389 ) | (9,909 ) | ||||
(365,686 ) | ||||||
Building products: (1.07)% | ||||||
Hayward Holdings, Inc. | (18,350 ) | (249,193 ) | ||||
Commercial services & supplies: (0.15)% | ||||||
Performant Financial Corp. | (12,926 ) | (34,383 ) | ||||
Electrical equipment: (0.41)% | ||||||
Plug Power, Inc. | (41,318 ) | (95,445 ) | ||||
Ground transportation: (0.18)% | ||||||
Avis Budget Group, Inc. | (158 ) | (15,081 ) | ||||
U-Haul Holding Co. | (409 ) | (25,861 ) | ||||
(40,942 ) | ||||||
Machinery: (1.10)% | ||||||
RBC Bearings, Inc. | (742 ) | (181,456 ) | ||||
Stanley Black & Decker, Inc. | (443 ) | (40,490 ) | ||||
Xylem, Inc. | (254 ) | (33,198 ) | ||||
(255,144 ) | ||||||
Professional services: (0.35)% | ||||||
Clarivate PLC | (7,447 ) | (50,342 ) | ||||
Dayforce, Inc. | (517 ) | (31,728 ) | ||||
(82,070 ) | ||||||
Trading companies & distributors: (0.77)% | ||||||
Air Lease Corp. | (3,544 ) | (178,050 ) |
Shares | Value | |||||
Information technology: (2.01)% | ||||||
Communications equipment: (0.37)% | ||||||
Ubiquiti, Inc. | (803 ) | $(86,387 ) | ||||
Electronic equipment, instruments & components: (0.21)% | ||||||
908 Devices, Inc. | (4,758 ) | (27,121 ) | ||||
Aeva Technologies, Inc. | (4,672 ) | (14,577 ) | ||||
MicroVision, Inc. | (4,230 ) | (6,133 ) | ||||
(47,831 ) | ||||||
Semiconductors & semiconductor equipment: (0.76)% | ||||||
Atomera, Inc. | (10,467 ) | (48,567 ) | ||||
Enphase Energy, Inc. | (1,178 ) | (128,119 ) | ||||
(176,686 ) | ||||||
Software: (0.67)% | ||||||
Bill Holdings, Inc. | (251 ) | (15,652 ) | ||||
C3.ai, Inc. Class A | (625 ) | (14,081 ) | ||||
Confluent, Inc. Class A | (2,467 ) | (69,372 ) | ||||
Digimarc Corp. | (309 ) | (6,532 ) | ||||
SoundHound AI, Inc. Class A | (1,831 ) | (7,764 ) | ||||
Unity Software, Inc. | (1,752 ) | (42,521 ) | ||||
(155,922 ) | ||||||
Materials: (3.40)% | ||||||
Chemicals: (1.42)% | ||||||
Aspen Aerogels, Inc. | (3,165 ) | (49,564 ) | ||||
Element Solutions, Inc. | (2,983 ) | (68,997 ) | ||||
International Flavors & Fragrances, Inc. | (925 ) | (78,301 ) | ||||
Intrepid Potash, Inc. | (3,518 ) | (70,782 ) | ||||
LSB Industries, Inc. | (2,419 ) | (22,497 ) | ||||
PureCycle Technologies, Inc. | (8,641 ) | (40,353 ) | ||||
(330,494 ) | ||||||
Containers & packaging: (0.67)% | ||||||
Ardagh Metal Packaging SA | (39,076 ) | (154,350 ) | ||||
Metals & mining: (1.31)% | ||||||
Ivanhoe Electric, Inc. | (7,582 ) | (76,578 ) | ||||
MP Materials Corp. | (12,527 ) | (200,432 ) | ||||
Newmont Corp. | (688 ) | (27,961 ) | ||||
(304,971 ) | ||||||
Real estate: (1.61)% | ||||||
Health care REITs: (0.33)% | ||||||
Medical Properties Trust, Inc. | (16,552 ) | (76,139 ) | ||||
Industrial REITs : (0.06)% | ||||||
Rexford Industrial Realty, Inc. | (325 ) | (13,913 ) |
Shares | Value | |||||
Real estate management & development: (0.87)% | ||||||
Howard Hughes Holdings, Inc. | (406 ) | $(26,455 ) | ||||
Zillow Group, Inc. Class A | (1,295 ) | (54,390 ) | ||||
Zillow Group, Inc. Class C | (2,849 ) | (121,282 ) | ||||
(202,127 ) | ||||||
Retail REITs : (0.35)% | ||||||
Realty Income Corp. | (1,499 ) | (80,257 ) | ||||
Utilities: (0.19)% | ||||||
Independent power and renewable electricity producers: (0.19)% | ||||||
AES Corp. | (1,813 ) | (32,452 ) | ||||
Brookfield Renewable Corp. Class A | (520 ) | (12,085 ) | ||||
(44,537 ) | ||||||
Total common stocks (Cost $(7,076,276)) | (6,486,869 ) | |||||
Total securities sold short (proceeds $(7,076,276)) | (27.95 )% | (6,486,869 ) | ||||
Other assets and liabilities, net | 18.70 | 4,340,050 | ||||
Total net assets | 100.00 % | $23,214,883 |
† | 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 | $1,457,821 | $3,608,079 | $(2,250,551 ) | $0 | $0 | $2,815,349 | 2,815,349 | $57,485 |
Assets | |
Investments in unaffiliated securities, at value (cost $20,542,185) | $22,546,353 |
Investments in affiliated securities, at value (cost $2,815,349) | 2,815,349 |
Cash deposited with brokers for securities sold short | 6,486,615 |
Receivable for dividends | 26,539 |
Prepaid expenses and other assets | 110,688 |
Total assets | 31,985,544 |
Liabilities | |
Securities sold short, at value (proceeds $7,076,276) | 6,486,869 |
Payable for borrowing on margin loan | 2,241,972 |
Payable for interest expense on margin loan | 11,900 |
Payable for dividends on securities sold short | 6,156 |
Administration fees payable | 5,146 |
Management fee payable | 4,871 |
Distribution fees payable | 12 |
Accrued expenses and other liabilities | 13,735 |
Total liabilities | 8,770,661 |
Total net assets | $23,214,883 |
Net assets consist of | |
Paid-in capital | $21,174,814 |
Total distributable earnings | 2,040,069 |
Total net assets | $23,214,883 |
Computation of net asset value and offering price per share | |
Net assets–Class A | $250,056 |
Shares outstanding–Class A1 | 31,716 |
Net asset value per share–Class A | $7.88 |
Maximum offering price per share – Class A2 | $8.36 |
Net assets–Class C | $26,743 |
Shares outstanding–Class C1 | 3,425 |
Net asset value per share–Class C | $7.81 |
Net assets–Class R6 | $217,193 |
Shares outstanding–Class R61 | 26,667 |
Net asset value per share–Class R6 | $8.14 |
Net assets–Institutional Class | $22,720,891 |
Shares outstanding–Institutional Class1 | 2,792,017 |
Net asset value per share–Institutional Class | $8.14 |
Investment income | |
Dividends (net of foreign withholdings taxes of $113) | $217,331 |
Interest and rebate income | 94,337 |
Income from affiliated securities | 57,485 |
Total investment income | 369,153 |
Expenses | |
Management fee | 124,929 |
Administration fees | |
Class A | 284 |
Class C | 26 |
Class R6 | 31 |
Institutional Class | 14,429 |
Shareholder servicing fees | |
Class A | 355 |
Class C | 32 |
Distribution fees | |
Class C | 8 |
Custody and accounting fees | 459 |
Professional fees | 53,211 |
Registration fees | 22,049 |
Shareholder report expenses | 9,378 |
Trustees’ fees and expenses | 12,630 |
Interest expense | 64,928 |
Dividends on securities sold short | 60,735 |
Other fees and expenses | 5,017 |
Total expenses | 368,501 |
Less: Fee waivers and/or expense reimbursements | |
Fund-level | (100,367 ) |
Class A | (13 ) |
Class R6 | (5 ) |
Net expenses | 268,116 |
Net investment income | 101,037 |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
Unaffiliated securities | 1,164,069 |
Securities sold short | (831,886 ) |
Net realized gains on investments | 332,183 |
Net change in unrealized gains (losses) on | |
Unaffiliated securities | 2,748,744 |
Securities sold short | (425,025 ) |
Net change in unrealized gains (losses) on investments | 2,323,719 |
Net realized and unrealized gains (losses) on investments | 2,655,902 |
Net increase in net assets resulting from operations | $2,756,939 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31, 2023 | |||
Operations | ||||
Net investment income | $101,037 | $139,199 | ||
Net realized gains (losses) on investments | 332,183 | (908,555 ) | ||
Net change in unrealized gains (losses) on investments | 2,323,719 | 178,113 | ||
Net increase (decrease) in net assets resulting from operations | 2,756,939 | (591,243 ) | ||
Distributions to shareholders from | ||||
Net investment income and net realized gains | ||||
Class A1 | 0 | (192,954 ) | ||
Institutional Class1 | 0 | (470,344 ) | ||
Total distributions to shareholders | 0 | (663,298 ) | ||
Capital share transactions | Shares | Shares | ||
Proceeds from shares sold | ||||
Class A1 | 1,405 | 11,095 | 9,202 | 70,865 |
Class C | 0 | 0 | 3,425 2 | 25,000 2 |
Class R6 | 0 | 0 | 26,667 2 | 200,000 2 |
Institutional Class1 | 10,020 | 78,506 | 2,863,944 | 21,278,877 |
89,601 | 21,574,742 | |||
Reinvestment of distributions | ||||
Class A1 | 0 | 0 | 23,346 | 169,957 |
Institutional Class1 | 0 | 0 | 61,598 | 460,755 |
0 | 630,712 | |||
Payment for shares redeemed | ||||
Class A1 | (13,560 ) | (102,867 ) | (198,726 ) | (1,483,421 ) |
Institutional Class1 | (124,264 ) | (980,340 ) | (441,376 ) | (3,324,404 ) |
(1,083,207 ) | (4,807,825 ) | |||
Net increase (decrease) in net assets resulting from capital share transactions | (993,606 ) | 17,397,629 | ||
Total increase in net assets | 1,763,333 | 16,143,088 | ||
Net assets | ||||
Beginning of period | 21,451,550 | 5,308,462 | ||
End of period | $23,214,883 | $21,451,550 |
Cash flows from operating activities | |
Net increase in net assets resulting from operations | $2,756,939 |
Adjustments to reconcile net increase in net assets from operations to net cash used in operating activities | |
Purchases of long-term securities | (32,851,285 ) |
Proceeds from the sales of long-term securities | 35,046,456 |
Proceeds from securities sold short | 11,557,085 |
Purchases to cover short securities | (12,375,325 ) |
Purchases and sales of short-term securities, net | (1,357,528 ) |
Increase in receivable for dividends | (5,690 ) |
Decrease in receivable from manager | 20,840 |
Decrease in prepaid expenses and other assets | 59 |
Increase in management fee payable | 4,871 |
Increase in administration fee payable | 107 |
Increase in distribution fees payable | 7 |
Increase in payable for dividends on securities sold short | 3,931 |
Increase in payable for interest expense on margin loan | 5,548 |
Increase in accrued expenses and other liabilities | 10,951 |
Net realized gains on unaffiliated securities | (1,164,069 ) |
Net realized losses on securities sold short | 831,886 |
Net change in unrealized gains (losses) on unaffiliated securities | (2,748,744 ) |
Net change in unrealized gains (losses) on securities sold short | 425,025 |
Net cash provided by operating activities | 161,064 |
Cash flows from financing activities | |
Increase in margin loan borrowings, net | 1,274,202 |
Proceeds from shares sold | 89,601 |
Cost of shares redeemed | (1,086,450 ) |
Net cash provided in financing activities | 277,353 |
Net increase in cash | 438,417 |
Cash | |
Beginning of period | 6,048,198 |
End of period | $6,486,615 |
Supplemental cash disclosure | |
Cash paid for dividends on securities sold short | $56,804 |
Cash paid for interest expense | 59,380 |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Class A | 20231,2 | 20221 | 20211 | 20201 | 20191 | |
Net asset value, beginning of period | $6.99 | $8.27 | $11.25 | $10.51 | $10.56 | $10.96 |
Net investment income (loss) | 0.02 3 | 0.04 3 | (0.08 )3 | (0.14 )3 | (0.11 )3 | (0.03 )3 |
Net realized and unrealized gains (losses) on investments | 0.87 | (0.16 ) | 0.52 | 1.32 | 0.46 | 0.40 |
Total from investment operations | 0.89 | (0.12 ) | 0.44 | 1.18 | 0.35 | 0.37 |
Distributions to shareholders from | ||||||
Net realized gains | 0.00 | (1.16 ) | (3.42 ) | (0.44 ) | (0.40 ) | (0.77 ) |
Net asset value, end of period | $7.88 | $6.99 | $8.27 | $11.25 | $10.51 | $10.56 |
Total return4 | 12.73 % | (2.00 )% | 3.95 % | 11.75 % | 3.43 % | 3.88 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 3.58 % | 6.21 % | 6.00 % | 4.80 % | 3.27 % | 3.06 % |
Net expenses* | 2.69 % | 2.23 % | 2.21 % | 2.97 % | 2.69 % | 2.83 % |
Net investment income (loss)* | 0.62 % | 0.47 % | (0.90 )% | (1.36 )% | (1.07 )% | (0.26 )% |
Supplemental data | ||||||
Portfolio turnover rate | 146 % | 322 % | 418 % | 479 % | 538 % | 332 % |
Net assets, end of period (000s omitted) | $250 | $307 | $1,737 | $2,349 | $2,631 | $656 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 1.10% |
Year ended October 31, 20231 | 0.70% |
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% |
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 | Beginning with the year ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
3 | Calculated based upon average shares outstanding |
4 | Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |
Class C | 20231 | |
Net asset value, beginning of period | $6.95 | $7.30 |
Net investment loss | (0.01 )2 | (0.00 )2,3 |
Net realized and unrealized gains (losses) on investments | 0.87 | (0.35 ) |
Total from investment operations | 0.86 | (0.35 ) |
Net asset value, end of period | $7.81 | $6.95 |
Total return4 | 12.37 % | (4.79 )% |
Ratios to average net assets (annualized) | ||
Gross expenses* | 3.62 % | 4.30 % |
Net expenses* | 3.43 % | 2.92 % |
Net investment loss* | (0.20 )% | (0.00 )% |
Supplemental data | ||
Portfolio turnover rate | 146 % | 322 % |
Net assets, end of period (000s omitted) | $27 | $24 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 1.10 |
Year ended October 31, 20231 | 0.70 |
1 | For the period from December 16, 2022 (commencement of class operations) to October 31, 2023 |
2 | Calculated based upon average shares outstanding |
3 | Amount is more than $(0.005). |
4 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |
Class R6 | 20231 | |
Net asset value, beginning of period | $7.20 | $7.50 |
Net investment income | 0.04 2 | 0.07 2 |
Net realized and unrealized gains (losses) on investments | 0.90 | (0.37 ) |
Total from investment operations | 0.94 | (0.30 ) |
Net asset value, end of period | $8.14 | $7.20 |
Total return3 | 13.06 % | (4.00 )% |
Ratios to average net assets (annualized) | ||
Gross expenses* | 3.14 % | 3.58 % |
Net expenses* | 2.26 % | 1.85 % |
Net investment income* | 0.99 % | 1.07 % |
Supplemental data | ||
Portfolio turnover rate | 146 % | 322 % |
Net assets, end of period (000s omitted) | $217 | $192 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 1.10 |
Year ended October 31, 20231 | 0.70 |
1 | For the period from December 16, 2022 (commencement of class operations) to October 31, 2023 |
2 | Calculated based upon average shares outstanding |
3 | Returns for periods of less than one year are not annualized. |
Six months ended April 30, 2024 (unaudited) | Year ended October 31 | |||||
Institutional Class | 20231,2 | 20221 | 20211 | 20201 | 20191 | |
Net asset value, beginning of period | $7.20 | $8.46 | $11.41 | $10.62 | $10.65 | $11.02 |
Net investment income (loss) | 0.03 3 | 0.07 3 | (0.05 )3 | (0.11 )3 | (0.08 )3 | 0.00 3,4 |
Net realized and unrealized gains (losses) on investments | 0.91 | (0.17 ) | 0.52 | 1.34 | 0.46 | 0.40 |
Total from investment operations | 0.94 | (0.10 ) | 0.47 | 1.23 | 0.38 | 0.40 |
Distributions to shareholders from | ||||||
Net investment income | 0.00 | 0.00 | 0.00 | 0.00 | (0.01 ) | 0.00 |
Net realized gains | 0.00 | (1.16 ) | (3.42 ) | (0.44 ) | (0.40 ) | (0.77 ) |
Total distributions to shareholders | 0.00 | (1.16 ) | (3.42 ) | (0.44 ) | (0.41 ) | (0.77 ) |
Net asset value, end of period | $8.14 | $7.20 | $8.46 | $11.41 | $10.62 | $10.65 |
Total return5 | 13.06 % | (1.68 )% | 4.23 % | 12.11 % | 3.71 % | 4.15 % |
Ratios to average net assets (annualized) | ||||||
Gross expenses* | 3.24 % | 3.36 % | 5.69 % | 4.49 % | 2.99 % | 2.77 % |
Net expenses* | 2.36 % | 1.96 % | 1.90 % | 2.66 % | 2.41 % | 2.54 % |
Net investment income (loss)* | 0.89 % | 0.99 % | (0.59 )% | (1.05 )% | (0.79 )% | 0.03 % |
Supplemental data | ||||||
Portfolio turnover rate | 146 % | 322 % | 418 % | 479 % | 538 % | 332 % |
Net assets, end of period (000s omitted) | $22,721 | $20,929 | $3,572 | $6,313 | $8,108 | $13,658 |
* | Ratios include dividends on securities sold short and interest expense as follows: |
Six months ended April 30, 2024 (unaudited) | 1.10% |
Year ended October 31, 20231 | 0.70% |
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% |
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 | Beginning with the year ended October 31, 2023, the Fund was audited by KPMG LLP. The previous years were audited by another independent registered public accounting firm. |
3 | Calculated based upon average shares outstanding |
4 | Amount is less than $0.005. |
5 | Returns for periods of less than one year are not annualized. |
Gross unrealized gains | $3,530,982 |
Gross unrealized losses | (1,073,655 ) |
Net unrealized gains | $2,457,327 |
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $583,112 | $0 | $0 | $583,112 |
Consumer discretionary | 2,901,166 | 0 | 0 | 2,901,166 |
Consumer staples | 2,252,771 | 0 | 0 | 2,252,771 |
Energy | 792,115 | 0 | 0 | 792,115 |
Financials | 2,858,117 | 0 | 0 | 2,858,117 |
Health care | 3,040,023 | 0 | 0 | 3,040,023 |
Industrials | 3,041,116 | 0 | 0 | 3,041,116 |
Information technology | 5,995,247 | 0 | 0 | 5,995,247 |
Materials | 44,626 | 0 | 0 | 44,626 |
Real estate | 427,596 | 0 | 0 | 427,596 |
Utilities | 610,464 | 0 | 0 | 610,464 |
Short-term investments | ||||
Investment companies | 2,815,349 | 0 | 0 | 2,815,349 |
Total assets | $25,361,702 | $0 | $0 | $25,361,702 |
Liabilities | ||||
Securities sold short | ||||
Common stocks | ||||
Communication services | $297,336 | $0 | $0 | $297,336 |
Consumer discretionary | 1,783,563 | 0 | 0 | 1,783,563 |
Consumer staples | 86,615 | 0 | 0 | 86,615 |
Energy | 219,256 | 0 | 0 | 219,256 |
Financials | 679,568 | 0 | 0 | 679,568 |
Health care | 446,004 | 0 | 0 | 446,004 |
Industrials | 1,300,913 | 0 | 0 | 1,300,913 |
Information technology | 466,826 | 0 | 0 | 466,826 |
Materials | 789,815 | 0 | 0 | 789,815 |
Real estate | 372,436 | 0 | 0 | 372,436 |
Utilities | 44,537 | 0 | 0 | 44,537 |
Total liabilities | $6,486,869 | $0 | $0 | $6,486,869 |
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 | 0.20 % |
Class C | 0.20 |
Class R6 | 0.03 |
Institutional Class | 0.13 |
EXPENSE RATIO CAPS | |
Class A | 1.57 % |
Class C | 2.32 |
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. Serves on the Investment Company Institute’s Board of Governors since 2022 and Executive Committee since 2023 as well as the Vice Chairman of the Governing Council of the Independent Directors Council since 2023. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA charterholder. | N/A |
Jane A. Freeman (Born 1953) | Trustee, since 2015; Chair Liaison, since January 2018*** | Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | N/A |
Isaiah Harris, Jr. (Born 1952) | Trustee, since 2009; Audit Committee Chair, since 2019 | Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | N/A |
David F. Larcker (Born 1950) | Trustee, since 2009 | Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | N/A |
Olivia S. Mitchell (Born 1953) | Trustee, since 2006 | International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton’s Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | N/A |
Timothy J. Penny (Born 1951) | Trustee, since 1996; Chair, since 2018 | President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | N/A |
Name and year of birth | Position held and length of service** | Principal occupations during past five years or longer | Current other public company or investment company directorships |
James G. Polisson (Born 1959) | Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics’ Institute, a non- profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | N/A |
Pamela Wheelock (Born 1959) | Trustee, since January 2020; previously Trustee from January 2018 to July 2019*** | Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012- 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Board member of the Minnesota Wild Foundation. | N/A |
Name and year of birth | Position held and length of service | Principal occupations during past five years or longer |
Andrew Owen (Born 1960) | President, since 2017 | President and Chief Executive Officer of Allspring Funds Management, LLC since 2017 and Head of Global Fund Governance of Allspring Global Investments since 2022. Prior thereto, co-president of Galliard Capital Management, LLC, an affiliate of Allspring Funds Management, LLC, from 2019 to 2022 and Head of Affiliated Managers, Allspring Global Investments, from 2014 to 2019 and Executive Vice President responsible for marketing, investments and product development for Allspring Funds Management, LLC, from 2009 to 2014. |
Jeremy DePalma (Born 1974) | Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Complex) | Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
Christopher Baker (Born 1976) | Chief Compliance Officer, since 2022 | Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
Matthew Prasse (Born 1983) | Chief Legal Officer, since 2022; Secretary, since 2021 | Senior Counsel of the Allspring Legal Department since 2021. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021. Previously, Counsel for Barings LLC from 2015 to 2018. Prior to joining Barings, Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |
P.O. Box 219967
Kansas City, MO 64121-9967
SAR4341 04-24
ITEM 2. CODE OF ETHICS
Not applicable.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
Not applicable.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
A Portfolio of Investments for the series of Allspring Funds Trust is included as part of the report to shareholders filed under Item 1 of this Form.
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 11. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
3
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 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.
4
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 26, 2024 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.
Allspring Funds Trust | ||
By: | /s/ Andrew Owen | |
Andrew Owen | ||
President | ||
Date: June 26, 2024 | ||
By: | /s/Jeremy DePalma | |
Jeremy DePalma | ||
Treasurer | ||
Date: June 26, 2024 |
1