0001081400allspring:ALLSPRINGIndexMSCIACWIexUSAIndexNet15869AdditionalIndexMember2024-03-310001081400allspring:ALLSPRINGIndexMSCIEMIndexNetUSD15876BroadBasedIndexMember2021-05-310001081400allspring:ALLSPRINGIndexMSCIACWIIndexNet15884AdditionalIndexMember2015-04-300001081400allspring:ALLSPRINGIndexMSCIACWIIndexNet15882AdditionalIndexMember2024-03-310001081400allspring:ALLSPRINGIndexMSCIACWIexUSAIndexNet15933AdditionalIndexMember2022-04-300001081400allspring:ALLSPRINGIndexMSCIACWIIndexNet16038AdditionalIndexMember2021-12-310001081400allspring:ALLSPRINGIndexMSCIWorldexUSASmallCapIndexNet16042BroadBasedIndexMember2024-01-31
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
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 7 of its series: Allspring 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 and Allspring Special International Small Cap Fund.
Date of reporting period: October 31, 2024
ITEM 1. REPORT TO STOCKHOLDERS
Annual Shareholder Report
Managed Account CoreBuilder Shares - Series EM
This annual shareholder report contains important information about Managed Account CoreBuilder Shares - Series EM for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-888-877-9275.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Managed Account CoreBuilder Shares - Series EM | $0 | 0.00% |
The manager has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund. This commitment has an indefinite term. Without this commitment, the costs shown above would have been higher. See the prospectus for expenses excluded from this commitment.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Managed Account CoreBuilder Shares - Series EM | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 11/16/2022 | $10,000 | $10,000 | $10,000 |
| 10/31/2023 | $10,066 | $9,844 | $10,165 |
| 10/31/2024 | $12,083 | $12,336 | $12,639 |
Managed Account CoreBuilder Shares - Series EM
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $6,256,351 |
| # of portfolio holdings | 63 |
| Portfolio turnover rate | 107% |
| Total advisory fees paid | $0 |
| AATR | 1 Year | Since Inception (11/16/2022) |
|---|
| Managed Account CoreBuilder Shares - Series EM | 20.04 | 10.15 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 11.33 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 12.72 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Samsung Electronics Co. Ltd. Korea Exchange | 4.4 |
| Embassy Office Parks REIT | 3.6 |
| Samsung Electronics Co. Ltd. Preferred Stock | 3.3 |
| 360 ONE WAM Ltd. | 3.0 |
| Power Grid Corp. of India Ltd. | 2.9 |
| GAIL India Ltd. | 2.6 |
| LIC Housing Finance Ltd. | 2.6 |
| Nippon Life India Asset Management Ltd. | 2.4 |
| Bajaj Auto Ltd. | 2.1 |
| Midea Group Co. Ltd. Class A | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| India | 30.4 |
| China | 20.3 |
| South Korea | 12.7 |
| Taiwan | 12.4 |
| Saudi Arabia | 4.2 |
| Malaysia | 3.2 |
| Thailand | 3.1 |
| United Arab Emirates | 2.1 |
| Greece | 2.0 |
| Indonesia | 1.5 |
| Other | 8.1 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Financials | 26.9 |
| Information technology | 20.2 |
| Consumer discretionary | 13.7 |
| Real estate | 10.3 |
| Industrials | 9.1 |
| Utilities | 8.9 |
| Consumer staples | 4.6 |
| Health care | 4.0 |
| Communication services | 2.3 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Fund
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $123 | 1.11% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Improving company fundamentals and macro tailwinds supported emerging market equities during the period. Key drivers included growing corporate focus on return on capital, momentum factor performance, China’s efforts to resuscitate its economy, resilient Indian economic growth, monetary easing, and demand for technology related to artificial intelligence. All sectors and 22 out of 24 countries rose. The top sectors were information technology (IT), financials, and consumer discretionary. Leading countries were Taiwan, India, and China. The portfolio benefited from strong stock selection in Taiwan, Poland, Chile, IT, and consumer discretionary. Taiwan Semiconductor Manufacturing Company Limited and Bharti Airtel Limited, the Indian telecom provider, were leading contributors. The portfolio was hurt by stock selection in India, Mexico, and financials and by being underweight to the strong Mexico market. Samsung Electronics Company, Limited, and AIA Group Limited, a pan-Asia insurance firm, were the largest detractors. During the period, the portfolio added exposure to Poland, materials, and industrials and reduced exposure to Mexico and consumer staples.
Total return based on a $10,000 investment
| Institutional Class | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,902 | $9,894 | $10,072 |
| 12/31/2014 | $9,311 | $9,438 | $9,709 |
| 1/31/2015 | $9,320 | $9,495 | $9,695 |
| 2/28/2015 | $9,558 | $9,789 | $10,213 |
| 3/31/2015 | $9,329 | $9,650 | $10,048 |
| 4/30/2015 | $9,877 | $10,392 | $10,556 |
| 5/31/2015 | $9,594 | $9,976 | $10,391 |
| 6/30/2015 | $9,500 | $9,717 | $10,101 |
| 7/31/2015 | $8,925 | $9,043 | $10,073 |
| 8/31/2015 | $8,134 | $8,225 | $9,303 |
| 9/30/2015 | $7,869 | $7,978 | $8,872 |
| 10/31/2015 | $8,534 | $8,547 | $9,532 |
| 11/30/2015 | $8,354 | $8,213 | $9,335 |
| 12/31/2015 | $8,097 | $8,030 | $9,159 |
| 1/31/2016 | $7,679 | $7,509 | $8,536 |
| 2/29/2016 | $7,606 | $7,497 | $8,439 |
| 3/31/2016 | $8,557 | $8,489 | $9,125 |
| 4/30/2016 | $8,743 | $8,535 | $9,365 |
| 5/31/2016 | $8,530 | $8,217 | $9,207 |
| 6/30/2016 | $8,948 | $8,545 | $9,066 |
| 7/31/2016 | $9,389 | $8,975 | $9,515 |
| 8/31/2016 | $9,580 | $9,198 | $9,575 |
| 9/30/2016 | $9,776 | $9,317 | $9,693 |
| 10/31/2016 | $9,762 | $9,339 | $9,553 |
| 11/30/2016 | $9,248 | $8,909 | $9,332 |
| 12/31/2016 | $9,073 | $8,929 | $9,571 |
| 1/31/2017 | $9,620 | $9,417 | $9,910 |
| 2/28/2017 | $9,845 | $9,705 | $10,068 |
| 3/31/2017 | $10,287 | $9,950 | $10,324 |
| 4/30/2017 | $10,563 | $10,168 | $10,544 |
| 5/31/2017 | $10,912 | $10,469 | $10,887 |
| 6/30/2017 | $10,931 | $10,574 | $10,920 |
| 7/31/2017 | $11,492 | $11,205 | $11,323 |
| 8/31/2017 | $11,699 | $11,455 | $11,382 |
| 9/30/2017 | $11,781 | $11,409 | $11,593 |
| 10/31/2017 | $11,952 | $11,809 | $11,812 |
| 11/30/2017 | $11,855 | $11,833 | $11,908 |
| 12/31/2017 | $12,238 | $12,257 | $12,174 |
| 1/31/2018 | $13,104 | $13,279 | $12,852 |
| 2/28/2018 | $12,571 | $12,667 | $12,246 |
| 3/31/2018 | $12,446 | $12,431 | $12,030 |
| 4/30/2018 | $12,270 | $12,376 | $12,222 |
| 5/31/2018 | $11,974 | $11,938 | $11,940 |
| 6/30/2018 | $11,566 | $11,442 | $11,715 |
| 7/31/2018 | $11,719 | $11,693 | $11,995 |
| 8/31/2018 | $11,214 | $11,377 | $11,744 |
| 9/30/2018 | $11,131 | $11,316 | $11,798 |
| 10/31/2018 | $10,237 | $10,331 | $10,838 |
| 11/30/2018 | $10,649 | $10,757 | $10,941 |
| 12/31/2018 | $10,311 | $10,472 | $10,446 |
| 1/31/2019 | $11,353 | $11,389 | $11,235 |
| 2/28/2019 | $11,573 | $11,414 | $11,454 |
| 3/31/2019 | $11,648 | $11,510 | $11,523 |
| 4/30/2019 | $12,031 | $11,752 | $11,827 |
| 5/31/2019 | $11,054 | $10,900 | $11,192 |
| 6/30/2019 | $11,807 | $11,580 | $11,866 |
| 7/31/2019 | $11,722 | $11,438 | $11,723 |
| 8/31/2019 | $11,508 | $10,881 | $11,361 |
| 9/30/2019 | $11,722 | $11,088 | $11,653 |
| 10/31/2019 | $12,325 | $11,556 | $12,059 |
| 11/30/2019 | $12,409 | $11,540 | $12,166 |
| 12/31/2019 | $13,203 | $12,401 | $12,693 |
| 1/31/2020 | $12,632 | $11,823 | $12,352 |
| 2/29/2020 | $12,160 | $11,199 | $11,375 |
| 3/31/2020 | $10,068 | $9,474 | $9,728 |
| 4/30/2020 | $11,050 | $10,342 | $10,465 |
| 5/31/2020 | $11,371 | $10,421 | $10,808 |
| 6/30/2020 | $12,471 | $11,187 | $11,296 |
| 7/31/2020 | $13,354 | $12,187 | $11,800 |
| 8/31/2020 | $13,557 | $12,457 | $12,305 |
| 9/30/2020 | $13,264 | $12,257 | $12,003 |
| 10/31/2020 | $13,486 | $12,509 | $11,745 |
| 11/30/2020 | $14,855 | $13,666 | $13,324 |
| 12/31/2020 | $16,014 | $14,671 | $14,045 |
| 1/31/2021 | $16,322 | $15,121 | $14,075 |
| 2/28/2021 | $16,782 | $15,236 | $14,354 |
| 3/31/2021 | $16,336 | $15,006 | $14,535 |
| 4/30/2021 | $16,777 | $15,380 | $14,963 |
| 5/31/2021 | $16,834 | $15,737 | $15,431 |
| 6/30/2021 | $17,227 | $15,764 | $15,331 |
| 7/31/2021 | $15,536 | $14,703 | $15,079 |
| 8/31/2021 | $15,863 | $15,088 | $15,365 |
| 9/30/2021 | $14,963 | $14,488 | $14,873 |
| 10/31/2021 | $14,887 | $14,631 | $15,228 |
| 11/30/2021 | $14,120 | $14,035 | $14,542 |
| 12/31/2021 | $14,115 | $14,298 | $15,143 |
| 1/31/2022 | $14,077 | $14,027 | $14,585 |
| 2/28/2022 | $13,157 | $13,608 | $14,297 |
| 3/31/2022 | $12,870 | $13,301 | $14,320 |
| 4/30/2022 | $12,051 | $12,561 | $13,420 |
| 5/31/2022 | $12,227 | $12,616 | $13,517 |
| 6/30/2022 | $11,440 | $11,778 | $12,354 |
| 7/31/2022 | $11,374 | $11,749 | $12,777 |
| 8/31/2022 | $11,450 | $11,798 | $12,366 |
| 9/30/2022 | $10,292 | $10,415 | $11,130 |
| 10/31/2022 | $10,034 | $10,092 | $11,463 |
| 11/30/2022 | $11,455 | $11,588 | $12,816 |
| 12/31/2022 | $11,366 | $11,425 | $12,720 |
| 1/31/2023 | $12,350 | $12,328 | $13,752 |
| 2/28/2023 | $11,516 | $11,528 | $13,269 |
| 3/31/2023 | $11,877 | $11,877 | $13,593 |
| 4/30/2023 | $11,689 | $11,743 | $13,830 |
| 5/31/2023 | $11,511 | $11,546 | $13,327 |
| 6/30/2023 | $12,056 | $11,984 | $13,925 |
| 7/31/2023 | $12,625 | $12,730 | $14,491 |
| 8/31/2023 | $11,766 | $11,946 | $13,836 |
| 9/30/2023 | $11,376 | $11,633 | $13,399 |
| 10/31/2023 | $11,038 | $11,181 | $12,847 |
| 11/30/2023 | $11,815 | $12,076 | $14,003 |
| 12/31/2023 | $12,353 | $12,548 | $14,706 |
| 1/31/2024 | $11,713 | $11,966 | $14,560 |
| 2/29/2024 | $12,197 | $12,535 | $14,929 |
| 3/31/2024 | $12,485 | $12,845 | $15,396 |
| 4/30/2024 | $12,348 | $12,903 | $15,119 |
| 5/31/2024 | $12,549 | $12,976 | $15,558 |
| 6/30/2024 | $12,827 | $13,488 | $15,543 |
| 7/31/2024 | $12,793 | $13,528 | $15,903 |
| 8/31/2024 | $13,096 | $13,746 | $16,356 |
| 9/30/2024 | $13,887 | $14,664 | $16,797 |
| 10/31/2024 | $13,399 | $14,012 | $15,972 |
Emerging Markets Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $3,882,963,501 |
| # of portfolio holdings | 122 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $36,864,032 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Class | 21.38 | 1.68 | 2.97 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3 |
| Tencent Holdings Ltd. | 5.3 |
| Samsung Electronics Co. Ltd. Korea Exchange | 4.8 |
| Reliance Industries Ltd. London Stock Exchange GDR | 3.7 |
| Meituan Class B | 2.5 |
| Bharti Airtel Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.2 |
| WH Group Ltd. | 2.1 |
| Alibaba Group Holding Ltd. New York Stock Exchange ADR | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 20.6 |
| India | 17.2 |
| Taiwan | 15.9 |
| South Korea | 12.6 |
| Brazil | 5.3 |
| Mexico | 4.5 |
| Hong Kong | 4.4 |
| Indonesia | 4.1 |
| South Africa | 3.6 |
| Thailand | 2.6 |
| Other | 9.2 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 22.5 |
| Communication services | 17.1 |
| Consumer staples | 15.5 |
| Financials | 14.0 |
| Consumer discretionary | 13.1 |
| Energy | 5.7 |
| Industrials | 4.5 |
| Materials | 4.2 |
| Real estate | 1.7 |
| Health care | 1.7 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On October 16, 2024, Prashant Paroda was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Fund
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class R6 | $112 | 1.01% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Improving company fundamentals and macro tailwinds supported emerging market equities during the period. Key drivers included growing corporate focus on return on capital, momentum factor performance, China’s efforts to resuscitate its economy, resilient Indian economic growth, monetary easing, and demand for technology related to artificial intelligence. All sectors and 22 out of 24 countries rose. The top sectors were information technology (IT), financials, and consumer discretionary. Leading countries were Taiwan, India, and China. The portfolio benefited from strong stock selection in Taiwan, Poland, Chile, IT, and consumer discretionary. Taiwan Semiconductor Manufacturing Company Limited and Bharti Airtel Limited, the Indian telecom provider, were leading contributors. The portfolio was hurt by stock selection in India, Mexico, and financials and by being underweight to the strong Mexico market. Samsung Electronics Company, Limited, and AIA Group Limited, a pan-Asia insurance firm, were the largest detractors. During the period, the portfolio added exposure to Poland, materials, and industrials and reduced exposure to Mexico and consumer staples.
Total return based on a $10,000 investment
| Class R6 | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,902 | $9,894 | $10,072 |
| 12/31/2014 | $9,312 | $9,438 | $9,709 |
| 1/31/2015 | $9,321 | $9,495 | $9,695 |
| 2/28/2015 | $9,559 | $9,789 | $10,213 |
| 3/31/2015 | $9,330 | $9,650 | $10,048 |
| 4/30/2015 | $9,878 | $10,392 | $10,556 |
| 5/31/2015 | $9,599 | $9,976 | $10,391 |
| 6/30/2015 | $9,500 | $9,717 | $10,101 |
| 7/31/2015 | $8,930 | $9,043 | $10,073 |
| 8/31/2015 | $8,139 | $8,225 | $9,303 |
| 9/30/2015 | $7,869 | $7,978 | $8,872 |
| 10/31/2015 | $8,539 | $8,547 | $9,532 |
| 11/30/2015 | $8,359 | $8,213 | $9,335 |
| 12/31/2015 | $8,105 | $8,030 | $9,159 |
| 1/31/2016 | $7,681 | $7,509 | $8,536 |
| 2/29/2016 | $7,608 | $7,497 | $8,439 |
| 3/31/2016 | $8,560 | $8,489 | $9,125 |
| 4/30/2016 | $8,747 | $8,535 | $9,365 |
| 5/31/2016 | $8,537 | $8,217 | $9,207 |
| 6/30/2016 | $8,956 | $8,545 | $9,066 |
| 7/31/2016 | $9,398 | $8,975 | $9,515 |
| 8/31/2016 | $9,589 | $9,198 | $9,575 |
| 9/30/2016 | $9,785 | $9,317 | $9,693 |
| 10/31/2016 | $9,771 | $9,339 | $9,553 |
| 11/30/2016 | $9,256 | $8,909 | $9,332 |
| 12/31/2016 | $9,085 | $8,929 | $9,571 |
| 1/31/2017 | $9,628 | $9,417 | $9,910 |
| 2/28/2017 | $9,854 | $9,705 | $10,068 |
| 3/31/2017 | $10,296 | $9,950 | $10,324 |
| 4/30/2017 | $10,577 | $10,168 | $10,544 |
| 5/31/2017 | $10,927 | $10,469 | $10,887 |
| 6/30/2017 | $10,945 | $10,574 | $10,920 |
| 7/31/2017 | $11,507 | $11,205 | $11,323 |
| 8/31/2017 | $11,719 | $11,455 | $11,382 |
| 9/30/2017 | $11,797 | $11,409 | $11,593 |
| 10/31/2017 | $11,972 | $11,809 | $11,812 |
| 11/30/2017 | $11,876 | $11,833 | $11,908 |
| 12/31/2017 | $12,262 | $12,257 | $12,174 |
| 1/31/2018 | $13,125 | $13,279 | $12,852 |
| 2/28/2018 | $12,591 | $12,667 | $12,246 |
| 3/31/2018 | $12,470 | $12,431 | $12,030 |
| 4/30/2018 | $12,299 | $12,376 | $12,222 |
| 5/31/2018 | $12,002 | $11,938 | $11,940 |
| 6/30/2018 | $11,589 | $11,442 | $11,715 |
| 7/31/2018 | $11,746 | $11,693 | $11,995 |
| 8/31/2018 | $11,236 | $11,377 | $11,744 |
| 9/30/2018 | $11,152 | $11,316 | $11,798 |
| 10/31/2018 | $10,257 | $10,331 | $10,838 |
| 11/30/2018 | $10,674 | $10,757 | $10,941 |
| 12/31/2018 | $10,331 | $10,472 | $10,446 |
| 1/31/2019 | $11,376 | $11,389 | $11,235 |
| 2/28/2019 | $11,601 | $11,414 | $11,454 |
| 3/31/2019 | $11,676 | $11,510 | $11,523 |
| 4/30/2019 | $12,055 | $11,752 | $11,827 |
| 5/31/2019 | $11,081 | $10,900 | $11,192 |
| 6/30/2019 | $11,835 | $11,580 | $11,866 |
| 7/31/2019 | $11,755 | $11,438 | $11,723 |
| 8/31/2019 | $11,535 | $10,881 | $11,361 |
| 9/30/2019 | $11,750 | $11,088 | $11,653 |
| 10/31/2019 | $12,359 | $11,556 | $12,059 |
| 11/30/2019 | $12,444 | $11,540 | $12,166 |
| 12/31/2019 | $13,239 | $12,401 | $12,693 |
| 1/31/2020 | $12,666 | $11,823 | $12,352 |
| 2/29/2020 | $12,193 | $11,199 | $11,375 |
| 3/31/2020 | $10,101 | $9,474 | $9,728 |
| 4/30/2020 | $11,085 | $10,342 | $10,465 |
| 5/31/2020 | $11,402 | $10,421 | $10,808 |
| 6/30/2020 | $12,510 | $11,187 | $11,296 |
| 7/31/2020 | $13,395 | $12,187 | $11,800 |
| 8/31/2020 | $13,599 | $12,457 | $12,305 |
| 9/30/2020 | $13,310 | $12,257 | $12,003 |
| 10/31/2020 | $13,532 | $12,509 | $11,745 |
| 11/30/2020 | $14,905 | $13,666 | $13,324 |
| 12/31/2020 | $16,066 | $14,671 | $14,045 |
| 1/31/2021 | $16,379 | $15,121 | $14,075 |
| 2/28/2021 | $16,840 | $15,236 | $14,354 |
| 3/31/2021 | $16,398 | $15,006 | $14,535 |
| 4/30/2021 | $16,840 | $15,380 | $14,963 |
| 5/31/2021 | $16,897 | $15,737 | $15,431 |
| 6/30/2021 | $17,292 | $15,764 | $15,331 |
| 7/31/2021 | $15,600 | $14,703 | $15,079 |
| 8/31/2021 | $15,928 | $15,088 | $15,365 |
| 9/30/2021 | $15,025 | $14,488 | $14,873 |
| 10/31/2021 | $14,949 | $14,631 | $15,228 |
| 11/30/2021 | $14,179 | $14,035 | $14,542 |
| 12/31/2021 | $14,176 | $14,298 | $15,143 |
| 1/31/2022 | $14,138 | $14,027 | $14,585 |
| 2/28/2022 | $13,214 | $13,608 | $14,297 |
| 3/31/2022 | $12,936 | $13,301 | $14,320 |
| 4/30/2022 | $12,107 | $12,561 | $13,420 |
| 5/31/2022 | $12,285 | $12,616 | $13,517 |
| 6/30/2022 | $11,499 | $11,778 | $12,354 |
| 7/31/2022 | $11,432 | $11,749 | $12,777 |
| 8/31/2022 | $11,509 | $11,798 | $12,366 |
| 9/30/2022 | $10,345 | $10,415 | $11,130 |
| 10/31/2022 | $10,086 | $10,092 | $11,463 |
| 11/30/2022 | $11,513 | $11,588 | $12,816 |
| 12/31/2022 | $11,429 | $11,425 | $12,720 |
| 1/31/2023 | $12,419 | $12,328 | $13,752 |
| 2/28/2023 | $11,584 | $11,528 | $13,269 |
| 3/31/2023 | $11,948 | $11,877 | $13,593 |
| 4/30/2023 | $11,759 | $11,743 | $13,830 |
| 5/31/2023 | $11,579 | $11,546 | $13,327 |
| 6/30/2023 | $12,128 | $11,984 | $13,925 |
| 7/31/2023 | $12,705 | $12,730 | $14,491 |
| 8/31/2023 | $11,841 | $11,946 | $13,836 |
| 9/30/2023 | $11,448 | $11,633 | $13,399 |
| 10/31/2023 | $11,104 | $11,181 | $12,847 |
| 11/30/2023 | $11,890 | $12,076 | $14,003 |
| 12/31/2023 | $12,435 | $12,548 | $14,706 |
| 1/31/2024 | $11,790 | $11,966 | $14,560 |
| 2/29/2024 | $12,277 | $12,535 | $14,929 |
| 3/31/2024 | $12,572 | $12,845 | $15,396 |
| 4/30/2024 | $12,435 | $12,903 | $15,119 |
| 5/31/2024 | $12,636 | $12,976 | $15,558 |
| 6/30/2024 | $12,917 | $13,488 | $15,543 |
| 7/31/2024 | $12,882 | $13,528 | $15,903 |
| 8/31/2024 | $13,192 | $13,746 | $16,356 |
| 9/30/2024 | $13,989 | $14,664 | $16,797 |
| 10/31/2024 | $13,497 | $14,012 | $15,972 |
Emerging Markets Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $3,882,963,501 |
| # of portfolio holdings | 122 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $36,864,032 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class R6 | 21.55 | 1.78 | 3.04 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3 |
| Tencent Holdings Ltd. | 5.3 |
| Samsung Electronics Co. Ltd. Korea Exchange | 4.8 |
| Reliance Industries Ltd. London Stock Exchange GDR | 3.7 |
| Meituan Class B | 2.5 |
| Bharti Airtel Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.2 |
| WH Group Ltd. | 2.1 |
| Alibaba Group Holding Ltd. New York Stock Exchange ADR | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 20.6 |
| India | 17.2 |
| Taiwan | 15.9 |
| South Korea | 12.6 |
| Brazil | 5.3 |
| Mexico | 4.5 |
| Hong Kong | 4.4 |
| Indonesia | 4.1 |
| South Africa | 3.6 |
| Thailand | 2.6 |
| Other | 9.2 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 22.5 |
| Communication services | 17.1 |
| Consumer staples | 15.5 |
| Financials | 14.0 |
| Consumer discretionary | 13.1 |
| Energy | 5.7 |
| Industrials | 4.5 |
| Materials | 4.2 |
| Real estate | 1.7 |
| Health care | 1.7 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On October 16, 2024, Prashant Paroda was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Fund
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $240 | 2.18% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Improving company fundamentals and macro tailwinds supported emerging market equities during the period. Key drivers included growing corporate focus on return on capital, momentum factor performance, China’s efforts to resuscitate its economy, resilient Indian economic growth, monetary easing, and demand for technology related to artificial intelligence. All sectors and 22 out of 24 countries rose. The top sectors were information technology (IT), financials, and consumer discretionary. Leading countries were Taiwan, India, and China. The portfolio benefited from strong stock selection in Taiwan, Poland, Chile, IT, and consumer discretionary. Taiwan Semiconductor Manufacturing Company Limited and Bharti Airtel Limited, the Indian telecom provider, were leading contributors. The portfolio was hurt by stock selection in India, Mexico, and financials and by being underweight to the strong Mexico market. Samsung Electronics Company, Limited, and AIA Group Limited, a pan-Asia insurance firm, were the largest detractors. During the period, the portfolio added exposure to Poland, materials, and industrials and reduced exposure to Mexico and consumer staples.
Total return based on a $10,000 investment
| Class C with Load | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,895 | $9,894 | $10,072 |
| 12/31/2014 | $9,293 | $9,438 | $9,709 |
| 1/31/2015 | $9,293 | $9,495 | $9,695 |
| 2/28/2015 | $9,520 | $9,789 | $10,213 |
| 3/31/2015 | $9,282 | $9,650 | $10,048 |
| 4/30/2015 | $9,818 | $10,392 | $10,556 |
| 5/31/2015 | $9,531 | $9,976 | $10,391 |
| 6/30/2015 | $9,426 | $9,717 | $10,101 |
| 7/31/2015 | $8,851 | $9,043 | $10,073 |
| 8/31/2015 | $8,056 | $8,225 | $9,303 |
| 9/30/2015 | $7,786 | $7,978 | $8,872 |
| 10/31/2015 | $8,437 | $8,547 | $9,532 |
| 11/30/2015 | $8,250 | $8,213 | $9,335 |
| 12/31/2015 | $7,990 | $8,030 | $9,159 |
| 1/31/2016 | $7,565 | $7,509 | $8,536 |
| 2/29/2016 | $7,488 | $7,497 | $8,439 |
| 3/31/2016 | $8,415 | $8,489 | $9,125 |
| 4/30/2016 | $8,592 | $8,535 | $9,365 |
| 5/31/2016 | $8,377 | $8,217 | $9,207 |
| 6/30/2016 | $8,780 | $8,545 | $9,066 |
| 7/31/2016 | $9,199 | $8,975 | $9,515 |
| 8/31/2016 | $9,382 | $9,198 | $9,575 |
| 9/30/2016 | $9,564 | $9,317 | $9,693 |
| 10/31/2016 | $9,542 | $9,339 | $9,553 |
| 11/30/2016 | $9,028 | $8,909 | $9,332 |
| 12/31/2016 | $8,851 | $8,929 | $9,571 |
| 1/31/2017 | $9,376 | $9,417 | $9,910 |
| 2/28/2017 | $9,586 | $9,705 | $10,068 |
| 3/31/2017 | $10,006 | $9,950 | $10,324 |
| 4/30/2017 | $10,265 | $10,168 | $10,544 |
| 5/31/2017 | $10,596 | $10,469 | $10,887 |
| 6/30/2017 | $10,602 | $10,574 | $10,920 |
| 7/31/2017 | $11,137 | $11,205 | $11,323 |
| 8/31/2017 | $11,331 | $11,455 | $11,382 |
| 9/30/2017 | $11,397 | $11,409 | $11,593 |
| 10/31/2017 | $11,552 | $11,809 | $11,812 |
| 11/30/2017 | $11,447 | $11,833 | $11,908 |
| 12/31/2017 | $11,806 | $12,257 | $12,174 |
| 1/31/2018 | $12,628 | $13,279 | $12,852 |
| 2/28/2018 | $12,104 | $12,667 | $12,246 |
| 3/31/2018 | $11,977 | $12,431 | $12,030 |
| 4/30/2018 | $11,795 | $12,376 | $12,222 |
| 5/31/2018 | $11,496 | $11,938 | $11,940 |
| 6/30/2018 | $11,093 | $11,442 | $11,715 |
| 7/31/2018 | $11,231 | $11,693 | $11,995 |
| 8/31/2018 | $10,734 | $11,377 | $11,744 |
| 9/30/2018 | $10,646 | $11,316 | $11,798 |
| 10/31/2018 | $9,779 | $10,331 | $10,838 |
| 11/30/2018 | $10,166 | $10,757 | $10,941 |
| 12/31/2018 | $9,834 | $10,472 | $10,446 |
| 1/31/2019 | $10,817 | $11,389 | $11,235 |
| 2/28/2019 | $11,016 | $11,414 | $11,454 |
| 3/31/2019 | $11,077 | $11,510 | $11,523 |
| 4/30/2019 | $11,430 | $11,752 | $11,827 |
| 5/31/2019 | $10,491 | $10,900 | $11,192 |
| 6/30/2019 | $11,198 | $11,580 | $11,866 |
| 7/31/2019 | $11,110 | $11,438 | $11,723 |
| 8/31/2019 | $10,889 | $10,881 | $11,361 |
| 9/30/2019 | $11,082 | $11,088 | $11,653 |
| 10/31/2019 | $11,646 | $11,556 | $12,059 |
| 11/30/2019 | $11,712 | $11,540 | $12,166 |
| 12/31/2019 | $12,452 | $12,401 | $12,693 |
| 1/31/2020 | $11,900 | $11,823 | $12,352 |
| 2/29/2020 | $11,441 | $11,199 | $11,375 |
| 3/31/2020 | $9,470 | $9,474 | $9,728 |
| 4/30/2020 | $10,381 | $10,342 | $10,465 |
| 5/31/2020 | $10,674 | $10,421 | $10,808 |
| 6/30/2020 | $11,695 | $11,187 | $11,296 |
| 7/31/2020 | $12,507 | $12,187 | $11,800 |
| 8/31/2020 | $12,706 | $12,457 | $12,305 |
| 9/30/2020 | $12,424 | $12,257 | $12,003 |
| 10/31/2020 | $12,623 | $12,509 | $11,745 |
| 11/30/2020 | $13,887 | $13,666 | $13,324 |
| 12/31/2020 | $14,953 | $14,671 | $14,045 |
| 1/31/2021 | $15,229 | $15,121 | $14,075 |
| 2/28/2021 | $15,649 | $15,236 | $14,354 |
| 3/31/2021 | $15,218 | $15,006 | $14,535 |
| 4/30/2021 | $15,610 | $15,380 | $14,963 |
| 5/31/2021 | $15,649 | $15,737 | $15,431 |
| 6/30/2021 | $16,002 | $15,764 | $15,331 |
| 7/31/2021 | $14,423 | $14,703 | $15,079 |
| 8/31/2021 | $14,710 | $15,088 | $15,365 |
| 9/30/2021 | $13,860 | $14,488 | $14,873 |
| 10/31/2021 | $13,777 | $14,631 | $15,228 |
| 11/30/2021 | $13,059 | $14,035 | $14,542 |
| 12/31/2021 | $13,043 | $14,298 | $15,143 |
| 1/31/2022 | $12,993 | $14,027 | $14,585 |
| 2/28/2022 | $12,131 | $13,608 | $14,297 |
| 3/31/2022 | $11,861 | $13,301 | $14,320 |
| 4/30/2022 | $11,093 | $12,561 | $13,420 |
| 5/31/2022 | $11,242 | $12,616 | $13,517 |
| 6/30/2022 | $10,514 | $11,778 | $12,354 |
| 7/31/2022 | $10,442 | $11,749 | $12,777 |
| 8/31/2022 | $10,502 | $11,798 | $12,366 |
| 9/30/2022 | $9,431 | $10,415 | $11,130 |
| 10/31/2022 | $9,188 | $10,092 | $11,463 |
| 11/30/2022 | $10,486 | $11,588 | $12,816 |
| 12/31/2022 | $10,403 | $11,425 | $12,720 |
| 1/31/2023 | $11,302 | $12,328 | $13,752 |
| 2/28/2023 | $10,536 | $11,528 | $13,269 |
| 3/31/2023 | $10,862 | $11,877 | $13,593 |
| 4/30/2023 | $10,687 | $11,743 | $13,830 |
| 5/31/2023 | $10,522 | $11,546 | $13,327 |
| 6/30/2023 | $11,018 | $11,984 | $13,925 |
| 7/31/2023 | $11,536 | $12,730 | $14,491 |
| 8/31/2023 | $10,747 | $11,946 | $13,836 |
| 9/30/2023 | $10,389 | $11,633 | $13,399 |
| 10/31/2023 | $10,077 | $11,181 | $12,847 |
| 11/30/2023 | $10,784 | $12,076 | $14,003 |
| 12/31/2023 | $11,275 | $12,548 | $14,706 |
| 1/31/2024 | $10,687 | $11,966 | $14,560 |
| 2/29/2024 | $11,123 | $12,535 | $14,929 |
| 3/31/2024 | $11,387 | $12,845 | $15,396 |
| 4/30/2024 | $11,257 | $12,903 | $15,119 |
| 5/31/2024 | $11,438 | $12,976 | $15,558 |
| 6/30/2024 | $11,683 | $13,488 | $15,543 |
| 7/31/2024 | $11,655 | $13,528 | $15,903 |
| 8/31/2024 | $11,924 | $13,746 | $16,356 |
| 9/30/2024 | $12,642 | $14,664 | $16,797 |
| 10/31/2024 | $12,197 | $14,012 | $15,972 |
Emerging Markets Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $3,882,963,501 |
| # of portfolio holdings | 122 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $36,864,032 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class C | 20.17 | 0.62 | 2.01 |
| Class C with Load | 19.17 | 0.62 | 2.01 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3 |
| Tencent Holdings Ltd. | 5.3 |
| Samsung Electronics Co. Ltd. Korea Exchange | 4.8 |
| Reliance Industries Ltd. London Stock Exchange GDR | 3.7 |
| Meituan Class B | 2.5 |
| Bharti Airtel Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.2 |
| WH Group Ltd. | 2.1 |
| Alibaba Group Holding Ltd. New York Stock Exchange ADR | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 20.6 |
| India | 17.2 |
| Taiwan | 15.9 |
| South Korea | 12.6 |
| Brazil | 5.3 |
| Mexico | 4.5 |
| Hong Kong | 4.4 |
| Indonesia | 4.1 |
| South Africa | 3.6 |
| Thailand | 2.6 |
| Other | 9.2 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 22.5 |
| Communication services | 17.1 |
| Consumer staples | 15.5 |
| Financials | 14.0 |
| Consumer discretionary | 13.1 |
| Energy | 5.7 |
| Industrials | 4.5 |
| Materials | 4.2 |
| Real estate | 1.7 |
| Health care | 1.7 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On October 16, 2024, Prashant Paroda was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Fund
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $157 | 1.42% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Improving company fundamentals and macro tailwinds supported emerging market equities during the period. Key drivers included growing corporate focus on return on capital, momentum factor performance, China’s efforts to resuscitate its economy, resilient Indian economic growth, monetary easing, and demand for technology related to artificial intelligence. All sectors and 22 out of 24 countries rose. The top sectors were information technology (IT), financials, and consumer discretionary. Leading countries were Taiwan, India, and China. The portfolio benefited from strong stock selection in Taiwan, Poland, Chile, IT, and consumer discretionary. Taiwan Semiconductor Manufacturing Company Limited and Bharti Airtel Limited, the Indian telecom provider, were leading contributors. The portfolio was hurt by stock selection in India, Mexico, and financials and by being underweight to the strong Mexico market. Samsung Electronics Company, Limited, and AIA Group Limited, a pan-Asia insurance firm, were the largest detractors. During the period, the portfolio added exposure to Poland, materials, and industrials and reduced exposure to Mexico and consumer staples.
Total return based on a $10,000 investment
| Class A with Load | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $9,424 | $10,000 | $10,000 |
| 11/30/2014 | $9,327 | $9,894 | $10,072 |
| 12/31/2014 | $8,766 | $9,438 | $9,709 |
| 1/31/2015 | $8,770 | $9,495 | $9,695 |
| 2/28/2015 | $8,992 | $9,789 | $10,213 |
| 3/31/2015 | $8,775 | $9,650 | $10,048 |
| 4/30/2015 | $9,288 | $10,392 | $10,556 |
| 5/31/2015 | $9,018 | $9,976 | $10,391 |
| 6/30/2015 | $8,925 | $9,717 | $10,101 |
| 7/31/2015 | $8,385 | $9,043 | $10,073 |
| 8/31/2015 | $7,637 | $8,225 | $9,303 |
| 9/30/2015 | $7,385 | $7,978 | $8,872 |
| 10/31/2015 | $8,009 | $8,547 | $9,532 |
| 11/30/2015 | $7,836 | $8,213 | $9,335 |
| 12/31/2015 | $7,593 | $8,030 | $9,159 |
| 1/31/2016 | $7,197 | $7,509 | $8,536 |
| 2/29/2016 | $7,125 | $7,497 | $8,439 |
| 3/31/2016 | $8,016 | $8,489 | $9,125 |
| 4/30/2016 | $8,185 | $8,535 | $9,365 |
| 5/31/2016 | $7,989 | $8,217 | $9,207 |
| 6/30/2016 | $8,377 | $8,545 | $9,066 |
| 7/31/2016 | $8,786 | $8,975 | $9,515 |
| 8/31/2016 | $8,965 | $9,198 | $9,575 |
| 9/30/2016 | $9,143 | $9,317 | $9,693 |
| 10/31/2016 | $9,125 | $9,339 | $9,553 |
| 11/30/2016 | $8,639 | $8,909 | $9,332 |
| 12/31/2016 | $8,478 | $8,929 | $9,571 |
| 1/31/2017 | $8,984 | $9,417 | $9,910 |
| 2/28/2017 | $9,191 | $9,705 | $10,068 |
| 3/31/2017 | $9,603 | $9,950 | $10,324 |
| 4/30/2017 | $9,859 | $10,168 | $10,544 |
| 5/31/2017 | $10,181 | $10,469 | $10,887 |
| 6/30/2017 | $10,195 | $10,574 | $10,920 |
| 7/31/2017 | $10,715 | $11,205 | $11,323 |
| 8/31/2017 | $10,908 | $11,455 | $11,382 |
| 9/30/2017 | $10,979 | $11,409 | $11,593 |
| 10/31/2017 | $11,132 | $11,809 | $11,812 |
| 11/30/2017 | $11,038 | $11,833 | $11,908 |
| 12/31/2017 | $11,396 | $12,257 | $12,174 |
| 1/31/2018 | $12,195 | $13,279 | $12,852 |
| 2/28/2018 | $11,696 | $12,667 | $12,246 |
| 3/31/2018 | $11,580 | $12,431 | $12,030 |
| 4/30/2018 | $11,413 | $12,376 | $12,222 |
| 5/31/2018 | $11,131 | $11,938 | $11,940 |
| 6/30/2018 | $10,744 | $11,442 | $11,715 |
| 7/31/2018 | $10,888 | $11,693 | $11,995 |
| 8/31/2018 | $10,412 | $11,377 | $11,744 |
| 9/30/2018 | $10,331 | $11,316 | $11,798 |
| 10/31/2018 | $9,501 | $10,331 | $10,838 |
| 11/30/2018 | $9,882 | $10,757 | $10,941 |
| 12/31/2018 | $9,562 | $10,472 | $10,446 |
| 1/31/2019 | $10,522 | $11,389 | $11,235 |
| 2/28/2019 | $10,729 | $11,414 | $11,454 |
| 3/31/2019 | $10,793 | $11,510 | $11,523 |
| 4/30/2019 | $11,139 | $11,752 | $11,827 |
| 5/31/2019 | $10,238 | $10,900 | $11,192 |
| 6/30/2019 | $10,928 | $11,580 | $11,866 |
| 7/31/2019 | $10,851 | $11,438 | $11,723 |
| 8/31/2019 | $10,644 | $10,881 | $11,361 |
| 9/30/2019 | $10,838 | $11,088 | $11,653 |
| 10/31/2019 | $11,396 | $11,556 | $12,059 |
| 11/30/2019 | $11,468 | $11,540 | $12,166 |
| 12/31/2019 | $12,199 | $12,401 | $12,693 |
| 1/31/2020 | $11,668 | $11,823 | $12,352 |
| 2/29/2020 | $11,228 | $11,199 | $11,375 |
| 3/31/2020 | $9,295 | $9,474 | $9,728 |
| 4/30/2020 | $10,198 | $10,342 | $10,465 |
| 5/31/2020 | $10,488 | $10,421 | $10,808 |
| 6/30/2020 | $11,500 | $11,187 | $11,296 |
| 7/31/2020 | $12,312 | $12,187 | $11,800 |
| 8/31/2020 | $12,494 | $12,457 | $12,305 |
| 9/30/2020 | $12,226 | $12,257 | $12,003 |
| 10/31/2020 | $12,426 | $12,509 | $11,745 |
| 11/30/2020 | $13,682 | $13,666 | $13,324 |
| 12/31/2020 | $14,744 | $14,671 | $14,045 |
| 1/31/2021 | $15,025 | $15,121 | $14,075 |
| 2/28/2021 | $15,443 | $15,236 | $14,354 |
| 3/31/2021 | $15,030 | $15,006 | $14,535 |
| 4/30/2021 | $15,429 | $15,380 | $14,963 |
| 5/31/2021 | $15,475 | $15,737 | $15,431 |
| 6/30/2021 | $15,833 | $15,764 | $15,331 |
| 7/31/2021 | $14,281 | $14,703 | $15,079 |
| 8/31/2021 | $14,571 | $15,088 | $15,365 |
| 9/30/2021 | $13,741 | $14,488 | $14,873 |
| 10/31/2021 | $13,668 | $14,631 | $15,228 |
| 11/30/2021 | $12,960 | $14,035 | $14,542 |
| 12/31/2021 | $12,955 | $14,298 | $15,143 |
| 1/31/2022 | $12,914 | $14,027 | $14,585 |
| 2/28/2022 | $12,068 | $13,608 | $14,297 |
| 3/31/2022 | $11,804 | $13,301 | $14,320 |
| 4/30/2022 | $11,048 | $12,561 | $13,420 |
| 5/31/2022 | $11,203 | $12,616 | $13,517 |
| 6/30/2022 | $10,484 | $11,778 | $12,354 |
| 7/31/2022 | $10,420 | $11,749 | $12,777 |
| 8/31/2022 | $10,484 | $11,798 | $12,366 |
| 9/30/2022 | $9,424 | $10,415 | $11,130 |
| 10/31/2022 | $9,183 | $10,092 | $11,463 |
| 11/30/2022 | $10,479 | $11,588 | $12,816 |
| 12/31/2022 | $10,397 | $11,425 | $12,720 |
| 1/31/2023 | $11,295 | $12,328 | $13,752 |
| 2/28/2023 | $10,530 | $11,528 | $13,269 |
| 3/31/2023 | $10,855 | $11,877 | $13,593 |
| 4/30/2023 | $10,681 | $11,743 | $13,830 |
| 5/31/2023 | $10,516 | $11,546 | $13,327 |
| 6/30/2023 | $11,011 | $11,984 | $13,925 |
| 7/31/2023 | $11,529 | $12,730 | $14,491 |
| 8/31/2023 | $10,740 | $11,946 | $13,836 |
| 9/30/2023 | $10,383 | $11,633 | $13,399 |
| 10/31/2023 | $10,071 | $11,181 | $12,847 |
| 11/30/2023 | $10,777 | $12,076 | $14,003 |
| 12/31/2023 | $11,268 | $12,548 | $14,706 |
| 1/31/2024 | $10,680 | $11,966 | $14,560 |
| 2/29/2024 | $11,116 | $12,535 | $14,929 |
| 3/31/2024 | $11,380 | $12,845 | $15,396 |
| 4/30/2024 | $11,250 | $12,903 | $15,119 |
| 5/31/2024 | $11,430 | $12,976 | $15,558 |
| 6/30/2024 | $11,676 | $13,488 | $15,543 |
| 7/31/2024 | $11,648 | $13,528 | $15,903 |
| 8/31/2024 | $11,917 | $13,746 | $16,356 |
| 9/30/2024 | $12,634 | $14,664 | $16,797 |
| 10/31/2024 | $12,190 | $14,012 | $15,972 |
Emerging Markets Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $3,882,963,501 |
| # of portfolio holdings | 122 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $36,864,032 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class A | 21.04 | 1.36 | 2.61 |
| Class A with Load | 14.08 | 0.16 | 2.00 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3 |
| Tencent Holdings Ltd. | 5.3 |
| Samsung Electronics Co. Ltd. Korea Exchange | 4.8 |
| Reliance Industries Ltd. London Stock Exchange GDR | 3.7 |
| Meituan Class B | 2.5 |
| Bharti Airtel Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.2 |
| WH Group Ltd. | 2.1 |
| Alibaba Group Holding Ltd. New York Stock Exchange ADR | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 20.6 |
| India | 17.2 |
| Taiwan | 15.9 |
| South Korea | 12.6 |
| Brazil | 5.3 |
| Mexico | 4.5 |
| Hong Kong | 4.4 |
| Indonesia | 4.1 |
| South Africa | 3.6 |
| Thailand | 2.6 |
| Other | 9.2 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 22.5 |
| Communication services | 17.1 |
| Consumer staples | 15.5 |
| Financials | 14.0 |
| Consumer discretionary | 13.1 |
| Energy | 5.7 |
| Industrials | 4.5 |
| Materials | 4.2 |
| Real estate | 1.7 |
| Health care | 1.7 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On October 16, 2024, Prashant Paroda was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Fund
This annual shareholder report contains important information about Emerging Markets Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Administrator Class | $150 | 1.36% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Improving company fundamentals and macro tailwinds supported emerging market equities during the period. Key drivers included growing corporate focus on return on capital, momentum factor performance, China’s efforts to resuscitate its economy, resilient Indian economic growth, monetary easing, and demand for technology related to artificial intelligence. All sectors and 22 out of 24 countries rose. The top sectors were information technology (IT), financials, and consumer discretionary. Leading countries were Taiwan, India, and China. The portfolio benefited from strong stock selection in Taiwan, Poland, Chile, IT, and consumer discretionary. Taiwan Semiconductor Manufacturing Company Limited and Bharti Airtel Limited, the Indian telecom provider, were leading contributors. The portfolio was hurt by stock selection in India, Mexico, and financials and by being underweight to the strong Mexico market. Samsung Electronics Company, Limited, and AIA Group Limited, a pan-Asia insurance firm, were the largest detractors. During the period, the portfolio added exposure to Poland, materials, and industrials and reduced exposure to Mexico and consumer staples.
Total return based on a $10,000 investment
| Administrator Class | MSCI EM Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,902 | $9,894 | $10,072 |
| 12/31/2014 | $9,302 | $9,438 | $9,709 |
| 1/31/2015 | $9,311 | $9,495 | $9,695 |
| 2/28/2015 | $9,549 | $9,789 | $10,213 |
| 3/31/2015 | $9,316 | $9,650 | $10,048 |
| 4/30/2015 | $9,862 | $10,392 | $10,556 |
| 5/31/2015 | $9,580 | $9,976 | $10,391 |
| 6/30/2015 | $9,481 | $9,717 | $10,101 |
| 7/31/2015 | $8,908 | $9,043 | $10,073 |
| 8/31/2015 | $8,115 | $8,225 | $9,303 |
| 9/30/2015 | $7,846 | $7,978 | $8,872 |
| 10/31/2015 | $8,509 | $8,547 | $9,532 |
| 11/30/2015 | $8,330 | $8,213 | $9,335 |
| 12/31/2015 | $8,070 | $8,030 | $9,159 |
| 1/31/2016 | $7,651 | $7,509 | $8,536 |
| 2/29/2016 | $7,574 | $7,497 | $8,439 |
| 3/31/2016 | $8,521 | $8,489 | $9,125 |
| 4/30/2016 | $8,706 | $8,535 | $9,365 |
| 5/31/2016 | $8,494 | $8,217 | $9,207 |
| 6/30/2016 | $8,909 | $8,545 | $9,066 |
| 7/31/2016 | $9,341 | $8,975 | $9,515 |
| 8/31/2016 | $9,531 | $9,198 | $9,575 |
| 9/30/2016 | $9,725 | $9,317 | $9,693 |
| 10/31/2016 | $9,707 | $9,339 | $9,553 |
| 11/30/2016 | $9,193 | $8,909 | $9,332 |
| 12/31/2016 | $9,020 | $8,929 | $9,571 |
| 1/31/2017 | $9,561 | $9,417 | $9,910 |
| 2/28/2017 | $9,779 | $9,705 | $10,068 |
| 3/31/2017 | $10,216 | $9,950 | $10,324 |
| 4/30/2017 | $10,493 | $10,168 | $10,544 |
| 5/31/2017 | $10,838 | $10,469 | $10,887 |
| 6/30/2017 | $10,847 | $10,574 | $10,920 |
| 7/31/2017 | $11,406 | $11,205 | $11,323 |
| 8/31/2017 | $11,611 | $11,455 | $11,382 |
| 9/30/2017 | $11,688 | $11,409 | $11,593 |
| 10/31/2017 | $11,852 | $11,809 | $11,812 |
| 11/30/2017 | $11,752 | $11,833 | $11,908 |
| 12/31/2017 | $12,134 | $12,257 | $12,174 |
| 1/31/2018 | $12,987 | $13,279 | $12,852 |
| 2/28/2018 | $12,453 | $12,667 | $12,246 |
| 3/31/2018 | $12,334 | $12,431 | $12,030 |
| 4/30/2018 | $12,156 | $12,376 | $12,222 |
| 5/31/2018 | $11,860 | $11,938 | $11,940 |
| 6/30/2018 | $11,449 | $11,442 | $11,715 |
| 7/31/2018 | $11,599 | $11,693 | $11,995 |
| 8/31/2018 | $11,097 | $11,377 | $11,744 |
| 9/30/2018 | $11,011 | $11,316 | $11,798 |
| 10/31/2018 | $10,125 | $10,331 | $10,838 |
| 11/30/2018 | $10,531 | $10,757 | $10,941 |
| 12/31/2018 | $10,191 | $10,472 | $10,446 |
| 1/31/2019 | $11,219 | $11,389 | $11,235 |
| 2/28/2019 | $11,439 | $11,414 | $11,454 |
| 3/31/2019 | $11,508 | $11,510 | $11,523 |
| 4/30/2019 | $11,879 | $11,752 | $11,827 |
| 5/31/2019 | $10,916 | $10,900 | $11,192 |
| 6/30/2019 | $11,655 | $11,580 | $11,866 |
| 7/31/2019 | $11,572 | $11,438 | $11,723 |
| 8/31/2019 | $11,356 | $10,881 | $11,361 |
| 9/30/2019 | $11,563 | $11,088 | $11,653 |
| 10/31/2019 | $12,159 | $11,556 | $12,059 |
| 11/30/2019 | $12,237 | $11,540 | $12,166 |
| 12/31/2019 | $13,018 | $12,401 | $12,693 |
| 1/31/2020 | $12,454 | $11,823 | $12,352 |
| 2/29/2020 | $11,982 | $11,199 | $11,375 |
| 3/31/2020 | $9,921 | $9,474 | $9,728 |
| 4/30/2020 | $10,887 | $10,342 | $10,465 |
| 5/31/2020 | $11,201 | $10,421 | $10,808 |
| 6/30/2020 | $12,283 | $11,187 | $11,296 |
| 7/31/2020 | $13,147 | $12,187 | $11,800 |
| 8/31/2020 | $13,475 | $12,457 | $12,305 |
| 9/30/2020 | $13,184 | $12,257 | $12,003 |
| 10/31/2020 | $13,406 | $12,509 | $11,745 |
| 11/30/2020 | $14,760 | $13,666 | $13,324 |
| 12/31/2020 | $15,906 | $14,671 | $14,045 |
| 1/31/2021 | $16,211 | $15,121 | $14,075 |
| 2/28/2021 | $16,664 | $15,236 | $14,354 |
| 3/31/2021 | $16,220 | $15,006 | $14,535 |
| 4/30/2021 | $16,650 | $15,380 | $14,963 |
| 5/31/2021 | $16,701 | $15,737 | $15,431 |
| 6/30/2021 | $17,090 | $15,764 | $15,331 |
| 7/31/2021 | $15,411 | $14,703 | $15,079 |
| 8/31/2021 | $15,730 | $15,088 | $15,365 |
| 9/30/2021 | $14,832 | $14,488 | $14,873 |
| 10/31/2021 | $14,758 | $14,631 | $15,228 |
| 11/30/2021 | $13,995 | $14,035 | $14,542 |
| 12/31/2021 | $13,984 | $14,298 | $15,143 |
| 1/31/2022 | $13,942 | $14,027 | $14,585 |
| 2/28/2022 | $13,028 | $13,608 | $14,297 |
| 3/31/2022 | $12,749 | $13,301 | $14,320 |
| 4/30/2022 | $11,928 | $12,561 | $13,420 |
| 5/31/2022 | $12,100 | $12,616 | $13,517 |
| 6/30/2022 | $11,324 | $11,778 | $12,354 |
| 7/31/2022 | $11,259 | $11,749 | $12,777 |
| 8/31/2022 | $11,334 | $11,798 | $12,366 |
| 9/30/2022 | $10,183 | $10,415 | $11,130 |
| 10/31/2022 | $9,927 | $10,092 | $11,463 |
| 11/30/2022 | $11,329 | $11,588 | $12,816 |
| 12/31/2022 | $11,237 | $11,425 | $12,720 |
| 1/31/2023 | $12,211 | $12,328 | $13,752 |
| 2/28/2023 | $11,382 | $11,528 | $13,269 |
| 3/31/2023 | $11,738 | $11,877 | $13,593 |
| 4/30/2023 | $11,551 | $11,743 | $13,830 |
| 5/31/2023 | $11,373 | $11,546 | $13,327 |
| 6/30/2023 | $11,907 | $11,984 | $13,925 |
| 7/31/2023 | $12,469 | $12,730 | $14,491 |
| 8/31/2023 | $11,616 | $11,946 | $13,836 |
| 9/30/2023 | $11,228 | $11,633 | $13,399 |
| 10/31/2023 | $10,891 | $11,181 | $12,847 |
| 11/30/2023 | $11,659 | $12,076 | $14,003 |
| 12/31/2023 | $12,187 | $12,548 | $14,706 |
| 1/31/2024 | $11,553 | $11,966 | $14,560 |
| 2/29/2024 | $12,026 | $12,535 | $14,929 |
| 3/31/2024 | $12,310 | $12,845 | $15,396 |
| 4/30/2024 | $12,173 | $12,903 | $15,119 |
| 5/31/2024 | $12,366 | $12,976 | $15,558 |
| 6/30/2024 | $12,636 | $13,488 | $15,543 |
| 7/31/2024 | $12,603 | $13,528 | $15,903 |
| 8/31/2024 | $12,896 | $13,746 | $16,356 |
| 9/30/2024 | $13,672 | $14,664 | $16,797 |
| 10/31/2024 | $13,189 | $14,012 | $15,972 |
Emerging Markets Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $3,882,963,501 |
| # of portfolio holdings | 122 |
| Portfolio turnover rate | 10% |
| Total advisory fees paid | $36,864,032 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Administrator Class | 21.11 | 1.64 | 2.81 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. ADR | 6.5 |
| Taiwan Semiconductor Manufacturing Co. Ltd. | 5.3 |
| Tencent Holdings Ltd. | 5.3 |
| Samsung Electronics Co. Ltd. Korea Exchange | 4.8 |
| Reliance Industries Ltd. London Stock Exchange GDR | 3.7 |
| Meituan Class B | 2.5 |
| Bharti Airtel Ltd. | 2.3 |
| HDFC Bank Ltd. | 2.2 |
| WH Group Ltd. | 2.1 |
| Alibaba Group Holding Ltd. New York Stock Exchange ADR | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 20.6 |
| India | 17.2 |
| Taiwan | 15.9 |
| South Korea | 12.6 |
| Brazil | 5.3 |
| Mexico | 4.5 |
| Hong Kong | 4.4 |
| Indonesia | 4.1 |
| South Africa | 3.6 |
| Thailand | 2.6 |
| Other | 9.2 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 22.5 |
| Communication services | 17.1 |
| Consumer staples | 15.5 |
| Financials | 14.0 |
| Consumer discretionary | 13.1 |
| Energy | 5.7 |
| Industrials | 4.5 |
| Materials | 4.2 |
| Real estate | 1.7 |
| Health care | 1.7 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On October 16, 2024, Prashant Paroda was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Income Fund
This annual shareholder report contains important information about Emerging Markets Equity Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $140 | 1.22% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Institutional Class | MSCI EM Index (Net) (USD) | MSCI EM High Dividend Yield Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,922 | $9,894 | $9,753 | $10,072 |
| 12/31/2014 | $9,627 | $9,438 | $9,281 | $9,709 |
| 1/31/2015 | $9,654 | $9,495 | $9,231 | $9,695 |
| 2/28/2015 | $9,893 | $9,789 | $9,634 | $10,213 |
| 3/31/2015 | $9,698 | $9,650 | $9,407 | $10,048 |
| 4/30/2015 | $10,401 | $10,392 | $10,438 | $10,556 |
| 5/31/2015 | $10,132 | $9,976 | $9,873 | $10,391 |
| 6/30/2015 | $9,964 | $9,717 | $9,749 | $10,101 |
| 7/31/2015 | $9,580 | $9,043 | $8,991 | $10,073 |
| 8/31/2015 | $8,830 | $8,225 | $8,140 | $9,303 |
| 9/30/2015 | $8,494 | $7,978 | $7,635 | $8,872 |
| 10/31/2015 | $9,005 | $8,547 | $8,119 | $9,532 |
| 11/30/2015 | $8,712 | $8,213 | $7,617 | $9,335 |
| 12/31/2015 | $8,680 | $8,030 | $7,326 | $9,159 |
| 1/31/2016 | $8,300 | $7,509 | $6,928 | $8,536 |
| 2/29/2016 | $8,246 | $7,497 | $6,983 | $8,439 |
| 3/31/2016 | $8,990 | $8,489 | $7,840 | $9,125 |
| 4/30/2016 | $9,017 | $8,535 | $7,939 | $9,365 |
| 5/31/2016 | $8,681 | $8,217 | $7,507 | $9,207 |
| 6/30/2016 | $9,007 | $8,545 | $7,926 | $9,066 |
| 7/31/2016 | $9,376 | $8,975 | $8,242 | $9,515 |
| 8/31/2016 | $9,428 | $9,198 | $8,359 | $9,575 |
| 9/30/2016 | $9,484 | $9,317 | $8,514 | $9,693 |
| 10/31/2016 | $9,530 | $9,339 | $8,555 | $9,553 |
| 11/30/2016 | $9,106 | $8,909 | $8,333 | $9,332 |
| 12/31/2016 | $9,137 | $8,929 | $8,511 | $9,571 |
| 1/31/2017 | $9,584 | $9,417 | $8,758 | $9,910 |
| 2/28/2017 | $9,909 | $9,705 | $9,077 | $10,068 |
| 3/31/2017 | $10,070 | $9,950 | $9,132 | $10,324 |
| 4/30/2017 | $10,122 | $10,168 | $9,256 | $10,544 |
| 5/31/2017 | $10,220 | $10,469 | $9,375 | $10,887 |
| 6/30/2017 | $10,334 | $10,574 | $9,410 | $10,920 |
| 7/31/2017 | $10,697 | $11,205 | $9,828 | $11,323 |
| 8/31/2017 | $10,864 | $11,455 | $10,150 | $11,382 |
| 9/30/2017 | $10,816 | $11,409 | $9,887 | $11,593 |
| 10/31/2017 | $11,066 | $11,809 | $10,086 | $11,812 |
| 11/30/2017 | $10,971 | $11,833 | $10,055 | $11,908 |
| 12/31/2017 | $11,418 | $12,257 | $10,517 | $12,174 |
| 1/31/2018 | $12,424 | $13,279 | $11,433 | $12,852 |
| 2/28/2018 | $11,836 | $12,667 | $11,143 | $12,246 |
| 3/31/2018 | $11,796 | $12,431 | $11,041 | $12,030 |
| 4/30/2018 | $11,676 | $12,376 | $10,792 | $12,222 |
| 5/31/2018 | $11,190 | $11,938 | $10,355 | $11,940 |
| 6/30/2018 | $10,534 | $11,442 | $9,905 | $11,715 |
| 7/31/2018 | $10,896 | $11,693 | $10,382 | $11,995 |
| 8/31/2018 | $10,621 | $11,377 | $10,169 | $11,744 |
| 9/30/2018 | $10,849 | $11,316 | $10,352 | $11,798 |
| 10/31/2018 | $10,057 | $10,331 | $9,615 | $10,838 |
| 11/30/2018 | $10,290 | $10,757 | $9,860 | $10,941 |
| 12/31/2018 | $10,119 | $10,472 | $9,727 | $10,446 |
| 1/31/2019 | $11,006 | $11,389 | $10,474 | $11,235 |
| 2/28/2019 | $11,031 | $11,414 | $10,402 | $11,454 |
| 3/31/2019 | $10,948 | $11,510 | $10,367 | $11,523 |
| 4/30/2019 | $11,089 | $11,752 | $10,534 | $11,827 |
| 5/31/2019 | $10,446 | $10,900 | $10,054 | $11,192 |
| 6/30/2019 | $11,054 | $11,580 | $10,649 | $11,866 |
| 7/31/2019 | $10,799 | $11,438 | $10,427 | $11,723 |
| 8/31/2019 | $10,393 | $10,881 | $9,876 | $11,361 |
| 9/30/2019 | $10,681 | $11,088 | $10,132 | $11,653 |
| 10/31/2019 | $11,188 | $11,556 | $10,547 | $12,059 |
| 11/30/2019 | $10,997 | $11,540 | $10,467 | $12,166 |
| 12/31/2019 | $11,830 | $12,401 | $11,281 | $12,693 |
| 1/31/2020 | $11,020 | $11,823 | $10,497 | $12,352 |
| 2/29/2020 | $10,571 | $11,199 | $9,841 | $11,375 |
| 3/31/2020 | $8,649 | $9,474 | $8,289 | $9,728 |
| 4/30/2020 | $9,320 | $10,342 | $9,010 | $10,465 |
| 5/31/2020 | $9,306 | $10,421 | $8,916 | $10,808 |
| 6/30/2020 | $9,739 | $11,187 | $9,073 | $11,296 |
| 7/31/2020 | $10,675 | $12,187 | $9,319 | $11,800 |
| 8/31/2020 | $10,683 | $12,457 | $9,373 | $12,305 |
| 9/30/2020 | $10,489 | $12,257 | $9,012 | $12,003 |
| 10/31/2020 | $10,568 | $12,509 | $8,947 | $11,745 |
| 11/30/2020 | $11,867 | $13,666 | $10,188 | $13,324 |
| 12/31/2020 | $12,759 | $14,671 | $10,761 | $14,045 |
| 1/31/2021 | $13,087 | $15,121 | $10,729 | $14,075 |
| 2/28/2021 | $13,457 | $15,236 | $11,136 | $14,354 |
| 3/31/2021 | $13,441 | $15,006 | $11,591 | $14,535 |
| 4/30/2021 | $13,532 | $15,380 | $11,715 | $14,963 |
| 5/31/2021 | $13,876 | $15,737 | $12,087 | $15,431 |
| 6/30/2021 | $13,817 | $15,764 | $11,858 | $15,331 |
| 7/31/2021 | $13,290 | $14,703 | $11,441 | $15,079 |
| 8/31/2021 | $13,636 | $15,088 | $11,760 | $15,365 |
| 9/30/2021 | $13,116 | $14,488 | $11,465 | $14,873 |
| 10/31/2021 | $13,239 | $14,631 | $11,381 | $15,228 |
| 11/30/2021 | $12,659 | $14,035 | $11,077 | $14,542 |
| 12/31/2021 | $13,157 | $14,298 | $11,662 | $15,143 |
| 1/31/2022 | $13,325 | $14,027 | $11,733 | $14,585 |
| 2/28/2022 | $12,894 | $13,608 | $11,484 | $14,297 |
| 3/31/2022 | $12,701 | $13,301 | $11,103 | $14,320 |
| 4/30/2022 | $11,932 | $12,561 | $10,482 | $13,420 |
| 5/31/2022 | $12,160 | $12,616 | $10,550 | $13,517 |
| 6/30/2022 | $11,199 | $11,778 | $9,556 | $12,354 |
| 7/31/2022 | $11,184 | $11,749 | $9,479 | $12,777 |
| 8/31/2022 | $11,069 | $11,798 | $9,405 | $12,366 |
| 9/30/2022 | $9,931 | $10,415 | $8,624 | $11,130 |
| 10/31/2022 | $9,739 | $10,092 | $8,480 | $11,463 |
| 11/30/2022 | $11,077 | $11,588 | $9,712 | $12,816 |
| 12/31/2022 | $10,799 | $11,425 | $9,503 | $12,720 |
| 1/31/2023 | $11,761 | $12,328 | $10,062 | $13,752 |
| 2/28/2023 | $11,044 | $11,528 | $9,732 | $13,269 |
| 3/31/2023 | $11,353 | $11,877 | $10,026 | $13,593 |
| 4/30/2023 | $11,316 | $11,743 | $10,141 | $13,830 |
| 5/31/2023 | $11,019 | $11,546 | $9,882 | $13,327 |
| 6/30/2023 | $11,517 | $11,984 | $10,216 | $13,925 |
| 7/31/2023 | $12,068 | $12,730 | $10,906 | $14,491 |
| 8/31/2023 | $11,302 | $11,946 | $10,357 | $13,836 |
| 9/30/2023 | $11,084 | $11,633 | $10,302 | $13,399 |
| 10/31/2023 | $10,708 | $11,181 | $9,910 | $12,847 |
| 11/30/2023 | $11,546 | $12,076 | $10,648 | $14,003 |
| 12/31/2023 | $12,122 | $12,548 | $11,278 | $14,706 |
| 1/31/2024 | $11,900 | $11,966 | $10,921 | $14,560 |
| 2/29/2024 | $12,477 | $12,535 | $11,354 | $14,929 |
| 3/31/2024 | $12,744 | $12,845 | $11,523 | $15,396 |
| 4/30/2024 | $12,866 | $12,903 | $11,462 | $15,119 |
| 5/31/2024 | $13,140 | $12,976 | $11,840 | $15,558 |
| 6/30/2024 | $13,572 | $13,488 | $12,226 | $15,543 |
| 7/31/2024 | $13,667 | $13,528 | $12,125 | $15,903 |
| 8/31/2024 | $13,817 | $13,746 | $12,515 | $16,356 |
| 9/30/2024 | $14,574 | $14,664 | $13,040 | $16,797 |
| 10/31/2024 | $13,832 | $14,012 | $12,661 | $15,972 |
Emerging Markets Equity Income Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $366,585,468 |
| # of portfolio holdings | 101 |
| Portfolio turnover rate | 81% |
| Total advisory fees paid | $3,662,734 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Class | 29.17 | 4.33 | 3.30 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI EM High Dividend Yield Index (Net) (USD) | 27.75 | 3.72 | 2.39 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
| Tencent Holdings Ltd. | 5.6 |
| Alibaba Group Holding Ltd. | 3.8 |
| Infosys Ltd. | 2.2 |
| Samsung Electronics Co. Ltd. Korea Exchange | 2.2 |
| Embassy Office Parks REIT | 1.9 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Power Grid Corp. of India Ltd. | 1.6 |
| 360 ONE WAM Ltd. | 1.6 |
| KB Financial Group, Inc. | 1.4 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 28.1 |
| India | 17.9 |
| Taiwan | 17.6 |
| South Korea | 8.5 |
| South Africa | 5.1 |
| Brazil | 5.0 |
| Saudi Arabia | 2.2 |
| Hong Kong | 2.1 |
| Indonesia | 1.9 |
| Malaysia | 1.6 |
| Other | 10.0 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 25.2 |
| Financials | 23.0 |
| Consumer discretionary | 13.7 |
| Communication services | 9.3 |
| Industrials | 6.4 |
| Utilities | 6.2 |
| Real estate | 5.9 |
| Consumer staples | 3.7 |
| Health care | 3.2 |
| Materials | 2.0 |
| Energy | 1.4 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
At a meeting held on August 13-14, 2024, the Board of Trustees of the Fund approved a name change for the Fund to the Allspring Emerging Markets Equity Advantage Fund, effective January 8, 2025.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Income Fund
This annual shareholder report contains important information about Emerging Markets Equity Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class R6 | $134 | 1.17% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Class R6 | MSCI EM Index (Net) (USD) | MSCI EM High Dividend Yield Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,922 | $9,894 | $9,753 | $10,072 |
| 12/31/2014 | $9,627 | $9,438 | $9,281 | $9,709 |
| 1/31/2015 | $9,654 | $9,495 | $9,231 | $9,695 |
| 2/28/2015 | $9,893 | $9,789 | $9,634 | $10,213 |
| 3/31/2015 | $9,698 | $9,650 | $9,407 | $10,048 |
| 4/30/2015 | $10,401 | $10,392 | $10,438 | $10,556 |
| 5/31/2015 | $10,132 | $9,976 | $9,873 | $10,391 |
| 6/30/2015 | $9,964 | $9,717 | $9,749 | $10,101 |
| 7/31/2015 | $9,580 | $9,043 | $8,991 | $10,073 |
| 8/31/2015 | $8,830 | $8,225 | $8,140 | $9,303 |
| 9/30/2015 | $8,494 | $7,978 | $7,635 | $8,872 |
| 10/31/2015 | $8,996 | $8,547 | $8,119 | $9,532 |
| 11/30/2015 | $8,704 | $8,213 | $7,617 | $9,335 |
| 12/31/2015 | $8,681 | $8,030 | $7,326 | $9,159 |
| 1/31/2016 | $8,301 | $7,509 | $6,928 | $8,536 |
| 2/29/2016 | $8,247 | $7,497 | $6,983 | $8,439 |
| 3/31/2016 | $8,991 | $8,489 | $7,840 | $9,125 |
| 4/30/2016 | $9,020 | $8,535 | $7,939 | $9,365 |
| 5/31/2016 | $8,684 | $8,217 | $7,507 | $9,207 |
| 6/30/2016 | $9,002 | $8,545 | $7,926 | $9,066 |
| 7/31/2016 | $9,381 | $8,975 | $8,242 | $9,515 |
| 8/31/2016 | $9,425 | $9,198 | $8,359 | $9,575 |
| 9/30/2016 | $9,490 | $9,317 | $8,514 | $9,693 |
| 10/31/2016 | $9,527 | $9,339 | $8,555 | $9,553 |
| 11/30/2016 | $9,105 | $8,909 | $8,333 | $9,332 |
| 12/31/2016 | $9,137 | $8,929 | $8,511 | $9,571 |
| 1/31/2017 | $9,584 | $9,417 | $8,758 | $9,910 |
| 2/28/2017 | $9,910 | $9,705 | $9,077 | $10,068 |
| 3/31/2017 | $10,082 | $9,950 | $9,132 | $10,324 |
| 4/30/2017 | $10,135 | $10,168 | $9,256 | $10,544 |
| 5/31/2017 | $10,225 | $10,469 | $9,375 | $10,887 |
| 6/30/2017 | $10,348 | $10,574 | $9,410 | $10,920 |
| 7/31/2017 | $10,704 | $11,205 | $9,828 | $11,323 |
| 8/31/2017 | $10,881 | $11,455 | $10,150 | $11,382 |
| 9/30/2017 | $10,825 | $11,409 | $9,887 | $11,593 |
| 10/31/2017 | $11,076 | $11,809 | $10,086 | $11,812 |
| 11/30/2017 | $10,982 | $11,833 | $10,055 | $11,908 |
| 12/31/2017 | $11,431 | $12,257 | $10,517 | $12,174 |
| 1/31/2018 | $12,438 | $13,279 | $11,433 | $12,852 |
| 2/28/2018 | $11,849 | $12,667 | $11,143 | $12,246 |
| 3/31/2018 | $11,809 | $12,431 | $11,041 | $12,030 |
| 4/30/2018 | $11,690 | $12,376 | $10,792 | $12,222 |
| 5/31/2018 | $11,204 | $11,938 | $10,355 | $11,940 |
| 6/30/2018 | $10,547 | $11,442 | $9,905 | $11,715 |
| 7/31/2018 | $10,911 | $11,693 | $10,382 | $11,995 |
| 8/31/2018 | $10,636 | $11,377 | $10,169 | $11,744 |
| 9/30/2018 | $10,866 | $11,316 | $10,352 | $11,798 |
| 10/31/2018 | $10,073 | $10,331 | $9,615 | $10,838 |
| 11/30/2018 | $10,307 | $10,757 | $9,860 | $10,941 |
| 12/31/2018 | $10,137 | $10,472 | $9,727 | $10,446 |
| 1/31/2019 | $11,026 | $11,389 | $10,474 | $11,235 |
| 2/28/2019 | $11,050 | $11,414 | $10,402 | $11,454 |
| 3/31/2019 | $10,968 | $11,510 | $10,367 | $11,523 |
| 4/30/2019 | $11,111 | $11,752 | $10,534 | $11,827 |
| 5/31/2019 | $10,467 | $10,900 | $10,054 | $11,192 |
| 6/30/2019 | $11,077 | $11,580 | $10,649 | $11,866 |
| 7/31/2019 | $10,822 | $11,438 | $10,427 | $11,723 |
| 8/31/2019 | $10,416 | $10,881 | $9,876 | $11,361 |
| 9/30/2019 | $10,695 | $11,088 | $10,132 | $11,653 |
| 10/31/2019 | $11,215 | $11,556 | $10,547 | $12,059 |
| 11/30/2019 | $11,024 | $11,540 | $10,467 | $12,166 |
| 12/31/2019 | $11,852 | $12,401 | $11,281 | $12,693 |
| 1/31/2020 | $11,049 | $11,823 | $10,497 | $12,352 |
| 2/29/2020 | $10,590 | $11,199 | $9,841 | $11,375 |
| 3/31/2020 | $8,671 | $9,474 | $8,289 | $9,728 |
| 4/30/2020 | $9,344 | $10,342 | $9,010 | $10,465 |
| 5/31/2020 | $9,334 | $10,421 | $8,916 | $10,808 |
| 6/30/2020 | $9,760 | $11,187 | $9,073 | $11,296 |
| 7/31/2020 | $10,701 | $12,187 | $9,319 | $11,800 |
| 8/31/2020 | $10,710 | $12,457 | $9,373 | $12,305 |
| 9/30/2020 | $10,516 | $12,257 | $9,012 | $12,003 |
| 10/31/2020 | $10,597 | $12,509 | $8,947 | $11,745 |
| 11/30/2020 | $11,913 | $13,666 | $10,188 | $13,324 |
| 12/31/2020 | $12,800 | $14,671 | $10,761 | $14,045 |
| 1/31/2021 | $13,129 | $15,121 | $10,729 | $14,075 |
| 2/28/2021 | $13,503 | $15,236 | $11,136 | $14,354 |
| 3/31/2021 | $13,488 | $15,006 | $11,591 | $14,535 |
| 4/30/2021 | $13,581 | $15,380 | $11,715 | $14,963 |
| 5/31/2021 | $13,927 | $15,737 | $12,087 | $15,431 |
| 6/30/2021 | $13,870 | $15,764 | $11,858 | $15,331 |
| 7/31/2021 | $13,341 | $14,703 | $11,441 | $15,079 |
| 8/31/2021 | $13,679 | $15,088 | $11,760 | $15,365 |
| 9/30/2021 | $13,168 | $14,488 | $11,465 | $14,873 |
| 10/31/2021 | $13,293 | $14,631 | $11,381 | $15,228 |
| 11/30/2021 | $12,700 | $14,035 | $11,077 | $14,542 |
| 12/31/2021 | $13,202 | $14,298 | $11,662 | $15,143 |
| 1/31/2022 | $13,382 | $14,027 | $11,733 | $14,585 |
| 2/28/2022 | $12,948 | $13,608 | $11,484 | $14,297 |
| 3/31/2022 | $12,757 | $13,301 | $11,103 | $14,320 |
| 4/30/2022 | $11,985 | $12,561 | $10,482 | $13,420 |
| 5/31/2022 | $12,215 | $12,616 | $10,550 | $13,517 |
| 6/30/2022 | $11,238 | $11,778 | $9,556 | $12,354 |
| 7/31/2022 | $11,234 | $11,749 | $9,479 | $12,777 |
| 8/31/2022 | $11,120 | $11,798 | $9,405 | $12,366 |
| 9/30/2022 | $9,975 | $10,415 | $8,624 | $11,130 |
| 10/31/2022 | $9,772 | $10,092 | $8,480 | $11,463 |
| 11/30/2022 | $11,120 | $11,588 | $9,712 | $12,816 |
| 12/31/2022 | $10,842 | $11,425 | $9,503 | $12,720 |
| 1/31/2023 | $11,810 | $12,328 | $10,062 | $13,752 |
| 2/28/2023 | $11,089 | $11,528 | $9,732 | $13,269 |
| 3/31/2023 | $11,401 | $11,877 | $10,026 | $13,593 |
| 4/30/2023 | $11,365 | $11,743 | $10,141 | $13,830 |
| 5/31/2023 | $11,067 | $11,546 | $9,882 | $13,327 |
| 6/30/2023 | $11,570 | $11,984 | $10,216 | $13,925 |
| 7/31/2023 | $12,126 | $12,730 | $10,906 | $14,491 |
| 8/31/2023 | $11,345 | $11,946 | $10,357 | $13,836 |
| 9/30/2023 | $11,137 | $11,633 | $10,302 | $13,399 |
| 10/31/2023 | $10,759 | $11,181 | $9,910 | $12,847 |
| 11/30/2023 | $11,593 | $12,076 | $10,648 | $14,003 |
| 12/31/2023 | $12,186 | $12,548 | $11,278 | $14,706 |
| 1/31/2024 | $11,963 | $11,966 | $10,921 | $14,560 |
| 2/29/2024 | $12,544 | $12,535 | $11,354 | $14,929 |
| 3/31/2024 | $12,805 | $12,845 | $11,523 | $15,396 |
| 4/30/2024 | $12,929 | $12,903 | $11,462 | $15,119 |
| 5/31/2024 | $13,217 | $12,976 | $11,840 | $15,558 |
| 6/30/2024 | $13,643 | $13,488 | $12,226 | $15,543 |
| 7/31/2024 | $13,740 | $13,528 | $12,125 | $15,903 |
| 8/31/2024 | $13,893 | $13,746 | $12,515 | $16,356 |
| 9/30/2024 | $14,657 | $14,664 | $13,040 | $16,797 |
| 10/31/2024 | $13,898 | $14,012 | $12,661 | $15,972 |
Emerging Markets Equity Income Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $366,585,468 |
| # of portfolio holdings | 101 |
| Portfolio turnover rate | 81% |
| Total advisory fees paid | $3,662,734 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Class R6Footnote Reference* | 29.17 | 4.38 | 3.35 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI EM High Dividend Yield Index (Net) (USD) | 27.75 | 3.72 | 2.39 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | Historical performance shown for the Class R6 shares prior to their inception on September 30, 2015 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. |
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
| Tencent Holdings Ltd. | 5.6 |
| Alibaba Group Holding Ltd. | 3.8 |
| Infosys Ltd. | 2.2 |
| Samsung Electronics Co. Ltd. Korea Exchange | 2.2 |
| Embassy Office Parks REIT | 1.9 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Power Grid Corp. of India Ltd. | 1.6 |
| 360 ONE WAM Ltd. | 1.6 |
| KB Financial Group, Inc. | 1.4 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 28.1 |
| India | 17.9 |
| Taiwan | 17.6 |
| South Korea | 8.5 |
| South Africa | 5.1 |
| Brazil | 5.0 |
| Saudi Arabia | 2.2 |
| Hong Kong | 2.1 |
| Indonesia | 1.9 |
| Malaysia | 1.6 |
| Other | 10.0 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 25.2 |
| Financials | 23.0 |
| Consumer discretionary | 13.7 |
| Communication services | 9.3 |
| Industrials | 6.4 |
| Utilities | 6.2 |
| Real estate | 5.9 |
| Consumer staples | 3.7 |
| Health care | 3.2 |
| Materials | 2.0 |
| Energy | 1.4 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
At a meeting held on August 13-14, 2024, the Board of Trustees of the Fund approved a name change for the Fund to the Allspring Emerging Markets Equity Advantage Fund, effective January 8, 2025.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Income Fund
This annual shareholder report contains important information about Emerging Markets Equity Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $262 | 2.30% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Class C with Load | MSCI EM Index (Net) (USD) | MSCI EM High Dividend Yield Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,913 | $9,894 | $9,753 | $10,072 |
| 12/31/2014 | $9,612 | $9,438 | $9,281 | $9,709 |
| 1/31/2015 | $9,629 | $9,495 | $9,231 | $9,695 |
| 2/28/2015 | $9,859 | $9,789 | $9,634 | $10,213 |
| 3/31/2015 | $9,656 | $9,650 | $9,407 | $10,048 |
| 4/30/2015 | $10,346 | $10,392 | $10,438 | $10,556 |
| 5/31/2015 | $10,070 | $9,976 | $9,873 | $10,391 |
| 6/30/2015 | $9,893 | $9,717 | $9,749 | $10,101 |
| 7/31/2015 | $9,493 | $9,043 | $8,991 | $10,073 |
| 8/31/2015 | $8,755 | $8,225 | $8,140 | $9,303 |
| 9/30/2015 | $8,412 | $7,978 | $7,635 | $8,872 |
| 10/31/2015 | $8,905 | $8,547 | $8,119 | $9,532 |
| 11/30/2015 | $8,603 | $8,213 | $7,617 | $9,335 |
| 12/31/2015 | $8,564 | $8,030 | $7,326 | $9,159 |
| 1/31/2016 | $8,178 | $7,509 | $6,928 | $8,536 |
| 2/29/2016 | $8,125 | $7,497 | $6,983 | $8,439 |
| 3/31/2016 | $8,851 | $8,489 | $7,840 | $9,125 |
| 4/30/2016 | $8,863 | $8,535 | $7,939 | $9,365 |
| 5/31/2016 | $8,522 | $8,217 | $7,507 | $9,207 |
| 6/30/2016 | $8,836 | $8,545 | $7,926 | $9,066 |
| 7/31/2016 | $9,193 | $8,975 | $8,242 | $9,515 |
| 8/31/2016 | $9,225 | $9,198 | $8,359 | $9,575 |
| 9/30/2016 | $9,281 | $9,317 | $8,514 | $9,693 |
| 10/31/2016 | $9,308 | $9,339 | $8,555 | $9,553 |
| 11/30/2016 | $8,890 | $8,909 | $8,333 | $9,332 |
| 12/31/2016 | $8,912 | $8,929 | $8,511 | $9,571 |
| 1/31/2017 | $9,332 | $9,417 | $8,758 | $9,910 |
| 2/28/2017 | $9,651 | $9,705 | $9,077 | $10,068 |
| 3/31/2017 | $9,797 | $9,950 | $9,132 | $10,324 |
| 4/30/2017 | $9,843 | $10,168 | $9,256 | $10,544 |
| 5/31/2017 | $9,919 | $10,469 | $9,375 | $10,887 |
| 6/30/2017 | $10,029 | $10,574 | $9,410 | $10,920 |
| 7/31/2017 | $10,364 | $11,205 | $9,828 | $11,323 |
| 8/31/2017 | $10,518 | $11,455 | $10,150 | $11,382 |
| 9/30/2017 | $10,462 | $11,409 | $9,887 | $11,593 |
| 10/31/2017 | $10,696 | $11,809 | $10,086 | $11,812 |
| 11/30/2017 | $10,585 | $11,833 | $10,055 | $11,908 |
| 12/31/2017 | $11,010 | $12,257 | $10,517 | $12,174 |
| 1/31/2018 | $11,967 | $13,279 | $11,433 | $12,852 |
| 2/28/2018 | $11,387 | $12,667 | $11,143 | $12,246 |
| 3/31/2018 | $11,341 | $12,431 | $11,041 | $12,030 |
| 4/30/2018 | $11,217 | $12,376 | $10,792 | $12,222 |
| 5/31/2018 | $10,736 | $11,938 | $10,355 | $11,940 |
| 6/30/2018 | $10,100 | $11,442 | $9,905 | $11,715 |
| 7/31/2018 | $10,432 | $11,693 | $10,382 | $11,995 |
| 8/31/2018 | $10,166 | $11,377 | $10,169 | $11,744 |
| 9/30/2018 | $10,377 | $11,316 | $10,352 | $11,798 |
| 10/31/2018 | $9,605 | $10,331 | $9,615 | $10,838 |
| 11/30/2018 | $9,820 | $10,757 | $9,860 | $10,941 |
| 12/31/2018 | $9,651 | $10,472 | $9,727 | $10,446 |
| 1/31/2019 | $10,484 | $11,389 | $10,474 | $11,235 |
| 2/28/2019 | $10,493 | $11,414 | $10,402 | $11,454 |
| 3/31/2019 | $10,404 | $11,510 | $10,367 | $11,523 |
| 4/30/2019 | $10,530 | $11,752 | $10,534 | $11,827 |
| 5/31/2019 | $9,914 | $10,900 | $10,054 | $11,192 |
| 6/30/2019 | $10,477 | $11,580 | $10,649 | $11,866 |
| 7/31/2019 | $10,224 | $11,438 | $10,427 | $11,723 |
| 8/31/2019 | $9,826 | $10,881 | $9,876 | $11,361 |
| 9/30/2019 | $10,091 | $11,088 | $10,132 | $11,653 |
| 10/31/2019 | $10,566 | $11,556 | $10,547 | $12,059 |
| 11/30/2019 | $10,375 | $11,540 | $10,467 | $12,166 |
| 12/31/2019 | $11,145 | $12,401 | $11,281 | $12,693 |
| 1/31/2020 | $10,375 | $11,823 | $10,497 | $12,352 |
| 2/29/2020 | $9,938 | $11,199 | $9,841 | $11,375 |
| 3/31/2020 | $8,133 | $9,474 | $8,289 | $9,728 |
| 4/30/2020 | $8,750 | $10,342 | $9,010 | $10,465 |
| 5/31/2020 | $8,731 | $10,421 | $8,916 | $10,808 |
| 6/30/2020 | $9,129 | $11,187 | $9,073 | $11,296 |
| 7/31/2020 | $9,995 | $12,187 | $9,319 | $11,800 |
| 8/31/2020 | $9,994 | $12,457 | $9,373 | $12,305 |
| 9/30/2020 | $9,811 | $12,257 | $9,012 | $12,003 |
| 10/31/2020 | $9,869 | $12,509 | $8,947 | $11,745 |
| 11/30/2020 | $11,082 | $13,666 | $10,188 | $13,324 |
| 12/31/2020 | $11,894 | $14,671 | $10,761 | $14,045 |
| 1/31/2021 | $12,192 | $15,121 | $10,729 | $14,075 |
| 2/28/2021 | $12,529 | $15,236 | $11,136 | $14,354 |
| 3/31/2021 | $12,500 | $15,006 | $11,591 | $14,535 |
| 4/30/2021 | $12,577 | $15,380 | $11,715 | $14,963 |
| 5/31/2021 | $12,881 | $15,737 | $12,087 | $15,431 |
| 6/30/2021 | $12,814 | $15,764 | $11,858 | $15,331 |
| 7/31/2021 | $12,319 | $14,703 | $11,441 | $15,079 |
| 8/31/2021 | $12,620 | $15,088 | $11,760 | $15,365 |
| 9/30/2021 | $12,134 | $14,488 | $11,465 | $14,873 |
| 10/31/2021 | $12,237 | $14,631 | $11,381 | $15,228 |
| 11/30/2021 | $11,686 | $14,035 | $11,077 | $14,542 |
| 12/31/2021 | $12,135 | $14,298 | $11,662 | $15,143 |
| 1/31/2022 | $12,282 | $14,027 | $11,733 | $14,585 |
| 2/28/2022 | $11,881 | $13,608 | $11,484 | $14,297 |
| 3/31/2022 | $11,685 | $13,301 | $11,103 | $14,320 |
| 4/30/2022 | $10,970 | $12,561 | $10,482 | $13,420 |
| 5/31/2022 | $11,166 | $12,616 | $10,550 | $13,517 |
| 6/30/2022 | $10,274 | $11,778 | $9,556 | $12,354 |
| 7/31/2022 | $10,251 | $11,749 | $9,479 | $12,777 |
| 8/31/2022 | $10,146 | $11,798 | $9,405 | $12,366 |
| 9/30/2022 | $9,086 | $10,415 | $8,624 | $11,130 |
| 10/31/2022 | $8,901 | $10,092 | $8,480 | $11,463 |
| 11/30/2022 | $10,123 | $11,588 | $9,712 | $12,816 |
| 12/31/2022 | $9,864 | $11,425 | $9,503 | $12,720 |
| 1/31/2023 | $10,744 | $12,328 | $10,062 | $13,752 |
| 2/28/2023 | $10,084 | $11,528 | $9,732 | $13,269 |
| 3/31/2023 | $10,363 | $11,877 | $10,026 | $13,593 |
| 4/30/2023 | $10,327 | $11,743 | $10,141 | $13,830 |
| 5/31/2023 | $10,053 | $11,546 | $9,882 | $13,327 |
| 6/30/2023 | $10,506 | $11,984 | $10,216 | $13,925 |
| 7/31/2023 | $11,006 | $12,730 | $10,906 | $14,491 |
| 8/31/2023 | $10,293 | $11,946 | $10,357 | $13,836 |
| 9/30/2023 | $10,101 | $11,633 | $10,302 | $13,399 |
| 10/31/2023 | $9,766 | $11,181 | $9,910 | $12,847 |
| 11/30/2023 | $10,518 | $12,076 | $10,648 | $14,003 |
| 12/31/2023 | $11,049 | $12,548 | $11,278 | $14,706 |
| 1/31/2024 | $10,837 | $11,966 | $10,921 | $14,560 |
| 2/29/2024 | $11,363 | $12,535 | $11,354 | $14,929 |
| 3/31/2024 | $11,599 | $12,845 | $11,523 | $15,396 |
| 4/30/2024 | $11,707 | $12,903 | $11,462 | $15,119 |
| 5/31/2024 | $11,963 | $12,976 | $11,840 | $15,558 |
| 6/30/2024 | $12,344 | $13,488 | $12,226 | $15,543 |
| 7/31/2024 | $12,427 | $13,528 | $12,125 | $15,903 |
| 8/31/2024 | $12,560 | $13,746 | $12,515 | $16,356 |
| 9/30/2024 | $13,246 | $14,664 | $13,040 | $16,797 |
| 10/31/2024 | $12,560 | $14,012 | $12,661 | $15,972 |
Emerging Markets Equity Income Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $366,585,468 |
| # of portfolio holdings | 101 |
| Portfolio turnover rate | 81% |
| Total advisory fees paid | $3,662,734 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class C | 27.78 | 3.21 | 2.31 |
| Class C with Load | 26.78 | 3.21 | 2.31 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI EM High Dividend Yield Index (Net) (USD) | 27.75 | 3.72 | 2.39 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
| Tencent Holdings Ltd. | 5.6 |
| Alibaba Group Holding Ltd. | 3.8 |
| Infosys Ltd. | 2.2 |
| Samsung Electronics Co. Ltd. Korea Exchange | 2.2 |
| Embassy Office Parks REIT | 1.9 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Power Grid Corp. of India Ltd. | 1.6 |
| 360 ONE WAM Ltd. | 1.6 |
| KB Financial Group, Inc. | 1.4 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 28.1 |
| India | 17.9 |
| Taiwan | 17.6 |
| South Korea | 8.5 |
| South Africa | 5.1 |
| Brazil | 5.0 |
| Saudi Arabia | 2.2 |
| Hong Kong | 2.1 |
| Indonesia | 1.9 |
| Malaysia | 1.6 |
| Other | 10.0 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 25.2 |
| Financials | 23.0 |
| Consumer discretionary | 13.7 |
| Communication services | 9.3 |
| Industrials | 6.4 |
| Utilities | 6.2 |
| Real estate | 5.9 |
| Consumer staples | 3.7 |
| Health care | 3.2 |
| Materials | 2.0 |
| Energy | 1.4 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
At a meeting held on August 13-14, 2024, the Board of Trustees of the Fund approved a name change for the Fund to the Allspring Emerging Markets Equity Advantage Fund, effective January 8, 2025.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Income Fund
This annual shareholder report contains important information about Emerging Markets Equity Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $175 | 1.53% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Class A with Load | MSCI EM Index (Net) (USD) | MSCI EM High Dividend Yield Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $9,426 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,346 | $9,894 | $9,753 | $10,072 |
| 12/31/2014 | $9,063 | $9,438 | $9,281 | $9,709 |
| 1/31/2015 | $9,088 | $9,495 | $9,231 | $9,695 |
| 2/28/2015 | $9,313 | $9,789 | $9,634 | $10,213 |
| 3/31/2015 | $9,121 | $9,650 | $9,407 | $10,048 |
| 4/30/2015 | $9,782 | $10,392 | $10,438 | $10,556 |
| 5/31/2015 | $9,526 | $9,976 | $9,873 | $10,391 |
| 6/30/2015 | $9,365 | $9,717 | $9,749 | $10,101 |
| 7/31/2015 | $9,001 | $9,043 | $8,991 | $10,073 |
| 8/31/2015 | $8,293 | $8,225 | $8,140 | $9,303 |
| 9/30/2015 | $7,983 | $7,978 | $7,635 | $8,872 |
| 10/31/2015 | $8,452 | $8,547 | $8,119 | $9,532 |
| 11/30/2015 | $8,168 | $8,213 | $7,617 | $9,335 |
| 12/31/2015 | $8,140 | $8,030 | $7,326 | $9,159 |
| 1/31/2016 | $7,784 | $7,509 | $6,928 | $8,536 |
| 2/29/2016 | $7,733 | $7,497 | $6,983 | $8,439 |
| 3/31/2016 | $8,424 | $8,489 | $7,840 | $9,125 |
| 4/30/2016 | $8,448 | $8,535 | $7,939 | $9,365 |
| 5/31/2016 | $8,130 | $8,217 | $7,507 | $9,207 |
| 6/30/2016 | $8,425 | $8,545 | $7,926 | $9,066 |
| 7/31/2016 | $8,769 | $8,975 | $8,242 | $9,515 |
| 8/31/2016 | $8,815 | $9,198 | $8,359 | $9,575 |
| 9/30/2016 | $8,873 | $9,317 | $8,514 | $9,693 |
| 10/31/2016 | $8,899 | $9,339 | $8,555 | $9,553 |
| 11/30/2016 | $8,507 | $8,909 | $8,333 | $9,332 |
| 12/31/2016 | $8,531 | $8,929 | $8,511 | $9,571 |
| 1/31/2017 | $8,949 | $9,417 | $8,758 | $9,910 |
| 2/28/2017 | $9,245 | $9,705 | $9,077 | $10,068 |
| 3/31/2017 | $9,402 | $9,950 | $9,132 | $10,324 |
| 4/30/2017 | $9,448 | $10,168 | $9,256 | $10,544 |
| 5/31/2017 | $9,528 | $10,469 | $9,375 | $10,887 |
| 6/30/2017 | $9,632 | $10,574 | $9,410 | $10,920 |
| 7/31/2017 | $9,969 | $11,205 | $9,828 | $11,323 |
| 8/31/2017 | $10,121 | $11,455 | $10,150 | $11,382 |
| 9/30/2017 | $10,074 | $11,409 | $9,887 | $11,593 |
| 10/31/2017 | $10,304 | $11,809 | $10,086 | $11,812 |
| 11/30/2017 | $10,204 | $11,833 | $10,055 | $11,908 |
| 12/31/2017 | $10,619 | $12,257 | $10,517 | $12,174 |
| 1/31/2018 | $11,556 | $13,279 | $11,433 | $12,852 |
| 2/28/2018 | $10,999 | $12,667 | $11,143 | $12,246 |
| 3/31/2018 | $10,959 | $12,431 | $11,041 | $12,030 |
| 4/30/2018 | $10,853 | $12,376 | $10,792 | $12,222 |
| 5/31/2018 | $10,388 | $11,938 | $10,355 | $11,940 |
| 6/30/2018 | $9,774 | $11,442 | $9,905 | $11,715 |
| 7/31/2018 | $10,109 | $11,693 | $10,382 | $11,995 |
| 8/31/2018 | $9,849 | $11,377 | $10,169 | $11,744 |
| 9/30/2018 | $10,068 | $11,316 | $10,352 | $11,798 |
| 10/31/2018 | $9,329 | $10,331 | $9,615 | $10,838 |
| 11/30/2018 | $9,537 | $10,757 | $9,860 | $10,941 |
| 12/31/2018 | $9,380 | $10,472 | $9,727 | $10,446 |
| 1/31/2019 | $10,195 | $11,389 | $10,474 | $11,235 |
| 2/28/2019 | $10,212 | $11,414 | $10,402 | $11,454 |
| 3/31/2019 | $10,132 | $11,510 | $10,367 | $11,523 |
| 4/30/2019 | $10,261 | $11,752 | $10,534 | $11,827 |
| 5/31/2019 | $9,661 | $10,900 | $10,054 | $11,192 |
| 6/30/2019 | $10,222 | $11,580 | $10,649 | $11,866 |
| 7/31/2019 | $9,983 | $11,438 | $10,427 | $11,723 |
| 8/31/2019 | $9,603 | $10,881 | $9,876 | $11,361 |
| 9/30/2019 | $9,861 | $11,088 | $10,132 | $11,653 |
| 10/31/2019 | $10,334 | $11,556 | $10,547 | $12,059 |
| 11/30/2019 | $10,155 | $11,540 | $10,467 | $12,166 |
| 12/31/2019 | $10,924 | $12,401 | $11,281 | $12,693 |
| 1/31/2020 | $10,174 | $11,823 | $10,497 | $12,352 |
| 2/29/2020 | $9,755 | $11,199 | $9,841 | $11,375 |
| 3/31/2020 | $7,986 | $9,474 | $8,289 | $9,728 |
| 4/30/2020 | $8,597 | $10,342 | $9,010 | $10,465 |
| 5/31/2020 | $8,587 | $10,421 | $8,916 | $10,808 |
| 6/30/2020 | $8,985 | $11,187 | $9,073 | $11,296 |
| 7/31/2020 | $9,838 | $12,187 | $9,319 | $11,800 |
| 8/31/2020 | $9,843 | $12,457 | $9,373 | $12,305 |
| 9/30/2020 | $9,670 | $12,257 | $9,012 | $12,003 |
| 10/31/2020 | $9,732 | $12,509 | $8,947 | $11,745 |
| 11/30/2020 | $10,938 | $13,666 | $10,188 | $13,324 |
| 12/31/2020 | $11,747 | $14,671 | $10,761 | $14,045 |
| 1/31/2021 | $12,049 | $15,121 | $10,729 | $14,075 |
| 2/28/2021 | $12,387 | $15,236 | $11,136 | $14,354 |
| 3/31/2021 | $12,368 | $15,006 | $11,591 | $14,535 |
| 4/30/2021 | $12,448 | $15,380 | $11,715 | $14,963 |
| 5/31/2021 | $12,762 | $15,737 | $12,087 | $15,431 |
| 6/30/2021 | $12,705 | $15,764 | $11,858 | $15,331 |
| 7/31/2021 | $12,215 | $14,703 | $11,441 | $15,079 |
| 8/31/2021 | $12,530 | $15,088 | $11,760 | $15,365 |
| 9/30/2021 | $12,057 | $14,488 | $11,465 | $14,873 |
| 10/31/2021 | $12,158 | $14,631 | $11,381 | $15,228 |
| 11/30/2021 | $11,621 | $14,035 | $11,077 | $14,542 |
| 12/31/2021 | $12,075 | $14,298 | $11,662 | $15,143 |
| 1/31/2022 | $12,230 | $14,027 | $11,733 | $14,585 |
| 2/28/2022 | $11,833 | $13,608 | $11,484 | $14,297 |
| 3/31/2022 | $11,656 | $13,301 | $11,103 | $14,320 |
| 4/30/2022 | $10,946 | $12,561 | $10,482 | $13,420 |
| 5/31/2022 | $11,152 | $12,616 | $10,550 | $13,517 |
| 6/30/2022 | $10,256 | $11,778 | $9,556 | $12,354 |
| 7/31/2022 | $10,249 | $11,749 | $9,479 | $12,777 |
| 8/31/2022 | $10,141 | $11,798 | $9,405 | $12,366 |
| 9/30/2022 | $9,097 | $10,415 | $8,624 | $11,130 |
| 10/31/2022 | $8,915 | $10,092 | $8,480 | $11,463 |
| 11/30/2022 | $10,140 | $11,588 | $9,712 | $12,816 |
| 12/31/2022 | $9,881 | $11,425 | $9,503 | $12,720 |
| 1/31/2023 | $10,762 | $12,328 | $10,062 | $13,752 |
| 2/28/2023 | $10,101 | $11,528 | $9,732 | $13,269 |
| 3/31/2023 | $10,380 | $11,877 | $10,026 | $13,593 |
| 4/30/2023 | $10,344 | $11,743 | $10,141 | $13,830 |
| 5/31/2023 | $10,070 | $11,546 | $9,882 | $13,327 |
| 6/30/2023 | $10,523 | $11,984 | $10,216 | $13,925 |
| 7/31/2023 | $11,024 | $12,730 | $10,906 | $14,491 |
| 8/31/2023 | $10,310 | $11,946 | $10,357 | $13,836 |
| 9/30/2023 | $10,118 | $11,633 | $10,302 | $13,399 |
| 10/31/2023 | $9,782 | $11,181 | $9,910 | $12,847 |
| 11/30/2023 | $10,535 | $12,076 | $10,648 | $14,003 |
| 12/31/2023 | $11,067 | $12,548 | $11,278 | $14,706 |
| 1/31/2024 | $10,854 | $11,966 | $10,921 | $14,560 |
| 2/29/2024 | $11,382 | $12,535 | $11,354 | $14,929 |
| 3/31/2024 | $11,618 | $12,845 | $11,523 | $15,396 |
| 4/30/2024 | $11,726 | $12,903 | $11,462 | $15,119 |
| 5/31/2024 | $11,983 | $12,976 | $11,840 | $15,558 |
| 6/30/2024 | $12,364 | $13,488 | $12,226 | $15,543 |
| 7/31/2024 | $12,447 | $13,528 | $12,125 | $15,903 |
| 8/31/2024 | $12,580 | $13,746 | $12,515 | $16,356 |
| 9/30/2024 | $13,267 | $14,664 | $13,040 | $16,797 |
| 10/31/2024 | $12,581 | $14,012 | $12,661 | $15,972 |
Emerging Markets Equity Income Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $366,585,468 |
| # of portfolio holdings | 101 |
| Portfolio turnover rate | 81% |
| Total advisory fees paid | $3,662,734 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class A | 28.62 | 4.01 | 2.93 |
| Class A with Load | 21.24 | 2.79 | 2.32 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI EM High Dividend Yield Index (Net) (USD) | 27.75 | 3.72 | 2.39 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
| Tencent Holdings Ltd. | 5.6 |
| Alibaba Group Holding Ltd. | 3.8 |
| Infosys Ltd. | 2.2 |
| Samsung Electronics Co. Ltd. Korea Exchange | 2.2 |
| Embassy Office Parks REIT | 1.9 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Power Grid Corp. of India Ltd. | 1.6 |
| 360 ONE WAM Ltd. | 1.6 |
| KB Financial Group, Inc. | 1.4 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 28.1 |
| India | 17.9 |
| Taiwan | 17.6 |
| South Korea | 8.5 |
| South Africa | 5.1 |
| Brazil | 5.0 |
| Saudi Arabia | 2.2 |
| Hong Kong | 2.1 |
| Indonesia | 1.9 |
| Malaysia | 1.6 |
| Other | 10.0 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 25.2 |
| Financials | 23.0 |
| Consumer discretionary | 13.7 |
| Communication services | 9.3 |
| Industrials | 6.4 |
| Utilities | 6.2 |
| Real estate | 5.9 |
| Consumer staples | 3.7 |
| Health care | 3.2 |
| Materials | 2.0 |
| Energy | 1.4 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
At a meeting held on August 13-14, 2024, the Board of Trustees of the Fund approved a name change for the Fund to the Allspring Emerging Markets Equity Advantage Fund, effective January 8, 2025.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Emerging Markets Equity Income Fund
This annual shareholder report contains important information about Emerging Markets Equity Income Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Administrator Class | $166 | 1.45% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Emerging market equities rose sharply, led by countries within Asia Pacific, as strength from artificial intelligence (AI) and semiconductor demand, stable growth, and improving fundamentals bolstered China and Taiwan. India rose sharply on strong corporate earnings, positive economic data, and market inflows as investors revered its infrastructure investments and technological innovation. In contrast, weakness in Latin America was caused by higher inflation, weakening currencies, and political concerns.
Contributors included Bajaj Auto, on strong earnings and a promising outlook for two-wheelers and electric vehicles. Aircraft manufacturer Embraer had better-than-expected earnings and an upgrade to investment grade. Samsung Electronics Ltd. Pfd., detracted, falling after its HBM chips failed to pass NVIDIA’s suitability for inclusion into its AI processors, as did Arabian Drilling Co., which faltered after three of its offshore drilling rigs were suspended.
We remain optimistic about emerging markets on improved economic momentum, accommodative policies, attractive valuations, a favorable emerging market growth premium, and low investor positioning.
Total return based on a $10,000 investment
| Administrator Class | MSCI EM Index (Net) (USD) | MSCI EM High Dividend Yield Index (Net) (USD) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $9,909 | $9,894 | $9,753 | $10,072 |
| 12/31/2014 | $9,619 | $9,438 | $9,281 | $9,709 |
| 1/31/2015 | $9,646 | $9,495 | $9,231 | $9,695 |
| 2/28/2015 | $9,884 | $9,789 | $9,634 | $10,213 |
| 3/31/2015 | $9,690 | $9,650 | $9,407 | $10,048 |
| 4/30/2015 | $10,394 | $10,392 | $10,438 | $10,556 |
| 5/31/2015 | $10,115 | $9,976 | $9,873 | $10,391 |
| 6/30/2015 | $9,954 | $9,717 | $9,749 | $10,101 |
| 7/31/2015 | $9,560 | $9,043 | $8,991 | $10,073 |
| 8/31/2015 | $8,820 | $8,225 | $8,140 | $9,303 |
| 9/30/2015 | $8,481 | $7,978 | $7,635 | $8,872 |
| 10/31/2015 | $8,988 | $8,547 | $8,119 | $9,532 |
| 11/30/2015 | $8,687 | $8,213 | $7,617 | $9,335 |
| 12/31/2015 | $8,662 | $8,030 | $7,326 | $9,159 |
| 1/31/2016 | $8,274 | $7,509 | $6,928 | $8,536 |
| 2/29/2016 | $8,220 | $7,497 | $6,983 | $8,439 |
| 3/31/2016 | $8,966 | $8,489 | $7,840 | $9,125 |
| 4/30/2016 | $8,988 | $8,535 | $7,939 | $9,365 |
| 5/31/2016 | $8,652 | $8,217 | $7,507 | $9,207 |
| 6/30/2016 | $8,974 | $8,545 | $7,926 | $9,066 |
| 7/31/2016 | $9,339 | $8,975 | $8,242 | $9,515 |
| 8/31/2016 | $9,389 | $9,198 | $8,359 | $9,575 |
| 9/30/2016 | $9,451 | $9,317 | $8,514 | $9,693 |
| 10/31/2016 | $9,488 | $9,339 | $8,555 | $9,553 |
| 11/30/2016 | $9,074 | $8,909 | $8,333 | $9,332 |
| 12/31/2016 | $9,103 | $8,929 | $8,511 | $9,571 |
| 1/31/2017 | $9,546 | $9,417 | $8,758 | $9,910 |
| 2/28/2017 | $9,869 | $9,705 | $9,077 | $10,068 |
| 3/31/2017 | $10,034 | $9,950 | $9,132 | $10,324 |
| 4/30/2017 | $10,083 | $10,168 | $9,256 | $10,544 |
| 5/31/2017 | $10,169 | $10,469 | $9,375 | $10,887 |
| 6/30/2017 | $10,288 | $10,574 | $9,410 | $10,920 |
| 7/31/2017 | $10,647 | $11,205 | $9,828 | $11,323 |
| 8/31/2017 | $10,809 | $11,455 | $10,150 | $11,382 |
| 9/30/2017 | $10,760 | $11,409 | $9,887 | $11,593 |
| 10/31/2017 | $11,005 | $11,809 | $10,086 | $11,812 |
| 11/30/2017 | $10,899 | $11,833 | $10,055 | $11,908 |
| 12/31/2017 | $11,349 | $12,257 | $10,517 | $12,174 |
| 1/31/2018 | $12,344 | $13,279 | $11,433 | $12,852 |
| 2/28/2018 | $11,753 | $12,667 | $11,143 | $12,246 |
| 3/31/2018 | $11,716 | $12,431 | $11,041 | $12,030 |
| 4/30/2018 | $11,605 | $12,376 | $10,792 | $12,222 |
| 5/31/2018 | $11,112 | $11,938 | $10,355 | $11,940 |
| 6/30/2018 | $10,459 | $11,442 | $9,905 | $11,715 |
| 7/31/2018 | $10,816 | $11,693 | $10,382 | $11,995 |
| 8/31/2018 | $10,543 | $11,377 | $10,169 | $11,744 |
| 9/30/2018 | $10,776 | $11,316 | $10,352 | $11,798 |
| 10/31/2018 | $9,982 | $10,331 | $9,615 | $10,838 |
| 11/30/2018 | $10,212 | $10,757 | $9,860 | $10,941 |
| 12/31/2018 | $10,038 | $10,472 | $9,727 | $10,446 |
| 1/31/2019 | $10,922 | $11,389 | $10,474 | $11,235 |
| 2/28/2019 | $10,934 | $11,414 | $10,402 | $11,454 |
| 3/31/2019 | $10,861 | $11,510 | $10,367 | $11,523 |
| 4/30/2019 | $10,998 | $11,752 | $10,534 | $11,827 |
| 5/31/2019 | $10,352 | $10,900 | $10,054 | $11,192 |
| 6/30/2019 | $10,958 | $11,580 | $10,649 | $11,866 |
| 7/31/2019 | $10,695 | $11,438 | $10,427 | $11,723 |
| 8/31/2019 | $10,292 | $10,881 | $9,876 | $11,361 |
| 9/30/2019 | $10,576 | $11,088 | $10,132 | $11,653 |
| 10/31/2019 | $11,081 | $11,556 | $10,547 | $12,059 |
| 11/30/2019 | $10,891 | $11,540 | $10,467 | $12,166 |
| 12/31/2019 | $11,708 | $12,401 | $11,281 | $12,693 |
| 1/31/2020 | $10,901 | $11,823 | $10,497 | $12,352 |
| 2/29/2020 | $10,456 | $11,199 | $9,841 | $11,375 |
| 3/31/2020 | $8,556 | $9,474 | $8,289 | $9,728 |
| 4/30/2020 | $9,216 | $10,342 | $9,010 | $10,465 |
| 5/31/2020 | $9,208 | $10,421 | $8,916 | $10,808 |
| 6/30/2020 | $9,631 | $11,187 | $9,073 | $11,296 |
| 7/31/2020 | $10,549 | $12,187 | $9,319 | $11,800 |
| 8/31/2020 | $10,556 | $12,457 | $9,373 | $12,305 |
| 9/30/2020 | $10,362 | $12,257 | $9,012 | $12,003 |
| 10/31/2020 | $10,439 | $12,509 | $8,947 | $11,745 |
| 11/30/2020 | $11,732 | $13,666 | $10,188 | $13,324 |
| 12/31/2020 | $12,604 | $14,671 | $10,761 | $14,045 |
| 1/31/2021 | $12,925 | $15,121 | $10,729 | $14,075 |
| 2/28/2021 | $13,285 | $15,236 | $11,136 | $14,354 |
| 3/31/2021 | $13,267 | $15,006 | $11,591 | $14,535 |
| 4/30/2021 | $13,353 | $15,380 | $11,715 | $14,963 |
| 5/31/2021 | $13,688 | $15,737 | $12,087 | $15,431 |
| 6/30/2021 | $13,628 | $15,764 | $11,858 | $15,331 |
| 7/31/2021 | $13,108 | $14,703 | $11,441 | $15,079 |
| 8/31/2021 | $13,445 | $15,088 | $11,760 | $15,365 |
| 9/30/2021 | $12,932 | $14,488 | $11,465 | $14,873 |
| 10/31/2021 | $13,051 | $14,631 | $11,381 | $15,228 |
| 11/30/2021 | $12,470 | $14,035 | $11,077 | $14,542 |
| 12/31/2021 | $12,965 | $14,298 | $11,662 | $15,143 |
| 1/31/2022 | $13,130 | $14,027 | $11,733 | $14,585 |
| 2/28/2022 | $12,708 | $13,608 | $11,484 | $14,297 |
| 3/31/2022 | $12,512 | $13,301 | $11,103 | $14,320 |
| 4/30/2022 | $11,751 | $12,561 | $10,482 | $13,420 |
| 5/31/2022 | $11,971 | $12,616 | $10,550 | $13,517 |
| 6/30/2022 | $11,018 | $11,778 | $9,556 | $12,354 |
| 7/31/2022 | $11,012 | $11,749 | $9,479 | $12,777 |
| 8/31/2022 | $10,898 | $11,798 | $9,405 | $12,366 |
| 9/30/2022 | $9,775 | $10,415 | $8,624 | $11,130 |
| 10/31/2022 | $9,573 | $10,092 | $8,480 | $11,463 |
| 11/30/2022 | $10,889 | $11,588 | $9,712 | $12,816 |
| 12/31/2022 | $10,614 | $11,425 | $9,503 | $12,720 |
| 1/31/2023 | $11,564 | $12,328 | $10,062 | $13,752 |
| 2/28/2023 | $10,850 | $11,528 | $9,732 | $13,269 |
| 3/31/2023 | $11,160 | $11,877 | $10,026 | $13,593 |
| 4/30/2023 | $11,112 | $11,743 | $10,141 | $13,830 |
| 5/31/2023 | $10,820 | $11,546 | $9,882 | $13,327 |
| 6/30/2023 | $11,305 | $11,984 | $10,216 | $13,925 |
| 7/31/2023 | $11,851 | $12,730 | $10,906 | $14,491 |
| 8/31/2023 | $11,090 | $11,946 | $10,357 | $13,836 |
| 9/30/2023 | $10,886 | $11,633 | $10,302 | $13,399 |
| 10/31/2023 | $10,507 | $11,181 | $9,910 | $12,847 |
| 11/30/2023 | $11,322 | $12,076 | $10,648 | $14,003 |
| 12/31/2023 | $11,891 | $12,548 | $11,278 | $14,706 |
| 1/31/2024 | $11,675 | $11,966 | $10,921 | $14,560 |
| 2/29/2024 | $12,237 | $12,535 | $11,354 | $14,929 |
| 3/31/2024 | $12,491 | $12,845 | $11,523 | $15,396 |
| 4/30/2024 | $12,608 | $12,903 | $11,462 | $15,119 |
| 5/31/2024 | $12,882 | $12,976 | $11,840 | $15,558 |
| 6/30/2024 | $13,290 | $13,488 | $12,226 | $15,543 |
| 7/31/2024 | $13,379 | $13,528 | $12,125 | $15,903 |
| 8/31/2024 | $13,534 | $13,746 | $12,515 | $16,356 |
| 9/30/2024 | $14,268 | $14,664 | $13,040 | $16,797 |
| 10/31/2024 | $13,535 | $14,012 | $12,661 | $15,972 |
Emerging Markets Equity Income Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $366,585,468 |
| # of portfolio holdings | 101 |
| Portfolio turnover rate | 81% |
| Total advisory fees paid | $3,662,734 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Administrator Class | 28.82 | 4.08 | 3.07 |
| MSCI EM Index (Net) (USD) (Strategy) | 25.32 | 3.93 | 3.43 |
| MSCI EM High Dividend Yield Index (Net) (USD) | 27.75 | 3.72 | 2.39 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Taiwan Semiconductor Manufacturing Co. Ltd. | 9.7 |
| Tencent Holdings Ltd. | 5.6 |
| Alibaba Group Holding Ltd. | 3.8 |
| Infosys Ltd. | 2.2 |
| Samsung Electronics Co. Ltd. Korea Exchange | 2.2 |
| Embassy Office Parks REIT | 1.9 |
| Samsung Electronics Co. Ltd. | 1.7 |
| Power Grid Corp. of India Ltd. | 1.6 |
| 360 ONE WAM Ltd. | 1.6 |
| KB Financial Group, Inc. | 1.4 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| China | 28.1 |
| India | 17.9 |
| Taiwan | 17.6 |
| South Korea | 8.5 |
| South Africa | 5.1 |
| Brazil | 5.0 |
| Saudi Arabia | 2.2 |
| Hong Kong | 2.1 |
| Indonesia | 1.9 |
| Malaysia | 1.6 |
| Other | 10.0 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Information technology | 25.2 |
| Financials | 23.0 |
| Consumer discretionary | 13.7 |
| Communication services | 9.3 |
| Industrials | 6.4 |
| Utilities | 6.2 |
| Real estate | 5.9 |
| Consumer staples | 3.7 |
| Health care | 3.2 |
| Materials | 2.0 |
| Energy | 1.4 |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
At a meeting held on August 13-14, 2024, the Board of Trustees of the Fund approved a name change for the Fund to the Allspring Emerging Markets Equity Advantage Fund, effective January 8, 2025.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Global Long/Short Equity Fund
This annual shareholder report contains important information about Global Long/Short Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $294 | 2.71% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
The risk-on environment in international equity markets drove strong performance in the 12-month period that ended October 31, 2024. Market returns were fueled by the artificial intelligence secular growth theme, coupled with the decreasing likelihood of a recession, leading major equity markets to realize significant 12-month gains. The Fund slightly underperformed its benchmark in the sharp up-market where we would expect it to underperform. The Fund seeks to produce positive returns through a long book composed of securities with attractive factor footprints and a short book that tilts toward high-beta (more volatile) securities with unfavorable valuations. While the strategy’s core principles have not changed, we have enhanced the way in which we short high-beta securities by placing a larger emphasis on companies with high idiosyncratic beta. The top contributors to Fund performance from a sector/country level were allocations to energy, health care, and the United Kingdom. On the other hand, the main detractors from performance on a sector/country level were information technology, consumer staples, and the United States.
Total return based on a $10,000 investment
| Institutional Class | Global Long/Short Equity Blended Index | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,278 | $10,100 | $10,167 |
| 12/31/2014 | $10,359 | $10,019 | $9,971 |
| 1/31/2015 | $10,257 | $9,928 | $9,815 |
| 2/28/2015 | $10,329 | $10,219 | $10,362 |
| 3/31/2015 | $10,380 | $10,139 | $10,201 |
| 4/30/2015 | $10,164 | $10,258 | $10,497 |
| 5/31/2015 | $10,441 | $10,276 | $10,483 |
| 6/30/2015 | $10,431 | $10,157 | $10,237 |
| 7/31/2015 | $11,088 | $10,247 | $10,325 |
| 8/31/2015 | $10,872 | $9,909 | $9,618 |
| 9/30/2015 | $10,964 | $9,727 | $9,269 |
| 10/31/2015 | $11,231 | $10,112 | $9,997 |
| 11/30/2015 | $11,211 | $10,087 | $9,914 |
| 12/31/2015 | $11,297 | $10,000 | $9,735 |
| 1/31/2016 | $11,131 | $9,701 | $9,148 |
| 2/29/2016 | $11,100 | $9,666 | $9,085 |
| 3/31/2016 | $11,576 | $9,996 | $9,759 |
| 4/30/2016 | $11,090 | $10,076 | $9,903 |
| 5/31/2016 | $11,462 | $10,105 | $9,915 |
| 6/30/2016 | $11,142 | $10,050 | $9,855 |
| 7/31/2016 | $11,452 | $10,264 | $10,280 |
| 8/31/2016 | $11,245 | $10,269 | $10,314 |
| 9/30/2016 | $11,338 | $10,299 | $10,378 |
| 10/31/2016 | $11,193 | $10,201 | $10,201 |
| 11/30/2016 | $11,214 | $10,275 | $10,279 |
| 12/31/2016 | $11,272 | $10,400 | $10,501 |
| 1/31/2017 | $11,543 | $10,528 | $10,788 |
| 2/28/2017 | $11,824 | $10,676 | $11,091 |
| 3/31/2017 | $11,782 | $10,734 | $11,226 |
| 4/30/2017 | $11,803 | $10,817 | $11,401 |
| 5/31/2017 | $11,980 | $10,934 | $11,653 |
| 6/30/2017 | $12,095 | $10,960 | $11,706 |
| 7/31/2017 | $12,261 | $11,096 | $12,033 |
| 8/31/2017 | $12,553 | $11,109 | $12,079 |
| 9/30/2017 | $12,668 | $11,238 | $12,313 |
| 10/31/2017 | $12,709 | $11,349 | $12,568 |
| 11/30/2017 | $12,876 | $11,477 | $12,812 |
| 12/31/2017 | $12,990 | $11,561 | $13,018 |
| 1/31/2018 | $13,469 | $11,873 | $13,753 |
| 2/28/2018 | $13,057 | $11,633 | $13,175 |
| 3/31/2018 | $13,012 | $11,514 | $12,893 |
| 4/30/2018 | $13,090 | $11,588 | $13,016 |
| 5/31/2018 | $13,157 | $11,633 | $13,032 |
| 6/30/2018 | $13,023 | $11,640 | $12,962 |
| 7/31/2018 | $13,246 | $11,831 | $13,353 |
| 8/31/2018 | $13,302 | $11,915 | $13,458 |
| 9/30/2018 | $13,257 | $11,957 | $13,516 |
| 10/31/2018 | $12,678 | $11,528 | $12,503 |
| 11/30/2018 | $12,577 | $11,606 | $12,686 |
| 12/31/2018 | $11,915 | $11,175 | $11,793 |
| 1/31/2019 | $12,432 | $11,621 | $12,724 |
| 2/28/2019 | $12,593 | $11,806 | $13,064 |
| 3/31/2019 | $12,720 | $11,897 | $13,228 |
| 4/30/2019 | $12,823 | $12,119 | $13,675 |
| 5/31/2019 | $12,628 | $11,783 | $12,864 |
| 6/30/2019 | $12,927 | $12,184 | $13,706 |
| 7/31/2019 | $12,938 | $12,225 | $13,746 |
| 8/31/2019 | $12,743 | $12,113 | $13,420 |
| 9/30/2019 | $12,720 | $12,252 | $13,703 |
| 10/31/2019 | $12,731 | $12,420 | $14,078 |
| 11/30/2019 | $12,812 | $12,601 | $14,421 |
| 12/31/2019 | $12,930 | $12,798 | $14,929 |
| 1/31/2020 | $12,849 | $12,768 | $14,764 |
| 2/29/2020 | $12,134 | $12,238 | $13,572 |
| 3/31/2020 | $11,430 | $11,446 | $11,740 |
| 4/30/2020 | $11,880 | $12,072 | $12,997 |
| 5/31/2020 | $12,088 | $12,363 | $13,562 |
| 6/30/2020 | $12,388 | $12,528 | $13,996 |
| 7/31/2020 | $13,126 | $12,829 | $14,736 |
| 8/31/2020 | $13,564 | $13,258 | $15,638 |
| 9/30/2020 | $13,414 | $13,030 | $15,134 |
| 10/31/2020 | $13,034 | $12,831 | $14,766 |
| 11/30/2020 | $13,703 | $13,651 | $16,586 |
| 12/31/2020 | $12,814 | $13,941 | $17,356 |
| 1/31/2021 | $12,999 | $13,873 | $17,277 |
| 2/28/2021 | $12,884 | $14,051 | $17,677 |
| 3/31/2021 | $13,414 | $14,285 | $18,149 |
| 4/30/2021 | $13,933 | $14,618 | $18,943 |
| 5/31/2021 | $14,464 | $14,723 | $19,238 |
| 6/30/2021 | $13,933 | $14,833 | $19,491 |
| 7/31/2021 | $14,095 | $14,966 | $19,625 |
| 8/31/2021 | $14,199 | $15,153 | $20,117 |
| 9/30/2021 | $13,714 | $14,838 | $19,286 |
| 10/31/2021 | $14,072 | $15,258 | $20,270 |
| 11/30/2021 | $14,106 | $15,092 | $19,782 |
| 12/31/2021 | $15,011 | $15,415 | $20,573 |
| 1/31/2022 | $14,809 | $15,007 | $19,563 |
| 2/28/2022 | $14,369 | $14,818 | $19,058 |
| 3/31/2022 | $14,405 | $15,023 | $19,470 |
| 4/30/2022 | $14,321 | $14,400 | $17,912 |
| 5/31/2022 | $14,868 | $14,411 | $17,933 |
| 6/30/2022 | $13,882 | $13,788 | $16,421 |
| 7/31/2022 | $13,846 | $14,339 | $17,568 |
| 8/31/2022 | $13,537 | $14,051 | $16,921 |
| 9/30/2022 | $12,586 | $13,415 | $15,301 |
| 10/31/2022 | $13,228 | $13,908 | $16,225 |
| 11/30/2022 | $14,119 | $14,414 | $17,483 |
| 12/31/2022 | $13,880 | $14,134 | $16,795 |
| 1/31/2023 | $13,916 | $14,656 | $17,999 |
| 2/28/2023 | $13,388 | $14,504 | $17,483 |
| 3/31/2023 | $13,532 | $14,759 | $18,022 |
| 4/30/2023 | $13,628 | $14,911 | $18,281 |
| 5/31/2023 | $13,149 | $14,866 | $18,085 |
| 6/30/2023 | $13,640 | $15,350 | $19,135 |
| 7/31/2023 | $13,736 | $15,638 | $19,836 |
| 8/31/2023 | $13,748 | $15,487 | $19,282 |
| 9/30/2023 | $13,544 | $15,188 | $18,484 |
| 10/31/2023 | $13,448 | $15,002 | $17,929 |
| 11/30/2023 | $13,952 | $15,739 | $19,583 |
| 12/31/2023 | $14,291 | $16,162 | $20,524 |
| 1/31/2024 | $14,526 | $16,293 | $20,644 |
| 2/29/2024 | $14,896 | $16,672 | $21,530 |
| 3/31/2024 | $15,538 | $16,977 | $22,206 |
| 4/30/2024 | $15,118 | $16,698 | $21,474 |
| 5/31/2024 | $15,587 | $17,111 | $22,346 |
| 6/30/2024 | $15,340 | $17,320 | $22,843 |
| 7/31/2024 | $15,489 | $17,511 | $23,212 |
| 8/31/2024 | $15,797 | $17,785 | $23,801 |
| 9/30/2024 | $16,019 | $17,986 | $24,354 |
| 10/31/2024 | $15,711 | $17,842 | $23,808 |
Global Long/Short Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $469,464,081 |
| # of portfolio holdings | 210 |
| Portfolio turnover rate | 285% |
| Total advisory fees paid | $5,656,722 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Institutional ClassFootnote Reference* | 16.82 | 4.30 | 4.62 |
Global Long/Short Equity Blended Index (Strategy)Footnote Reference† | 18.93 | 7.51 | 5.96 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | 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 incepted on January 6, 2014 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. |
Footnote† | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is composed 50% of the MSCI World Equal Weight Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
What did the Fund invest in?
(Based on long-term investments)
FIVE LARGEST SHORT POSITIONS (% of NET ASSETS)
| Sartorius Stedim Biotech | (1.2) |
| Cellnex Telecom SA | (1.2) |
| Boeing Co. | (1.1) |
| Ashtead Group PLC | (1.1) |
| Toast, Inc. Class A | (1.0) |
TEN LARGEST LONG POSITIONS (% OF NET ASSETS)
| NVIDIA Corp. | 2.5 |
| Bank of New York Mellon Corp. | 2.2 |
| Merck & Co., Inc. | 2.2 |
| Verizon Communications, Inc. | 2.1 |
| PACCAR, Inc. | 2.1 |
| Allstate Corp. | 2.0 |
| Apple, Inc. | 2.0 |
| American Tower Corp. | 2.0 |
| Osaka Gas Co. Ltd. | 1.9 |
| Meta Platforms, Inc. Class A | 1.9 |
SECTOR ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| Industrials | 18.0 | (18.5) |
| Financials | 15.8 | (10.7) |
| Information technology | 15.7 | (11.8) |
| Communication services | 12.2 | (5.3) |
| Health care | 9.2 | (20.5) |
| Consumer staples | 7.1 | (1.7) |
| Utilities | 6.6 | 0 |
| Materials | 5.2 | (15.7) |
| Consumer discretionary | 4.1 | (5.9) |
| Real estate | 3.5 | (3.6) |
| Energy | 2.6 | (6.3) |
COUNTRY ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| United States | 64.5 | (54.2) |
| Japan | 7.3 | (4.8) |
| Canada | 4.7 | (7.0) |
| France | 3.8 | (5.2) |
| Sweden | 3.5 | (5.3) |
| Hong Kong | 2.8 | 0 |
| Germany | 2.6 | (3.9) |
| United Kingdom | 2.0 | (4.0) |
| Australia | 1.8 | (6.2) |
| Spain | 1.7 | (4.1) |
| Switzerland | 1.6 | 0 |
| Netherlands | 1.3 | (1.3) |
| Denmark | 1.0 | (0.8) |
| Italy | 1.0 | 0 |
| Bermuda | 0.2 | 0 |
| Norway | 0.1 | 0 |
| Austria | 0.1 | 0 |
| Finland | 0 | (3.2) |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On January 24, 2024, Kevin Cole, CFA, was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Global Long/Short Equity Fund
This annual shareholder report contains important information about Global Long/Short Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class R6 | $289 | 2.66% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
The risk-on environment in international equity markets drove strong performance in the 12-month period that ended October 31, 2024. Market returns were fueled by the artificial intelligence secular growth theme, coupled with the decreasing likelihood of a recession, leading major equity markets to realize significant 12-month gains. The Fund slightly underperformed its benchmark in the sharp up-market where we would expect it to underperform. The Fund seeks to produce positive returns through a long book composed of securities with attractive factor footprints and a short book that tilts toward high-beta (more volatile) securities with unfavorable valuations. While the strategy’s core principles have not changed, we have enhanced the way in which we short high-beta securities by placing a larger emphasis on companies with high idiosyncratic beta. The top contributors to Fund performance from a sector/country level were allocations to energy, health care, and the United Kingdom. On the other hand, the main detractors from performance on a sector/country level were information technology, consumer staples, and the United States.
Total return based on a $10,000 investment
| Class R6 | Global Long/Short Equity Blended Index | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,278 | $10,100 | $10,167 |
| 12/31/2014 | $10,359 | $10,019 | $9,971 |
| 1/31/2015 | $10,257 | $9,928 | $9,815 |
| 2/28/2015 | $10,329 | $10,219 | $10,362 |
| 3/31/2015 | $10,380 | $10,139 | $10,201 |
| 4/30/2015 | $10,164 | $10,258 | $10,497 |
| 5/31/2015 | $10,452 | $10,276 | $10,483 |
| 6/30/2015 | $10,431 | $10,157 | $10,237 |
| 7/31/2015 | $11,098 | $10,247 | $10,325 |
| 8/31/2015 | $10,882 | $9,909 | $9,618 |
| 9/30/2015 | $10,975 | $9,727 | $9,269 |
| 10/31/2015 | $11,231 | $10,112 | $9,997 |
| 11/30/2015 | $11,211 | $10,087 | $9,914 |
| 12/31/2015 | $11,307 | $10,000 | $9,735 |
| 1/31/2016 | $11,142 | $9,701 | $9,148 |
| 2/29/2016 | $11,111 | $9,666 | $9,085 |
| 3/31/2016 | $11,587 | $9,996 | $9,759 |
| 4/30/2016 | $11,100 | $10,076 | $9,903 |
| 5/31/2016 | $11,473 | $10,105 | $9,915 |
| 6/30/2016 | $11,152 | $10,050 | $9,855 |
| 7/31/2016 | $11,473 | $10,264 | $10,280 |
| 8/31/2016 | $11,256 | $10,269 | $10,314 |
| 9/30/2016 | $11,349 | $10,299 | $10,378 |
| 10/31/2016 | $11,214 | $10,201 | $10,201 |
| 11/30/2016 | $11,235 | $10,275 | $10,279 |
| 12/31/2016 | $11,292 | $10,400 | $10,501 |
| 1/31/2017 | $11,574 | $10,528 | $10,788 |
| 2/28/2017 | $11,855 | $10,676 | $11,091 |
| 3/31/2017 | $11,803 | $10,734 | $11,226 |
| 4/30/2017 | $11,824 | $10,817 | $11,401 |
| 5/31/2017 | $12,012 | $10,934 | $11,653 |
| 6/30/2017 | $12,116 | $10,960 | $11,706 |
| 7/31/2017 | $12,283 | $11,096 | $12,033 |
| 8/31/2017 | $12,585 | $11,109 | $12,079 |
| 9/30/2017 | $12,700 | $11,238 | $12,313 |
| 10/31/2017 | $12,752 | $11,349 | $12,568 |
| 11/30/2017 | $12,908 | $11,477 | $12,812 |
| 12/31/2017 | $13,026 | $11,561 | $13,018 |
| 1/31/2018 | $13,506 | $11,873 | $13,753 |
| 2/28/2018 | $13,104 | $11,633 | $13,175 |
| 3/31/2018 | $13,060 | $11,514 | $12,893 |
| 4/30/2018 | $13,138 | $11,588 | $13,016 |
| 5/31/2018 | $13,205 | $11,633 | $13,032 |
| 6/30/2018 | $13,071 | $11,640 | $12,962 |
| 7/31/2018 | $13,305 | $11,831 | $13,353 |
| 8/31/2018 | $13,350 | $11,915 | $13,458 |
| 9/30/2018 | $13,305 | $11,957 | $13,516 |
| 10/31/2018 | $12,724 | $11,528 | $12,503 |
| 11/30/2018 | $12,635 | $11,606 | $12,686 |
| 12/31/2018 | $11,971 | $11,175 | $11,793 |
| 1/31/2019 | $12,490 | $11,621 | $12,724 |
| 2/28/2019 | $12,651 | $11,806 | $13,064 |
| 3/31/2019 | $12,778 | $11,897 | $13,228 |
| 4/30/2019 | $12,881 | $12,119 | $13,675 |
| 5/31/2019 | $12,685 | $11,783 | $12,864 |
| 6/30/2019 | $12,985 | $12,184 | $13,706 |
| 7/31/2019 | $12,997 | $12,225 | $13,746 |
| 8/31/2019 | $12,801 | $12,113 | $13,420 |
| 9/30/2019 | $12,789 | $12,252 | $13,703 |
| 10/31/2019 | $12,789 | $12,420 | $14,078 |
| 11/30/2019 | $12,870 | $12,601 | $14,421 |
| 12/31/2019 | $12,998 | $12,798 | $14,929 |
| 1/31/2020 | $12,917 | $12,768 | $14,764 |
| 2/29/2020 | $12,200 | $12,238 | $13,572 |
| 3/31/2020 | $11,495 | $11,446 | $11,740 |
| 4/30/2020 | $11,946 | $12,072 | $12,997 |
| 5/31/2020 | $12,154 | $12,363 | $13,562 |
| 6/30/2020 | $12,454 | $12,528 | $13,996 |
| 7/31/2020 | $13,195 | $12,829 | $14,736 |
| 8/31/2020 | $13,646 | $13,258 | $15,638 |
| 9/30/2020 | $13,495 | $13,030 | $15,134 |
| 10/31/2020 | $13,114 | $12,831 | $14,766 |
| 11/30/2020 | $13,796 | $13,651 | $16,586 |
| 12/31/2020 | $12,894 | $13,941 | $17,356 |
| 1/31/2021 | $13,079 | $13,873 | $17,277 |
| 2/28/2021 | $12,963 | $14,051 | $17,677 |
| 3/31/2021 | $13,484 | $14,285 | $18,149 |
| 4/30/2021 | $14,004 | $14,618 | $18,943 |
| 5/31/2021 | $14,548 | $14,723 | $19,238 |
| 6/30/2021 | $14,016 | $14,833 | $19,491 |
| 7/31/2021 | $14,177 | $14,966 | $19,625 |
| 8/31/2021 | $14,282 | $15,153 | $20,117 |
| 9/30/2021 | $13,796 | $14,838 | $19,286 |
| 10/31/2021 | $14,154 | $15,258 | $20,270 |
| 11/30/2021 | $14,189 | $15,092 | $19,782 |
| 12/31/2021 | $15,096 | $15,415 | $20,573 |
| 1/31/2022 | $14,893 | $15,007 | $19,563 |
| 2/28/2022 | $14,464 | $14,818 | $19,058 |
| 3/31/2022 | $14,500 | $15,023 | $19,470 |
| 4/30/2022 | $14,405 | $14,400 | $17,912 |
| 5/31/2022 | $14,965 | $14,411 | $17,933 |
| 6/30/2022 | $13,976 | $13,788 | $16,421 |
| 7/31/2022 | $13,940 | $14,339 | $17,568 |
| 8/31/2022 | $13,630 | $14,051 | $16,921 |
| 9/30/2022 | $12,665 | $13,415 | $15,301 |
| 10/31/2022 | $13,321 | $13,908 | $16,225 |
| 11/30/2022 | $14,214 | $14,414 | $17,483 |
| 12/31/2022 | $13,965 | $14,134 | $16,795 |
| 1/31/2023 | $14,013 | $14,656 | $17,999 |
| 2/28/2023 | $13,484 | $14,504 | $17,483 |
| 3/31/2023 | $13,628 | $14,759 | $18,022 |
| 4/30/2023 | $13,724 | $14,911 | $18,281 |
| 5/31/2023 | $13,243 | $14,866 | $18,085 |
| 6/30/2023 | $13,748 | $15,350 | $19,135 |
| 7/31/2023 | $13,845 | $15,638 | $19,836 |
| 8/31/2023 | $13,857 | $15,487 | $19,282 |
| 9/30/2023 | $13,652 | $15,188 | $18,484 |
| 10/31/2023 | $13,556 | $15,002 | $17,929 |
| 11/30/2023 | $14,061 | $15,739 | $19,583 |
| 12/31/2023 | $14,400 | $16,162 | $20,524 |
| 1/31/2024 | $14,636 | $16,293 | $20,644 |
| 2/29/2024 | $15,020 | $16,672 | $21,530 |
| 3/31/2024 | $15,665 | $16,977 | $22,206 |
| 4/30/2024 | $15,243 | $16,698 | $21,474 |
| 5/31/2024 | $15,715 | $17,111 | $22,346 |
| 6/30/2024 | $15,467 | $17,320 | $22,843 |
| 7/31/2024 | $15,615 | $17,511 | $23,212 |
| 8/31/2024 | $15,938 | $17,785 | $23,801 |
| 9/30/2024 | $16,149 | $17,986 | $24,354 |
| 10/31/2024 | $15,851 | $17,842 | $23,808 |
Global Long/Short Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $469,464,081 |
| # of portfolio holdings | 210 |
| Portfolio turnover rate | 285% |
| Total advisory fees paid | $5,656,722 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Class R6Footnote Reference* | 16.93 | 4.39 | 4.71 |
Global Long/Short Equity Blended Index (Strategy)Footnote Reference† | 18.93 | 7.51 | 5.96 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | 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 incepted on January 6, 2014 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. |
Footnote† | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is composed 50% of the MSCI World Equal Weight Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
What did the Fund invest in?
(Based on long-term investments)
FIVE LARGEST SHORT POSITIONS (% of NET ASSETS)
| Sartorius Stedim Biotech | (1.2) |
| Cellnex Telecom SA | (1.2) |
| Boeing Co. | (1.1) |
| Ashtead Group PLC | (1.1) |
| Toast, Inc. Class A | (1.0) |
TEN LARGEST LONG POSITIONS (% OF NET ASSETS)
| NVIDIA Corp. | 2.5 |
| Bank of New York Mellon Corp. | 2.2 |
| Merck & Co., Inc. | 2.2 |
| Verizon Communications, Inc. | 2.1 |
| PACCAR, Inc. | 2.1 |
| Allstate Corp. | 2.0 |
| Apple, Inc. | 2.0 |
| American Tower Corp. | 2.0 |
| Osaka Gas Co. Ltd. | 1.9 |
| Meta Platforms, Inc. Class A | 1.9 |
SECTOR ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| Industrials | 18.0 | (18.5) |
| Financials | 15.8 | (10.7) |
| Information technology | 15.7 | (11.8) |
| Communication services | 12.2 | (5.3) |
| Health care | 9.2 | (20.5) |
| Consumer staples | 7.1 | (1.7) |
| Utilities | 6.6 | 0 |
| Materials | 5.2 | (15.7) |
| Consumer discretionary | 4.1 | (5.9) |
| Real estate | 3.5 | (3.6) |
| Energy | 2.6 | (6.3) |
COUNTRY ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| United States | 64.5 | (54.2) |
| Japan | 7.3 | (4.8) |
| Canada | 4.7 | (7.0) |
| France | 3.8 | (5.2) |
| Sweden | 3.5 | (5.3) |
| Hong Kong | 2.8 | 0 |
| Germany | 2.6 | (3.9) |
| United Kingdom | 2.0 | (4.0) |
| Australia | 1.8 | (6.2) |
| Spain | 1.7 | (4.1) |
| Switzerland | 1.6 | 0 |
| Netherlands | 1.3 | (1.3) |
| Denmark | 1.0 | (0.8) |
| Italy | 1.0 | 0 |
| Bermuda | 0.2 | 0 |
| Norway | 0.1 | 0 |
| Austria | 0.1 | 0 |
| Finland | 0 | (3.2) |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On January 24, 2024, Kevin Cole, CFA, was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Global Long/Short Equity Fund
This annual shareholder report contains important information about Global Long/Short Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $348 | 3.22% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
The risk-on environment in international equity markets drove strong performance in the 12-month period that ended October 31, 2024. Market returns were fueled by the artificial intelligence secular growth theme, coupled with the decreasing likelihood of a recession, leading major equity markets to realize significant 12-month gains. The Fund slightly underperformed its benchmark in the sharp up-market where we would expect it to underperform. The Fund seeks to produce positive returns through a long book composed of securities with attractive factor footprints and a short book that tilts toward high-beta (more volatile) securities with unfavorable valuations. While the strategy’s core principles have not changed, we have enhanced the way in which we short high-beta securities by placing a larger emphasis on companies with high idiosyncratic beta. The top contributors to Fund performance from a sector/country level were allocations to energy, health care, and the United Kingdom. On the other hand, the main detractors from performance on a sector/country level were information technology, consumer staples, and the United States.
Total return based on a $10,000 investment
| Class C with Load | Global Long/Short Equity Blended Index | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,278 | $10,100 | $10,167 |
| 12/31/2014 | $10,359 | $10,019 | $9,971 |
| 1/31/2015 | $10,257 | $9,928 | $9,815 |
| 2/28/2015 | $10,329 | $10,219 | $10,362 |
| 3/31/2015 | $10,380 | $10,139 | $10,201 |
| 4/30/2015 | $10,154 | $10,258 | $10,497 |
| 5/31/2015 | $10,431 | $10,276 | $10,483 |
| 6/30/2015 | $10,411 | $10,157 | $10,237 |
| 7/31/2015 | $11,077 | $10,247 | $10,325 |
| 8/31/2015 | $10,852 | $9,909 | $9,618 |
| 9/30/2015 | $10,944 | $9,727 | $9,269 |
| 10/31/2015 | $11,200 | $10,112 | $9,997 |
| 11/30/2015 | $11,180 | $10,087 | $9,914 |
| 12/31/2015 | $11,266 | $10,000 | $9,735 |
| 1/31/2016 | $11,101 | $9,701 | $9,148 |
| 2/29/2016 | $11,070 | $9,666 | $9,085 |
| 3/31/2016 | $11,535 | $9,996 | $9,759 |
| 4/30/2016 | $11,049 | $10,076 | $9,903 |
| 5/31/2016 | $11,411 | $10,105 | $9,915 |
| 6/30/2016 | $11,090 | $10,050 | $9,855 |
| 7/31/2016 | $11,401 | $10,264 | $10,280 |
| 8/31/2016 | $11,194 | $10,269 | $10,314 |
| 9/30/2016 | $11,276 | $10,299 | $10,378 |
| 10/31/2016 | $11,132 | $10,201 | $10,201 |
| 11/30/2016 | $11,152 | $10,275 | $10,279 |
| 12/31/2016 | $11,207 | $10,400 | $10,501 |
| 1/31/2017 | $11,477 | $10,528 | $10,788 |
| 2/28/2017 | $11,757 | $10,676 | $11,091 |
| 3/31/2017 | $11,705 | $10,734 | $11,226 |
| 4/30/2017 | $11,716 | $10,817 | $11,401 |
| 5/31/2017 | $11,902 | $10,934 | $11,653 |
| 6/30/2017 | $11,996 | $10,960 | $11,706 |
| 7/31/2017 | $12,162 | $11,096 | $12,033 |
| 8/31/2017 | $12,452 | $11,109 | $12,079 |
| 9/30/2017 | $12,566 | $11,238 | $12,313 |
| 10/31/2017 | $12,608 | $11,349 | $12,568 |
| 11/30/2017 | $12,764 | $11,477 | $12,812 |
| 12/31/2017 | $12,882 | $11,561 | $13,018 |
| 1/31/2018 | $13,347 | $11,873 | $13,753 |
| 2/28/2018 | $12,949 | $11,633 | $13,175 |
| 3/31/2018 | $12,893 | $11,514 | $12,893 |
| 4/30/2018 | $12,971 | $11,588 | $13,016 |
| 5/31/2018 | $13,037 | $11,633 | $13,032 |
| 6/30/2018 | $12,893 | $11,640 | $12,962 |
| 7/31/2018 | $13,115 | $11,831 | $13,353 |
| 8/31/2018 | $13,159 | $11,915 | $13,458 |
| 9/30/2018 | $13,115 | $11,957 | $13,516 |
| 10/31/2018 | $12,539 | $11,528 | $12,503 |
| 11/30/2018 | $12,439 | $11,606 | $12,686 |
| 12/31/2018 | $11,781 | $11,175 | $11,793 |
| 1/31/2019 | $12,284 | $11,621 | $12,724 |
| 2/28/2019 | $12,443 | $11,806 | $13,064 |
| 3/31/2019 | $12,569 | $11,897 | $13,228 |
| 4/30/2019 | $12,672 | $12,119 | $13,675 |
| 5/31/2019 | $12,466 | $11,783 | $12,864 |
| 6/30/2019 | $12,763 | $12,184 | $13,706 |
| 7/31/2019 | $12,763 | $12,225 | $13,746 |
| 8/31/2019 | $12,569 | $12,113 | $13,420 |
| 9/30/2019 | $12,546 | $12,252 | $13,703 |
| 10/31/2019 | $12,546 | $12,420 | $14,078 |
| 11/30/2019 | $12,626 | $12,601 | $14,421 |
| 12/31/2019 | $12,741 | $12,798 | $14,929 |
| 1/31/2020 | $12,661 | $12,768 | $14,764 |
| 2/29/2020 | $11,952 | $12,238 | $13,572 |
| 3/31/2020 | $11,255 | $11,446 | $11,740 |
| 4/30/2020 | $11,689 | $12,072 | $12,997 |
| 5/31/2020 | $11,906 | $12,363 | $13,562 |
| 6/30/2020 | $12,192 | $12,528 | $13,996 |
| 7/31/2020 | $12,912 | $12,829 | $14,736 |
| 8/31/2020 | $13,346 | $13,258 | $15,638 |
| 9/30/2020 | $13,186 | $13,030 | $15,134 |
| 10/31/2020 | $12,809 | $12,831 | $14,766 |
| 11/30/2020 | $13,369 | $13,651 | $16,586 |
| 12/31/2020 | $12,592 | $13,941 | $17,356 |
| 1/31/2021 | $12,763 | $13,873 | $17,277 |
| 2/28/2021 | $12,649 | $14,051 | $17,677 |
| 3/31/2021 | $13,163 | $14,285 | $18,149 |
| 4/30/2021 | $13,666 | $14,618 | $18,943 |
| 5/31/2021 | $14,180 | $14,723 | $19,238 |
| 6/30/2021 | $13,655 | $14,833 | $19,491 |
| 7/31/2021 | $13,815 | $14,966 | $19,625 |
| 8/31/2021 | $13,906 | $15,153 | $20,117 |
| 9/30/2021 | $13,438 | $14,838 | $19,286 |
| 10/31/2021 | $13,780 | $15,258 | $20,270 |
| 11/30/2021 | $13,815 | $15,092 | $19,782 |
| 12/31/2021 | $14,688 | $15,415 | $20,573 |
| 1/31/2022 | $14,488 | $15,007 | $19,563 |
| 2/28/2022 | $14,064 | $14,818 | $19,058 |
| 3/31/2022 | $14,087 | $15,023 | $19,470 |
| 4/30/2022 | $14,005 | $14,400 | $17,912 |
| 5/31/2022 | $14,535 | $14,411 | $17,933 |
| 6/30/2022 | $13,569 | $13,788 | $16,421 |
| 7/31/2022 | $13,534 | $14,339 | $17,568 |
| 8/31/2022 | $13,227 | $14,051 | $16,921 |
| 9/30/2022 | $12,285 | $13,415 | $15,301 |
| 10/31/2022 | $12,909 | $13,908 | $16,225 |
| 11/30/2022 | $13,781 | $14,414 | $17,483 |
| 12/31/2022 | $13,540 | $14,134 | $16,795 |
| 1/31/2023 | $13,563 | $14,656 | $17,999 |
| 2/28/2023 | $13,040 | $14,504 | $17,483 |
| 3/31/2023 | $13,171 | $14,759 | $18,022 |
| 4/30/2023 | $13,254 | $14,911 | $18,281 |
| 5/31/2023 | $12,779 | $14,866 | $18,085 |
| 6/30/2023 | $13,254 | $15,350 | $19,135 |
| 7/31/2023 | $13,350 | $15,638 | $19,836 |
| 8/31/2023 | $13,350 | $15,487 | $19,282 |
| 9/30/2023 | $13,147 | $15,188 | $18,484 |
| 10/31/2023 | $13,052 | $15,002 | $17,929 |
| 11/30/2023 | $13,540 | $15,739 | $19,583 |
| 12/31/2023 | $13,860 | $16,162 | $20,524 |
| 1/31/2024 | $14,079 | $16,293 | $20,644 |
| 2/29/2024 | $14,445 | $16,672 | $21,530 |
| 3/31/2024 | $15,054 | $16,977 | $22,206 |
| 4/30/2024 | $14,640 | $16,698 | $21,474 |
| 5/31/2024 | $15,079 | $17,111 | $22,346 |
| 6/30/2024 | $14,835 | $17,320 | $22,843 |
| 7/31/2024 | $14,981 | $17,511 | $23,212 |
| 8/31/2024 | $15,274 | $17,785 | $23,801 |
| 9/30/2024 | $15,481 | $17,986 | $24,354 |
| 10/31/2024 | $15,188 | $17,842 | $23,808 |
Global Long/Short Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $469,464,081 |
| # of portfolio holdings | 210 |
| Portfolio turnover rate | 285% |
| Total advisory fees paid | $5,656,722 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Class CFootnote Reference* | 16.37 | 3.90 | 4.27 |
Class C with LoadFootnote Reference* | 15.37 | 3.90 | 4.27 |
Global Long/Short Equity Blended Index (Strategy)Footnote Reference† | 18.93 | 7.51 | 5.96 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | Historical performance for the Class C shares prior to their inception on December 16, 2022 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. |
Footnote† | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is composed 50% of the MSCI World Equal Weight Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
What did the Fund invest in?
(Based on long-term investments)
FIVE LARGEST SHORT POSITIONS (% of NET ASSETS)
| Sartorius Stedim Biotech | (1.2) |
| Cellnex Telecom SA | (1.2) |
| Boeing Co. | (1.1) |
| Ashtead Group PLC | (1.1) |
| Toast, Inc. Class A | (1.0) |
TEN LARGEST LONG POSITIONS (% OF NET ASSETS)
| NVIDIA Corp. | 2.5 |
| Bank of New York Mellon Corp. | 2.2 |
| Merck & Co., Inc. | 2.2 |
| Verizon Communications, Inc. | 2.1 |
| PACCAR, Inc. | 2.1 |
| Allstate Corp. | 2.0 |
| Apple, Inc. | 2.0 |
| American Tower Corp. | 2.0 |
| Osaka Gas Co. Ltd. | 1.9 |
| Meta Platforms, Inc. Class A | 1.9 |
SECTOR ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| Industrials | 18.0 | (18.5) |
| Financials | 15.8 | (10.7) |
| Information technology | 15.7 | (11.8) |
| Communication services | 12.2 | (5.3) |
| Health care | 9.2 | (20.5) |
| Consumer staples | 7.1 | (1.7) |
| Utilities | 6.6 | 0 |
| Materials | 5.2 | (15.7) |
| Consumer discretionary | 4.1 | (5.9) |
| Real estate | 3.5 | (3.6) |
| Energy | 2.6 | (6.3) |
COUNTRY ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| United States | 64.5 | (54.2) |
| Japan | 7.3 | (4.8) |
| Canada | 4.7 | (7.0) |
| France | 3.8 | (5.2) |
| Sweden | 3.5 | (5.3) |
| Hong Kong | 2.8 | 0 |
| Germany | 2.6 | (3.9) |
| United Kingdom | 2.0 | (4.0) |
| Australia | 1.8 | (6.2) |
| Spain | 1.7 | (4.1) |
| Switzerland | 1.6 | 0 |
| Netherlands | 1.3 | (1.3) |
| Denmark | 1.0 | (0.8) |
| Italy | 1.0 | 0 |
| Bermuda | 0.2 | 0 |
| Norway | 0.1 | 0 |
| Austria | 0.1 | 0 |
| Finland | 0 | (3.2) |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On January 24, 2024, Kevin Cole, CFA, was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Global Long/Short Equity Fund
This annual shareholder report contains important information about Global Long/Short Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
This report describes changes to the Fund that occurred either during or after the reporting period.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $333 | 3.08% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
The risk-on environment in international equity markets drove strong performance in the 12-month period that ended October 31, 2024. Market returns were fueled by the artificial intelligence secular growth theme, coupled with the decreasing likelihood of a recession, leading major equity markets to realize significant 12-month gains. The Fund slightly underperformed its benchmark in the sharp up-market where we would expect it to underperform. The Fund seeks to produce positive returns through a long book composed of securities with attractive factor footprints and a short book that tilts toward high-beta (more volatile) securities with unfavorable valuations. While the strategy’s core principles have not changed, we have enhanced the way in which we short high-beta securities by placing a larger emphasis on companies with high idiosyncratic beta. The top contributors to Fund performance from a sector/country level were allocations to energy, health care, and the United Kingdom. On the other hand, the main detractors from performance on a sector/country level were information technology, consumer staples, and the United States.
Total return based on a $10,000 investment
| Class A with Load | Global Long/Short Equity Blended Index | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $9,425 | $10,000 | $10,000 |
| 11/30/2014 | $9,687 | $10,100 | $10,167 |
| 12/31/2014 | $9,764 | $10,019 | $9,971 |
| 1/31/2015 | $9,667 | $9,928 | $9,815 |
| 2/28/2015 | $9,735 | $10,219 | $10,362 |
| 3/31/2015 | $9,783 | $10,139 | $10,201 |
| 4/30/2015 | $9,571 | $10,258 | $10,497 |
| 5/31/2015 | $9,832 | $10,276 | $10,483 |
| 6/30/2015 | $9,812 | $10,157 | $10,237 |
| 7/31/2015 | $10,441 | $10,247 | $10,325 |
| 8/31/2015 | $10,228 | $9,909 | $9,618 |
| 9/30/2015 | $10,315 | $9,727 | $9,269 |
| 10/31/2015 | $10,557 | $10,112 | $9,997 |
| 11/30/2015 | $10,537 | $10,087 | $9,914 |
| 12/31/2015 | $10,619 | $10,000 | $9,735 |
| 1/31/2016 | $10,463 | $9,701 | $9,148 |
| 2/29/2016 | $10,433 | $9,666 | $9,085 |
| 3/31/2016 | $10,872 | $9,996 | $9,759 |
| 4/30/2016 | $10,414 | $10,076 | $9,903 |
| 5/31/2016 | $10,755 | $10,105 | $9,915 |
| 6/30/2016 | $10,453 | $10,050 | $9,855 |
| 7/31/2016 | $10,745 | $10,264 | $10,280 |
| 8/31/2016 | $10,550 | $10,269 | $10,314 |
| 9/30/2016 | $10,628 | $10,299 | $10,378 |
| 10/31/2016 | $10,492 | $10,201 | $10,201 |
| 11/30/2016 | $10,511 | $10,275 | $10,279 |
| 12/31/2016 | $10,563 | $10,400 | $10,501 |
| 1/31/2017 | $10,817 | $10,528 | $10,788 |
| 2/28/2017 | $11,081 | $10,676 | $11,091 |
| 3/31/2017 | $11,032 | $10,734 | $11,226 |
| 4/30/2017 | $11,042 | $10,817 | $11,401 |
| 5/31/2017 | $11,218 | $10,934 | $11,653 |
| 6/30/2017 | $11,306 | $10,960 | $11,706 |
| 7/31/2017 | $11,463 | $11,096 | $12,033 |
| 8/31/2017 | $11,737 | $11,109 | $12,079 |
| 9/30/2017 | $11,844 | $11,238 | $12,313 |
| 10/31/2017 | $11,883 | $11,349 | $12,568 |
| 11/30/2017 | $12,030 | $11,477 | $12,812 |
| 12/31/2017 | $12,142 | $11,561 | $13,018 |
| 1/31/2018 | $12,580 | $11,873 | $13,753 |
| 2/28/2018 | $12,204 | $11,633 | $13,175 |
| 3/31/2018 | $12,152 | $11,514 | $12,893 |
| 4/30/2018 | $12,225 | $11,588 | $13,016 |
| 5/31/2018 | $12,288 | $11,633 | $13,032 |
| 6/30/2018 | $12,152 | $11,640 | $12,962 |
| 7/31/2018 | $12,361 | $11,831 | $13,353 |
| 8/31/2018 | $12,403 | $11,915 | $13,458 |
| 9/30/2018 | $12,361 | $11,957 | $13,516 |
| 10/31/2018 | $11,818 | $11,528 | $12,503 |
| 11/30/2018 | $11,724 | $11,606 | $12,686 |
| 12/31/2018 | $11,104 | $11,175 | $11,793 |
| 1/31/2019 | $11,577 | $11,621 | $12,724 |
| 2/28/2019 | $11,728 | $11,806 | $13,064 |
| 3/31/2019 | $11,847 | $11,897 | $13,228 |
| 4/30/2019 | $11,944 | $12,119 | $13,675 |
| 5/31/2019 | $11,750 | $11,783 | $12,864 |
| 6/30/2019 | $12,030 | $12,184 | $13,706 |
| 7/31/2019 | $12,030 | $12,225 | $13,746 |
| 8/31/2019 | $11,847 | $12,113 | $13,420 |
| 9/30/2019 | $11,825 | $12,252 | $13,703 |
| 10/31/2019 | $11,825 | $12,420 | $14,078 |
| 11/30/2019 | $11,901 | $12,601 | $14,421 |
| 12/31/2019 | $12,008 | $12,798 | $14,929 |
| 1/31/2020 | $11,933 | $12,768 | $14,764 |
| 2/29/2020 | $11,265 | $12,238 | $13,572 |
| 3/31/2020 | $10,608 | $11,446 | $11,740 |
| 4/30/2020 | $11,017 | $12,072 | $12,997 |
| 5/31/2020 | $11,222 | $12,363 | $13,562 |
| 6/30/2020 | $11,491 | $12,528 | $13,996 |
| 7/31/2020 | $12,170 | $12,829 | $14,736 |
| 8/31/2020 | $12,579 | $13,258 | $15,638 |
| 9/30/2020 | $12,428 | $13,030 | $15,134 |
| 10/31/2020 | $12,073 | $12,831 | $14,766 |
| 11/30/2020 | $12,601 | $13,651 | $16,586 |
| 12/31/2020 | $11,868 | $13,941 | $17,356 |
| 1/31/2021 | $12,030 | $13,873 | $17,277 |
| 2/28/2021 | $11,922 | $14,051 | $17,677 |
| 3/31/2021 | $12,407 | $14,285 | $18,149 |
| 4/30/2021 | $12,881 | $14,618 | $18,943 |
| 5/31/2021 | $13,365 | $14,723 | $19,238 |
| 6/30/2021 | $12,870 | $14,833 | $19,491 |
| 7/31/2021 | $13,021 | $14,966 | $19,625 |
| 8/31/2021 | $13,107 | $15,153 | $20,117 |
| 9/30/2021 | $12,665 | $14,838 | $19,286 |
| 10/31/2021 | $12,988 | $15,258 | $20,270 |
| 11/30/2021 | $13,021 | $15,092 | $19,782 |
| 12/31/2021 | $13,844 | $15,415 | $20,573 |
| 1/31/2022 | $13,655 | $15,007 | $19,563 |
| 2/28/2022 | $13,255 | $14,818 | $19,058 |
| 3/31/2022 | $13,277 | $15,023 | $19,470 |
| 4/30/2022 | $13,200 | $14,400 | $17,912 |
| 5/31/2022 | $13,699 | $14,411 | $17,933 |
| 6/30/2022 | $12,789 | $13,788 | $16,421 |
| 7/31/2022 | $12,756 | $14,339 | $17,568 |
| 8/31/2022 | $12,467 | $14,051 | $16,921 |
| 9/30/2022 | $11,579 | $13,415 | $15,301 |
| 10/31/2022 | $12,167 | $13,908 | $16,225 |
| 11/30/2022 | $12,989 | $14,414 | $17,483 |
| 12/31/2022 | $12,753 | $14,134 | $16,795 |
| 1/31/2023 | $12,797 | $14,656 | $17,999 |
| 2/28/2023 | $12,307 | $14,504 | $17,483 |
| 3/31/2023 | $12,441 | $14,759 | $18,022 |
| 4/30/2023 | $12,519 | $14,911 | $18,281 |
| 5/31/2023 | $12,073 | $14,866 | $18,085 |
| 6/30/2023 | $12,519 | $15,350 | $19,135 |
| 7/31/2023 | $12,608 | $15,638 | $19,836 |
| 8/31/2023 | $12,619 | $15,487 | $19,282 |
| 9/30/2023 | $12,430 | $15,188 | $18,484 |
| 10/31/2023 | $12,341 | $15,002 | $17,929 |
| 11/30/2023 | $12,786 | $15,739 | $19,583 |
| 12/31/2023 | $13,103 | $16,162 | $20,524 |
| 1/31/2024 | $13,309 | $16,293 | $20,644 |
| 2/29/2024 | $13,641 | $16,672 | $21,530 |
| 3/31/2024 | $14,224 | $16,977 | $22,206 |
| 4/30/2024 | $13,835 | $16,698 | $21,474 |
| 5/31/2024 | $14,258 | $17,111 | $22,346 |
| 6/30/2024 | $14,029 | $17,320 | $22,843 |
| 7/31/2024 | $14,167 | $17,511 | $23,212 |
| 8/31/2024 | $14,453 | $17,785 | $23,801 |
| 9/30/2024 | $14,647 | $17,986 | $24,354 |
| 10/31/2024 | $14,361 | $17,842 | $23,808 |
Global Long/Short Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $469,464,081 |
| # of portfolio holdings | 210 |
| Portfolio turnover rate | 285% |
| Total advisory fees paid | $5,656,722 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Class AFootnote Reference* | 16.37 | 3.96 | 4.30 |
Class A with LoadFootnote Reference* | 9.64 | 2.74 | 3.69 |
Global Long/Short Equity Blended Index (Strategy)Footnote Reference† | 18.93 | 7.51 | 5.96 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | 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. |
Footnote† | Source: Allspring Funds Management, LLC. The Global Long/Short Equity Blended Index is composed 50% of the MSCI World Equal Weight Index (Net) (USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot invest directly in an index. |
What did the Fund invest in?
(Based on long-term investments)
FIVE LARGEST SHORT POSITIONS (% of NET ASSETS)
| Sartorius Stedim Biotech | (1.2) |
| Cellnex Telecom SA | (1.2) |
| Boeing Co. | (1.1) |
| Ashtead Group PLC | (1.1) |
| Toast, Inc. Class A | (1.0) |
TEN LARGEST LONG POSITIONS (% OF NET ASSETS)
| NVIDIA Corp. | 2.5 |
| Bank of New York Mellon Corp. | 2.2 |
| Merck & Co., Inc. | 2.2 |
| Verizon Communications, Inc. | 2.1 |
| PACCAR, Inc. | 2.1 |
| Allstate Corp. | 2.0 |
| Apple, Inc. | 2.0 |
| American Tower Corp. | 2.0 |
| Osaka Gas Co. Ltd. | 1.9 |
| Meta Platforms, Inc. Class A | 1.9 |
SECTOR ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| Industrials | 18.0 | (18.5) |
| Financials | 15.8 | (10.7) |
| Information technology | 15.7 | (11.8) |
| Communication services | 12.2 | (5.3) |
| Health care | 9.2 | (20.5) |
| Consumer staples | 7.1 | (1.7) |
| Utilities | 6.6 | 0 |
| Materials | 5.2 | (15.7) |
| Consumer discretionary | 4.1 | (5.9) |
| Real estate | 3.5 | (3.6) |
| Energy | 2.6 | (6.3) |
COUNTRY ALLOCATION FOR LONG AND SHORT POSITIONS
(% OF LONG AND SHORT POSITIONS)
| header | Long (%) | Short (%) |
| United States | 64.5 | (54.2) |
| Japan | 7.3 | (4.8) |
| Canada | 4.7 | (7.0) |
| France | 3.8 | (5.2) |
| Sweden | 3.5 | (5.3) |
| Hong Kong | 2.8 | 0 |
| Germany | 2.6 | (3.9) |
| United Kingdom | 2.0 | (4.0) |
| Australia | 1.8 | (6.2) |
| Spain | 1.7 | (4.1) |
| Switzerland | 1.6 | 0 |
| Netherlands | 1.3 | (1.3) |
| Denmark | 1.0 | (0.8) |
| Italy | 1.0 | 0 |
| Bermuda | 0.2 | 0 |
| Norway | 0.1 | 0 |
| Austria | 0.1 | 0 |
| Finland | 0 | (3.2) |
This is a summary of certain changes and planned changes to the Fund since November 1, 2023.
On January 24, 2024, Kevin Cole, CFA, was added as a portfolio manager to the Fund.
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
International Equity Fund
This annual shareholder report contains important information about International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $91 | 0.84% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Changing interest rates and a “risk on” environment drove strong performance in international equities through the 12-month period that ended October 31, 2024. Global central banks were less coordinated with the U.S. Federal Reserve than in prior cycles, leading to higher volatility among global interest rates and currencies. Changing political leadership and budget stress affected major markets, most notably in Japan and France. China was a wild card as September’s announced stimulus package drove some asset valuations up, while weakness among Chinese consumers affected many companies. We increased cyclical exposures (financials, industrials, and information technology stocks) and reduced allocation to consumer sectors. We reduced emerging and Asian market exposures while increasing allocations to select companies in Europe. Top contributors included Hitachi Ltd., SAP SE, and TC Energy. High-quality global consumer companies were hurt by weakness in Chinese operations and growing consumer resistance to price increases. Weakness in Samsung Electronics Co. and underexposure to banks, which returned almost 45%, were detractors.
Total return based on a $10,000 investment
| Institutional Class | MSCI ACWI ex USA Value Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,258 | $9,997 | $10,072 |
| 12/31/2014 | $10,074 | $9,613 | $9,709 |
| 1/31/2015 | $10,130 | $9,509 | $9,695 |
| 2/28/2015 | $10,819 | $10,039 | $10,213 |
| 3/31/2015 | $10,968 | $9,819 | $10,048 |
| 4/30/2015 | $11,658 | $10,383 | $10,556 |
| 5/31/2015 | $11,872 | $10,167 | $10,391 |
| 6/30/2015 | $11,425 | $9,865 | $10,101 |
| 7/31/2015 | $11,397 | $9,783 | $10,073 |
| 8/31/2015 | $10,652 | $9,023 | $9,303 |
| 9/30/2015 | $10,148 | $8,524 | $8,872 |
| 10/31/2015 | $10,707 | $9,146 | $9,532 |
| 11/30/2015 | $10,614 | $8,866 | $9,335 |
| 12/31/2015 | $10,338 | $8,646 | $9,159 |
| 1/31/2016 | $9,752 | $8,001 | $8,536 |
| 2/29/2016 | $9,213 | $7,919 | $8,439 |
| 3/31/2016 | $10,083 | $8,610 | $9,125 |
| 4/30/2016 | $10,149 | $8,935 | $9,365 |
| 5/31/2016 | $10,206 | $8,691 | $9,207 |
| 6/30/2016 | $9,809 | $8,458 | $9,066 |
| 7/31/2016 | $10,347 | $8,888 | $9,515 |
| 8/31/2016 | $10,517 | $9,035 | $9,575 |
| 9/30/2016 | $10,565 | $9,117 | $9,693 |
| 10/31/2016 | $10,442 | $9,168 | $9,553 |
| 11/30/2016 | $10,432 | $9,090 | $9,332 |
| 12/31/2016 | $10,801 | $9,417 | $9,571 |
| 1/31/2017 | $11,182 | $9,708 | $9,910 |
| 2/28/2017 | $11,338 | $9,824 | $10,068 |
| 3/31/2017 | $11,591 | $10,046 | $10,324 |
| 4/30/2017 | $11,748 | $10,187 | $10,544 |
| 5/31/2017 | $12,148 | $10,399 | $10,887 |
| 6/30/2017 | $12,118 | $10,456 | $10,920 |
| 7/31/2017 | $12,596 | $10,864 | $11,323 |
| 8/31/2017 | $12,567 | $10,869 | $11,382 |
| 9/30/2017 | $12,831 | $11,082 | $11,593 |
| 10/31/2017 | $13,074 | $11,232 | $11,812 |
| 11/30/2017 | $13,201 | $11,290 | $11,908 |
| 12/31/2017 | $13,433 | $11,551 | $12,174 |
| 1/31/2018 | $14,363 | $12,237 | $12,852 |
| 2/28/2018 | $13,575 | $11,630 | $12,246 |
| 3/31/2018 | $13,373 | $11,378 | $12,030 |
| 4/30/2018 | $13,575 | $11,658 | $12,222 |
| 5/31/2018 | $13,130 | $11,184 | $11,940 |
| 6/30/2018 | $12,635 | $10,941 | $11,715 |
| 7/31/2018 | $13,029 | $11,280 | $11,995 |
| 8/31/2018 | $12,645 | $10,931 | $11,744 |
| 9/30/2018 | $12,880 | $11,129 | $11,798 |
| 10/31/2018 | $11,955 | $10,364 | $10,838 |
| 11/30/2018 | $11,894 | $10,403 | $10,941 |
| 12/31/2018 | $11,160 | $9,937 | $10,446 |
| 1/31/2019 | $12,042 | $10,684 | $11,235 |
| 2/28/2019 | $12,252 | $10,813 | $11,454 |
| 3/31/2019 | $12,137 | $10,764 | $11,523 |
| 4/30/2019 | $12,473 | $10,992 | $11,827 |
| 5/31/2019 | $11,422 | $10,375 | $11,192 |
| 6/30/2019 | $12,335 | $10,933 | $11,866 |
| 7/31/2019 | $11,984 | $10,685 | $11,723 |
| 8/31/2019 | $11,472 | $10,207 | $11,361 |
| 9/30/2019 | $11,722 | $10,627 | $11,653 |
| 10/31/2019 | $12,097 | $10,981 | $12,059 |
| 11/30/2019 | $12,365 | $11,002 | $12,166 |
| 12/31/2019 | $12,874 | $11,499 | $12,693 |
| 1/31/2020 | $12,098 | $10,989 | $12,352 |
| 2/29/2020 | $11,269 | $10,050 | $11,375 |
| 3/31/2020 | $9,039 | $8,216 | $9,728 |
| 4/30/2020 | $9,901 | $8,738 | $10,465 |
| 5/31/2020 | $10,245 | $8,911 | $10,808 |
| 6/30/2020 | $10,550 | $9,265 | $11,296 |
| 7/31/2020 | $11,189 | $9,460 | $11,800 |
| 8/31/2020 | $11,849 | $9,885 | $12,305 |
| 9/30/2020 | $11,564 | $9,475 | $12,003 |
| 10/31/2020 | $11,217 | $9,230 | $11,745 |
| 11/30/2020 | $12,714 | $10,810 | $13,324 |
| 12/31/2020 | $13,486 | $11,410 | $14,045 |
| 1/31/2021 | $13,246 | $11,390 | $14,075 |
| 2/28/2021 | $13,725 | $11,884 | $14,354 |
| 3/31/2021 | $14,340 | $12,216 | $14,535 |
| 4/30/2021 | $14,689 | $12,490 | $14,963 |
| 5/31/2021 | $15,136 | $12,964 | $15,431 |
| 6/30/2021 | $14,845 | $12,744 | $15,331 |
| 7/31/2021 | $14,527 | $12,517 | $15,079 |
| 8/31/2021 | $14,758 | $12,708 | $15,365 |
| 9/30/2021 | $14,428 | $12,449 | $14,873 |
| 10/31/2021 | $14,616 | $12,654 | $15,228 |
| 11/30/2021 | $13,555 | $11,966 | $14,542 |
| 12/31/2021 | $14,316 | $12,603 | $15,143 |
| 1/31/2022 | $14,316 | $12,715 | $14,585 |
| 2/28/2022 | $14,060 | $12,562 | $14,297 |
| 3/31/2022 | $13,766 | $12,620 | $14,320 |
| 4/30/2022 | $12,992 | $11,965 | $13,420 |
| 5/31/2022 | $13,261 | $12,224 | $13,517 |
| 6/30/2022 | $12,194 | $11,117 | $12,354 |
| 7/31/2022 | $12,398 | $11,265 | $12,777 |
| 8/31/2022 | $11,877 | $10,984 | $12,366 |
| 9/30/2022 | $10,714 | $9,957 | $11,130 |
| 10/31/2022 | $11,319 | $10,360 | $11,463 |
| 11/30/2022 | $12,743 | $11,517 | $12,816 |
| 12/31/2022 | $12,696 | $11,520 | $12,720 |
| 1/31/2023 | $13,883 | $12,415 | $13,752 |
| 2/28/2023 | $13,404 | $12,074 | $13,269 |
| 3/31/2023 | $13,485 | $12,115 | $13,593 |
| 4/30/2023 | $13,714 | $12,415 | $13,830 |
| 5/31/2023 | $13,107 | $11,855 | $13,327 |
| 6/30/2023 | $13,944 | $12,472 | $13,925 |
| 7/31/2023 | $14,475 | $13,102 | $14,491 |
| 8/31/2023 | $14,198 | $12,589 | $13,836 |
| 9/30/2023 | $13,717 | $12,463 | $13,399 |
| 10/31/2023 | $13,101 | $11,921 | $12,847 |
| 11/30/2023 | $14,112 | $12,836 | $14,003 |
| 12/31/2023 | $14,710 | $13,514 | $14,706 |
| 1/31/2024 | $14,733 | $13,347 | $14,560 |
| 2/29/2024 | $15,107 | $13,503 | $14,929 |
| 3/31/2024 | $15,496 | $13,973 | $15,396 |
| 4/30/2024 | $15,086 | $13,870 | $15,119 |
| 5/31/2024 | $15,683 | $14,312 | $15,558 |
| 6/30/2024 | $15,266 | $14,150 | $15,543 |
| 7/31/2024 | $15,682 | $14,663 | $15,903 |
| 8/31/2024 | $16,265 | $15,031 | $16,356 |
| 9/30/2024 | $16,153 | $15,460 | $16,797 |
| 10/31/2024 | $15,259 | $14,729 | $15,972 |
International Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $221,450,972 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $1,629,254 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Class | 16.57 | 4.75 | 4.32 |
| MSCI ACWI ex USA Value Index (Net) (Strategy) | 23.56 | 6.05 | 3.95 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| SAP SE | 3.3 |
| BAE Systems PLC | 3.2 |
| Rio Tinto PLC | 3.2 |
| AXA SA | 3.1 |
| Vinci SA | 3.1 |
| Novartis AG | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
| Siemens AG | 2.9 |
| ING Groep NV | 2.8 |
| AstraZeneca PLC | 2.8 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| France | 21.5 |
| United Kingdom | 20.3 |
| Germany | 19.3 |
| Japan | 13.7 |
| Netherlands | 7.2 |
| Switzerland | 4.4 |
| Canada | 4.1 |
| Finland | 2.8 |
| Denmark | 2.2 |
| South Korea | 1.9 |
| Other | 2.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 19.6 |
| Financials | 18.7 |
| Information technology | 11.6 |
| Health care | 11.6 |
| Consumer discretionary | 10.3 |
| Consumer staples | 10.3 |
| Energy | 6.0 |
| Materials | 5.1 |
| Communication services | 3.9 |
| Utilities | 2.9 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
International Equity Fund
This annual shareholder report contains important information about International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class R6 | $86 | 0.79% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Changing interest rates and a “risk on” environment drove strong performance in international equities through the 12-month period that ended October 31, 2024. Global central banks were less coordinated with the U.S. Federal Reserve than in prior cycles, leading to higher volatility among global interest rates and currencies. Changing political leadership and budget stress affected major markets, most notably in Japan and France. China was a wild card as September’s announced stimulus package drove some asset valuations up, while weakness among Chinese consumers affected many companies. We increased cyclical exposures (financials, industrials, and information technology stocks) and reduced allocation to consumer sectors. We reduced emerging and Asian market exposures while increasing allocations to select companies in Europe. Top contributors included Hitachi Ltd., SAP SE, and TC Energy. High-quality global consumer companies were hurt by weakness in Chinese operations and growing consumer resistance to price increases. Weakness in Samsung Electronics Co. and underexposure to banks, which returned almost 45%, were detractors.
Total return based on a $10,000 investment
| Class R6 | MSCI ACWI ex USA Value Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 9/30/2015 | $10,145 | $8,524 | $8,872 |
| 10/31/2015 | $10,704 | $9,146 | $9,532 |
| 11/30/2015 | $10,610 | $8,866 | $9,335 |
| 12/31/2015 | $10,327 | $8,646 | $9,159 |
| 1/31/2016 | $9,751 | $8,001 | $8,536 |
| 2/29/2016 | $9,204 | $7,919 | $8,439 |
| 3/31/2016 | $10,081 | $8,610 | $9,125 |
| 4/30/2016 | $10,148 | $8,935 | $9,365 |
| 5/31/2016 | $10,195 | $8,691 | $9,207 |
| 6/30/2016 | $9,808 | $8,458 | $9,066 |
| 7/31/2016 | $10,346 | $8,888 | $9,515 |
| 8/31/2016 | $10,516 | $9,035 | $9,575 |
| 9/30/2016 | $10,563 | $9,117 | $9,693 |
| 10/31/2016 | $10,440 | $9,168 | $9,553 |
| 11/30/2016 | $10,431 | $9,090 | $9,332 |
| 12/31/2016 | $10,794 | $9,417 | $9,571 |
| 1/31/2017 | $11,183 | $9,708 | $9,910 |
| 2/28/2017 | $11,339 | $9,824 | $10,068 |
| 3/31/2017 | $11,592 | $10,046 | $10,324 |
| 4/30/2017 | $11,748 | $10,187 | $10,544 |
| 5/31/2017 | $12,147 | $10,399 | $10,887 |
| 6/30/2017 | $12,118 | $10,456 | $10,920 |
| 7/31/2017 | $12,604 | $10,864 | $11,323 |
| 8/31/2017 | $12,575 | $10,869 | $11,382 |
| 9/30/2017 | $12,828 | $11,082 | $11,593 |
| 10/31/2017 | $13,081 | $11,232 | $11,812 |
| 11/30/2017 | $13,208 | $11,290 | $11,908 |
| 12/31/2017 | $13,438 | $11,551 | $12,174 |
| 1/31/2018 | $14,366 | $12,237 | $12,852 |
| 2/28/2018 | $13,580 | $11,630 | $12,246 |
| 3/31/2018 | $13,378 | $11,378 | $12,030 |
| 4/30/2018 | $13,580 | $11,658 | $12,222 |
| 5/31/2018 | $13,136 | $11,184 | $11,940 |
| 6/30/2018 | $12,642 | $10,941 | $11,715 |
| 7/31/2018 | $13,035 | $11,280 | $11,995 |
| 8/31/2018 | $12,652 | $10,931 | $11,744 |
| 9/30/2018 | $12,893 | $11,129 | $11,798 |
| 10/31/2018 | $11,960 | $10,364 | $10,838 |
| 11/30/2018 | $11,909 | $10,403 | $10,941 |
| 12/31/2018 | $11,169 | $9,937 | $10,446 |
| 1/31/2019 | $12,051 | $10,684 | $11,235 |
| 2/28/2019 | $12,261 | $10,813 | $11,454 |
| 3/31/2019 | $12,156 | $10,764 | $11,523 |
| 4/30/2019 | $12,482 | $10,992 | $11,827 |
| 5/31/2019 | $11,432 | $10,375 | $11,192 |
| 6/30/2019 | $12,348 | $10,933 | $11,866 |
| 7/31/2019 | $11,997 | $10,685 | $11,723 |
| 8/31/2019 | $11,486 | $10,207 | $11,361 |
| 9/30/2019 | $11,737 | $10,627 | $11,653 |
| 10/31/2019 | $12,112 | $10,981 | $12,059 |
| 11/30/2019 | $12,379 | $11,002 | $12,166 |
| 12/31/2019 | $12,889 | $11,499 | $12,693 |
| 1/31/2020 | $12,113 | $10,989 | $12,352 |
| 2/29/2020 | $11,284 | $10,050 | $11,375 |
| 3/31/2020 | $9,056 | $8,216 | $9,728 |
| 4/30/2020 | $9,917 | $8,738 | $10,465 |
| 5/31/2020 | $10,261 | $8,911 | $10,808 |
| 6/30/2020 | $10,565 | $9,265 | $11,296 |
| 7/31/2020 | $11,214 | $9,460 | $11,800 |
| 8/31/2020 | $11,874 | $9,885 | $12,305 |
| 9/30/2020 | $11,593 | $9,475 | $12,003 |
| 10/31/2020 | $11,245 | $9,230 | $11,745 |
| 11/30/2020 | $12,743 | $10,810 | $13,324 |
| 12/31/2020 | $13,517 | $11,410 | $14,045 |
| 1/31/2021 | $13,266 | $11,390 | $14,075 |
| 2/28/2021 | $13,746 | $11,884 | $14,354 |
| 3/31/2021 | $14,376 | $12,216 | $14,535 |
| 4/30/2021 | $14,726 | $12,490 | $14,963 |
| 5/31/2021 | $15,152 | $12,964 | $15,431 |
| 6/30/2021 | $14,863 | $12,744 | $15,331 |
| 7/31/2021 | $14,544 | $12,517 | $15,079 |
| 8/31/2021 | $14,775 | $12,708 | $15,365 |
| 9/30/2021 | $14,449 | $12,449 | $14,873 |
| 10/31/2021 | $14,638 | $12,654 | $15,228 |
| 11/30/2021 | $13,575 | $11,966 | $14,542 |
| 12/31/2021 | $14,344 | $12,603 | $15,143 |
| 1/31/2022 | $14,344 | $12,715 | $14,585 |
| 2/28/2022 | $14,077 | $12,562 | $14,297 |
| 3/31/2022 | $13,785 | $12,620 | $14,320 |
| 4/30/2022 | $13,009 | $11,965 | $13,420 |
| 5/31/2022 | $13,279 | $12,224 | $13,517 |
| 6/30/2022 | $12,211 | $11,117 | $12,354 |
| 7/31/2022 | $12,426 | $11,265 | $12,777 |
| 8/31/2022 | $11,904 | $10,984 | $12,366 |
| 9/30/2022 | $10,729 | $9,957 | $11,130 |
| 10/31/2022 | $11,335 | $10,360 | $11,463 |
| 11/30/2022 | $12,763 | $11,517 | $12,816 |
| 12/31/2022 | $12,718 | $11,520 | $12,720 |
| 1/31/2023 | $13,920 | $12,415 | $13,752 |
| 2/28/2023 | $13,428 | $12,074 | $13,269 |
| 3/31/2023 | $13,512 | $12,115 | $13,593 |
| 4/30/2023 | $13,741 | $12,415 | $13,830 |
| 5/31/2023 | $13,133 | $11,855 | $13,327 |
| 6/30/2023 | $13,964 | $12,472 | $13,925 |
| 7/31/2023 | $14,509 | $13,102 | $14,491 |
| 8/31/2023 | $14,231 | $12,589 | $13,836 |
| 9/30/2023 | $13,739 | $12,463 | $13,399 |
| 10/31/2023 | $13,133 | $11,921 | $12,847 |
| 11/30/2023 | $14,135 | $12,836 | $14,003 |
| 12/31/2023 | $14,752 | $13,514 | $14,706 |
| 1/31/2024 | $14,775 | $13,347 | $14,560 |
| 2/29/2024 | $15,139 | $13,503 | $14,929 |
| 3/31/2024 | $15,532 | $13,973 | $15,396 |
| 4/30/2024 | $15,121 | $13,870 | $15,119 |
| 5/31/2024 | $15,721 | $14,312 | $15,558 |
| 6/30/2024 | $15,305 | $14,150 | $15,543 |
| 7/31/2024 | $15,722 | $14,663 | $15,903 |
| 8/31/2024 | $16,307 | $15,031 | $16,356 |
| 9/30/2024 | $16,187 | $15,460 | $16,797 |
| 10/31/2024 | $15,301 | $14,729 | $15,972 |
International Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $221,450,972 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $1,629,254 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
Class R6Footnote Reference* | 16.61 | 4.79 | 4.63 |
| MSCI ACWI ex USA Value Index (Net) (Strategy) | 23.56 | 6.05 | 3.95 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | Historical performance shown for the Class R6 shares prior to their inception on September 30, 2015 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. |
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| SAP SE | 3.3 |
| BAE Systems PLC | 3.2 |
| Rio Tinto PLC | 3.2 |
| AXA SA | 3.1 |
| Vinci SA | 3.1 |
| Novartis AG | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
| Siemens AG | 2.9 |
| ING Groep NV | 2.8 |
| AstraZeneca PLC | 2.8 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| France | 21.5 |
| United Kingdom | 20.3 |
| Germany | 19.3 |
| Japan | 13.7 |
| Netherlands | 7.2 |
| Switzerland | 4.4 |
| Canada | 4.1 |
| Finland | 2.8 |
| Denmark | 2.2 |
| South Korea | 1.9 |
| Other | 2.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 19.6 |
| Financials | 18.7 |
| Information technology | 11.6 |
| Health care | 11.6 |
| Consumer discretionary | 10.3 |
| Consumer staples | 10.3 |
| Energy | 6.0 |
| Materials | 5.1 |
| Communication services | 3.9 |
| Utilities | 2.9 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
International Equity Fund
This annual shareholder report contains important information about International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $203 | 1.89% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Changing interest rates and a “risk on” environment drove strong performance in international equities through the 12-month period that ended October 31, 2024. Global central banks were less coordinated with the U.S. Federal Reserve than in prior cycles, leading to higher volatility among global interest rates and currencies. Changing political leadership and budget stress affected major markets, most notably in Japan and France. China was a wild card as September’s announced stimulus package drove some asset valuations up, while weakness among Chinese consumers affected many companies. We increased cyclical exposures (financials, industrials, and information technology stocks) and reduced allocation to consumer sectors. We reduced emerging and Asian market exposures while increasing allocations to select companies in Europe. Top contributors included Hitachi Ltd., SAP SE, and TC Energy. High-quality global consumer companies were hurt by weakness in Chinese operations and growing consumer resistance to price increases. Weakness in Samsung Electronics Co. and underexposure to banks, which returned almost 45%, were detractors.
Total return based on a $10,000 investment
| Class C with Load | MSCI ACWI ex USA Value Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,253 | $9,997 | $10,072 |
| 12/31/2014 | $10,059 | $9,613 | $9,709 |
| 1/31/2015 | $10,105 | $9,509 | $9,695 |
| 2/28/2015 | $10,781 | $10,039 | $10,213 |
| 3/31/2015 | $10,922 | $9,819 | $10,048 |
| 4/30/2015 | $11,607 | $10,383 | $10,556 |
| 5/31/2015 | $11,804 | $10,167 | $10,391 |
| 6/30/2015 | $11,344 | $9,865 | $10,101 |
| 7/31/2015 | $11,306 | $9,783 | $10,073 |
| 8/31/2015 | $10,565 | $9,023 | $9,303 |
| 9/30/2015 | $10,059 | $8,524 | $8,872 |
| 10/31/2015 | $10,603 | $9,146 | $9,532 |
| 11/30/2015 | $10,500 | $8,866 | $9,335 |
| 12/31/2015 | $10,211 | $8,646 | $9,159 |
| 1/31/2016 | $9,634 | $8,001 | $8,536 |
| 2/29/2016 | $9,095 | $7,919 | $8,439 |
| 3/31/2016 | $9,946 | $8,610 | $9,125 |
| 4/30/2016 | $10,003 | $8,935 | $9,365 |
| 5/31/2016 | $10,041 | $8,691 | $9,207 |
| 6/30/2016 | $9,653 | $8,458 | $9,066 |
| 7/31/2016 | $10,173 | $8,888 | $9,515 |
| 8/31/2016 | $10,325 | $9,035 | $9,575 |
| 9/30/2016 | $10,363 | $9,117 | $9,693 |
| 10/31/2016 | $10,240 | $9,168 | $9,553 |
| 11/30/2016 | $10,221 | $9,090 | $9,332 |
| 12/31/2016 | $10,572 | $9,417 | $9,571 |
| 1/31/2017 | $10,939 | $9,708 | $9,910 |
| 2/28/2017 | $11,074 | $9,824 | $10,068 |
| 3/31/2017 | $11,316 | $10,046 | $10,324 |
| 4/30/2017 | $11,461 | $10,187 | $10,544 |
| 5/31/2017 | $11,838 | $10,399 | $10,887 |
| 6/30/2017 | $11,799 | $10,456 | $10,920 |
| 7/31/2017 | $12,263 | $10,864 | $11,323 |
| 8/31/2017 | $12,224 | $10,869 | $11,382 |
| 9/30/2017 | $12,456 | $11,082 | $11,593 |
| 10/31/2017 | $12,688 | $11,232 | $11,812 |
| 11/30/2017 | $12,804 | $11,290 | $11,908 |
| 12/31/2017 | $13,016 | $11,551 | $12,174 |
| 1/31/2018 | $13,909 | $12,237 | $12,852 |
| 2/28/2018 | $13,135 | $11,630 | $12,246 |
| 3/31/2018 | $12,926 | $11,378 | $12,030 |
| 4/30/2018 | $13,105 | $11,658 | $12,222 |
| 5/31/2018 | $12,668 | $11,184 | $11,940 |
| 6/30/2018 | $12,182 | $10,941 | $11,715 |
| 7/31/2018 | $12,549 | $11,280 | $11,995 |
| 8/31/2018 | $12,172 | $10,931 | $11,744 |
| 9/30/2018 | $12,390 | $11,129 | $11,798 |
| 10/31/2018 | $11,487 | $10,364 | $10,838 |
| 11/30/2018 | $11,417 | $10,403 | $10,941 |
| 12/31/2018 | $10,712 | $9,937 | $10,446 |
| 1/31/2019 | $11,541 | $10,684 | $11,235 |
| 2/28/2019 | $11,733 | $10,813 | $11,454 |
| 3/31/2019 | $11,612 | $10,764 | $11,523 |
| 4/30/2019 | $11,925 | $10,992 | $11,827 |
| 5/31/2019 | $10,914 | $10,375 | $11,192 |
| 6/30/2019 | $11,776 | $10,933 | $11,866 |
| 7/31/2019 | $11,420 | $10,685 | $11,723 |
| 8/31/2019 | $10,922 | $10,207 | $11,361 |
| 9/30/2019 | $11,149 | $10,627 | $11,653 |
| 10/31/2019 | $11,506 | $10,981 | $12,059 |
| 11/30/2019 | $11,751 | $11,002 | $12,166 |
| 12/31/2019 | $12,219 | $11,499 | $12,693 |
| 1/31/2020 | $11,471 | $10,989 | $12,352 |
| 2/29/2020 | $10,682 | $10,050 | $11,375 |
| 3/31/2020 | $8,552 | $8,216 | $9,728 |
| 4/30/2020 | $9,361 | $8,738 | $10,465 |
| 5/31/2020 | $9,689 | $8,911 | $10,808 |
| 6/30/2020 | $9,965 | $9,265 | $11,296 |
| 7/31/2020 | $10,559 | $9,460 | $11,800 |
| 8/31/2020 | $11,174 | $9,885 | $12,305 |
| 9/30/2020 | $10,897 | $9,475 | $12,003 |
| 10/31/2020 | $10,559 | $9,230 | $11,745 |
| 11/30/2020 | $11,952 | $10,810 | $13,324 |
| 12/31/2020 | $12,669 | $11,410 | $14,045 |
| 1/31/2021 | $12,423 | $11,390 | $14,075 |
| 2/28/2021 | $12,864 | $11,884 | $14,354 |
| 3/31/2021 | $13,437 | $12,216 | $14,535 |
| 4/30/2021 | $13,745 | $12,490 | $14,963 |
| 5/31/2021 | $14,154 | $12,964 | $15,431 |
| 6/30/2021 | $13,878 | $12,744 | $15,331 |
| 7/31/2021 | $13,560 | $12,517 | $15,079 |
| 8/31/2021 | $13,765 | $12,708 | $15,365 |
| 9/30/2021 | $13,450 | $12,449 | $14,873 |
| 10/31/2021 | $13,615 | $12,654 | $15,228 |
| 11/30/2021 | $12,616 | $11,966 | $14,542 |
| 12/31/2021 | $13,306 | $12,603 | $15,143 |
| 1/31/2022 | $13,296 | $12,715 | $14,585 |
| 2/28/2022 | $13,048 | $12,562 | $14,297 |
| 3/31/2022 | $12,762 | $12,620 | $14,320 |
| 4/30/2022 | $12,038 | $11,965 | $13,420 |
| 5/31/2022 | $12,266 | $12,224 | $13,517 |
| 6/30/2022 | $11,269 | $11,117 | $12,354 |
| 7/31/2022 | $11,456 | $11,265 | $12,777 |
| 8/31/2022 | $10,967 | $10,984 | $12,366 |
| 9/30/2022 | $9,879 | $9,957 | $11,130 |
| 10/31/2022 | $10,432 | $10,360 | $11,463 |
| 11/30/2022 | $11,742 | $11,517 | $12,816 |
| 12/31/2022 | $11,702 | $11,520 | $12,720 |
| 1/31/2023 | $12,794 | $12,415 | $13,752 |
| 2/28/2023 | $12,347 | $12,074 | $13,269 |
| 3/31/2023 | $12,412 | $12,115 | $13,593 |
| 4/30/2023 | $12,630 | $12,415 | $13,830 |
| 5/31/2023 | $12,068 | $11,855 | $13,327 |
| 6/30/2023 | $12,830 | $12,472 | $13,925 |
| 7/31/2023 | $13,313 | $13,102 | $14,491 |
| 8/31/2023 | $13,061 | $12,589 | $13,836 |
| 9/30/2023 | $12,611 | $12,463 | $13,399 |
| 10/31/2023 | $12,052 | $11,921 | $12,847 |
| 11/30/2023 | $12,970 | $12,836 | $14,003 |
| 12/31/2023 | $13,523 | $13,514 | $14,706 |
| 1/31/2024 | $13,544 | $13,347 | $14,560 |
| 2/29/2024 | $13,874 | $13,503 | $14,929 |
| 3/31/2024 | $14,227 | $13,973 | $15,396 |
| 4/30/2024 | $13,855 | $13,870 | $15,119 |
| 5/31/2024 | $14,398 | $14,312 | $15,558 |
| 6/30/2024 | $14,019 | $14,150 | $15,543 |
| 7/31/2024 | $14,385 | $14,663 | $15,903 |
| 8/31/2024 | $14,913 | $15,031 | $16,356 |
| 9/30/2024 | $14,810 | $15,460 | $16,797 |
| 10/31/2024 | $13,990 | $14,729 | $15,972 |
International Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $221,450,972 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $1,629,254 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class C | 15.33 | 3.65 | 3.41 |
| Class C with Load | 14.33 | 3.65 | 3.41 |
| MSCI ACWI ex USA Value Index (Net) (Strategy) | 23.56 | 6.05 | 3.95 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| SAP SE | 3.3 |
| BAE Systems PLC | 3.2 |
| Rio Tinto PLC | 3.2 |
| AXA SA | 3.1 |
| Vinci SA | 3.1 |
| Novartis AG | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
| Siemens AG | 2.9 |
| ING Groep NV | 2.8 |
| AstraZeneca PLC | 2.8 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| France | 21.5 |
| United Kingdom | 20.3 |
| Germany | 19.3 |
| Japan | 13.7 |
| Netherlands | 7.2 |
| Switzerland | 4.4 |
| Canada | 4.1 |
| Finland | 2.8 |
| Denmark | 2.2 |
| South Korea | 1.9 |
| Other | 2.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 19.6 |
| Financials | 18.7 |
| Information technology | 11.6 |
| Health care | 11.6 |
| Consumer discretionary | 10.3 |
| Consumer staples | 10.3 |
| Energy | 6.0 |
| Materials | 5.1 |
| Communication services | 3.9 |
| Utilities | 2.9 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
International Equity Fund
This annual shareholder report contains important information about International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $122 | 1.13% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Changing interest rates and a “risk on” environment drove strong performance in international equities through the 12-month period that ended October 31, 2024. Global central banks were less coordinated with the U.S. Federal Reserve than in prior cycles, leading to higher volatility among global interest rates and currencies. Changing political leadership and budget stress affected major markets, most notably in Japan and France. China was a wild card as September’s announced stimulus package drove some asset valuations up, while weakness among Chinese consumers affected many companies. We increased cyclical exposures (financials, industrials, and information technology stocks) and reduced allocation to consumer sectors. We reduced emerging and Asian market exposures while increasing allocations to select companies in Europe. Top contributors included Hitachi Ltd., SAP SE, and TC Energy. High-quality global consumer companies were hurt by weakness in Chinese operations and growing consumer resistance to price increases. Weakness in Samsung Electronics Co. and underexposure to banks, which returned almost 45%, were detractors.
Total return based on a $10,000 investment
| Class A with Load | MSCI ACWI ex USA Value Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $9,424 | $10,000 | $10,000 |
| 11/30/2014 | $9,666 | $9,997 | $10,072 |
| 12/31/2014 | $9,493 | $9,613 | $9,709 |
| 1/31/2015 | $9,537 | $9,509 | $9,695 |
| 2/28/2015 | $10,192 | $10,039 | $10,213 |
| 3/31/2015 | $10,323 | $9,819 | $10,048 |
| 4/30/2015 | $10,978 | $10,383 | $10,556 |
| 5/31/2015 | $11,179 | $10,167 | $10,391 |
| 6/30/2015 | $10,742 | $9,865 | $10,101 |
| 7/31/2015 | $10,716 | $9,783 | $10,073 |
| 8/31/2015 | $10,017 | $9,023 | $9,303 |
| 9/30/2015 | $9,537 | $8,524 | $8,872 |
| 10/31/2015 | $10,070 | $9,146 | $9,532 |
| 11/30/2015 | $9,973 | $8,866 | $9,335 |
| 12/31/2015 | $9,712 | $8,646 | $9,159 |
| 1/31/2016 | $9,163 | $8,001 | $8,536 |
| 2/29/2016 | $8,650 | $7,919 | $8,439 |
| 3/31/2016 | $9,473 | $8,610 | $9,125 |
| 4/30/2016 | $9,526 | $8,935 | $9,365 |
| 5/31/2016 | $9,579 | $8,691 | $9,207 |
| 6/30/2016 | $9,208 | $8,458 | $9,066 |
| 7/31/2016 | $9,712 | $8,888 | $9,515 |
| 8/31/2016 | $9,862 | $9,035 | $9,575 |
| 9/30/2016 | $9,906 | $9,117 | $9,693 |
| 10/31/2016 | $9,791 | $9,168 | $9,553 |
| 11/30/2016 | $9,783 | $9,090 | $9,332 |
| 12/31/2016 | $10,127 | $9,417 | $9,571 |
| 1/31/2017 | $10,482 | $9,708 | $9,910 |
| 2/28/2017 | $10,619 | $9,824 | $10,068 |
| 3/31/2017 | $10,856 | $10,046 | $10,324 |
| 4/30/2017 | $11,001 | $10,187 | $10,544 |
| 5/31/2017 | $11,375 | $10,399 | $10,887 |
| 6/30/2017 | $11,338 | $10,456 | $10,920 |
| 7/31/2017 | $11,794 | $10,864 | $11,323 |
| 8/31/2017 | $11,766 | $10,869 | $11,382 |
| 9/30/2017 | $12,003 | $11,082 | $11,593 |
| 10/31/2017 | $12,231 | $11,232 | $11,812 |
| 11/30/2017 | $12,349 | $11,290 | $11,908 |
| 12/31/2017 | $12,565 | $11,551 | $12,174 |
| 1/31/2018 | $13,431 | $12,237 | $12,852 |
| 2/28/2018 | $12,687 | $11,630 | $12,246 |
| 3/31/2018 | $12,499 | $11,378 | $12,030 |
| 4/30/2018 | $12,678 | $11,658 | $12,222 |
| 5/31/2018 | $12,264 | $11,184 | $11,940 |
| 6/30/2018 | $11,793 | $10,941 | $11,715 |
| 7/31/2018 | $12,160 | $11,280 | $11,995 |
| 8/31/2018 | $11,802 | $10,931 | $11,744 |
| 9/30/2018 | $12,022 | $11,129 | $11,798 |
| 10/31/2018 | $11,153 | $10,364 | $10,838 |
| 11/30/2018 | $11,096 | $10,403 | $10,941 |
| 12/31/2018 | $10,407 | $9,937 | $10,446 |
| 1/31/2019 | $11,224 | $10,684 | $11,235 |
| 2/28/2019 | $11,419 | $10,813 | $11,454 |
| 3/31/2019 | $11,312 | $10,764 | $11,523 |
| 4/30/2019 | $11,623 | $10,992 | $11,827 |
| 5/31/2019 | $10,641 | $10,375 | $11,192 |
| 6/30/2019 | $11,485 | $10,933 | $11,866 |
| 7/31/2019 | $11,150 | $10,685 | $11,723 |
| 8/31/2019 | $10,678 | $10,207 | $11,361 |
| 9/30/2019 | $10,900 | $10,627 | $11,653 |
| 10/31/2019 | $11,256 | $10,981 | $12,059 |
| 11/30/2019 | $11,504 | $11,002 | $12,166 |
| 12/31/2019 | $11,969 | $11,499 | $12,693 |
| 1/31/2020 | $11,253 | $10,989 | $12,352 |
| 2/29/2020 | $10,478 | $10,050 | $11,375 |
| 3/31/2020 | $8,400 | $8,216 | $9,728 |
| 4/30/2020 | $9,196 | $8,738 | $10,465 |
| 5/31/2020 | $9,514 | $8,911 | $10,808 |
| 6/30/2020 | $9,793 | $9,265 | $11,296 |
| 7/31/2020 | $10,391 | $9,460 | $11,800 |
| 8/31/2020 | $10,998 | $9,885 | $12,305 |
| 9/30/2020 | $10,737 | $9,475 | $12,003 |
| 10/31/2020 | $10,408 | $9,230 | $11,745 |
| 11/30/2020 | $11,795 | $10,810 | $13,324 |
| 12/31/2020 | $12,510 | $11,410 | $14,045 |
| 1/31/2021 | $12,279 | $11,390 | $14,075 |
| 2/28/2021 | $12,720 | $11,884 | $14,354 |
| 3/31/2021 | $13,289 | $12,216 | $14,535 |
| 4/30/2021 | $13,610 | $12,490 | $14,963 |
| 5/31/2021 | $14,011 | $12,964 | $15,431 |
| 6/30/2021 | $13,744 | $12,744 | $15,331 |
| 7/31/2021 | $13,442 | $12,517 | $15,079 |
| 8/31/2021 | $13,653 | $12,708 | $15,365 |
| 9/30/2021 | $13,350 | $12,449 | $14,873 |
| 10/31/2021 | $13,522 | $12,654 | $15,228 |
| 11/30/2021 | $12,539 | $11,966 | $14,542 |
| 12/31/2021 | $13,235 | $12,603 | $15,143 |
| 1/31/2022 | $13,235 | $12,715 | $14,585 |
| 2/28/2022 | $12,991 | $12,562 | $14,297 |
| 3/31/2022 | $12,718 | $12,620 | $14,320 |
| 4/30/2022 | $12,000 | $11,965 | $13,420 |
| 5/31/2022 | $12,246 | $12,224 | $13,517 |
| 6/30/2022 | $11,252 | $11,117 | $12,354 |
| 7/31/2022 | $11,448 | $11,265 | $12,777 |
| 8/31/2022 | $10,963 | $10,984 | $12,366 |
| 9/30/2022 | $9,883 | $9,957 | $11,130 |
| 10/31/2022 | $10,434 | $10,360 | $11,463 |
| 11/30/2022 | $11,744 | $11,517 | $12,816 |
| 12/31/2022 | $11,704 | $11,520 | $12,720 |
| 1/31/2023 | $12,797 | $12,415 | $13,752 |
| 2/28/2023 | $12,350 | $12,074 | $13,269 |
| 3/31/2023 | $12,414 | $12,115 | $13,593 |
| 4/30/2023 | $12,633 | $12,415 | $13,830 |
| 5/31/2023 | $12,071 | $11,855 | $13,327 |
| 6/30/2023 | $12,833 | $12,472 | $13,925 |
| 7/31/2023 | $13,316 | $13,102 | $14,491 |
| 8/31/2023 | $13,064 | $12,589 | $13,836 |
| 9/30/2023 | $12,614 | $12,463 | $13,399 |
| 10/31/2023 | $12,054 | $11,921 | $12,847 |
| 11/30/2023 | $12,973 | $12,836 | $14,003 |
| 12/31/2023 | $13,526 | $13,514 | $14,706 |
| 1/31/2024 | $13,547 | $13,347 | $14,560 |
| 2/29/2024 | $13,876 | $13,503 | $14,929 |
| 3/31/2024 | $14,230 | $13,973 | $15,396 |
| 4/30/2024 | $13,858 | $13,870 | $15,119 |
| 5/31/2024 | $14,400 | $14,312 | $15,558 |
| 6/30/2024 | $14,022 | $14,150 | $15,543 |
| 7/31/2024 | $14,388 | $14,663 | $15,903 |
| 8/31/2024 | $14,916 | $15,031 | $16,356 |
| 9/30/2024 | $14,813 | $15,460 | $16,797 |
| 10/31/2024 | $13,993 | $14,729 | $15,972 |
International Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $221,450,972 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $1,629,254 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class A | 16.18 | 4.45 | 4.03 |
| Class A with Load | 9.47 | 3.23 | 3.42 |
| MSCI ACWI ex USA Value Index (Net) (Strategy) | 23.56 | 6.05 | 3.95 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| SAP SE | 3.3 |
| BAE Systems PLC | 3.2 |
| Rio Tinto PLC | 3.2 |
| AXA SA | 3.1 |
| Vinci SA | 3.1 |
| Novartis AG | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
| Siemens AG | 2.9 |
| ING Groep NV | 2.8 |
| AstraZeneca PLC | 2.8 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| France | 21.5 |
| United Kingdom | 20.3 |
| Germany | 19.3 |
| Japan | 13.7 |
| Netherlands | 7.2 |
| Switzerland | 4.4 |
| Canada | 4.1 |
| Finland | 2.8 |
| Denmark | 2.2 |
| South Korea | 1.9 |
| Other | 2.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 19.6 |
| Financials | 18.7 |
| Information technology | 11.6 |
| Health care | 11.6 |
| Consumer discretionary | 10.3 |
| Consumer staples | 10.3 |
| Energy | 6.0 |
| Materials | 5.1 |
| Communication services | 3.9 |
| Utilities | 2.9 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
International Equity Fund
This annual shareholder report contains important information about International Equity Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Administrator Class | $123 | 1.14% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Changing interest rates and a “risk on” environment drove strong performance in international equities through the 12-month period that ended October 31, 2024. Global central banks were less coordinated with the U.S. Federal Reserve than in prior cycles, leading to higher volatility among global interest rates and currencies. Changing political leadership and budget stress affected major markets, most notably in Japan and France. China was a wild card as September’s announced stimulus package drove some asset valuations up, while weakness among Chinese consumers affected many companies. We increased cyclical exposures (financials, industrials, and information technology stocks) and reduced allocation to consumer sectors. We reduced emerging and Asian market exposures while increasing allocations to select companies in Europe. Top contributors included Hitachi Ltd., SAP SE, and TC Energy. High-quality global consumer companies were hurt by weakness in Chinese operations and growing consumer resistance to price increases. Weakness in Samsung Electronics Co. and underexposure to banks, which returned almost 45%, were detractors.
Total return based on a $10,000 investment
| Administrator Class | MSCI ACWI ex USA Value Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,262 | $9,997 | $10,072 |
| 12/31/2014 | $10,076 | $9,613 | $9,709 |
| 1/31/2015 | $10,123 | $9,509 | $9,695 |
| 2/28/2015 | $10,812 | $10,039 | $10,213 |
| 3/31/2015 | $10,963 | $9,819 | $10,048 |
| 4/30/2015 | $11,651 | $10,383 | $10,556 |
| 5/31/2015 | $11,859 | $10,167 | $10,391 |
| 6/30/2015 | $11,406 | $9,865 | $10,101 |
| 7/31/2015 | $11,378 | $9,783 | $10,073 |
| 8/31/2015 | $10,633 | $9,023 | $9,303 |
| 9/30/2015 | $10,133 | $8,524 | $8,872 |
| 10/31/2015 | $10,689 | $9,146 | $9,532 |
| 11/30/2015 | $10,585 | $8,866 | $9,335 |
| 12/31/2015 | $10,313 | $8,646 | $9,159 |
| 1/31/2016 | $9,730 | $8,001 | $8,536 |
| 2/29/2016 | $9,185 | $7,919 | $8,439 |
| 3/31/2016 | $10,055 | $8,610 | $9,125 |
| 4/30/2016 | $10,113 | $8,935 | $9,365 |
| 5/31/2016 | $10,160 | $8,691 | $9,207 |
| 6/30/2016 | $9,778 | $8,458 | $9,066 |
| 7/31/2016 | $10,313 | $8,888 | $9,515 |
| 8/31/2016 | $10,466 | $9,035 | $9,575 |
| 9/30/2016 | $10,514 | $9,117 | $9,693 |
| 10/31/2016 | $10,399 | $9,168 | $9,553 |
| 11/30/2016 | $10,380 | $9,090 | $9,332 |
| 12/31/2016 | $10,750 | $9,417 | $9,571 |
| 1/31/2017 | $11,124 | $9,708 | $9,910 |
| 2/28/2017 | $11,271 | $9,824 | $10,068 |
| 3/31/2017 | $11,527 | $10,046 | $10,324 |
| 4/30/2017 | $11,674 | $10,187 | $10,544 |
| 5/31/2017 | $12,078 | $10,399 | $10,887 |
| 6/30/2017 | $12,038 | $10,456 | $10,920 |
| 7/31/2017 | $12,520 | $10,864 | $11,323 |
| 8/31/2017 | $12,491 | $10,869 | $11,382 |
| 9/30/2017 | $12,737 | $11,082 | $11,593 |
| 10/31/2017 | $12,983 | $11,232 | $11,812 |
| 11/30/2017 | $13,110 | $11,290 | $11,908 |
| 12/31/2017 | $13,341 | $11,551 | $12,174 |
| 1/31/2018 | $14,256 | $12,237 | $12,852 |
| 2/28/2018 | $13,473 | $11,630 | $12,246 |
| 3/31/2018 | $13,270 | $11,378 | $12,030 |
| 4/30/2018 | $13,463 | $11,658 | $12,222 |
| 5/31/2018 | $13,015 | $11,184 | $11,940 |
| 6/30/2018 | $12,527 | $10,941 | $11,715 |
| 7/31/2018 | $12,914 | $11,280 | $11,995 |
| 8/31/2018 | $12,527 | $10,931 | $11,744 |
| 9/30/2018 | $12,759 | $11,129 | $11,798 |
| 10/31/2018 | $11,842 | $10,364 | $10,838 |
| 11/30/2018 | $11,781 | $10,403 | $10,941 |
| 12/31/2018 | $11,048 | $9,937 | $10,446 |
| 1/31/2019 | $11,918 | $10,684 | $11,235 |
| 2/28/2019 | $12,127 | $10,813 | $11,454 |
| 3/31/2019 | $12,012 | $10,764 | $11,523 |
| 4/30/2019 | $12,337 | $10,992 | $11,827 |
| 5/31/2019 | $11,299 | $10,375 | $11,192 |
| 6/30/2019 | $12,199 | $10,933 | $11,866 |
| 7/31/2019 | $11,849 | $10,685 | $11,723 |
| 8/31/2019 | $11,340 | $10,207 | $11,361 |
| 9/30/2019 | $11,585 | $10,627 | $11,653 |
| 10/31/2019 | $11,958 | $10,981 | $12,059 |
| 11/30/2019 | $12,213 | $11,002 | $12,166 |
| 12/31/2019 | $12,715 | $11,499 | $12,693 |
| 1/31/2020 | $11,944 | $10,989 | $12,352 |
| 2/29/2020 | $11,119 | $10,050 | $11,375 |
| 3/31/2020 | $8,923 | $8,216 | $9,728 |
| 4/30/2020 | $9,769 | $8,738 | $10,465 |
| 5/31/2020 | $10,101 | $8,911 | $10,808 |
| 6/30/2020 | $10,401 | $9,265 | $11,296 |
| 7/31/2020 | $11,035 | $9,460 | $11,800 |
| 8/31/2020 | $11,679 | $9,885 | $12,305 |
| 9/30/2020 | $11,400 | $9,475 | $12,003 |
| 10/31/2020 | $11,056 | $9,230 | $11,745 |
| 11/30/2020 | $12,518 | $10,810 | $13,324 |
| 12/31/2020 | $13,278 | $11,410 | $14,045 |
| 1/31/2021 | $13,030 | $11,390 | $14,075 |
| 2/28/2021 | $13,505 | $11,884 | $14,354 |
| 3/31/2021 | $14,112 | $12,216 | $14,535 |
| 4/30/2021 | $14,447 | $12,490 | $14,963 |
| 5/31/2021 | $14,879 | $12,964 | $15,431 |
| 6/30/2021 | $14,594 | $12,744 | $15,331 |
| 7/31/2021 | $14,268 | $12,517 | $15,079 |
| 8/31/2021 | $14,496 | $12,708 | $15,365 |
| 9/30/2021 | $14,172 | $12,449 | $14,873 |
| 10/31/2021 | $14,358 | $12,654 | $15,228 |
| 11/30/2021 | $13,308 | $11,966 | $14,542 |
| 12/31/2021 | $14,051 | $12,603 | $15,143 |
| 1/31/2022 | $14,051 | $12,715 | $14,585 |
| 2/28/2022 | $13,787 | $12,562 | $14,297 |
| 3/31/2022 | $13,502 | $12,620 | $14,320 |
| 4/30/2022 | $12,739 | $11,965 | $13,420 |
| 5/31/2022 | $12,993 | $12,224 | $13,517 |
| 6/30/2022 | $11,942 | $11,117 | $12,354 |
| 7/31/2022 | $12,154 | $11,265 | $12,777 |
| 8/31/2022 | $11,630 | $10,984 | $12,366 |
| 9/30/2022 | $10,487 | $9,957 | $11,130 |
| 10/31/2022 | $11,082 | $10,360 | $11,463 |
| 11/30/2022 | $12,473 | $11,517 | $12,816 |
| 12/31/2022 | $12,421 | $11,520 | $12,720 |
| 1/31/2023 | $13,589 | $12,415 | $13,752 |
| 2/28/2023 | $13,106 | $12,074 | $13,269 |
| 3/31/2023 | $13,178 | $12,115 | $13,593 |
| 4/30/2023 | $13,414 | $12,415 | $13,830 |
| 5/31/2023 | $12,807 | $11,855 | $13,327 |
| 6/30/2023 | $13,621 | $12,472 | $13,925 |
| 7/31/2023 | $14,143 | $13,102 | $14,491 |
| 8/31/2023 | $13,871 | $12,589 | $13,836 |
| 9/30/2023 | $13,389 | $12,463 | $13,399 |
| 10/31/2023 | $12,784 | $11,921 | $12,847 |
| 11/30/2023 | $13,765 | $12,836 | $14,003 |
| 12/31/2023 | $14,354 | $13,514 | $14,706 |
| 1/31/2024 | $14,377 | $13,347 | $14,560 |
| 2/29/2024 | $14,733 | $13,503 | $14,929 |
| 3/31/2024 | $15,107 | $13,973 | $15,396 |
| 4/30/2024 | $14,704 | $13,870 | $15,119 |
| 5/31/2024 | $15,279 | $14,312 | $15,558 |
| 6/30/2024 | $14,872 | $14,150 | $15,543 |
| 7/31/2024 | $15,268 | $14,663 | $15,903 |
| 8/31/2024 | $15,828 | $15,031 | $16,356 |
| 9/30/2024 | $15,720 | $15,460 | $16,797 |
| 10/31/2024 | $14,844 | $14,729 | $15,972 |
International Equity Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $221,450,972 |
| # of portfolio holdings | 51 |
| Portfolio turnover rate | 44% |
| Total advisory fees paid | $1,629,254 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Administrator Class | 16.11 | 4.42 | 4.03 |
| MSCI ACWI ex USA Value Index (Net) (Strategy) | 23.56 | 6.05 | 3.95 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 4.79 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| SAP SE | 3.3 |
| BAE Systems PLC | 3.2 |
| Rio Tinto PLC | 3.2 |
| AXA SA | 3.1 |
| Vinci SA | 3.1 |
| Novartis AG | 2.9 |
| LVMH Moet Hennessy Louis Vuitton SE | 2.9 |
| Siemens AG | 2.9 |
| ING Groep NV | 2.8 |
| AstraZeneca PLC | 2.8 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| France | 21.5 |
| United Kingdom | 20.3 |
| Germany | 19.3 |
| Japan | 13.7 |
| Netherlands | 7.2 |
| Switzerland | 4.4 |
| Canada | 4.1 |
| Finland | 2.8 |
| Denmark | 2.2 |
| South Korea | 1.9 |
| Other | 2.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 19.6 |
| Financials | 18.7 |
| Information technology | 11.6 |
| Health care | 11.6 |
| Consumer discretionary | 10.3 |
| Consumer staples | 10.3 |
| Energy | 6.0 |
| Materials | 5.1 |
| Communication services | 3.9 |
| Utilities | 2.9 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special Global Small Cap Fund
This annual shareholder report contains important information about Special Global Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $124 | 1.15% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data points, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in financials and North America while reducing the weight in consumer discretionary and Europe as reward/risk ratios dictated.
CSW Industrials, Inc., the largest contributor, manufactures relatively low-cost/high-value niche products across a variety of markets, including HVAC, plumbing, and general industrial. The combination of short- and long-cycle end-market exposures helps dampen volatility, leading to steady and predictable cash flow generation. CSW delivered growing revenues and margins with strong cash conversion and no leverage.
The largest detractor, Helen of Troy Ltd., is suffering from increased competition, leading to the need to step up investment. Management’s poor capital allocation decisions of buying back stock reduced its financial flexibility. Execution missteps on an acquisition integration and start-up of a new distribution center led to higher costs and reduced sales. We were disappointed with Helen and exited the position.
Total return based on a $10,000 investment
| Institutional Class | MSCI World Small Cap Index (Net) | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,047 | $10,044 | $10,167 |
| 12/31/2014 | $10,134 | $10,100 | $9,971 |
| 1/31/2015 | $9,921 | $9,917 | $9,815 |
| 2/28/2015 | $10,542 | $10,529 | $10,362 |
| 3/31/2015 | $10,622 | $10,549 | $10,201 |
| 4/30/2015 | $10,694 | $10,647 | $10,497 |
| 5/31/2015 | $10,720 | $10,801 | $10,483 |
| 6/30/2015 | $10,723 | $10,702 | $10,237 |
| 7/31/2015 | $10,635 | $10,655 | $10,325 |
| 8/31/2015 | $10,200 | $10,091 | $9,618 |
| 9/30/2015 | $9,786 | $9,660 | $9,269 |
| 10/31/2015 | $10,253 | $10,215 | $9,997 |
| 11/30/2015 | $10,306 | $10,329 | $9,914 |
| 12/31/2015 | $10,056 | $10,069 | $9,735 |
| 1/31/2016 | $9,529 | $9,286 | $9,148 |
| 2/29/2016 | $9,669 | $9,350 | $9,085 |
| 3/31/2016 | $10,516 | $10,136 | $9,759 |
| 4/30/2016 | $10,594 | $10,375 | $9,903 |
| 5/31/2016 | $10,962 | $10,499 | $9,915 |
| 6/30/2016 | $10,634 | $10,300 | $9,855 |
| 7/31/2016 | $11,270 | $10,867 | $10,280 |
| 8/31/2016 | $11,489 | $10,883 | $10,314 |
| 9/30/2016 | $11,629 | $11,046 | $10,378 |
| 10/31/2016 | $11,233 | $10,639 | $10,201 |
| 11/30/2016 | $11,662 | $11,084 | $10,279 |
| 12/31/2016 | $11,975 | $11,348 | $10,501 |
| 1/31/2017 | $12,179 | $11,609 | $10,788 |
| 2/28/2017 | $12,341 | $11,856 | $11,091 |
| 3/31/2017 | $12,548 | $11,944 | $11,226 |
| 4/30/2017 | $12,845 | $12,184 | $11,401 |
| 5/31/2017 | $13,025 | $12,261 | $11,653 |
| 6/30/2017 | $13,232 | $12,452 | $11,706 |
| 7/31/2017 | $13,427 | $12,734 | $12,033 |
| 8/31/2017 | $13,412 | $12,727 | $12,079 |
| 9/30/2017 | $14,159 | $13,229 | $12,313 |
| 10/31/2017 | $14,310 | $13,421 | $12,568 |
| 11/30/2017 | $14,706 | $13,714 | $12,812 |
| 12/31/2017 | $14,912 | $13,920 | $13,018 |
| 1/31/2018 | $15,374 | $14,413 | $13,753 |
| 2/28/2018 | $14,609 | $13,836 | $13,175 |
| 3/31/2018 | $14,875 | $13,843 | $12,893 |
| 4/30/2018 | $14,885 | $13,970 | $13,016 |
| 5/31/2018 | $15,105 | $14,343 | $13,032 |
| 6/30/2018 | $15,189 | $14,295 | $12,962 |
| 7/31/2018 | $15,496 | $14,469 | $13,353 |
| 8/31/2018 | $15,722 | $14,787 | $13,458 |
| 9/30/2018 | $15,479 | $14,575 | $13,516 |
| 10/31/2018 | $14,102 | $13,131 | $12,503 |
| 11/30/2018 | $14,416 | $13,215 | $12,686 |
| 12/31/2018 | $13,264 | $11,991 | $11,793 |
| 1/31/2019 | $14,384 | $13,226 | $12,724 |
| 2/28/2019 | $14,921 | $13,723 | $13,064 |
| 3/31/2019 | $14,951 | $13,636 | $13,228 |
| 4/30/2019 | $15,381 | $14,062 | $13,675 |
| 5/31/2019 | $14,658 | $13,141 | $12,864 |
| 6/30/2019 | $15,292 | $13,905 | $13,706 |
| 7/31/2019 | $15,199 | $13,985 | $13,746 |
| 8/31/2019 | $14,699 | $13,508 | $13,420 |
| 9/30/2019 | $15,132 | $13,786 | $13,703 |
| 10/31/2019 | $15,536 | $14,167 | $14,078 |
| 11/30/2019 | $15,992 | $14,626 | $14,421 |
| 12/31/2019 | $16,573 | $15,132 | $14,929 |
| 1/31/2020 | $16,113 | $14,712 | $14,764 |
| 2/29/2020 | $14,660 | $13,359 | $13,572 |
| 3/31/2020 | $12,449 | $10,583 | $11,740 |
| 4/30/2020 | $13,448 | $12,005 | $12,997 |
| 5/31/2020 | $14,153 | $12,854 | $13,562 |
| 6/30/2020 | $14,362 | $13,185 | $13,996 |
| 7/31/2020 | $14,703 | $13,701 | $14,736 |
| 8/31/2020 | $15,439 | $14,482 | $15,638 |
| 9/30/2020 | $15,179 | $14,168 | $15,134 |
| 10/31/2020 | $15,005 | $14,166 | $14,766 |
| 11/30/2020 | $16,972 | $16,344 | $16,586 |
| 12/31/2020 | $18,266 | $17,547 | $17,356 |
| 1/31/2021 | $18,928 | $17,910 | $17,277 |
| 2/28/2021 | $19,939 | $18,804 | $17,677 |
| 3/31/2021 | $20,664 | $19,201 | $18,149 |
| 4/30/2021 | $21,198 | $19,947 | $18,943 |
| 5/31/2021 | $21,717 | $20,115 | $19,238 |
| 6/30/2021 | $21,740 | $20,157 | $19,491 |
| 7/31/2021 | $21,438 | $20,020 | $19,625 |
| 8/31/2021 | $22,077 | $20,507 | $20,117 |
| 9/30/2021 | $21,427 | $19,869 | $19,286 |
| 10/31/2021 | $22,097 | $20,586 | $20,270 |
| 11/30/2021 | $21,132 | $19,587 | $19,782 |
| 12/31/2021 | $22,245 | $20,312 | $20,573 |
| 1/31/2022 | $20,126 | $18,777 | $19,563 |
| 2/28/2022 | $19,861 | $18,817 | $19,058 |
| 3/31/2022 | $18,929 | $18,992 | $19,470 |
| 4/30/2022 | $17,849 | $17,509 | $17,912 |
| 5/31/2022 | $17,908 | $17,473 | $17,933 |
| 6/30/2022 | $16,216 | $15,729 | $16,421 |
| 7/31/2022 | $17,345 | $17,162 | $17,568 |
| 8/31/2022 | $16,360 | $16,603 | $16,921 |
| 9/30/2022 | $14,650 | $14,899 | $15,301 |
| 10/31/2022 | $16,086 | $16,097 | $16,225 |
| 11/30/2022 | $17,386 | $17,088 | $17,483 |
| 12/31/2022 | $16,802 | $16,502 | $16,795 |
| 1/31/2023 | $18,300 | $18,032 | $17,999 |
| 2/28/2023 | $17,785 | $17,664 | $17,483 |
| 3/31/2023 | $17,574 | $17,210 | $18,022 |
| 4/30/2023 | $17,546 | $17,192 | $18,281 |
| 5/31/2023 | $17,172 | $16,714 | $18,085 |
| 6/30/2023 | $18,323 | $17,764 | $19,135 |
| 7/31/2023 | $18,861 | $18,635 | $19,836 |
| 8/31/2023 | $18,421 | $17,925 | $19,282 |
| 9/30/2023 | $17,322 | $16,984 | $18,484 |
| 10/31/2023 | $16,302 | $15,942 | $17,929 |
| 11/30/2023 | $17,649 | $17,426 | $19,583 |
| 12/31/2023 | $19,254 | $19,103 | $20,524 |
| 1/31/2024 | $18,870 | $18,574 | $20,644 |
| 2/29/2024 | $19,072 | $19,194 | $21,530 |
| 3/31/2024 | $19,540 | $19,941 | $22,206 |
| 4/30/2024 | $18,426 | $18,912 | $21,474 |
| 5/31/2024 | $19,329 | $19,772 | $22,346 |
| 6/30/2024 | $18,768 | $19,388 | $22,843 |
| 7/31/2024 | $19,825 | $20,716 | $23,212 |
| 8/31/2024 | $19,722 | $20,818 | $23,801 |
| 9/30/2024 | $19,909 | $21,208 | $24,354 |
| 10/31/2024 | $18,866 | $20,637 | $23,808 |
Special Global Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $132,304,046 |
| # of portfolio holdings | 91 |
| Portfolio turnover rate | 32% |
| Total advisory fees paid | $1,232,467 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Institutional Class | 15.73 | 3.96 | 6.55 |
| MSCI World Small Cap Index (Net) (Strategy) | 29.45 | 7.81 | 7.51 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Innospec, Inc. | 3.6 |
| Novanta, Inc. | 3.3 |
| Gibraltar Industries, Inc. | 3.2 |
| J&J Snack Foods Corp. | 2.9 |
| Spectris PLC | 2.5 |
| Alten SA | 2.4 |
| Hanover Insurance Group, Inc. | 2.4 |
| Spectrum Brands Holdings, Inc. | 2.2 |
| Viscofan SA | 2.0 |
| Brady Corp. Class A | 1.9 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| United States | 57.3 |
| Japan | 9.9 |
| United Kingdom | 8.2 |
| Canada | 5.4 |
| Germany | 4.0 |
| Italy | 3.1 |
| France | 2.7 |
| Spain | 2.0 |
| Australia | 2.0 |
| Sweden | 1.8 |
| Other | 3.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 29.0 |
| Information technology | 20.1 |
| Materials | 11.7 |
| Consumer staples | 11.0 |
| Health care | 8.1 |
| Financials | 7.6 |
| Consumer discretionary | 4.9 |
| Real estate | 3.9 |
| Energy | 2.7 |
| Communication services | 1.0 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special Global Small Cap Fund
This annual shareholder report contains important information about Special Global Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $238 | 2.22% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data points, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in financials and North America while reducing the weight in consumer discretionary and Europe as reward/risk ratios dictated.
CSW Industrials, Inc., the largest contributor, manufactures relatively low-cost/high-value niche products across a variety of markets, including HVAC, plumbing, and general industrial. The combination of short- and long-cycle end-market exposures helps dampen volatility, leading to steady and predictable cash flow generation. CSW delivered growing revenues and margins with strong cash conversion and no leverage.
The largest detractor, Helen of Troy Ltd., is suffering from increased competition, leading to the need to step up investment. Management’s poor capital allocation decisions of buying back stock reduced its financial flexibility. Execution missteps on an acquisition integration and start-up of a new distribution center led to higher costs and reduced sales. We were disappointed with Helen and exited the position.
Total return based on a $10,000 investment
| Class C with Load | MSCI World Small Cap Index (Net) | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,037 | $10,044 | $10,167 |
| 12/31/2014 | $10,112 | $10,100 | $9,971 |
| 1/31/2015 | $9,891 | $9,917 | $9,815 |
| 2/28/2015 | $10,501 | $10,529 | $10,362 |
| 3/31/2015 | $10,569 | $10,549 | $10,201 |
| 4/30/2015 | $10,630 | $10,647 | $10,497 |
| 5/31/2015 | $10,648 | $10,801 | $10,483 |
| 6/30/2015 | $10,641 | $10,702 | $10,237 |
| 7/31/2015 | $10,544 | $10,655 | $10,325 |
| 8/31/2015 | $10,102 | $10,091 | $9,618 |
| 9/30/2015 | $9,680 | $9,660 | $9,269 |
| 10/31/2015 | $10,134 | $10,215 | $9,997 |
| 11/30/2015 | $10,177 | $10,329 | $9,914 |
| 12/31/2015 | $9,922 | $10,069 | $9,735 |
| 1/31/2016 | $9,392 | $9,286 | $9,148 |
| 2/29/2016 | $9,521 | $9,350 | $9,085 |
| 3/31/2016 | $10,343 | $10,136 | $9,759 |
| 4/30/2016 | $10,411 | $10,375 | $9,903 |
| 5/31/2016 | $10,763 | $10,499 | $9,915 |
| 6/30/2016 | $10,430 | $10,300 | $9,855 |
| 7/31/2016 | $11,044 | $10,867 | $10,280 |
| 8/31/2016 | $11,248 | $10,883 | $10,314 |
| 9/30/2016 | $11,373 | $11,046 | $10,378 |
| 10/31/2016 | $10,976 | $10,639 | $10,201 |
| 11/30/2016 | $11,385 | $11,084 | $10,279 |
| 12/31/2016 | $11,679 | $11,348 | $10,501 |
| 1/31/2017 | $11,868 | $11,609 | $10,788 |
| 2/28/2017 | $12,012 | $11,856 | $11,091 |
| 3/31/2017 | $12,201 | $11,944 | $11,226 |
| 4/30/2017 | $12,481 | $12,184 | $11,401 |
| 5/31/2017 | $12,641 | $12,261 | $11,653 |
| 6/30/2017 | $12,830 | $12,452 | $11,706 |
| 7/31/2017 | $13,006 | $12,734 | $12,033 |
| 8/31/2017 | $12,982 | $12,727 | $12,079 |
| 9/30/2017 | $13,688 | $13,229 | $12,313 |
| 10/31/2017 | $13,824 | $13,421 | $12,568 |
| 11/30/2017 | $14,194 | $13,714 | $12,812 |
| 12/31/2017 | $14,379 | $13,920 | $13,018 |
| 1/31/2018 | $14,812 | $14,413 | $13,753 |
| 2/28/2018 | $14,057 | $13,836 | $13,175 |
| 3/31/2018 | $14,302 | $13,843 | $12,893 |
| 4/30/2018 | $14,297 | $13,970 | $13,016 |
| 5/31/2018 | $14,494 | $14,343 | $13,032 |
| 6/30/2018 | $14,562 | $14,295 | $12,962 |
| 7/31/2018 | $14,845 | $14,469 | $13,353 |
| 8/31/2018 | $15,042 | $14,787 | $13,458 |
| 9/30/2018 | $14,797 | $14,575 | $13,516 |
| 10/31/2018 | $13,470 | $13,131 | $12,503 |
| 11/30/2018 | $13,754 | $13,215 | $12,686 |
| 12/31/2018 | $12,646 | $11,991 | $11,793 |
| 1/31/2019 | $13,702 | $13,226 | $12,724 |
| 2/28/2019 | $14,197 | $13,723 | $13,064 |
| 3/31/2019 | $14,208 | $13,636 | $13,228 |
| 4/30/2019 | $14,609 | $14,062 | $13,675 |
| 5/31/2019 | $13,905 | $13,141 | $12,864 |
| 6/30/2019 | $14,494 | $13,905 | $13,706 |
| 7/31/2019 | $14,395 | $13,985 | $13,746 |
| 8/31/2019 | $13,905 | $13,508 | $13,420 |
| 9/30/2019 | $14,301 | $13,786 | $13,703 |
| 10/31/2019 | $14,670 | $14,167 | $14,078 |
| 11/30/2019 | $15,087 | $14,626 | $14,421 |
| 12/31/2019 | $15,619 | $15,132 | $14,929 |
| 1/31/2020 | $15,166 | $14,712 | $14,764 |
| 2/29/2020 | $13,793 | $13,359 | $13,572 |
| 3/31/2020 | $11,703 | $10,583 | $11,740 |
| 4/30/2020 | $12,627 | $12,005 | $12,997 |
| 5/31/2020 | $13,276 | $12,854 | $13,562 |
| 6/30/2020 | $13,460 | $13,185 | $13,996 |
| 7/31/2020 | $13,764 | $13,701 | $14,736 |
| 8/31/2020 | $14,482 | $14,482 | $15,638 |
| 9/30/2020 | $14,224 | $14,168 | $15,134 |
| 10/31/2020 | $14,046 | $14,166 | $14,766 |
| 11/30/2020 | $15,872 | $16,344 | $16,586 |
| 12/31/2020 | $17,060 | $17,547 | $17,356 |
| 1/31/2021 | $17,669 | $17,910 | $17,277 |
| 2/28/2021 | $18,599 | $18,804 | $17,677 |
| 3/31/2021 | $19,254 | $19,201 | $18,149 |
| 4/30/2021 | $19,731 | $19,947 | $18,943 |
| 5/31/2021 | $20,202 | $20,115 | $19,238 |
| 6/30/2021 | $20,202 | $20,157 | $19,491 |
| 7/31/2021 | $19,903 | $20,020 | $19,625 |
| 8/31/2021 | $20,477 | $20,507 | $20,117 |
| 9/30/2021 | $19,857 | $19,869 | $19,286 |
| 10/31/2021 | $20,460 | $20,586 | $20,270 |
| 11/30/2021 | $19,547 | $19,587 | $19,782 |
| 12/31/2021 | $20,563 | $20,312 | $20,573 |
| 1/31/2022 | $18,582 | $18,777 | $19,563 |
| 2/28/2022 | $18,324 | $18,817 | $19,058 |
| 3/31/2022 | $17,444 | $18,992 | $19,470 |
| 4/30/2022 | $16,431 | $17,509 | $17,912 |
| 5/31/2022 | $16,476 | $17,473 | $17,933 |
| 6/30/2022 | $14,901 | $15,729 | $16,421 |
| 7/31/2022 | $15,921 | $17,162 | $17,568 |
| 8/31/2022 | $15,005 | $16,603 | $16,921 |
| 9/30/2022 | $13,423 | $14,899 | $15,301 |
| 10/31/2022 | $14,724 | $16,097 | $16,225 |
| 11/30/2022 | $15,911 | $17,088 | $17,483 |
| 12/31/2022 | $15,371 | $16,502 | $16,795 |
| 1/31/2023 | $16,733 | $18,032 | $17,999 |
| 2/28/2023 | $16,256 | $17,664 | $17,483 |
| 3/31/2023 | $16,064 | $17,210 | $18,022 |
| 4/30/2023 | $16,032 | $17,192 | $18,281 |
| 5/31/2023 | $15,683 | $16,714 | $18,085 |
| 6/30/2023 | $16,733 | $17,764 | $19,135 |
| 7/31/2023 | $17,219 | $18,635 | $19,836 |
| 8/31/2023 | $16,811 | $17,925 | $19,282 |
| 9/30/2023 | $15,807 | $16,984 | $18,484 |
| 10/31/2023 | $14,872 | $15,942 | $17,929 |
| 11/30/2023 | $16,096 | $17,426 | $19,583 |
| 12/31/2023 | $17,554 | $19,103 | $20,524 |
| 1/31/2024 | $17,201 | $18,574 | $20,644 |
| 2/29/2024 | $17,375 | $19,194 | $21,530 |
| 3/31/2024 | $17,797 | $19,941 | $22,206 |
| 4/30/2024 | $16,779 | $18,912 | $21,474 |
| 5/31/2024 | $17,595 | $19,772 | $22,346 |
| 6/30/2024 | $17,086 | $19,388 | $22,843 |
| 7/31/2024 | $18,040 | $20,716 | $23,212 |
| 8/31/2024 | $17,939 | $20,818 | $23,801 |
| 9/30/2024 | $18,108 | $21,208 | $24,354 |
| 10/31/2024 | $17,155 | $20,637 | $23,808 |
Special Global Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $132,304,046 |
| # of portfolio holdings | 91 |
| Portfolio turnover rate | 32% |
| Total advisory fees paid | $1,232,467 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class C | 14.52 | 2.87 | 5.55 |
| Class C with Load | 13.52 | 2.87 | 5.55 |
| MSCI World Small Cap Index (Net) (Strategy) | 29.45 | 7.81 | 7.51 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Innospec, Inc. | 3.6 |
| Novanta, Inc. | 3.3 |
| Gibraltar Industries, Inc. | 3.2 |
| J&J Snack Foods Corp. | 2.9 |
| Spectris PLC | 2.5 |
| Alten SA | 2.4 |
| Hanover Insurance Group, Inc. | 2.4 |
| Spectrum Brands Holdings, Inc. | 2.2 |
| Viscofan SA | 2.0 |
| Brady Corp. Class A | 1.9 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| United States | 57.3 |
| Japan | 9.9 |
| United Kingdom | 8.2 |
| Canada | 5.4 |
| Germany | 4.0 |
| Italy | 3.1 |
| France | 2.7 |
| Spain | 2.0 |
| Australia | 2.0 |
| Sweden | 1.8 |
| Other | 3.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 29.0 |
| Information technology | 20.1 |
| Materials | 11.7 |
| Consumer staples | 11.0 |
| Health care | 8.1 |
| Financials | 7.6 |
| Consumer discretionary | 4.9 |
| Real estate | 3.9 |
| Energy | 2.7 |
| Communication services | 1.0 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special Global Small Cap Fund
This annual shareholder report contains important information about Special Global Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $158 | 1.47% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data points, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in financials and North America while reducing the weight in consumer discretionary and Europe as reward/risk ratios dictated.
CSW Industrials, Inc., the largest contributor, manufactures relatively low-cost/high-value niche products across a variety of markets, including HVAC, plumbing, and general industrial. The combination of short- and long-cycle end-market exposures helps dampen volatility, leading to steady and predictable cash flow generation. CSW delivered growing revenues and margins with strong cash conversion and no leverage.
The largest detractor, Helen of Troy Ltd., is suffering from increased competition, leading to the need to step up investment. Management’s poor capital allocation decisions of buying back stock reduced its financial flexibility. Execution missteps on an acquisition integration and start-up of a new distribution center led to higher costs and reduced sales. We were disappointed with Helen and exited the position.
Total return based on a $10,000 investment
| Class A with Load | MSCI World Small Cap Index (Net) | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $9,425 | $10,000 | $10,000 |
| 11/30/2014 | $9,466 | $10,044 | $10,167 |
| 12/31/2014 | $9,544 | $10,100 | $9,971 |
| 1/31/2015 | $9,343 | $9,917 | $9,815 |
| 2/28/2015 | $9,922 | $10,529 | $10,362 |
| 3/31/2015 | $9,994 | $10,549 | $10,201 |
| 4/30/2015 | $10,056 | $10,647 | $10,497 |
| 5/31/2015 | $10,080 | $10,801 | $10,483 |
| 6/30/2015 | $10,080 | $10,702 | $10,237 |
| 7/31/2015 | $9,994 | $10,655 | $10,325 |
| 8/31/2015 | $9,581 | $10,091 | $9,618 |
| 9/30/2015 | $9,188 | $9,660 | $9,269 |
| 10/31/2015 | $9,625 | $10,215 | $9,997 |
| 11/30/2015 | $9,671 | $10,329 | $9,914 |
| 12/31/2015 | $9,433 | $10,069 | $9,735 |
| 1/31/2016 | $8,935 | $9,286 | $9,148 |
| 2/29/2016 | $9,063 | $9,350 | $9,085 |
| 3/31/2016 | $9,854 | $10,136 | $9,759 |
| 4/30/2016 | $9,925 | $10,375 | $9,903 |
| 5/31/2016 | $10,265 | $10,499 | $9,915 |
| 6/30/2016 | $9,955 | $10,300 | $9,855 |
| 7/31/2016 | $10,545 | $10,867 | $10,280 |
| 8/31/2016 | $10,749 | $10,883 | $10,314 |
| 9/30/2016 | $10,875 | $11,046 | $10,378 |
| 10/31/2016 | $10,502 | $10,639 | $10,201 |
| 11/30/2016 | $10,899 | $11,084 | $10,279 |
| 12/31/2016 | $11,188 | $11,348 | $10,501 |
| 1/31/2017 | $11,375 | $11,609 | $10,788 |
| 2/28/2017 | $11,523 | $11,856 | $11,091 |
| 3/31/2017 | $11,712 | $11,944 | $11,226 |
| 4/30/2017 | $11,985 | $12,184 | $11,401 |
| 5/31/2017 | $12,148 | $12,261 | $11,653 |
| 6/30/2017 | $12,337 | $12,452 | $11,706 |
| 7/31/2017 | $12,515 | $12,734 | $12,033 |
| 8/31/2017 | $12,497 | $12,727 | $12,079 |
| 9/30/2017 | $13,190 | $13,229 | $12,313 |
| 10/31/2017 | $13,327 | $13,421 | $12,568 |
| 11/30/2017 | $13,693 | $13,714 | $12,812 |
| 12/31/2017 | $13,879 | $13,920 | $13,018 |
| 1/31/2018 | $14,305 | $14,413 | $13,753 |
| 2/28/2018 | $13,588 | $13,836 | $13,175 |
| 3/31/2018 | $13,830 | $13,843 | $12,893 |
| 4/30/2018 | $13,836 | $13,970 | $13,016 |
| 5/31/2018 | $14,033 | $14,343 | $13,032 |
| 6/30/2018 | $14,108 | $14,295 | $12,962 |
| 7/31/2018 | $14,390 | $14,469 | $13,353 |
| 8/31/2018 | $14,593 | $14,787 | $13,458 |
| 9/30/2018 | $14,363 | $14,575 | $13,516 |
| 10/31/2018 | $13,084 | $13,131 | $12,503 |
| 11/30/2018 | $13,368 | $13,215 | $12,686 |
| 12/31/2018 | $12,297 | $11,991 | $11,793 |
| 1/31/2019 | $13,332 | $13,226 | $12,724 |
| 2/28/2019 | $13,824 | $13,723 | $13,064 |
| 3/31/2019 | $13,845 | $13,636 | $13,228 |
| 4/30/2019 | $14,244 | $14,062 | $13,675 |
| 5/31/2019 | $13,569 | $13,141 | $12,864 |
| 6/30/2019 | $14,151 | $13,905 | $13,706 |
| 7/31/2019 | $14,061 | $13,985 | $13,746 |
| 8/31/2019 | $13,594 | $13,508 | $13,420 |
| 9/30/2019 | $13,989 | $13,786 | $13,703 |
| 10/31/2019 | $14,359 | $14,167 | $14,078 |
| 11/30/2019 | $14,776 | $14,626 | $14,421 |
| 12/31/2019 | $15,310 | $15,132 | $14,929 |
| 1/31/2020 | $14,875 | $14,712 | $14,764 |
| 2/29/2020 | $13,530 | $13,359 | $13,572 |
| 3/31/2020 | $11,489 | $10,583 | $11,740 |
| 4/30/2020 | $12,407 | $12,005 | $12,997 |
| 5/31/2020 | $13,051 | $12,854 | $13,562 |
| 6/30/2020 | $13,238 | $13,185 | $13,996 |
| 7/31/2020 | $13,549 | $13,701 | $14,736 |
| 8/31/2020 | $14,223 | $14,482 | $15,638 |
| 9/30/2020 | $13,980 | $14,168 | $15,134 |
| 10/31/2020 | $13,811 | $14,166 | $14,766 |
| 11/30/2020 | $15,621 | $16,344 | $16,586 |
| 12/31/2020 | $16,804 | $17,547 | $17,356 |
| 1/31/2021 | $17,411 | $17,910 | $17,277 |
| 2/28/2021 | $18,336 | $18,804 | $17,677 |
| 3/31/2021 | $18,996 | $19,201 | $18,149 |
| 4/30/2021 | $19,483 | $19,947 | $18,943 |
| 5/31/2021 | $19,955 | $20,115 | $19,238 |
| 6/30/2021 | $19,970 | $20,157 | $19,491 |
| 7/31/2021 | $19,685 | $20,020 | $19,625 |
| 8/31/2021 | $20,266 | $20,507 | $20,117 |
| 9/30/2021 | $19,666 | $19,869 | $19,286 |
| 10/31/2021 | $20,273 | $20,586 | $20,270 |
| 11/30/2021 | $19,385 | $19,587 | $19,782 |
| 12/31/2021 | $20,401 | $20,312 | $20,573 |
| 1/31/2022 | $18,448 | $18,777 | $19,563 |
| 2/28/2022 | $18,206 | $18,817 | $19,058 |
| 3/31/2022 | $17,341 | $18,992 | $19,470 |
| 4/30/2022 | $16,345 | $17,509 | $17,912 |
| 5/31/2022 | $16,398 | $17,473 | $17,933 |
| 6/30/2022 | $14,839 | $15,729 | $16,421 |
| 7/31/2022 | $15,871 | $17,162 | $17,568 |
| 8/31/2022 | $14,966 | $16,603 | $16,921 |
| 9/30/2022 | $13,395 | $14,899 | $15,301 |
| 10/31/2022 | $14,703 | $16,097 | $16,225 |
| 11/30/2022 | $15,888 | $17,088 | $17,483 |
| 12/31/2022 | $15,350 | $16,502 | $16,795 |
| 1/31/2023 | $16,709 | $18,032 | $17,999 |
| 2/28/2023 | $16,233 | $17,664 | $17,483 |
| 3/31/2023 | $16,041 | $17,210 | $18,022 |
| 4/30/2023 | $16,009 | $17,192 | $18,281 |
| 5/31/2023 | $15,661 | $16,714 | $18,085 |
| 6/30/2023 | $16,709 | $17,764 | $19,135 |
| 7/31/2023 | $17,194 | $18,635 | $19,836 |
| 8/31/2023 | $16,787 | $17,925 | $19,282 |
| 9/30/2023 | $15,784 | $16,984 | $18,484 |
| 10/31/2023 | $14,851 | $15,942 | $17,929 |
| 11/30/2023 | $16,073 | $17,426 | $19,583 |
| 12/31/2023 | $17,529 | $19,103 | $20,524 |
| 1/31/2024 | $17,176 | $18,574 | $20,644 |
| 2/29/2024 | $17,350 | $19,194 | $21,530 |
| 3/31/2024 | $17,771 | $19,941 | $22,206 |
| 4/30/2024 | $16,755 | $18,912 | $21,474 |
| 5/31/2024 | $17,570 | $19,772 | $22,346 |
| 6/30/2024 | $17,062 | $19,388 | $22,843 |
| 7/31/2024 | $18,014 | $20,716 | $23,212 |
| 8/31/2024 | $17,913 | $20,818 | $23,801 |
| 9/30/2024 | $18,083 | $21,208 | $24,354 |
| 10/31/2024 | $17,130 | $20,637 | $23,808 |
Special Global Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $132,304,046 |
| # of portfolio holdings | 91 |
| Portfolio turnover rate | 32% |
| Total advisory fees paid | $1,232,467 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Class A | 15.35 | 3.59 | 6.16 |
| Class A with Load | 8.72 | 2.37 | 5.53 |
| MSCI World Small Cap Index (Net) (Strategy) | 29.45 | 7.81 | 7.51 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Innospec, Inc. | 3.6 |
| Novanta, Inc. | 3.3 |
| Gibraltar Industries, Inc. | 3.2 |
| J&J Snack Foods Corp. | 2.9 |
| Spectris PLC | 2.5 |
| Alten SA | 2.4 |
| Hanover Insurance Group, Inc. | 2.4 |
| Spectrum Brands Holdings, Inc. | 2.2 |
| Viscofan SA | 2.0 |
| Brady Corp. Class A | 1.9 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| United States | 57.3 |
| Japan | 9.9 |
| United Kingdom | 8.2 |
| Canada | 5.4 |
| Germany | 4.0 |
| Italy | 3.1 |
| France | 2.7 |
| Spain | 2.0 |
| Australia | 2.0 |
| Sweden | 1.8 |
| Other | 3.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 29.0 |
| Information technology | 20.1 |
| Materials | 11.7 |
| Consumer staples | 11.0 |
| Health care | 8.1 |
| Financials | 7.6 |
| Consumer discretionary | 4.9 |
| Real estate | 3.9 |
| Energy | 2.7 |
| Communication services | 1.0 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special Global Small Cap Fund
This annual shareholder report contains important information about Special Global Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Administrator Class | $150 | 1.39% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data points, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in financials and North America while reducing the weight in consumer discretionary and Europe as reward/risk ratios dictated.
CSW Industrials, Inc., the largest contributor, manufactures relatively low-cost/high-value niche products across a variety of markets, including HVAC, plumbing, and general industrial. The combination of short- and long-cycle end-market exposures helps dampen volatility, leading to steady and predictable cash flow generation. CSW delivered growing revenues and margins with strong cash conversion and no leverage.
The largest detractor, Helen of Troy Ltd., is suffering from increased competition, leading to the need to step up investment. Management’s poor capital allocation decisions of buying back stock reduced its financial flexibility. Execution missteps on an acquisition integration and start-up of a new distribution center led to higher costs and reduced sales. We were disappointed with Helen and exited the position.
Total return based on a $10,000 investment
| Administrator Class | MSCI World Small Cap Index (Net) | MSCI ACWI Index (Net) |
|---|
| 10/31/2014 | $10,000 | $10,000 | $10,000 |
| 11/30/2014 | $10,045 | $10,044 | $10,167 |
| 12/31/2014 | $10,129 | $10,100 | $9,971 |
| 1/31/2015 | $9,915 | $9,917 | $9,815 |
| 2/28/2015 | $10,534 | $10,529 | $10,362 |
| 3/31/2015 | $10,611 | $10,549 | $10,201 |
| 4/30/2015 | $10,680 | $10,647 | $10,497 |
| 5/31/2015 | $10,704 | $10,801 | $10,483 |
| 6/30/2015 | $10,706 | $10,702 | $10,237 |
| 7/31/2015 | $10,616 | $10,655 | $10,325 |
| 8/31/2015 | $10,177 | $10,091 | $9,618 |
| 9/30/2015 | $9,762 | $9,660 | $9,269 |
| 10/31/2015 | $10,227 | $10,215 | $9,997 |
| 11/30/2015 | $10,280 | $10,329 | $9,914 |
| 12/31/2015 | $10,026 | $10,069 | $9,735 |
| 1/31/2016 | $9,497 | $9,286 | $9,148 |
| 2/29/2016 | $9,636 | $9,350 | $9,085 |
| 3/31/2016 | $10,477 | $10,136 | $9,759 |
| 4/30/2016 | $10,555 | $10,375 | $9,903 |
| 5/31/2016 | $10,917 | $10,499 | $9,915 |
| 6/30/2016 | $10,589 | $10,300 | $9,855 |
| 7/31/2016 | $11,221 | $10,867 | $10,280 |
| 8/31/2016 | $11,435 | $10,883 | $10,314 |
| 9/30/2016 | $11,571 | $11,046 | $10,378 |
| 10/31/2016 | $11,179 | $10,639 | $10,201 |
| 11/30/2016 | $11,602 | $11,084 | $10,279 |
| 12/31/2016 | $11,912 | $11,348 | $10,501 |
| 1/31/2017 | $12,112 | $11,609 | $10,788 |
| 2/28/2017 | $12,269 | $11,856 | $11,091 |
| 3/31/2017 | $12,474 | $11,944 | $11,226 |
| 4/30/2017 | $12,765 | $12,184 | $11,401 |
| 5/31/2017 | $12,941 | $12,261 | $11,653 |
| 6/30/2017 | $13,143 | $12,452 | $11,706 |
| 7/31/2017 | $13,336 | $12,734 | $12,033 |
| 8/31/2017 | $13,315 | $12,727 | $12,079 |
| 9/30/2017 | $14,055 | $13,229 | $12,313 |
| 10/31/2017 | $14,201 | $13,421 | $12,568 |
| 11/30/2017 | $14,593 | $13,714 | $12,812 |
| 12/31/2017 | $14,792 | $13,920 | $13,018 |
| 1/31/2018 | $15,252 | $14,413 | $13,753 |
| 2/28/2018 | $14,486 | $13,836 | $13,175 |
| 3/31/2018 | $14,746 | $13,843 | $12,893 |
| 4/30/2018 | $14,756 | $13,970 | $13,016 |
| 5/31/2018 | $14,969 | $14,343 | $13,032 |
| 6/30/2018 | $15,049 | $14,295 | $12,962 |
| 7/31/2018 | $15,352 | $14,469 | $13,353 |
| 8/31/2018 | $15,569 | $14,787 | $13,458 |
| 9/30/2018 | $15,326 | $14,575 | $13,516 |
| 10/31/2018 | $13,963 | $13,131 | $12,503 |
| 11/30/2018 | $14,269 | $13,215 | $12,686 |
| 12/31/2018 | $13,130 | $11,991 | $11,793 |
| 1/31/2019 | $14,232 | $13,226 | $12,724 |
| 2/28/2019 | $14,761 | $13,723 | $13,064 |
| 3/31/2019 | $14,786 | $13,636 | $13,228 |
| 4/30/2019 | $15,210 | $14,062 | $13,675 |
| 5/31/2019 | $14,491 | $13,141 | $12,864 |
| 6/30/2019 | $15,115 | $13,905 | $13,706 |
| 7/31/2019 | $15,020 | $13,985 | $13,746 |
| 8/31/2019 | $14,520 | $13,508 | $13,420 |
| 9/30/2019 | $14,947 | $13,786 | $13,703 |
| 10/31/2019 | $15,344 | $14,167 | $14,078 |
| 11/30/2019 | $15,793 | $14,626 | $14,421 |
| 12/31/2019 | $16,361 | $15,132 | $14,929 |
| 1/31/2020 | $15,901 | $14,712 | $14,764 |
| 2/29/2020 | $14,467 | $13,359 | $13,572 |
| 3/31/2020 | $12,281 | $10,583 | $11,740 |
| 4/30/2020 | $13,266 | $12,005 | $12,997 |
| 5/31/2020 | $13,958 | $12,854 | $13,562 |
| 6/30/2020 | $14,159 | $13,185 | $13,996 |
| 7/31/2020 | $14,494 | $13,701 | $14,736 |
| 8/31/2020 | $15,228 | $14,482 | $15,638 |
| 9/30/2020 | $14,969 | $14,168 | $15,134 |
| 10/31/2020 | $14,790 | $14,166 | $14,766 |
| 11/30/2020 | $16,730 | $16,344 | $16,586 |
| 12/31/2020 | $18,000 | $17,547 | $17,356 |
| 1/31/2021 | $18,650 | $17,910 | $17,277 |
| 2/28/2021 | $19,642 | $18,804 | $17,677 |
| 3/31/2021 | $20,349 | $19,201 | $18,149 |
| 4/30/2021 | $20,870 | $19,947 | $18,943 |
| 5/31/2021 | $21,380 | $20,115 | $19,238 |
| 6/30/2021 | $21,395 | $20,157 | $19,491 |
| 7/31/2021 | $21,095 | $20,020 | $19,625 |
| 8/31/2021 | $21,718 | $20,507 | $20,117 |
| 9/30/2021 | $21,075 | $19,869 | $19,286 |
| 10/31/2021 | $21,729 | $20,586 | $20,270 |
| 11/30/2021 | $20,779 | $19,587 | $19,782 |
| 12/31/2021 | $21,867 | $20,312 | $20,573 |
| 1/31/2022 | $19,778 | $18,777 | $19,563 |
| 2/28/2022 | $19,518 | $18,817 | $19,058 |
| 3/31/2022 | $18,595 | $18,992 | $19,470 |
| 4/30/2022 | $17,522 | $17,509 | $17,912 |
| 5/31/2022 | $17,575 | $17,473 | $17,933 |
| 6/30/2022 | $15,910 | $15,729 | $16,421 |
| 7/31/2022 | $17,018 | $17,162 | $17,568 |
| 8/31/2022 | $16,047 | $16,603 | $16,921 |
| 9/30/2022 | $14,369 | $14,899 | $15,301 |
| 10/31/2022 | $15,773 | $16,097 | $16,225 |
| 11/30/2022 | $17,045 | $17,088 | $17,483 |
| 12/31/2022 | $16,468 | $16,502 | $16,795 |
| 1/31/2023 | $17,933 | $18,032 | $17,999 |
| 2/28/2023 | $17,423 | $17,664 | $17,483 |
| 3/31/2023 | $17,216 | $17,210 | $18,022 |
| 4/30/2023 | $17,184 | $17,192 | $18,281 |
| 5/31/2023 | $16,817 | $16,714 | $18,085 |
| 6/30/2023 | $17,937 | $17,764 | $19,135 |
| 7/31/2023 | $18,461 | $18,635 | $19,836 |
| 8/31/2023 | $18,025 | $17,925 | $19,282 |
| 9/30/2023 | $16,945 | $16,984 | $18,484 |
| 10/31/2023 | $15,949 | $15,942 | $17,929 |
| 11/30/2023 | $17,262 | $17,426 | $19,583 |
| 12/31/2023 | $18,828 | $19,103 | $20,524 |
| 1/31/2024 | $18,452 | $18,574 | $20,644 |
| 2/29/2024 | $18,640 | $19,194 | $21,530 |
| 3/31/2024 | $19,095 | $19,941 | $22,206 |
| 4/30/2024 | $18,002 | $18,912 | $21,474 |
| 5/31/2024 | $18,879 | $19,772 | $22,346 |
| 6/30/2024 | $18,332 | $19,388 | $22,843 |
| 7/31/2024 | $19,356 | $20,716 | $23,212 |
| 8/31/2024 | $19,255 | $20,818 | $23,801 |
| 9/30/2024 | $19,434 | $21,208 | $24,354 |
| 10/31/2024 | $18,410 | $20,637 | $23,808 |
Special Global Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $132,304,046 |
| # of portfolio holdings | 91 |
| Portfolio turnover rate | 32% |
| Total advisory fees paid | $1,232,467 |
| AATR | 1 Year | 5 Years | 10 Years |
|---|
| Administrator Class | 15.43 | 3.71 | 6.29 |
| MSCI World Small Cap Index (Net) (Strategy) | 29.45 | 7.81 | 7.51 |
| MSCI ACWI Index (Net) (Regulatory) | 32.79 | 11.08 | 9.06 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Innospec, Inc. | 3.6 |
| Novanta, Inc. | 3.3 |
| Gibraltar Industries, Inc. | 3.2 |
| J&J Snack Foods Corp. | 2.9 |
| Spectris PLC | 2.5 |
| Alten SA | 2.4 |
| Hanover Insurance Group, Inc. | 2.4 |
| Spectrum Brands Holdings, Inc. | 2.2 |
| Viscofan SA | 2.0 |
| Brady Corp. Class A | 1.9 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| United States | 57.3 |
| Japan | 9.9 |
| United Kingdom | 8.2 |
| Canada | 5.4 |
| Germany | 4.0 |
| Italy | 3.1 |
| France | 2.7 |
| Spain | 2.0 |
| Australia | 2.0 |
| Sweden | 1.8 |
| Other | 3.6 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 29.0 |
| Information technology | 20.1 |
| Materials | 11.7 |
| Consumer staples | 11.0 |
| Health care | 8.1 |
| Financials | 7.6 |
| Consumer discretionary | 4.9 |
| Real estate | 3.9 |
| Energy | 2.7 |
| Communication services | 1.0 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special International Small Cap Fund
This annual shareholder report contains important information about Special International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Institutional Class | $115 | 1.05% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in materials and Japan while reducing the weight in information technology (IT) and North America as reward/risk ratios dictated.
Primo Water Corp., a large contributor to performance, is a manufacturer and distributor of water.
Following a multi-year transition to a pure-play water solutions provider, profit margins and organic growth have consistently improved. Primo also announced its intention to merge with BlueTriton, a competitor, to create a leading North American healthy hydration company.
The largest detractor was Alten S.A., a France-based provider of research and development outsourcing services across diverse geographies and end markets. Business trends were muted given a challenging backdrop for IT services. However, management announced an acquisition within the energy and utilities sectors of Worldgrid from Atos, a distressed seller. Given its strong cash profile, Alten expects to be able to finance the transaction without additional leverage.
Total return based on a $10,000 investment
| Institutional Class | MSCI World ex USA Small Cap Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 5/31/2019 | $10,000 | $10,000 | $10,000 |
| 6/30/2019 | $10,400 | $10,454 | $10,602 |
| 7/31/2019 | $10,230 | $10,408 | $10,474 |
| 8/31/2019 | $9,970 | $10,167 | $10,150 |
| 9/30/2019 | $10,080 | $10,426 | $10,412 |
| 10/31/2019 | $10,570 | $10,854 | $10,775 |
| 11/30/2019 | $10,840 | $11,101 | $10,870 |
| 12/31/2019 | $11,251 | $11,615 | $11,341 |
| 1/31/2020 | $10,883 | $11,279 | $11,036 |
| 2/29/2020 | $9,922 | $10,178 | $10,164 |
| 3/31/2020 | $8,543 | $8,318 | $8,692 |
| 4/30/2020 | $9,268 | $9,291 | $9,351 |
| 5/31/2020 | $9,932 | $9,943 | $9,657 |
| 6/30/2020 | $10,137 | $10,119 | $10,093 |
| 7/31/2020 | $10,443 | $10,508 | $10,543 |
| 8/31/2020 | $11,077 | $11,274 | $10,994 |
| 9/30/2020 | $11,097 | $11,143 | $10,724 |
| 10/31/2020 | $10,607 | $10,784 | $10,494 |
| 11/30/2020 | $11,772 | $12,268 | $11,905 |
| 12/31/2020 | $12,406 | $13,099 | $12,549 |
| 1/31/2021 | $12,632 | $13,066 | $12,576 |
| 2/28/2021 | $13,034 | $13,445 | $12,825 |
| 3/31/2021 | $13,517 | $13,738 | $12,987 |
| 4/30/2021 | $14,124 | $14,307 | $13,369 |
| 5/31/2021 | $14,484 | $14,629 | $13,787 |
| 6/30/2021 | $14,669 | $14,398 | $13,698 |
| 7/31/2021 | $14,844 | $14,616 | $13,472 |
| 8/31/2021 | $15,245 | $15,009 | $13,728 |
| 9/30/2021 | $14,278 | $14,502 | $13,289 |
| 10/31/2021 | $14,320 | $14,794 | $13,606 |
| 11/30/2021 | $13,445 | $13,966 | $12,993 |
| 12/31/2021 | $14,016 | $14,558 | $13,530 |
| 1/31/2022 | $13,129 | $13,563 | $13,032 |
| 2/28/2022 | $12,524 | $13,442 | $12,774 |
| 3/31/2022 | $11,867 | $13,506 | $12,794 |
| 4/30/2022 | $11,242 | $12,568 | $11,991 |
| 5/31/2022 | $11,503 | $12,483 | $12,077 |
| 6/30/2022 | $10,199 | $11,083 | $11,038 |
| 7/31/2022 | $11,002 | $11,840 | $11,416 |
| 8/31/2022 | $10,251 | $11,327 | $11,049 |
| 9/30/2022 | $9,323 | $10,035 | $9,945 |
| 10/31/2022 | $9,938 | $10,485 | $10,242 |
| 11/30/2022 | $11,044 | $11,493 | $11,451 |
| 12/31/2022 | $11,020 | $11,561 | $11,365 |
| 1/31/2023 | $11,780 | $12,446 | $12,287 |
| 2/28/2023 | $11,716 | $12,141 | $11,856 |
| 3/31/2023 | $11,917 | $12,138 | $12,145 |
| 4/30/2023 | $12,096 | $12,352 | $12,356 |
| 5/31/2023 | $11,569 | $11,839 | $11,907 |
| 6/30/2023 | $11,790 | $12,197 | $12,441 |
| 7/31/2023 | $12,086 | $12,748 | $12,947 |
| 8/31/2023 | $11,790 | $12,321 | $12,362 |
| 9/30/2023 | $11,115 | $11,773 | $11,972 |
| 10/31/2023 | $10,524 | $11,078 | $11,478 |
| 11/30/2023 | $11,548 | $12,152 | $12,511 |
| 12/31/2023 | $12,322 | $13,021 | $13,140 |
| 1/31/2024 | $12,097 | $12,798 | $13,009 |
| 2/29/2024 | $12,065 | $12,835 | $13,339 |
| 3/31/2024 | $12,344 | $13,357 | $13,756 |
| 4/30/2024 | $11,968 | $12,971 | $13,509 |
| 5/31/2024 | $12,580 | $13,539 | $13,901 |
| 6/30/2024 | $12,269 | $13,149 | $13,888 |
| 7/31/2024 | $12,881 | $13,880 | $14,209 |
| 8/31/2024 | $13,224 | $14,139 | $14,614 |
| 9/30/2024 | $13,385 | $14,522 | $15,007 |
| 10/31/2024 | $12,537 | $13,692 | $14,271 |
Special International Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $181,623,032 |
| # of portfolio holdings | 78 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $1,542,498 |
| AATR | 1 Year | 5 Years | Since Inception (05/31/2019) |
|---|
| Institutional Class | 19.13 | 3.47 | 4.26 |
| MSCI World ex USA Small Cap Index (Net) (Strategy) | 23.60 | 4.75 | 5.97 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 6.78 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Viscofan SA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Spectris PLC | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Tate & Lyle PLC | 2.6 |
| Primo Water Corp. | 2.6 |
| Alten SA | 2.5 |
| Buzzi SpA | 2.5 |
| DTS Corp. | 2.3 |
| Orix JREIT, Inc. | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Japan | 31.6 |
| United Kingdom | 15.9 |
| Italy | 8.8 |
| Canada | 8.4 |
| Germany | 6.8 |
| Spain | 4.1 |
| Sweden | 3.5 |
| Switzerland | 3.2 |
| Norway | 3.2 |
| Australia | 3.1 |
| Other | 11.4 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 30.1 |
| Consumer staples | 13.8 |
| Information technology | 12.9 |
| Materials | 12.1 |
| Financials | 8.3 |
| Consumer discretionary | 8.2 |
| Real estate | 5.9 |
| Energy | 3.8 |
| Health care | 3.8 |
| Communication services | 0.7 |
| Other | 0.4 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special International Small Cap Fund
This annual shareholder report contains important information about Special International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class R6 | $104 | 0.95% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in materials and Japan while reducing the weight in information technology (IT) and North America as reward/risk ratios dictated.
Primo Water Corp., a large contributor to performance, is a manufacturer and distributor of water.
Following a multi-year transition to a pure-play water solutions provider, profit margins and organic growth have consistently improved. Primo also announced its intention to merge with BlueTriton, a competitor, to create a leading North American healthy hydration company.
The largest detractor was Alten S.A., a France-based provider of research and development outsourcing services across diverse geographies and end markets. Business trends were muted given a challenging backdrop for IT services. However, management announced an acquisition within the energy and utilities sectors of Worldgrid from Atos, a distressed seller. Given its strong cash profile, Alten expects to be able to finance the transaction without additional leverage.
Total return based on a $10,000 investment
| Class R6 | MSCI World ex USA Small Cap Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 5/31/2019 | $10,000 | $10,000 | $10,000 |
| 6/30/2019 | $10,400 | $10,454 | $10,602 |
| 7/31/2019 | $10,230 | $10,408 | $10,474 |
| 8/31/2019 | $9,970 | $10,167 | $10,150 |
| 9/30/2019 | $10,080 | $10,426 | $10,412 |
| 10/31/2019 | $10,580 | $10,854 | $10,775 |
| 11/30/2019 | $10,850 | $11,101 | $10,870 |
| 12/31/2019 | $11,249 | $11,615 | $11,341 |
| 1/31/2020 | $10,891 | $11,279 | $11,036 |
| 2/29/2020 | $9,929 | $10,178 | $10,164 |
| 3/31/2020 | $8,547 | $8,318 | $8,692 |
| 4/30/2020 | $9,274 | $9,291 | $9,351 |
| 5/31/2020 | $9,939 | $9,943 | $9,657 |
| 6/30/2020 | $10,144 | $10,119 | $10,093 |
| 7/31/2020 | $10,461 | $10,508 | $10,543 |
| 8/31/2020 | $11,085 | $11,274 | $10,994 |
| 9/30/2020 | $11,116 | $11,143 | $10,724 |
| 10/31/2020 | $10,625 | $10,784 | $10,494 |
| 11/30/2020 | $11,792 | $12,268 | $11,905 |
| 12/31/2020 | $12,429 | $13,099 | $12,549 |
| 1/31/2021 | $12,656 | $13,066 | $12,576 |
| 2/28/2021 | $13,058 | $13,445 | $12,825 |
| 3/31/2021 | $13,543 | $13,738 | $12,987 |
| 4/30/2021 | $14,151 | $14,307 | $13,369 |
| 5/31/2021 | $14,512 | $14,629 | $13,787 |
| 6/30/2021 | $14,698 | $14,398 | $13,698 |
| 7/31/2021 | $14,873 | $14,616 | $13,472 |
| 8/31/2021 | $15,275 | $15,009 | $13,728 |
| 9/30/2021 | $14,306 | $14,502 | $13,289 |
| 10/31/2021 | $14,347 | $14,794 | $13,606 |
| 11/30/2021 | $13,481 | $13,966 | $12,993 |
| 12/31/2021 | $14,048 | $14,558 | $13,530 |
| 1/31/2022 | $13,168 | $13,563 | $13,032 |
| 2/28/2022 | $12,551 | $13,442 | $12,774 |
| 3/31/2022 | $11,902 | $13,506 | $12,794 |
| 4/30/2022 | $11,274 | $12,568 | $11,991 |
| 5/31/2022 | $11,525 | $12,483 | $12,077 |
| 6/30/2022 | $10,238 | $11,083 | $11,038 |
| 7/31/2022 | $11,033 | $11,840 | $11,416 |
| 8/31/2022 | $10,279 | $11,327 | $11,049 |
| 9/30/2022 | $9,358 | $10,035 | $9,945 |
| 10/31/2022 | $9,976 | $10,485 | $10,242 |
| 11/30/2022 | $11,085 | $11,493 | $11,451 |
| 12/31/2022 | $11,058 | $11,561 | $11,365 |
| 1/31/2023 | $11,833 | $12,446 | $12,287 |
| 2/28/2023 | $11,758 | $12,141 | $11,856 |
| 3/31/2023 | $11,960 | $12,138 | $12,145 |
| 4/30/2023 | $12,151 | $12,352 | $12,356 |
| 5/31/2023 | $11,610 | $11,839 | $11,907 |
| 6/30/2023 | $11,833 | $12,197 | $12,441 |
| 7/31/2023 | $12,130 | $12,748 | $12,947 |
| 8/31/2023 | $11,843 | $12,321 | $12,362 |
| 9/30/2023 | $11,164 | $11,773 | $11,972 |
| 10/31/2023 | $10,570 | $11,078 | $11,478 |
| 11/30/2023 | $11,599 | $12,152 | $12,511 |
| 12/31/2023 | $12,382 | $13,021 | $13,140 |
| 1/31/2024 | $12,155 | $12,798 | $13,009 |
| 2/29/2024 | $12,123 | $12,835 | $13,339 |
| 3/31/2024 | $12,403 | $13,357 | $13,756 |
| 4/30/2024 | $12,036 | $12,971 | $13,509 |
| 5/31/2024 | $12,641 | $13,539 | $13,901 |
| 6/30/2024 | $12,328 | $13,149 | $13,888 |
| 7/31/2024 | $12,944 | $13,880 | $14,209 |
| 8/31/2024 | $13,289 | $14,139 | $14,614 |
| 9/30/2024 | $13,452 | $14,522 | $15,007 |
| 10/31/2024 | $12,598 | $13,692 | $14,271 |
Special International Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $181,623,032 |
| # of portfolio holdings | 78 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $1,542,498 |
| AATR | 1 Year | 5 Years | Since Inception (05/31/2019) |
|---|
| Class R6 | 19.19 | 3.55 | 4.35 |
| MSCI World ex USA Small Cap Index (Net) (Strategy) | 23.60 | 4.75 | 5.97 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 6.78 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Viscofan SA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Spectris PLC | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Tate & Lyle PLC | 2.6 |
| Primo Water Corp. | 2.6 |
| Alten SA | 2.5 |
| Buzzi SpA | 2.5 |
| DTS Corp. | 2.3 |
| Orix JREIT, Inc. | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Japan | 31.6 |
| United Kingdom | 15.9 |
| Italy | 8.8 |
| Canada | 8.4 |
| Germany | 6.8 |
| Spain | 4.1 |
| Sweden | 3.5 |
| Switzerland | 3.2 |
| Norway | 3.2 |
| Australia | 3.1 |
| Other | 11.4 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 30.1 |
| Consumer staples | 13.8 |
| Information technology | 12.9 |
| Materials | 12.1 |
| Financials | 8.3 |
| Consumer discretionary | 8.2 |
| Real estate | 5.9 |
| Energy | 3.8 |
| Health care | 3.8 |
| Communication services | 0.7 |
| Other | 0.4 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special International Small Cap Fund
This annual shareholder report contains important information about Special International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class C | $165 | 1.51% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in materials and Japan while reducing the weight in information technology (IT) and North America as reward/risk ratios dictated.
Primo Water Corp., a large contributor to performance, is a manufacturer and distributor of water.
Following a multi-year transition to a pure-play water solutions provider, profit margins and organic growth have consistently improved. Primo also announced its intention to merge with BlueTriton, a competitor, to create a leading North American healthy hydration company.
The largest detractor was Alten S.A., a France-based provider of research and development outsourcing services across diverse geographies and end markets. Business trends were muted given a challenging backdrop for IT services. However, management announced an acquisition within the energy and utilities sectors of Worldgrid from Atos, a distressed seller. Given its strong cash profile, Alten expects to be able to finance the transaction without additional leverage.
Total return based on a $10,000 investment
| Class C with Load | MSCI World ex USA Small Cap Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 5/31/2019 | $10,000 | $10,000 | $10,000 |
| 6/30/2019 | $10,391 | $10,454 | $10,602 |
| 7/31/2019 | $10,211 | $10,408 | $10,474 |
| 8/31/2019 | $9,943 | $10,167 | $10,150 |
| 9/30/2019 | $10,043 | $10,426 | $10,412 |
| 10/31/2019 | $10,522 | $10,854 | $10,775 |
| 11/30/2019 | $10,781 | $11,101 | $10,870 |
| 12/31/2019 | $11,180 | $11,615 | $11,341 |
| 1/31/2020 | $10,804 | $11,279 | $11,036 |
| 2/29/2020 | $9,841 | $10,178 | $10,164 |
| 3/31/2020 | $8,465 | $8,318 | $8,692 |
| 4/30/2020 | $9,176 | $9,291 | $9,351 |
| 5/31/2020 | $9,826 | $9,943 | $9,657 |
| 6/30/2020 | $10,019 | $10,119 | $10,093 |
| 7/31/2020 | $10,312 | $10,508 | $10,543 |
| 8/31/2020 | $10,928 | $11,274 | $10,994 |
| 9/30/2020 | $10,939 | $11,143 | $10,724 |
| 10/31/2020 | $10,445 | $10,784 | $10,494 |
| 11/30/2020 | $11,582 | $12,268 | $11,905 |
| 12/31/2020 | $12,195 | $13,099 | $12,549 |
| 1/31/2021 | $12,407 | $13,066 | $12,576 |
| 2/28/2021 | $12,790 | $13,445 | $12,825 |
| 3/31/2021 | $13,252 | $13,738 | $12,987 |
| 4/30/2021 | $13,835 | $14,307 | $13,369 |
| 5/31/2021 | $14,175 | $14,629 | $13,787 |
| 6/30/2021 | $14,343 | $14,398 | $13,698 |
| 7/31/2021 | $14,501 | $14,616 | $13,472 |
| 8/31/2021 | $14,879 | $15,009 | $13,728 |
| 9/30/2021 | $13,923 | $14,502 | $13,289 |
| 10/31/2021 | $13,950 | $14,794 | $13,606 |
| 11/30/2021 | $13,086 | $13,966 | $12,993 |
| 12/31/2021 | $13,629 | $14,558 | $13,530 |
| 1/31/2022 | $12,755 | $13,563 | $13,032 |
| 2/28/2022 | $12,157 | $13,442 | $12,774 |
| 3/31/2022 | $11,509 | $13,506 | $12,794 |
| 4/30/2022 | $10,892 | $12,568 | $11,991 |
| 5/31/2022 | $11,135 | $12,483 | $12,077 |
| 6/30/2022 | $9,883 | $11,083 | $11,038 |
| 7/31/2022 | $10,630 | $11,840 | $11,416 |
| 8/31/2022 | $9,903 | $11,327 | $11,049 |
| 9/30/2022 | $9,005 | $10,035 | $9,945 |
| 10/31/2022 | $9,590 | $10,485 | $10,242 |
| 11/30/2022 | $10,650 | $11,493 | $11,451 |
| 12/31/2022 | $10,621 | $11,561 | $11,365 |
| 1/31/2023 | $11,354 | $12,446 | $12,287 |
| 2/28/2023 | $11,283 | $12,141 | $11,856 |
| 3/31/2023 | $11,476 | $12,138 | $12,145 |
| 4/30/2023 | $11,639 | $12,352 | $12,356 |
| 5/31/2023 | $11,120 | $11,839 | $11,907 |
| 6/30/2023 | $11,333 | $12,197 | $12,441 |
| 7/31/2023 | $11,608 | $12,748 | $12,947 |
| 8/31/2023 | $11,323 | $12,321 | $12,362 |
| 9/30/2023 | $10,662 | $11,773 | $11,972 |
| 10/31/2023 | $10,092 | $11,078 | $11,478 |
| 11/30/2023 | $11,069 | $12,152 | $12,511 |
| 12/31/2023 | $11,807 | $13,021 | $13,140 |
| 1/31/2024 | $11,581 | $12,798 | $13,009 |
| 2/29/2024 | $11,540 | $12,835 | $13,339 |
| 3/31/2024 | $11,807 | $13,357 | $13,756 |
| 4/30/2024 | $11,447 | $12,971 | $13,509 |
| 5/31/2024 | $12,034 | $13,539 | $13,901 |
| 6/30/2024 | $11,725 | $13,149 | $13,888 |
| 7/31/2024 | $12,311 | $13,880 | $14,209 |
| 8/31/2024 | $12,630 | $14,139 | $14,614 |
| 9/30/2024 | $12,774 | $14,522 | $15,007 |
| 10/31/2024 | $11,962 | $13,692 | $14,271 |
Special International Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $181,623,032 |
| # of portfolio holdings | 78 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $1,542,498 |
| AATR | 1 Year | 5 Years | Since Inception (05/31/2019) |
|---|
Class CFootnote Reference* | 18.52 | 2.60 | 3.36 |
Class C with LoadFootnote Reference* | 17.52 | 2.60 | 3.36 |
| MSCI World ex USA Small Cap Index (Net) (Strategy) | 23.60 | 4.75 | 5.97 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 6.78 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | Historical performance shown for the Class C shares prior to their inception on June 1, 2022 reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class C shares. |
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Viscofan SA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Spectris PLC | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Tate & Lyle PLC | 2.6 |
| Primo Water Corp. | 2.6 |
| Alten SA | 2.5 |
| Buzzi SpA | 2.5 |
| DTS Corp. | 2.3 |
| Orix JREIT, Inc. | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Japan | 31.6 |
| United Kingdom | 15.9 |
| Italy | 8.8 |
| Canada | 8.4 |
| Germany | 6.8 |
| Spain | 4.1 |
| Sweden | 3.5 |
| Switzerland | 3.2 |
| Norway | 3.2 |
| Australia | 3.1 |
| Other | 11.4 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 30.1 |
| Consumer staples | 13.8 |
| Information technology | 12.9 |
| Materials | 12.1 |
| Financials | 8.3 |
| Consumer discretionary | 8.2 |
| Real estate | 5.9 |
| Energy | 3.8 |
| Health care | 3.8 |
| Communication services | 0.7 |
| Other | 0.4 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
Annual Shareholder Report
Special International Small Cap Fund
This annual shareholder report contains important information about Special International Small Cap Fund for the period of November 1, 2023 to October 31, 2024. You can find additional information about the Fund at allspringglobal.com. You can also request this information by contacting us at 1-800-222-8222.
What were the Fund costs for the past year?
The table explains the costs you would have paid within the reporting period based on a hypothetical $10,000 investment.
| CLASS NAME | COSTS OF A $10,000 INVESTMENT | COSTS PAID AS A % OF A $10,000 INVESTMENT |
|---|
| Class A | $149 | 1.36% |
The manager has contractually committed to waive fees and/or reimburse certain expenses to the extent necessary to cap the Fund's total annual fund operating expense ratio at a specific amount. Without this cap, the costs shown above may have been higher. Please see the prospectus for the amount and the expiration date of the cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
How did the Fund perform last year and what affected its performance?
Equities were volatile in response to ongoing inflation concerns, varying economic data, and diverging central bank policies.
Minor changes to sector and region positioning included an increase in materials and Japan while reducing the weight in information technology (IT) and North America as reward/risk ratios dictated.
Primo Water Corp., a large contributor to performance, is a manufacturer and distributor of water.
Following a multi-year transition to a pure-play water solutions provider, profit margins and organic growth have consistently improved. Primo also announced its intention to merge with BlueTriton, a competitor, to create a leading North American healthy hydration company.
The largest detractor was Alten S.A., a France-based provider of research and development outsourcing services across diverse geographies and end markets. Business trends were muted given a challenging backdrop for IT services. However, management announced an acquisition within the energy and utilities sectors of Worldgrid from Atos, a distressed seller. Given its strong cash profile, Alten expects to be able to finance the transaction without additional leverage.
Total return based on a $10,000 investment
| Class A with Load | MSCI World ex USA Small Cap Index (Net) | MSCI ACWI ex USA Index (Net) |
|---|
| 5/31/2019 | $9,425 | $10,000 | $10,000 |
| 6/30/2019 | $9,799 | $10,454 | $10,602 |
| 7/31/2019 | $9,636 | $10,408 | $10,474 |
| 8/31/2019 | $9,389 | $10,167 | $10,150 |
| 9/30/2019 | $9,490 | $10,426 | $10,412 |
| 10/31/2019 | $9,948 | $10,854 | $10,775 |
| 11/30/2019 | $10,200 | $11,101 | $10,870 |
| 12/31/2019 | $10,583 | $11,615 | $11,341 |
| 1/31/2020 | $10,234 | $11,279 | $11,036 |
| 2/29/2020 | $9,328 | $10,178 | $10,164 |
| 3/31/2020 | $8,029 | $8,318 | $8,692 |
| 4/30/2020 | $8,709 | $9,291 | $9,351 |
| 5/31/2020 | $9,330 | $9,943 | $9,657 |
| 6/30/2020 | $9,520 | $10,119 | $10,093 |
| 7/31/2020 | $9,805 | $10,508 | $10,543 |
| 8/31/2020 | $10,397 | $11,274 | $10,994 |
| 9/30/2020 | $10,413 | $11,143 | $10,724 |
| 10/31/2020 | $9,950 | $10,784 | $10,494 |
| 11/30/2020 | $11,040 | $12,268 | $11,905 |
| 12/31/2020 | $11,632 | $13,099 | $12,549 |
| 1/31/2021 | $11,841 | $13,066 | $12,576 |
| 2/28/2021 | $12,214 | $13,445 | $12,825 |
| 3/31/2021 | $12,663 | $13,738 | $12,987 |
| 4/30/2021 | $13,228 | $14,307 | $13,369 |
| 5/31/2021 | $13,562 | $14,629 | $13,787 |
| 6/30/2021 | $13,731 | $14,398 | $13,698 |
| 7/31/2021 | $13,891 | $14,616 | $13,472 |
| 8/31/2021 | $14,263 | $15,009 | $13,728 |
| 9/30/2021 | $13,354 | $14,502 | $13,289 |
| 10/31/2021 | $13,389 | $14,794 | $13,606 |
| 11/30/2021 | $12,568 | $13,966 | $12,993 |
| 12/31/2021 | $13,097 | $14,558 | $13,530 |
| 1/31/2022 | $12,266 | $13,563 | $13,032 |
| 2/28/2022 | $11,697 | $13,442 | $12,774 |
| 3/31/2022 | $11,081 | $13,506 | $12,794 |
| 4/30/2022 | $10,494 | $12,568 | $11,991 |
| 5/31/2022 | $10,734 | $12,483 | $12,077 |
| 6/30/2022 | $9,527 | $11,083 | $11,038 |
| 7/31/2022 | $10,267 | $11,840 | $11,416 |
| 8/31/2022 | $9,566 | $11,327 | $11,049 |
| 9/30/2022 | $8,700 | $10,035 | $9,945 |
| 10/31/2022 | $9,274 | $10,485 | $10,242 |
| 11/30/2022 | $10,296 | $11,493 | $11,451 |
| 12/31/2022 | $10,268 | $11,561 | $11,365 |
| 1/31/2023 | $10,986 | $12,446 | $12,287 |
| 2/28/2023 | $10,907 | $12,141 | $11,856 |
| 3/31/2023 | $11,104 | $12,138 | $12,145 |
| 4/30/2023 | $11,261 | $12,352 | $12,356 |
| 5/31/2023 | $10,769 | $11,839 | $11,907 |
| 6/30/2023 | $10,966 | $12,197 | $12,441 |
| 7/31/2023 | $11,242 | $12,748 | $12,947 |
| 8/31/2023 | $10,966 | $12,321 | $12,362 |
| 9/30/2023 | $10,337 | $11,773 | $11,972 |
| 10/31/2023 | $9,786 | $11,078 | $11,478 |
| 11/30/2023 | $10,730 | $12,152 | $12,511 |
| 12/31/2023 | $11,447 | $13,021 | $13,140 |
| 1/31/2024 | $11,237 | $12,798 | $13,009 |
| 2/29/2024 | $11,197 | $12,835 | $13,339 |
| 3/31/2024 | $11,457 | $13,357 | $13,756 |
| 4/30/2024 | $11,117 | $12,971 | $13,509 |
| 5/31/2024 | $11,676 | $13,539 | $13,901 |
| 6/30/2024 | $11,377 | $13,149 | $13,888 |
| 7/31/2024 | $11,946 | $13,880 | $14,209 |
| 8/31/2024 | $12,255 | $14,139 | $14,614 |
| 9/30/2024 | $12,405 | $14,522 | $15,007 |
| 10/31/2024 | $11,616 | $13,692 | $14,271 |
Special International Small Cap Fund
Annual Shareholder Report | October 31, 2024
AVERAGE ANNUAL TOTAL RETURNS (%)
| Total net assets | $181,623,032 |
| # of portfolio holdings | 78 |
| Portfolio turnover rate | 40% |
| Total advisory fees paid | $1,542,498 |
| AATR | 1 Year | 5 Years | Since Inception (05/31/2019) |
|---|
Class AFootnote Reference* | 18.71 | 3.15 | 3.93 |
Class A with LoadFootnote Reference* | 11.88 | 1.93 | 2.80 |
| MSCI World ex USA Small Cap Index (Net) (Strategy) | 23.60 | 4.75 | 5.97 |
| MSCI ACWI ex USA Index (Net) (Regulatory) | 24.33 | 5.78 | 6.78 |
Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund.
| Footnote | Description |
Footnote* | Historical performance shown for the Class A shares prior to their inception on June 1, 2022 reflects the performance of the Institutional Class shares and includes the higher expenses applicable to the Class A shares. |
What did the Fund invest in?
(Based on long-term investments)
TOP TEN HOLDINGS (% OF NET ASSETS)
| Viscofan SA | 2.9 |
| MEITEC Group Holdings, Inc. | 2.7 |
| Spectris PLC | 2.6 |
| PrairieSky Royalty Ltd. | 2.6 |
| Tate & Lyle PLC | 2.6 |
| Primo Water Corp. | 2.6 |
| Alten SA | 2.5 |
| Buzzi SpA | 2.5 |
| DTS Corp. | 2.3 |
| Orix JREIT, Inc. | 2.1 |
COUNTRY ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Japan | 31.6 |
| United Kingdom | 15.9 |
| Italy | 8.8 |
| Canada | 8.4 |
| Germany | 6.8 |
| Spain | 4.1 |
| Sweden | 3.5 |
| Switzerland | 3.2 |
| Norway | 3.2 |
| Australia | 3.1 |
| Other | 11.4 |
SECTOR ALLOCATION (% OF LONG-TERM INVESTMENTS)
| Industrials | 30.1 |
| Consumer staples | 13.8 |
| Information technology | 12.9 |
| Materials | 12.1 |
| Financials | 8.3 |
| Consumer discretionary | 8.2 |
| Real estate | 5.9 |
| Energy | 3.8 |
| Health care | 3.8 |
| Communication services | 0.7 |
| Other | 0.4 |
You can find additional information on the Fund's website at allspringglobal.com, including its:
- Prospectus - Financial Information - Fund holdings - Proxy voting information
ITEM 2. CODE OF ETHICS
(a) As of the end of the period covered by the report, Allspring Funds Trust has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.
(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The Board of Trustees of Allspring Funds Trust has determined that Isaiah Harris is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mr. Harris is independent for purposes of Item 3 of Form N-CSR.
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the registrant by the registrant’s principal accountant. These fees were billed to the registrant and were approved by the registrant’s audit committee.
| | | | | | | | |
| | | Fiscal year ended
October 31, 2024 | | | Fiscal year ended
October 31, 2023 | |
Audit fees | | $ | 367,590 | | | $ | 368,530 | |
Audit-related fees | | | — | | | | — | |
Tax fees (1) | | | 47,610 | | | | 39,640 | |
All other fees | | | — | | | | — | |
| | | | | | | | |
| | $ | 415,200 | | | $ | 408,170 | |
| | (1) | Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax. |
(e)(1) The Chair of the Audit Committees is authorized to pre-approve: (1) audit services for the mutual funds of Allspring Funds Trust; (2) non-audit tax or compliance consulting or training services provided to the Funds by the independent auditors (“Auditors”) if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance consulting or training services provided by the Auditors to a Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed $50,000. For any such pre-approval sought from the Chair, Management shall prepare a brief description of the proposed services.
If the Chair approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.
(e)(2) Not applicable.
(f) Not applicable.
(g) Not applicable.
(h) Not applicable.
(i) Not applicable.
(j) Not applicable.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not applicable.
ITEM 6. INVESTMENTS
(a) The registrant’s Schedule of Investments is included as part of the Financial Statements filed under Item 7(a) of this Form.
(b) Not Applicable due to no such divestments during the semi-annual period covered since the previous Form N-CSR filing.
ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
(a) The registrant’s Financial Statements are attached herewith.
(b) The registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form.
Allspring Special Global Small Cap Fund
Long Form Financial Statements
Annual Report
Allspring Special Global Small Cap Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Ansell Ltd. (Health care, Health care equipment & supplies) | | | | | | |
Bapcor Ltd. (Consumer discretionary, Distributors) | | | | | | |
Steadfast Group Ltd. (Financials, Insurance) | | | | | | |
| | | | | | |
| | | | | | |
Barco NV (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
ATS Corp. (Industrials, Machinery)† | | | | | | |
Novanta, Inc. (Information technology, Electronic equipment, instruments & components)† | | | | | | |
Primo Water Corp. (Consumer staples, Beverages) | | | | | | |
| | | | | | |
| | | | | | |
Alten SA (Information technology, IT services) | | | | | | |
Metropole Television SA (Communication services, Media) | | | | | | |
| | | | | | |
| | | | | | |
Bechtle AG (Information technology, IT services) | | | | | | |
Gerresheimer AG (Health care, Life sciences tools & services) | | | | | | |
Krones AG (Industrials, Machinery) | | | | | | |
TAG Immobilien AG (Real estate, Real estate management & development)† | | | | | | |
| | | | | | |
| | | | | | |
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | | | | | | |
| | | | | | |
Amplifon SpA (Health care, Health care providers & services) | | | | | | |
Azimut Holding SpA (Financials, Capital markets) | | | | | | |
GVS SpA (Industrials, Machinery)144A† | | | | | | |
Interpump Group SpA (Industrials, Machinery) | | | | | | |
| | | | | | |
| | | | | | |
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | | | | | | |
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | | | | | | |
DTS Corp. (Information technology, IT services) | | | | | | |
Fuji Seal International, Inc. (Materials, Containers & packaging) | | | | | | |
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
MEITEC Group Holdings, Inc. (Industrials, Professional services) | | | | | | |
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Special Global Small Cap Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Orix JREIT, Inc. (Real estate, Office REITs) | | | | | | |
Taikisha Ltd. (Industrials, Construction & engineering) | | | | | | |
| | | | | | |
| | | | | | |
Atea ASA (Information technology, IT services) | | | | | | |
Elopak ASA (Materials, Containers & packaging) | | | | | | |
| | | | | | |
| | | | | | |
Viscofan SA (Consumer staples, Food products) | | | | | | |
| | | | | | |
Hexpol AB (Materials, Chemicals) | | | | | | |
Loomis AB Class B (Industrials, Commercial services & supplies) | | | | | | |
| | | | | | |
| | | | | | |
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | | | | | | |
Bucher Industries AG (Industrials, Machinery) | | | | | | |
| | | | | | |
| | | | | | |
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Elementis PLC (Materials, Chemicals) | | | | | | |
Gates Industrial Corp. PLC (Industrials, Machinery)† | | | | | | |
Lancashire Holdings Ltd. (Financials, Insurance) | | | | | | |
LondonMetric Property PLC (Real estate, Diversified REITs) | | | | | | |
Nomad Foods Ltd. (Consumer staples, Food products) | | | | | | |
S4 Capital PLC (Communication services, Media)† | | | | | | |
Samarkand Group PLC (Consumer discretionary, Broadline retail)† | | | | | | |
Spectris PLC (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
| | | | | | |
Alamo Group, Inc. (Industrials, Machinery) | | | | | | |
Amerant Bancorp, Inc. Class A (Financials, Banks) | | | | | | |
Aris Water Solutions, Inc. Class A (Industrials, Commercial services & supplies) | | | | | | |
Atkore, Inc. (Industrials, Electrical equipment) | | | | | | |
Azenta, Inc. (Health care, Life sciences tools & services)† | | | | | | |
Balchem Corp. (Materials, Chemicals) | | | | | | |
Blackbaud, Inc. (Information technology, Software)† | | | | | | |
Brady Corp. Class A (Industrials, Commercial services & supplies) | | | | | | |
Cactus, Inc. Class A (Energy, Energy equipment & services) | | | | | | |
Cadence Bank (Financials, Banks) | | | | | | |
CBIZ, Inc. (Industrials, Professional services)† | | | | | | |
Chemed Corp. (Health care, Health care providers & services) | | | | | | |
CSW Industrials, Inc. (Industrials, Building products) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Special Global Small Cap Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Denny’s Corp. (Consumer discretionary, Hotels, restaurants & leisure)† | | | | | | |
E2open Parent Holdings, Inc. (Information technology, Software)† | | | | | | |
Edgewell Personal Care Co. (Consumer staples, Personal care products) | | | | | | |
Enovis Corp. (Health care, Health care equipment & supplies)† | | | | | | |
Expand Energy Corp. (Energy, Oil, gas & consumable fuels) | | | | | | |
FormFactor, Inc. (Information technology, Semiconductors & semiconductor equipment)† | | | | | | |
Gibraltar Industries, Inc. (Industrials, Building products)† | | | | | | |
Global Blue Group Holding AG (Information technology, IT services)† | | | | | | |
Graphic Packaging Holding Co. (Materials, Containers & packaging) | | | | | | |
Guardian Pharmacy Services, Inc. Class A (Consumer staples, Consumer staples distribution & retail)† | | | | | | |
Hanover Insurance Group, Inc. (Financials, Insurance) | | | | | | |
Holley, Inc. (Consumer discretionary, Automobile components)† | | | | | | |
Horace Mann Educators Corp. (Financials, Insurance) | | | | | | |
ICU Medical, Inc. (Health care, Health care equipment & supplies)† | | | | | | |
Informatica, Inc. Class A (Information technology, Software)† | | | | | | |
Innospec, Inc. (Materials, Chemicals) | | | | | | |
J&J Snack Foods Corp. (Consumer staples, Food products) | | | | | | |
Kadant, Inc. (Industrials, Machinery) | | | | | | |
Mayville Engineering Co., Inc. (Industrials, Machinery)† | | | | | | |
MSA Safety, Inc. (Industrials, Commercial services & supplies) | | | | | | |
MSC Industrial Direct Co., Inc. Class A (Industrials, Trading companies & distributors) | | | | | | |
Prestige Consumer Healthcare, Inc. (Health care, Pharmaceuticals)† | | | | | | |
Progress Software Corp. (Information technology, Software) | | | | | | |
Quaker Chemical Corp. (Materials, Chemicals) | | | | | | |
Quanex Building Products Corp. (Industrials, Building products) | | | | | | |
Spectrum Brands Holdings, Inc. (Consumer staples, Household products) | | | | | | |
Stepan Co. (Materials, Chemicals) | | | | | | |
Teradata Corp. (Information technology, Software)† | | | | | | |
Terreno Realty Corp. (Real estate, Industrial REITs) | | | | | | |
Varex Imaging Corp. (Health care, Health care equipment & supplies)† | | | | | | |
Watts Water Technologies, Inc. Class A (Industrials, Machinery) | | | | | | |
Webster Financial Corp. (Financials, Banks) | | | | | | |
Wendy’s Co. (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Ziff Davis, Inc. (Communication services, Interactive media & services)† | | | | | | |
| | | | | | |
Total common stocks (Cost $110,043,943) | | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Special Global Small Cap Fund
Portfolio of investments—October 31, 2024
| | | | | |
Short-term investments: 1.40% | | | | | | |
Investment companies: 1.40% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $1,859,731) | | | | | | |
Total investments in securities (Cost $111,903,674) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| Non-income-earning security |
| 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. |
|
| Real estate investment trust |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Special Global Small Cap Fund | 5
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $110,043,943) | |
Investments in affiliated securities, at value (cost $1,859,731) | |
| |
Foreign currency, at value (cost $7,747) | |
Receivable for investments sold | |
| |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
| |
Payable for investments purchased | |
Payable for Fund shares redeemed | |
Custody and accounting fees payable | |
Administration fees payable | |
Shareholder servicing fee payable | |
| |
Trustees’ fees and expenses payable | |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
Net assets–Administrator Class | |
Shares outstanding–Administrator Class1 | |
Net asset value per share–Administrator Class | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Special Global Small Cap Fund
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $145,224) | |
Income from affiliated securities | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
| |
| |
Realized and unrealized gains (losses) on investments | |
| |
| |
Foreign currency and foreign currency translations | |
Net realized gains on investments | |
Net change in unrealized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
Allspring Special Global Small Cap Fund | 7
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
Net investment income (loss) | | | | |
Net realized gains (losses) on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | |
Total increase (decrease) in net assets | | | | |
| | | | |
| | | | |
| | | | |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Special Global Small Cap Fund
Financial highlights
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Special Global Small Cap Fund | 9
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
| 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. |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Special Global Small Cap Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
| 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. |
The accompanying notes are an integral part of these financial statements.
Allspring Special Global Small Cap Fund | 11
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Special Global Small Cap Fund
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Special Global Small Cap Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Allspring Special Global Small Cap Fund | 13
Notes to financial statements
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $112,421,270 and the unrealized gains (losses) consisted of:
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
14 | Allspring Special Global Small Cap Fund
Notes to financial statements
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 0.95% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As
Allspring Special Global Small Cap Fund | 15
Notes to financial statements
compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, the contractual caps are as follows:
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2024, Allspring Funds Distributor received $532 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended October 31, 2024.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $44,940,229 and $63,629,832, respectively.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
16 | Allspring Special Global Small Cap Fund
Notes to financial statements
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | Undistributed
long-term
gain | |
| | |
As of the end of the period, the Fund concentrated its portfolio of investments in the industrials sector and in North America and Europe. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
Allspring Special Global Small Cap Fund | 17
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Special Global Small Cap Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
Other information (unaudited)
Other information
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Special Global Small Cap Fund | 19
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
20 | Allspring Special Global Small Cap Fund
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Special Global Small Cap Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
Allspring Special Global Small Cap Fund | 21
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board considered the investment performance results for the Fund over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for the three- and ten-year periods under review, but lower for the one- and five-year periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the MSCI World Small Cap Index (Net), for all periods under review, except for the ten-year period under review, which was in range of the investment performance of its benchmark index.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund’s investment performance.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or equal to the median net operating expense ratios of the expense Groups for each share class, except for the Class A shares, which was higher than the median net operating expense ratio of the expense Group for that share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for each share class.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
22 | Allspring Special Global Small Cap Fund
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
Allspring Special Global Small Cap Fund | 23
This page is intentionally left blank.
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR4305 10-24
Allspring Emerging Markets Equity Fund
Long Form Financial Statements
Annual Report
Allspring Emerging Markets Equity Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Ambev SA ADR (Consumer staples, Beverages) | | | | | | |
Atacadao SA (Consumer staples, Consumer staples distribution & retail)† | | | | | | |
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | | | | | | |
Banco Bradesco SA ADR (Financials, Banks) | | | | | | |
Cia Brasileira de Aluminio (Materials, Metals & mining)† | | | | | | |
Diagnosticos da America SA Brazil Stock Exchange (Health care, Health care providers & services)† | | | | | | |
Hapvida Participacoes e Investimentos SA (Health care, Health care providers & services)144A† | | | | | | |
Localiza Rent a Car SA (Industrials, Ground transportation) | | | | | | |
Lojas Renner SA (Consumer discretionary, Specialty retail) | | | | | | |
Magazine Luiza SA (Consumer discretionary, Broadline retail)† | | | | | | |
Multiplan Empreendimentos Imobiliarios SA (Real estate, Real estate management & development) | | | | | | |
Petroleo Brasileiro SA New York Stock Exchange ADR (Energy, Oil, gas & consumable fuels) | | | | | | |
Raia Drogasil SA (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Suzano SA (Materials, Paper & forest products) | | | | | | |
Vale SA Class B ADR (Materials, Metals & mining) | | | | | | |
| | | | | | |
| | | | | | |
Banco Santander Chile ADR (Financials, Banks) | | | | | | |
Falabella SA (Consumer discretionary, Broadline retail)† | | | | | | |
Sociedad Quimica y Minera de Chile SA ADR (Materials, Chemicals) | | | | | | |
| | | | | | |
| | | | | | |
Agora, Inc. ADR (Information technology, Software)† | | | | | | |
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | | | | | | |
Alibaba Group Holding Ltd. New York Stock Exchange ADR (Consumer discretionary, Broadline retail) | | | | | | |
China Literature Ltd. (Communication services, Media)144A† | | | | | | |
China Meidong Auto Holdings Ltd. (Consumer discretionary, Specialty retail) | | | | | | |
FinVolution Group ADR (Financials, Consumer finance) | | | | | | |
GreenTree Hospitality Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Hua Medicine (Health care, Pharmaceuticals)144A† | | | | | | |
Kanzhun Ltd. ADR (Communication services, Interactive media & services) | | | | | | |
Kingdee International Software Group Co. Ltd. (Information technology, Software)† | | | | | | |
Li Auto, Inc. Class A (Consumer discretionary, Automobiles)† | | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Emerging Markets Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Li Ning Co. Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Meituan Class B (Consumer discretionary, Hotels, restaurants & leisure)144A† | | | | | | |
Shandong Weigao Group Medical Polymer Co. Ltd. Class H (Health care, Health care equipment & supplies) | | | | | | |
Tencent Holdings Ltd. (Communication services, Interactive media & services) | | | | | | |
Tencent Music Entertainment Group ADR (Communication services, Entertainment) | | | | | | |
Trip.com Group Ltd. ADR (Consumer discretionary, Hotels, restaurants & leisure)† | | | | | | |
Tsingtao Brewery Co. Ltd. Class H (Consumer staples, Beverages) | | | | | | |
Vipshop Holdings Ltd. ADR (Consumer discretionary, Broadline retail) | | | | | | |
Want Want China Holdings Ltd. (Consumer staples, Food products) | | | | | | |
Weibo Corp. ADR (Communication services, Interactive media & services) | | | | | | |
Wuxi Biologics Cayman, Inc. (Health care, Life sciences tools & services)144A† | | | | | | |
Xiaomi Corp. Class B (Information technology, Technology hardware, storage & peripherals)144A† | | | | | | |
Zepp Health Corp. ADR (Information technology, Electronic equipment, instruments & components)♠† | | | | | | |
Zhou Hei Ya International Holdings Co. Ltd. (Consumer staples, Food products)144A | | | | | | |
| | | | | | |
| | | | | | |
Bancolombia SA ADR (Financials, Banks) | | | | | | |
| | | | | | |
AIA Group Ltd. (Financials, Insurance) | | | | | | |
Sun Art Retail Group Ltd. (Consumer staples, Consumer staples distribution & retail) | | | | | | |
WH Group Ltd. (Consumer staples, Food products)144A | | | | | | |
| | | | | | |
| | | | | | |
ASK Automotive Ltd. (Consumer discretionary, Automobile components) | | | | | | |
Axis Bank Ltd. (Financials, Banks) | | | | | | |
Bajaj Finance Ltd. (Financials, Consumer finance) | | | | | | |
Bharti Airtel Ltd. (Communication services, Wireless telecommunication services) | | | | | | |
Dalmia Bharat Ltd. (Materials, Construction materials) | | | | | | |
Fortis Healthcare Ltd. (Health care, Health care providers & services) | | | | | | |
HDFC Bank Ltd. (Financials, Banks) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
HDFC Bank Ltd. New York Stock Exchange ADR (Financials, Banks) | | | | | | |
Hyundai Motor India Ltd. (Consumer discretionary, Automobiles)† | | | | | | |
IDFC First Bank Ltd. (Financials, Banks)† | | | | | | |
ITC Ltd. (Consumer staples, Tobacco) | | | | | | |
Kotak Mahindra Bank Ltd. (Financials, Banks) | | | | | | |
Nexus Select Trust (Real estate, Retail REITs) | | | | | | |
Reliance Industries Ltd. (Energy, Oil, gas & consumable fuels)♦† | | | | | | |
Reliance Industries Ltd. London Stock Exchange GDR (Energy, Oil, gas & consumable fuels)144A | | | | | | |
Reliance Industries Ltd. National Stock Exchange of India (Energy, Oil, gas & consumable fuels) | | | | | | |
SBI Life Insurance Co. Ltd. (Financials, Insurance)144A | | | | | | |
UltraTech Cement Ltd. (Materials, Construction materials) | | | | | | |
| | | | | | |
| | | | | | |
Astra International Tbk. PT (Industrials, Industrial conglomerates) | | | | | | |
Bank Central Asia Tbk. PT (Financials, Banks) | | | | | | |
Bank Rakyat Indonesia Persero Tbk. PT (Financials, Banks) | | | | | | |
Telkom Indonesia Persero Tbk. PT (Communication services, Diversified telecommunication services) | | | | | | |
Telkom Indonesia Persero Tbk. PT New York Stock Exchange ADR (Communication services, Diversified telecommunication services) | | | | | | |
| | | | | | |
| | | | | | |
Allegro.eu SA (Consumer discretionary, Broadline retail)144A† | | | | | | |
InPost SA (Industrials, Air freight & logistics)† | | | | | | |
Zabka Group SA (Consumer staples, Consumer staples distribution & retail)† | | | | | | |
| | | | | | |
| | | | | | |
America Movil SAB de CV ADR (Communication services, Wireless telecommunication services) | | | | | | |
Becle SAB de CV (Consumer staples, Beverages) | | | | | | |
Cemex SAB de CV ADR (Materials, Construction materials) | | | | | | |
Fibra Uno Administracion SA de CV (Real estate, Diversified REITs) | | | | | | |
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | | | | | | |
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | | | | | | |
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | | | | | | |
| | | | | | |
| | | | | | |
Ayala Corp. (Industrials, Industrial conglomerates) | | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Emerging Markets Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
San Miguel Food & Beverage, Inc. (Consumer staples, Food products) | | | | | | |
SM Investments Corp. (Industrials, Industrial conglomerates) | | | | | | |
| | | | | | |
| | | | | | |
Ozon Holdings PLC ADR (Acquired 11-24-2020, cost $2,412,000) (Consumer discretionary, Broadline retail)♦‡†˃« | | | | | | |
Sberbank of Russia PJSC (Acquired 8-18-2011, cost $17,232,150) (Financials, Banks)♦†˃ | | | | | | |
| | | | | | |
| | | | | | |
Saudi Arabian Oil Co. (Energy, Oil, gas & consumable fuels)144A | | | | | | |
| | | | | | |
Grab Holdings Ltd. Class A (Industrials, Ground transportation)† | | | | | | |
Sea Ltd. ADR (Communication services, Entertainment)† | | | | | | |
| | | | | | |
| | | | | | |
MTN Group Ltd. (Communication services, Wireless telecommunication services) | | | | | | |
Shoprite Holdings Ltd. (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Standard Bank Group Ltd. (Financials, Banks) | | | | | | |
Tiger Brands Ltd. (Consumer staples, Food products) | | | | | | |
| | | | | | |
| | | | | | |
KT Corp. (Communication services, Diversified telecommunication services) | | | | | | |
KT Corp. New York Stock Exchange ADR (Communication services, Diversified telecommunication services) | | | | | | |
KT&G Corp. (Consumer staples, Tobacco) | | | | | | |
LG Chem Ltd. (Materials, Chemicals) | | | | | | |
NAVER Corp. (Communication services, Interactive media & services) | | | | | | |
Samsung Electronics Co. Ltd. Korea Exchange (Information technology, Technology hardware, storage & peripherals) | | | | | | |
Samsung Life Insurance Co. Ltd. (Financials, Insurance) | | | | | | |
Samsung SDI Co. Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
SK Hynix, Inc. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 5
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | | | | | | |
SK Telecom Co. Ltd. New York Stock Exchange ADR (Communication services, Wireless telecommunication services) | | | | | | |
| | | | | | |
| | | | | | |
104 Corp. (Industrials, Professional services) | | | | | | |
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
President Chain Store Corp. (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. ADR (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Uni-President Enterprises Corp. (Consumer staples, Food products) | | | | | | |
| | | | | | |
| | | | | | |
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | | | | | | |
PTT PCL (Energy, Oil, gas & consumable fuels) | | | | | | |
SCB X PCL (Financials, Banks) | | | | | | |
Thai Beverage PCL (Consumer staples, Beverages) | | | | | | |
| | | | | | |
United Arab Emirates: 0.07% | | | | | | |
Americana Restaurants International PLC (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
| | | | | | |
MercadoLibre, Inc. (Consumer discretionary, Broadline retail)† | | | | | | |
Southern Copper Corp. (Materials, Metals & mining) | | | | | | |
| | | | | | |
Total common stocks (Cost $2,677,760,719) | | | | | | |
| | | | | |
Convertible debentures: 0.00% | | | | | | |
| | | | | | |
Lupatech SA Series 1 (Energy, Oil & gas services)♦† | | | | | | |
Total convertible debentures (Cost $160,691) | | | | | | |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Emerging Markets Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Gerdau SA (Materials, Metals & mining) | | | | | | |
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels) | | | | | | |
Total preferred stocks (Cost $18,183,367) | | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
Diagnosticos da America SA (Health care, Health care providers & services)♦† | | | | | | |
| | | | | | |
| | | | | |
Short-term investments: 1.39% | | | | | | |
Investment companies: 1.39% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $53,915,664) | | | | | | |
Total investments in securities (Cost $2,750,020,441) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| Non-income-earning security |
| 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 $0 (original an aggregate cost of $19,644,150), representing 0.00% of its net assets as of period end. |
| This security is on loan pending return from the lending agent. |
| The rate represents the 7-day annualized yield at period end. |
|
| American depositary receipt |
| Global depositary receipt |
| Real estate investment trust |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 7
Portfolio of investments—October 31, 2024
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
| | | | | | | | |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
| | | | | | | | |
| Non-income-earning security |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Emerging Markets Equity Fund
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $2,671,085,895) | |
Investments in affiliated securities, at value (cost $78,934,546) | |
| |
Cash collateral for securities on loan | |
Foreign currency, at value (cost $2,168,849) | |
Receivable for investments sold | |
| |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
| |
| |
Payable for Fund shares redeemed | |
Payable upon receipt of securities loaned | |
Administration fees payable | |
Shareholder servicing fee payable | |
| |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 9
Statement of assets and liabilities—October 31, 2024
Statement of assets and liabilities
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
| |
Shares outstanding–Class R61 | |
Net asset value per share–Class R6 | |
Net assets–Administrator Class | |
Shares outstanding–Administrator Class1 | |
Net asset value per share–Administrator Class | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
10 | Allspring Emerging Markets Equity Fund
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $13,178,848) | |
Income from affiliated securities | |
Interest (net of foreign withholding taxes of $125) | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
| |
| |
| |
| |
| |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 11
Statement of operations—year ended October 31, 2024
Statement of operations
Realized and unrealized gains (losses) on investments | |
| |
| |
Foreign currency and foreign currency translations | |
Forward foreign currency contracts | |
Net realized losses on investments | |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $19,363,517) | |
| |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Emerging Markets Equity Fund
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
Net realized losses on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | |
Total increase in net assets | | | | |
| | | | |
| | | | |
| | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 13
Financial highlights
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Amount is less than $0.005. |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
| 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. |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Emerging Markets Equity Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
| 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. |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 15
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Emerging Markets Equity Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss) | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
| 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. |
| 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. |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Fund | 17
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Emerging Markets Equity Fund
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Emerging Markets Equity Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Allspring Emerging Markets Equity Fund | 19
Notes to financial statements
Securities lending
The Fund, along with other Allspring funds, participated through March 29, 2023, the termination date, in a securities lending program (the “Program”) for Allspring funds. The Fund received cash collateral in connection with its securities lending transactions, which collateral was invested in Securities Lending Cash Investments, LLC, an affiliated non-registered investment company, which was liquidated upon termination of the Program. Effective at the close of business on March 29, 2023, the Fund has one unsettled loan which is fully collateralized by cash and will continue to hold the cash collateral until the security is returned to the Fund.
Income earned from investment (net of fees and rebates), if any, is included in income from affiliated securities on the Statement of Operations.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.
Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.
Interest earned on cash balances held at the custodian is recorded as interest income.
Income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $2,833,139,948 and the unrealized gains (losses) consisted of:
As of October 31, 2024, the Fund had capital loss carryforwards which consist of $84,803,762 in short-term capital losses and $390,998,363 in long-term capital losses.
20 | Allspring Emerging Markets Equity Fund
Notes to financial statements
Class allocations
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
Allspring Emerging Markets Equity Fund | 21
Notes to financial statements
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 1.02% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, the contractual caps are as follows:
22 | Allspring Emerging Markets Equity Fund
Notes to financial statements
Distribution fee
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2024, Allspring Funds Distributor received $530 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended October 31, 2024.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $393,595,655 and $744,520,588, respectively.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | | |
| | |
As of the end of the period, the Fund concentrated its portfolio of investments in Asia/Pacific ex-Japan. A fund that invests a substantial portion of its assets in any geographic region may be more affected by changes in that geographic region than would be a fund whose investments are not heavily weighted in any geographic region.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities,
Allspring Emerging Markets Equity Fund | 23
Notes to financial statements
such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of October 31, 2024, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $19,644,150.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
24 | Allspring Emerging Markets Equity Fund
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Emerging Markets Equity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
Allspring Emerging Markets Equity Fund | 25
Other information (unaudited)
Other information
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 2% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2024.
Pursuant to Section 854 of the Internal Revenue Code, $49,324,204 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $2,809,045 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2024. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Creditable
foreign taxes
paid | | Foreign
income as % of
ordinary income
distributions |
| | |
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
26 | Allspring Emerging Markets Equity Fund
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Allspring Emerging Markets Equity Fund | 27
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Emerging Markets Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
28 | Allspring Emerging Markets Equity Fund
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board considered the investment performance results for the Fund over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was lower than the average investment performance of the Universe for all periods under review, except for the ten-year period under review, which was in range of the average investment performance of the Universe for that period. The Board also noted that the investment performance of the Fund was in range of the investment performance of its benchmark index, the MSCI Emerging Markets Index (Net) (USD), for the five- and ten-year periods under review, but lower for the one- and three-year periods under review.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund’s investment performance.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were equal to or in range of the median net operating expense ratios of the expense Groups for each share class, except for the Administrator Class, which was higher than the median net operating expense ratio of the expense Group for that share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for each share class, except for the Administrator Class, which was higher than the sum of the average rates for the Fund’s expense Group for that share class.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
Allspring Emerging Markets Equity Fund | 29
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
30 | Allspring Emerging Markets Equity Fund
This page is intentionally left blank.
This page is intentionally left blank.
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR0663 10-24
Allspring International Equity Fund
Long Form Financial Statements
Annual Report
Allspring International Equity Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Restaurant Brands International, Inc. (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
TC Energy Corp. (Energy, Oil, gas & consumable fuels) | | | | | | |
| | | | | | |
| | | | | | |
Novo Nordisk AS Class B (Health care, Pharmaceuticals) | | | | | | |
| | | | | | |
Nordea Bank Abp Helsinki Stock Exchange (Financials, Banks) | | | | | | |
| | | | | | |
Air Liquide SA (Materials, Chemicals) | | | | | | |
AXA SA (Financials, Insurance) | | | | | | |
Capgemini SE (Information technology, IT services) | | | | | | |
L’Oreal SA (Consumer staples, Personal care products) | | | | | | |
LVMH Moet Hennessy Louis Vuitton SE (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Sanofi SA (Health care, Pharmaceuticals) | | | | | | |
Schneider Electric SE (Industrials, Electrical equipment) | | | | | | |
TotalEnergies SE (Energy, Oil, gas & consumable fuels) | | | | | | |
Veolia Environnement SA (Utilities, Multi-utilities) | | | | | | |
Vinci SA (Industrials, Construction & engineering) | | | | | | |
| | | | | | |
| | | | | | |
adidas AG (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Allianz SE (Financials, Insurance) | | | | | | |
Deutsche Boerse AG (Financials, Capital markets) | | | | | | |
Deutsche Post AG (Industrials, Air freight & logistics) | | | | | | |
Deutsche Telekom AG (Communication services, Diversified telecommunication services) | | | | | | |
Infineon Technologies AG (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Rheinmetall AG (Industrials, Aerospace & defense) | | | | | | |
SAP SE (Information technology, Software) | | | | | | |
Siemens AG (Industrials, Industrial conglomerates) | | | | | | |
| | | | | | |
| | | | | | |
TE Connectivity PLC (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
Check Point Software Technologies Ltd. (Information technology, Software)† | | | | | | |
| | | | | | |
Moncler SpA (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring International Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Asahi Group Holdings Ltd. (Consumer staples, Beverages) | | | | | | |
Hitachi Ltd. (Industrials, Industrial conglomerates) | | | | | | |
Nintendo Co. Ltd. (Communication services, Entertainment) | | | | | | |
ORIX Corp. (Financials, Financial services) | | | | | | |
Sumitomo Mitsui Financial Group, Inc. (Financials, Banks) | | | | | | |
Tokyo Electron Ltd. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Toyota Motor Corp. (Consumer discretionary, Automobiles) | | | | | | |
| | | | | | |
| | | | | | |
Airbus SE (Industrials, Aerospace & defense) | | | | | | |
ASML Holding NV (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
ING Groep NV (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
Samsung Electronics Co. Ltd. GDR (Information technology, Technology hardware, storage & peripherals) | | | | | | |
| | | | | | |
Nestle SA (Consumer staples, Food products) | | | | | | |
Novartis AG (Health care, Pharmaceuticals) | | | | | | |
| | | | | | |
| | | | | | |
AstraZeneca PLC (Health care, Pharmaceuticals) | | | | | | |
BAE Systems PLC (Industrials, Aerospace & defense) | | | | | | |
Barclays PLC (Financials, Banks) | | | | | | |
Coca-Cola Europacific Partners PLC (Consumer staples, Beverages) | | | | | | |
Diageo PLC (Consumer staples, Beverages) | | | | | | |
National Grid PLC (Utilities, Multi-utilities) | | | | | | |
Rio Tinto PLC (Materials, Metals & mining) | | | | | | |
Shell PLC (Energy, Oil, gas & consumable fuels) | | | | | | |
Smith & Nephew PLC (Health care, Health care equipment & supplies) | | | | | | |
Unilever PLC London Stock Exchange (Consumer staples, Personal care products) | | | | | | |
| | | | | | |
| | | | | | |
EOG Resources, Inc. (Energy, Oil, gas & consumable fuels) | | | | | | |
Total common stocks (Cost $189,785,563) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
Short-term investments: 0.66% | | | | | | |
Investment companies: 0.66% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $1,457,188) | | | | | | |
Total investments in securities (Cost $191,242,751) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| 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. |
|
| Global depositary receipt |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring International Equity Fund
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $189,785,563) | |
Investments in affiliated securities, at value (cost $1,457,188) | |
| |
Foreign currency, at value (cost $121,802) | |
| |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
| |
Payable for Fund shares redeemed | |
Administration fees payable | |
Shareholder servicing fee payable | |
Trustees’ fees and expenses payable | |
Distribution fees payable | |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
| |
| |
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
| |
Shares outstanding–Class R61 | |
Net asset value per share–Class R6 | |
Net assets–Administrator Class | |
Shares outstanding–Administrator Class1 | |
Net asset value per share–Administrator Class | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 5
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $845,226) | |
Income from affiliated securities | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
| |
| |
| |
| |
Realized and unrealized gains (losses) on investments | |
| |
| |
Foreign currency and foreign currency translations | |
Net realized gains on investments | |
Net change in unrealized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
6 | Allspring International Equity Fund
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
Net realized gains on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
1 For the period from November 1, 2022 to June 16, 2023
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 7
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | |
Total decrease in net assets | | | | |
| | | | |
| | | | |
| | | | |
2 For the period from November 1, 2022 to June 16, 2023. Effective at the close of business on June 16, 2023, Class R shares were converted to Class A shares and are no longer offered by the Fund.
The accompanying notes are an integral part of these financial statements.
8 | Allspring International Equity Fund
Financial highlights
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Tax basis return of capital | | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 9
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Tax basis return of capital | | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
10 | Allspring International Equity Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Tax basis return of capital | | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 11
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Tax basis return of capital | | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
12 | Allspring International Equity Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Tax basis return of capital | | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring International Equity Fund | 13
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring International Equity Fund (the “Fund”) which is a diversified series of the Trust.
Effective at the close of business on June 16, 2023, Class R shares became Class A shares in a tax-free conversion. Shareholders of Class R received Class A shares at a value equal to the value of their Class R shares immediately prior to the conversion. Class R shares are no longer offered by the Fund.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
14 | Allspring International Equity Fund
Notes to financial statements
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income quarterly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $192,558,126 and the unrealized gains (losses) consisted of:
As of October 31, 2024, the Fund had capital loss carryforwards which consist of $21,303,634 in short-term capital losses and $60,191,435 in long-term capital losses.
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring International Equity Fund | 15
Notes to financial statements
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 0.80% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.45% and declining to 0.40% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As
16 | Allspring International Equity Fund
Notes to financial statements
compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, the contractual caps are as follows:
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. For the year ended October 31, 2024, Allspring Funds Distributor received $920 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended October 31, 2024.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $106,861,627 and $180,780,457, respectively.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9,2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the
Allspring International Equity Fund | 17
Notes to financial statements
higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | | |
| | |
As of the end of the period, the Fund concentrated its portfolio of investments in Europe. A fund that invests a substantial portion of its assets in any country or geographic region will be more vulnerable than a fund that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the Fund’s investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified fund.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
18 | Allspring International Equity Fund
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring International Equity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
Allspring International Equity Fund | 19
Other information (unaudited)
Other information
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 2% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2024.
Pursuant to Section 854 of the Internal Revenue Code, $5,881,398 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $148,187 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2024. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Creditable
foreign taxes
paid | | Foreign
income as % of
ordinary income
distributions |
| | |
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
20 | Allspring International Equity Fund
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Allspring International Equity Fund | 21
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring International Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
22 | Allspring International Equity Fund
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board considered the investment performance results for the Fund over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Class A) was lower than the average investment performance of the Universe for all periods under review, except for the ten-year period, which was in range of the average investment performance of the Universe for that period. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the MSCI EAFE Index (Net), for all periods under review.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than the median net operating expense ratios of the expense Groups for each share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were in range of the sum of these average rates for the Fund’s expense Groups for each share class.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
Allspring International Equity Fund | 23
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
24 | Allspring International Equity Fund
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR3311 10-24
Allspring Emerging Markets Equity Income Fund
Long Form Financial Statements
Annual Report
Allspring Emerging Markets Equity Income Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Banco BTG Pactual SA (Financials, Capital markets) | | | | | | |
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities, Water utilities) | | | | | | |
Embraer SA ADR (Industrials, Aerospace & defense)† | | | | | | |
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | | | | | | |
| | | | | | |
| | | | | | |
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | | | | | | |
ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Baidu, Inc. Class A (Communication services, Interactive media & services)† | | | | | | |
China Construction Bank Corp. Class H (Financials, Banks) | | | | | | |
China Merchants Bank Co. Ltd. Class H (Financials, Banks) | | | | | | |
China Resources Land Ltd. (Real estate, Real estate management & development) | | | | | | |
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | | | | | | |
Chinasoft International Ltd. (Information technology, IT services) | | | | | | |
CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | | | | | | |
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | | | | | | |
Focus Media Information Technology Co. Ltd. Class A (Communication services, Media) | | | | | | |
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | | | | | | |
Great Wall Motor Co. Ltd. Class H (Consumer discretionary, Automobiles) | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household durables) | | | | | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | | | | | | |
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | | | | | | |
NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | | | | | | |
Ping An Insurance Group Co. of China Ltd. Class A (Financials, Insurance) | | | | | | |
SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | | | | | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care equipment & supplies) | | | | | | |
Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | | | | | | |
Tencent Holdings Ltd. (Communication services, Interactive media & services) | | | | | | |
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | | | | | | |
TravelSky Technology Ltd. Class H (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Wuliangye Yibin Co. Ltd. Class A (Consumer staples, Beverages) | | | | | | |
| | | | | | |
| | | | | | |
Jumbo SA (Consumer discretionary, Specialty retail) | | | | | | |
National Bank of Greece SA (Financials, Banks) | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Emerging Markets Equity Income Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
China Overseas Land & Investment Ltd. (Real estate, Real estate management & development) | | | | | | |
Lenovo Group Ltd. (Information technology, Technology hardware, storage & peripherals) | | | | | | |
| | | | | | |
| | | | | | |
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | | | | | | |
| | | | | | |
360 ONE WAM Ltd. (Financials, Capital markets) | | | | | | |
Ashok Leyland Ltd. (Industrials, Machinery) | | | | | | |
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | | | | | | |
Embassy Office Parks REIT (Real estate, Office REITs) | | | | | | |
GAIL India Ltd. (Utilities, Gas utilities) | | | | | | |
Hyundai Motor India Ltd. (Consumer discretionary, Automobiles)† | | | | | | |
Infosys Ltd. (Information technology, IT services) | | | | | | |
LIC Housing Finance Ltd. (Financials, Financial services) | | | | | | |
Nexus Select Trust (Real estate, Retail REITs) | | | | | | |
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | | | | | | |
Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | | | | | | |
Power Finance Corp. Ltd. (Financials, Financial services) | | | | | | |
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | | | | | | |
Shriram Finance Ltd. (Financials, Consumer finance) | | | | | | |
| | | | | | |
| | | | | | |
Bank Mandiri Persero Tbk. PT (Financials, Banks) | | | | | | |
Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | | | | | | |
| | | | | | |
| | | | | | |
Ternium SA ADR (Materials, Metals & mining) | | | | | | |
| | | | | | |
CIMB Group Holdings Bhd. (Financials, Banks) | | | | | | |
Tenaga Nasional Bhd. (Utilities, Electric utilities) | | | | | | |
| | | | | | |
| | | | | | |
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | | | | | | |
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | | | | | | |
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | | | | | | |
| | | | | | |
| | | | | | |
Credicorp Ltd. (Financials, Banks) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Bank of the Philippine Islands (Financials, Banks) | | | | | | |
| | | | | | |
Bank Polska Kasa Opieki SA (Financials, Banks) | | | | | | |
| | | | | | |
Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining)♦†˃ | | | | | | |
| | | | | | |
Al Rajhi Bank (Financials, Banks) | | | | | | |
Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | | | | | | |
Saudi Awwal Bank (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | | | | | | |
Singapore Telecommunications Ltd. (Communication services, Diversified telecommunication services) | | | | | | |
| | | | | | |
| | | | | | |
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | | | | | | |
Foschini Group Ltd. (Consumer discretionary, Specialty retail) | | | | | | |
Gold Fields Ltd. ADR (Materials, Metals & mining) | | | | | | |
Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | | | | | | |
Sanlam Ltd. (Financials, Insurance) | | | | | | |
Standard Bank Group Ltd. (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
Fila Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | | | | | | |
KB Financial Group, Inc. (Financials, Banks) | | | | | | |
Kia Corp. (Consumer discretionary, Automobiles) | | | | | | |
Macquarie Korea Infrastructure Fund (Financials, Capital markets) | | | | | | |
Samsung Electronics Co. Ltd. Korea Exchange (Information technology, Technology hardware, storage & peripherals) | | | | | | |
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | | | | | | |
| | | | | | |
| | | | | | |
ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Cathay Financial Holding Co. Ltd. (Financials, Insurance) | | | | | | |
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Emerging Markets Equity Income Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
Elan Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | | | | | | |
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | | | | | | |
United Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Zhen Ding Technology Holding Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
| | | | | | |
Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & services) | | | | | | |
Central Pattana PCL (Real estate, Real estate management & development) | | | | | | |
| | | | | | |
United Arab Emirates: 1.06% | | | | | | |
Abu Dhabi National Oil Co. for Distribution PJSC (Consumer discretionary, Specialty retail) | | | | | | |
Emaar Properties PJSC (Real estate, Real estate management & development) | | | | | | |
| | | | | | |
| | | | | | |
Southern Copper Corp. (Materials, Metals & mining) | | | | | | |
Total common stocks (Cost $259,200,189) | | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
Banco Bradesco SA (Financials, Banks) | | | | | | |
Itau Unibanco Holding SA (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | | | | | | |
Total preferred stocks (Cost $11,484,046) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 5
Portfolio of investments—October 31, 2024
| | | | | |
Short-term investments: 2.98% | | | | | | |
Investment companies: 2.98% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $10,924,522) | | | | | | |
Total investments in securities (Cost $281,608,757) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| Non-income-earning security |
| 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. |
|
| American depositary receipt |
| Real estate investment trust |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Emerging Markets Equity Income Fund
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $270,684,235) | |
Investments in affiliated securities, at value (cost $10,924,522) | |
| |
Foreign currency, at value (cost $1,331,319) | |
| |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
| |
| |
Payable for Fund shares redeemed | |
Administration fees payable | |
Shareholder servicing fee payable | |
Trustees’ fees and expenses payable | |
| |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
| |
Shares outstanding–Class R61 | |
Net asset value per share–Class R6 | |
Net assets–Administrator Class | |
Shares outstanding–Administrator Class1 | |
Net asset value per share–Administrator Class | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 7
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $1,509,544) | |
Income from affiliated securities | |
Interest (net of foreign withholding taxes of $14) | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
| |
| |
| |
| |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Emerging Markets Equity Income Fund
Statement of operations—year ended October 31, 2024
Statement of operations
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Forward foreign currency contracts | |
Net realized gains on investments | |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $2,026,225) | |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 9
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
Net realized gains (losses) on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
1 For the period from November 1, 2022 to June 16, 2023
The accompanying notes are an integral part of these financial statements.
10 | Allspring Emerging Markets Equity Income Fund
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | |
Total increase in net assets | | | | |
| | | | |
| | | | |
| | | | |
2 For the period from November 1, 2022 to June 16, 2023. Effective at the close of business on June 16, 2023, Class R shares were converted to Class A shares and are no longer offered by the Fund.
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 11
Financial highlights
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Emerging Markets Equity Income Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 13
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Emerging Markets Equity Income Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Emerging Markets Equity Income Fund | 15
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Emerging Markets Equity Income Fund
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Emerging Markets Equity Income Fund (the “Fund”) which is a diversified series of the Trust.
Effective at the close of business on June 16, 2023, Class R shares became Class A shares in a tax-free conversion. Shareholders of Class R received Class A shares at a value equal to the value of their Class R shares immediately prior to the conversion. Class R shares are no longer offered by the Fund.
Effective January 8, 2025, the Fund’s name will change to Allspring Emerging Markets Equity Advantage Fund.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from
Allspring Emerging Markets Equity Income Fund | 17
Notes to financial statements
changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $292,116,412 and the unrealized gains (losses) consisted of:
As of October 31, 2024, the Fund had capital loss carryforwards which consist of $39,145,475 in short-term capital losses and $4,987,798 in long-term capital losses.
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
18 | Allspring Emerging Markets Equity Income Fund
Notes to financial statements
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services
Allspring Emerging Markets Equity Income Fund | 19
Notes to financial statements
under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 1.05% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.65% and declining to 0.45% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, the contractual caps are as follows:
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges
20 | Allspring Emerging Markets Equity Income Fund
Notes to financial statements
from redemptions of Class C shares. For the year ended October 31, 2024, Allspring Funds Distributor received $211 from the sale of Class A shares. No contingent deferred sales charges were incurred by Class A and Class C shares for the year ended October 31, 2024.
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A, Class C and Administrator Class are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $278,003,868 and $282,989,638, respectively.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | | |
| | |
As of the end of the period, the Fund concentrated its portfolio of investments in Information technology and in Asia/Pacific ex-Japan. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.
Russia launched a large-scale invasion of Ukraine on February 24, 2022. As a result of this military action, the United States and many other countries have instituted various economic sanctions against Russian and Belarus individuals and entities. The situation has led to increased financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas. The extent and duration of the military action, resulting sanctions imposed, other punitive action taken and the resulting market disruptions cannot be easily predicted. As of October 31, 2024, the Fund held 0.00% of its total net assets in Russian securities with unrealized losses in the amount of $1,726,284.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts
Allspring Emerging Markets Equity Income Fund | 21
Notes to financial statements
indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
22 | Allspring Emerging Markets Equity Income Fund
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Emerging Markets Equity Income Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
Allspring Emerging Markets Equity Income Fund | 23
Other information (unaudited)
Other information
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 1% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2024.
Pursuant to Section 854 of the Internal Revenue Code, $6,206,276 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $229,174 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2024. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Creditable
foreign taxes
paid | | Foreign
income as % of
ordinary income
distributions |
| | |
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
24 | Allspring Emerging Markets Equity Income Fund
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Allspring Emerging Markets Equity Income Fund | 25
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Emerging Markets Equity Income Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
26 | Allspring Emerging Markets Equity Income Fund
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board considered the investment performance results for the Fund over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Administrator Class) was higher than or in range of the average investment performance of the Universe for all periods under review, except for the five-year period under review, which was lower. The Board also noted that the investment performance of the Fund was higher than or in range of the investment performance of its benchmark index, the MSCI Emerging Markets Index (Net) (USD), for all periods under review.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to the investment decisions and market factors that affected the Fund’s investment performance. The Board also took note of the Fund’s outperformance relative to the Universe and benchmark over the shorter time periods under review.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were in range of the median net operating expense ratios of the expense Groups for each share class, except for the Administrator Class shares, which was higher than the median net operating expense ratios of the expense Groups for that share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for each share class, except for the Administrator Class shares, which was higher than the sum of the average rates for the Fund’s expense Group for that share class.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
Allspring Emerging Markets Equity Income Fund | 27
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
28 | Allspring Emerging Markets Equity Income Fund
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR3356 10-24
Allspring Global Long/Short Equity Fund
Long Form Financial Statements
Annual Report
Allspring Global Long/Short Equity Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Rio Tinto Ltd. (Materials, Metals & mining) | | | | | | |
| | | | | | |
Raiffeisen Bank International AG (Financials, Banks) | | | | | | |
| | | | | | |
Hamilton Insurance Group Ltd. Class B (Financials, Insurance)†# | | | | | | |
| | | | | | |
Barrick Gold Corp. (Materials, Metals & mining) | | | | | | |
Canadian Imperial Bank of Commerce (Financials, Banks) | | | | | | |
Celestica, Inc. (Information technology, Electronic equipment, instruments & components)† | | | | | | |
Centerra Gold, Inc. (Materials, Metals & mining) | | | | | | |
Kinross Gold Corp. (Materials, Metals & mining) | | | | | | |
Open Text Corp. (Information technology, Software) | | | | | | |
Power Corp. of Canada (Financials, Insurance) | | | | | | |
| | | | | | |
| | | | | | |
AP Moller - Maersk AS Class B (Industrials, Marine transportation) | | | | | | |
Rockwool AS Class B (Industrials, Building products) | | | | | | |
| | | | | | |
| | | | | | |
Carrefour SA (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Engie SA (Utilities, Multi-utilities) | | | | | | |
Rubis SCA (Utilities, Gas utilities) | | | | | | |
Vivendi SE (Communication services, Media) | | | | | | |
| | | | | | |
| | | | | | |
Deutsche Bank AG (Financials, Capital markets) | | | | | | |
Evonik Industries AG (Materials, Chemicals) | | | | | | |
| | | | | | |
| | | | | | |
BOC Hong Kong Holdings Ltd. (Financials, Banks) | | | | | | |
Jardine Matheson Holdings Ltd. (Industrials, Industrial conglomerates) | | | | | | |
Swire Pacific Ltd. Class A (Industrials, Industrial conglomerates) | | | | | | |
WH Group Ltd. (Consumer staples, Food products)144A | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Global Long/Short Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Enel SpA (Utilities, Electric utilities) | | | | | | |
Eni SpA (Energy, Oil, gas & consumable fuels) | | | | | | |
| | | | | | |
| | | | | | |
Central Japan Railway Co. (Industrials, Ground transportation) | | | | | | |
Chubu Electric Power Co., Inc. (Utilities, Electric utilities) | | | | | | |
ENEOS Holdings, Inc. (Energy, Oil, gas & consumable fuels) | | | | | | |
Idemitsu Kosan Co. Ltd. (Energy, Oil, gas & consumable fuels) | | | | | | |
Mitsubishi UFJ Financial Group, Inc. (Financials, Banks) | | | | | | |
Modec, Inc. (Energy, Energy equipment & services) | | | | | | |
MS&AD Insurance Group Holdings, Inc. (Financials, Insurance) | | | | | | |
Osaka Gas Co. Ltd. (Utilities, Gas utilities) | | | | | | |
SCSK Corp. (Information technology, IT services) | | | | | | |
Subaru Corp. (Consumer discretionary, Automobiles) | | | | | | |
Sumitomo Corp. (Industrials, Trading companies & distributors) | | | | | | |
Sumitomo Electric Industries Ltd. (Consumer discretionary, Automobile components) | | | | | | |
Taiheiyo Cement Corp. (Materials, Construction materials) | | | | | | |
| | | | | | |
| | | | | | |
NXP Semiconductors NV (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
| | | | | | |
Kongsberg Gruppen ASA (Industrials, Aerospace & defense) | | | | | | |
Wallenius Wilhelmsen ASA (Industrials, Marine transportation) | | | | | | |
| | | | | | |
| | | | | | |
Aena SME SA (Industrials, Transportation infrastructure)144A | | | | | | |
| | | | | | |
Essity AB Class B (Consumer staples, Household products) | | | | | | |
Securitas AB Class B (Industrials, Commercial services & supplies) | | | | | | |
SKF AB Class B (Industrials, Machinery) | | | | | | |
Telia Co. AB (Communication services, Diversified telecommunication services) | | | | | | |
Volvo AB Class A (Industrials, Machinery) | | | | | | |
Volvo AB Class B (Industrials, Machinery) | | | | | | |
| | | | | | |
| | | | | | |
Adecco Group AG (Industrials, Professional services) | | | | | | |
Roche Holding AG SIX Swiss Exchange (Health care, Pharmaceuticals) | | | | | | |
Schindler Holding AG (Industrials, Machinery) | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Barclays PLC (Financials, Banks) | | | | | | |
GSK PLC (Health care, Pharmaceuticals) | | | | | | |
J Sainsbury PLC (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Royalty Pharma PLC Class A (Health care, Pharmaceuticals)# | | | | | | |
Standard Chartered PLC (Financials, Banks) | | | | | | |
Vodafone Group PLC (Communication services, Wireless telecommunication services) | | | | | | |
| | | | | | |
| | | | | | |
ADMA Biologics, Inc. (Health care, Biotechnology)†# | | | | | | |
Akamai Technologies, Inc. (Information technology, IT services)†# | | | | | | |
Allstate Corp. (Financials, Insurance)# | | | | | | |
Alphabet, Inc. Class A (Communication services, Interactive media & services)# | | | | | | |
Alphabet, Inc. Class C (Communication services, Interactive media & services)# | | | | | | |
Amazon.com, Inc. (Consumer discretionary, Broadline retail)†# | | | | | | |
AMC Networks, Inc. Class A (Communication services, Media)†# | | | | | | |
American Tower Corp. (Real estate, Specialized REITs)# | | | | | | |
Apple, Inc. (Information technology, Technology hardware, storage & peripherals)# | | | | | | |
Applied Materials, Inc. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
AT&T, Inc. (Communication services, Diversified telecommunication services)# | | | | | | |
Bank of New York Mellon Corp. (Financials, Capital markets)# | | | | | | |
Booking Holdings, Inc. (Consumer discretionary, Hotels, restaurants & leisure)# | | | | | | |
Broadcom, Inc. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
Carlisle Cos., Inc. (Industrials, Building products)# | | | | | | |
Cencora, Inc. (Health care, Health care providers & services)# | | | | | | |
Centene Corp. (Health care, Health care providers & services)†# | | | | | | |
Central Garden & Pet Co. (Consumer staples, Household products)†# | | | | | | |
CH Robinson Worldwide, Inc. (Industrials, Air freight & logistics)# | | | | | | |
Cirrus Logic, Inc. (Information technology, Semiconductors & semiconductor equipment)†# | | | | | | |
Citigroup, Inc. (Financials, Banks)# | | | | | | |
Cognizant Technology Solutions Corp. Class A (Information technology, IT services)# | | | | | | |
Comcast Corp. Class A (Communication services, Media)# | | | | | | |
CommVault Systems, Inc. (Information technology, Software)†# | | | | | | |
Corebridge Financial, Inc. (Financials, Financial services)# | | | | | | |
DaVita, Inc. (Health care, Health care providers & services)†# | | | | | | |
Deckers Outdoor Corp. (Consumer discretionary, Textiles, apparel & luxury goods)†# | | | | | | |
Dominion Energy, Inc. (Utilities, Multi-utilities)# | | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Global Long/Short Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Domino’s Pizza, Inc. (Consumer discretionary, Hotels, restaurants & leisure)# | | | | | | |
Dorian LPG Ltd. (Energy, Oil, gas & consumable fuels)# | | | | | | |
Eastman Chemical Co. (Materials, Chemicals)# | | | | | | |
eBay, Inc. (Consumer discretionary, Broadline retail)# | | | | | | |
EMCOR Group, Inc. (Industrials, Construction & engineering)# | | | | | | |
Expeditors International of Washington, Inc. (Industrials, Air freight & logistics)# | | | | | | |
Gap, Inc. (Consumer discretionary, Specialty retail)# | | | | | | |
Gilead Sciences, Inc. (Health care, Biotechnology)# | | | | | | |
GoDaddy, Inc. Class A (Information technology, IT services)†# | | | | | | |
Huntington Ingalls Industries, Inc. (Industrials, Aerospace & defense)# | | | | | | |
Incyte Corp. (Health care, Biotechnology)†# | | | | | | |
International Business Machines Corp. (Information technology, IT services)# | | | | | | |
Jackson Financial, Inc. Class A (Financials, Financial services)# | | | | | | |
Kelly Services, Inc. Class A (Industrials, Professional services)# | | | | | | |
KLA Corp. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
Kraft Heinz Co. (Consumer staples, Food products)# | | | | | | |
Kronos Worldwide, Inc. (Materials, Chemicals)# | | | | | | |
Leidos Holdings, Inc. (Industrials, Professional services)# | | | | | | |
Lennar Corp. Class A (Consumer discretionary, Household durables)# | | | | | | |
Lincoln National Corp. (Financials, Insurance)# | | | | | | |
Masco Corp. (Industrials, Building products)# | | | | | | |
Merck & Co., Inc. (Health care, Pharmaceuticals)# | | | | | | |
Meta Platforms, Inc. Class A (Communication services, Interactive media & services)# | | | | | | |
Microsoft Corp. (Information technology, Software)# | | | | | | |
Miller Industries, Inc. (Industrials, Machinery)# | | | | | | |
MKS Instruments, Inc. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
Molson Coors Beverage Co. Class B (Consumer staples, Beverages)# | | | | | | |
Neurocrine Biosciences, Inc. (Health care, Biotechnology)†# | | | | | | |
Northern Trust Corp. (Financials, Capital markets)# | | | | | | |
NRG Energy, Inc. (Utilities, Electric utilities)# | | | | | | |
NVIDIA Corp. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
Outfront Media, Inc. (Real estate, Specialized REITs)# | | | | | | |
Owens Corning (Industrials, Building products)# | | | | | | |
PACCAR, Inc. (Industrials, Machinery)# | | | | | | |
Pegasystems, Inc. (Information technology, Software)# | | | | | | |
Photronics, Inc. (Information technology, Semiconductors & semiconductor equipment)†# | | | | | | |
PulteGroup, Inc. (Consumer discretionary, Household durables)# | | | | | | |
QUALCOMM, Inc. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
SBA Communications Corp. Class A (Real estate, Specialized REITs)# | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 5
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Shutterstock, Inc. (Communication services, Interactive media & services)# | | | | | | |
SIGA Technologies, Inc. (Health care, Pharmaceuticals)# | | | | | | |
Skyworks Solutions, Inc. (Information technology, Semiconductors & semiconductor equipment)# | | | | | | |
Tyson Foods, Inc. Class A (Consumer staples, Food products)# | | | | | | |
Ultra Clean Holdings, Inc. (Information technology, Semiconductors & semiconductor equipment)†# | | | | | | |
Universal Health Services, Inc. Class B (Health care, Health care providers & services)# | | | | | | |
Verizon Communications, Inc. (Communication services, Diversified telecommunication services)# | | | | | | |
Viatris, Inc. (Health care, Pharmaceuticals)# | | | | | | |
Xerox Holdings Corp. (Information technology, Technology hardware, storage & peripherals)# | | | | | | |
Ziff Davis, Inc. (Communication services, Interactive media & services)†# | | | | | | |
Zoom Video Communications, Inc. Class A (Information technology, Software)†# | | | | | | |
| | | | | | |
Total common stocks (Cost $427,888,419) | | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles) | | | | | | |
Henkel AG & Co. KGaA (Consumer staples, Household products) | | | | | | |
Total preferred stocks (Cost $2,414,780) | | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
Constellation Software, Inc. (Information technology, Software)♦† | | | | | | |
| | | | | | |
| | | | | |
Short-term investments: 15.26% | | | | | | |
Investment companies: 15.26% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $71,628,579) | | | | | | |
Total investments in securities (Cost $501,931,778) | | | | | | |
The accompanying notes are an integral part of these financial statements.
6 | Allspring Global Long/Short Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
Securities sold short: (29.55)% | | | | | | |
| | | | | | |
| | | | | | |
De Grey Mining Ltd. (Materials, Metals & mining)† | | | | | | |
Liontown Resources Ltd. (Materials, Metals & mining)† | | | | | | |
Lynas Rare Earths Ltd. (Materials, Metals & mining)† | | | | | | |
Washington H Soul Pattinson & Co. Ltd. (Financials, Financial services) | | | | | | |
| | | | | | |
| | | | | | |
Ballard Power Systems, Inc. (Industrials, Electrical equipment)† | | | | | | |
CAE, Inc. (Industrials, Aerospace & defense)† | | | | | | |
Cameco Corp. (Energy, Oil, gas & consumable fuels) | | | | | | |
Energy Fuels, Inc. (Energy, Oil, gas & consumable fuels)† | | | | | | |
First Quantum Minerals Ltd. (Materials, Metals & mining)† | | | | | | |
Ivanhoe Mines Ltd. Class A (Materials, Metals & mining)† | | | | | | |
Lithium Americas Corp. (Materials, Metals & mining)† | | | | | | |
| | | | | | |
| | | | | | |
Zealand Pharma AS (Health care, Biotechnology)† | | | | | | |
| | | | | | |
Neste OYJ (Energy, Oil, gas & consumable fuels) | | | | | | |
| | | | | | |
Edenred SE (Financials, Financial services) | | | | | | |
Sartorius Stedim Biotech (Health care, Life sciences tools & services) | | | | | | |
| | | | | | |
| | | | | | |
Delivery Hero SE Class A (Consumer discretionary, Hotels, restaurants & leisure)144A† | | | | | | |
Thyssenkrupp Nucera AG & Co. KGaA (Industrials, Construction & engineering)144A† | | | | | | |
| | | | | | |
| | | | | | |
Astellas Pharma, Inc. (Health care, Pharmaceuticals) | | | | | | |
Eisai Co. Ltd. (Health care, Pharmaceuticals) | | | | | | |
M3, Inc. (Health care, Health care technology) | | | | | | |
Yakult Honsha Co. Ltd. (Consumer staples, Food products) | | | | | | |
| | | | | | |
| | | | | | |
OCI NV (Materials, Chemicals) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 7
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Cellnex Telecom SA (Communication services, Diversified telecommunication services)144A | | | | | | |
| | | | | | |
EQT AB (Financials, Capital markets) | | | | | | |
Nibe Industrier AB Class B (Industrials, Building products) | | | | | | |
| | | | | | |
| | | | | | |
Ashtead Group PLC (Industrials, Trading companies & distributors) | | | | | | |
Oxford Nanopore Technologies PLC (Health care, Life sciences tools & services)† | | | | | | |
| | | | | | |
| | | | | | |
Albemarle Corp. (Materials, Chemicals) | | | | | | |
Applied Digital Corp. (Information technology, IT services)† | | | | | | |
Archer Aviation, Inc. Class A (Industrials, Aerospace & defense)† | | | | | | |
Arthur J Gallagher & Co. (Financials, Insurance) | | | | | | |
AST SpaceMobile, Inc. Class A (Communication services, Diversified telecommunication services)† | | | | | | |
Blackstone Mortgage Trust, Inc. Class A (Financials, Mortgage real estate investment trusts (REITs)) | | | | | | |
Boeing Co. (Industrials, Aerospace & defense)† | | | | | | |
Celsius Holdings, Inc. (Consumer staples, Beverages)† | | | | | | |
ChargePoint Holdings, Inc. (Industrials, Electrical equipment)† | | | | | | |
CoStar Group, Inc. (Real estate, Real estate management & development)† | | | | | | |
Dayforce, Inc. (Industrials, Professional services)† | | | | | | |
DraftKings, Inc. Class A (Consumer discretionary, Hotels, restaurants & leisure)† | | | | | | |
Enovix Corp. (Industrials, Electrical equipment)† | | | | | | |
Enphase Energy, Inc. (Information technology, Semiconductors & semiconductor equipment)† | | | | | | |
Evolv Technologies Holdings, Inc. (Information technology, Electronic equipment, instruments & components)† | | | | | | |
Exact Sciences Corp. (Health care, Biotechnology)† | | | | | | |
EyePoint Pharmaceuticals, Inc. (Health care, Pharmaceuticals)† | | | | | | |
Globalstar, Inc. (Communication services, Diversified telecommunication services)† | | | | | | |
Immunovant, Inc. (Health care, Biotechnology)† | | | | | | |
IonQ, Inc. (Information technology, Technology hardware, storage & peripherals)† | | | | | | |
Joby Aviation, Inc. (Industrials, Passenger airlines)† | | | | | | |
Lightwave Logic, Inc. (Information technology, Electronic equipment, instruments & components)† | | | | | | |
Liquidia Corp. (Health care, Pharmaceuticals)† | | | | | | |
Lucid Group, Inc. Class A (Consumer discretionary, Automobiles)† | | | | | | |
Luminar Technologies, Inc. Class A (Consumer discretionary, Automobile components)† | | | | | | |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Global Long/Short Equity Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Moderna, Inc. (Health care, Biotechnology)† | | | | | | |
MongoDB, Inc. Class A (Information technology, IT services)† | | | | | | |
MP Materials Corp. (Materials, Metals & mining)† | | | | | | |
NextDecade Corp. (Energy, Oil, gas & consumable fuels)† | | | | | | |
Pliant Therapeutics, Inc. (Health care, Pharmaceuticals)† | | | | | | |
Plug Power, Inc. (Industrials, Electrical equipment)† | | | | | | |
PureCycle Technologies, Inc. (Materials, Chemicals)† | | | | | | |
QuantumScape Corp. Class A (Consumer discretionary, Automobile components)† | | | | | | |
Rivian Automotive, Inc. Class A (Consumer discretionary, Automobiles)† | | | | | | |
Rumble, Inc. (Communication services, Interactive media & services)† | | | | | | |
Samsara, Inc. Class A (Information technology, Software)† | | | | | | |
Schrodinger, Inc. (Health care, Health care technology)† | | | | | | |
Snowflake, Inc. Class A (Information technology, IT services)† | | | | | | |
Tesla, Inc. (Consumer discretionary, Automobiles)† | | | | | | |
Toast, Inc. Class A (Financials, Financial services)† | | | | | | |
TransUnion (Industrials, Professional services) | | | | | | |
Upstart Holdings, Inc. (Financials, Consumer finance)† | | | | | | |
Zillow Group, Inc. Class C (Real estate, Real estate management & development)† | | | | | | |
| | | | | | |
Total common stocks (Cost $(143,702,742)) | | | | | | |
| | | | | | |
Preferred stocks: (0.43)% | | | | | | |
| | | | | | |
Dr. Ing. h.c. F. Porsche AG (Consumer discretionary, Automobiles)144A | | | | | | |
Sartorius AG (Health care, Life sciences tools & services) | | | | | | |
| | | | | | |
Total preferred stocks (Cost $(2,099,784)) | | | | | | |
Total securities sold short (Proceeds $(145,802,526)) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| Non-income-earning security |
| All or a portion of this security is segregated as collateral for securities sold short. |
| 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. |
|
| Real estate investment trust |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 9
Portfolio of investments—October 31, 2024
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Global Long/Short Equity Fund
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $430,303,199) | |
Investments in affiliated securities, at value (cost $71,628,579) | |
Cash deposited with brokers for securities sold short | |
Foreign currency, at value (cost $24,801) | |
| |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
Securities sold short, at value (proceeds $145,802,526) | |
Payable for borrowing on margin loan | |
Payable for dividends on securities sold short | |
Payable for Fund shares redeemed | |
| |
Payable for interest expense on margin loan | |
Administration fees payable | |
Shareholder servicing fee payable | |
Trustees’ fees and expenses payable | |
| |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
| |
Shares outstanding–Class R61 | |
Net asset value per share–Class R6 | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 11
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $666,216) | |
Interest and rebate income | |
Income from affiliated securities | |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
Dividends on securities sold short | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
| |
| |
Foreign currency and foreign currency translations | |
Net realized gains on investments | |
Net change in unrealized gains (losses) on | |
| |
| |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Global Long/Short Equity Fund
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
Net realized gains on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net decrease in net assets resulting from capital share transactions | | | | |
Total decrease in net assets | | | | |
| | | | |
| | | | |
| | | | |
1 After the close of business on December 16, 2022, the Fund acquired the net assets of 361 Global Long/Short Equity Fund which became the accounting and performance survivor in the transaction. The information for Class A, Class R6 and Institutional Class for the periods prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund Investor Class, Class Y and Class I shares, respectively.
2 For the period from December 16, 2022 (commencement of class operations) to October 31, 2023
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 13
Statement of cash flows—year ended October 31, 2024
Statement of cash flows
Cash flows from operating activities | |
Net increase in net assets resulting from operations | |
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities | |
Purchases of long-term securities | |
Proceeds from the sales of long-term securities | |
Proceeds from securities sold short | |
Purchases to cover short securities | |
Purchases and sales of short-term securities, net | |
Decrease in receivable for dividends | |
Decrease in prepaid expenses and other assets | |
Increase in trustees’ fees and expenses payable | |
Decrease in management fee payable | |
Decrease in administration fee payable | |
Decrease in distribution fees payable | |
Increase in shareholder servicing fees payable | |
Increase in payable for dividends on securities sold short | |
Increase in payable for interest expense on margin loan | |
Decrease in accrued expenses and other liabilities | |
Proceeds from foreign currency transactions | |
Net realized gains on unaffiliated securities | |
Net realized losses on securities sold short | |
Net realized gains on foreign currency and foreign currency translations | |
Net change in unrealized (gains) losses on unaffiliated securities | |
Net change in unrealized (gains) losses on securities sold short | |
Net change in unrealized (gains) losses on foreign currency and foreign currency translations | |
Net cash provided by operating activities | |
Cash flows from financing activities | |
Increase in margin loan borrowings, net | |
Proceeds from shares sold | |
| |
| |
Net cash used in financing activities | |
| |
Cash (including foreign currency) | |
| |
| |
Supplemental cash disclosure | |
Cash paid for dividends on securities sold short | |
Cash paid for interest expense | |
Supplemental non-cash financing disclosure | |
Reinvestment of dividends | |
| The ending balance is composed of Foreign currency, at value of $24,752 and Cash deposited with brokers for securities sold short of $143,912,430 on the Statement of Assets and Liabilities. |
The accompanying notes are an integral part of these financial statements.
14 | Allspring Global Long/Short Equity Fund
Financial highlights
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss)* | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Ratios include dividends on securities sold short and interest expense as follows: |
Year ended October 31, 2024 | |
Year ended October 31, 2023 | |
Year ended October 31, 2022 | |
Year ended October 31, 2021 | |
Year ended October 31, 2020 | |
| For the year ended October 31, 2023, the Fund was audited by KPMG LLP. Years ending October 31, 2022 and earlier were audited by another independent registered public accounting firm. |
| 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. |
| Calculated based upon average shares outstanding |
| Amount is less than $0.005. |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 15
(For a share outstanding throughout each period)
| |
| | |
Net asset value, beginning of period | | |
| | |
Net realized and unrealized gains (losses) on investments | | |
Total from investment operations | | |
Distributions to shareholders from | | |
| | |
Net asset value, end of period | | |
| | |
Ratios to average net assets (annualized) | | |
| | |
| | |
| | |
| | |
| | |
Net assets, end of period (000s omitted) | | |
| Ratios include dividends on securities sold short and interest expense as follows: |
Year ended October 31, 2024 | |
Year ended October 31, 20231 | |
| For the period from December 16, 2022 (commencement of class operations) to October 31, 2023 |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
16 | Allspring Global Long/Short Equity Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss)* | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Ratios include dividends on securities sold short and interest expense as follows: |
Year ended October 31, 2024 | |
Year ended October 31, 2023 | |
Year ended October 31, 2022 | |
Year ended October 31, 2021 | |
Year ended October 31, 2020 | |
| For the year ended October 31, 2023, the Fund was audited by KPMG LLP. Years ending October 31, 2022 and earlier were audited by another independent registered public accounting firm. |
| 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. |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Global Long/Short Equity Fund | 17
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
Net investment income (loss) | | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
Net investment income (loss)* | | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Ratios include dividends on securities sold short and interest expense as follows: |
Year ended October 31, 2024 | |
Year ended October 31, 2023 | |
Year ended October 31, 2022 | |
Year ended October 31, 2021 | |
Year ended October 31, 2020 | |
| For the year ended October 31, 2023, the Fund was audited by KPMG LLP. Years ending October 31, 2022 and earlier were audited by another independent registered public accounting firm. |
| 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. |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
18 | Allspring Global Long/Short Equity Fund
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Global Long/Short Equity Fund (the “Fund”) which is a diversified series of the Trust.
After the close of business on December 16, 2022, the net assets of 361 Global Long/Short Equity Fund (the “Predecessor Fund”) were acquired by the Fund, which was created to receive the net assets of the Predecessor Fund, in an exchange for shares of the Fund. Investor Class, Class Y and Class I shares of the Predecessor Fund received Class A, Class R6 and Institutional Class shares, respectively, of the Fund in the transaction. Since the Predecessor Fund contributed all of the net assets and shareholders to the newly created Allspring fund, the accounting and performance history of the Predecessor Fund has been carried forward in the financial statements contained herein.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Allspring Global Long/Short Equity Fund | 19
Notes to financial statements
Short sales
The Fund may sell a security it does not own in anticipation of a decline in the market value of that security (short sale). When the Fund makes a short sale, it must borrow the security sold short and deliver it to the buyer. The Fund is then obligated to replace the security borrowed by purchasing the security at the market price at the time of replacement.
The Fund records the proceeds as a liability which is marked-to-market daily based upon quotations from an independent pricing service or an independent broker-dealer and any change in value is recorded as an unrealized gain or loss. Any interest or dividends accrued on such borrowed securities during the period of the loan are recorded as an expense on the Statement of Operations. To borrow the security, the Fund may be required to pay a premium, which would decrease the proceeds of the security sold. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the closing of a short sale if the market price at the closing is less than or greater than, respectively, the proceeds originally received. Until the short sale is closed or the borrowed security is replaced, the Fund maintains a segregated account of cash or liquid securities, the dollar value of which is at least equal to the market value of the security at the time of the short sale.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $360,394,518 and the unrealized gains (losses) consisted of:
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income and expense, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
20 | Allspring Global Long/Short Equity Fund
Notes to financial statements
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Global Long/Short Equity Fund | 21
Notes to financial statements
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services
22 | Allspring Global Long/Short Equity Fund
Notes to financial statements
under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 1.25% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.8125% and declining to 0.625% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, excluding expenses from dividends on securities sold short and interest expense, the contractual caps are as follows:
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the year ended October 31, 2024.
Allspring Global Long/Short Equity Fund | 23
Notes to financial statements
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $1,395,057,792 and $1,519,139,498, respectively.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund. For the year ended October 31, 2024, there were no borrowings by the Fund under this agreement.
In an agreement with a prime broker, the Fund purchased or borrowed securities on margin and was charged interest based on a borrowing rate equal to the Federal Funds rate plus a spread. During the year ended October 31, 2024, the Fund had average borrowings outstanding of $59,595,171 at a rate of 4.48% and recorded interest in the amount of $2,640,417, which represents 0.54% of its average daily net assets.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | Undistributed
long-term
gain | |
| | |
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
24 | Allspring Global Long/Short Equity Fund
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Global Long/Short Equity Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the two-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the two-year period then ended, in conformity with U.S. generally accepted accounting principles. The financial highlights for the three-year period ended October 31, 2022, were audited by other independent registered public accountants whose report, dated December 20, 2022, expressed an unqualified opinion on those financial highlights.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, transfer agent and brokers. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
Allspring Global Long/Short Equity Fund | 25
Other information (unaudited)
Other information
For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 51% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2024.
Pursuant to Section 854 of the Internal Revenue Code, $14,791,205 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $1,814,017 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
26 | Allspring Global Long/Short Equity Fund
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
Allspring Global Long/Short Equity Fund | 27
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Global Long/Short Equity Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
28 | Allspring Global Long/Short Equity Fund
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, fair valuation designee, and derivatives risk management program manager. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board noted that the Fund had been established in 2022 to acquire the assets and liabilities of the 361 Domestic Long/Short Equity Fund (the “361 Fund”), which was sub-advised by the Sub-Adviser using the same investment objective and principal investment strategy as the Fund. As such, the Board considered the investment performance results for the Fund and the 361 Fund, as applicable, over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was lower than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was lower than the investment performance of its benchmark index, the MSCI World Index (Net), for all periods under review.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than, equal to, or in range of the median net operating expense ratios of the expense Groups for each share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for all share classes.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
Allspring Global Long/Short Equity Fund | 29
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
30 | Allspring Global Long/Short Equity Fund
This page is intentionally left blank.
This page is intentionally left blank.
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR4340 10-24
Allspring Special International Small Cap Fund
Long Form Financial Statements
Annual Report
Allspring Special International Small Cap Fund | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Ansell Ltd. (Health care, Health care equipment & supplies) | | | | | | |
Bapcor Ltd. (Consumer discretionary, Distributors) | | | | | | |
Orora Ltd. (Materials, Containers & packaging) | | | | | | |
Steadfast Group Ltd. (Financials, Insurance) | | | | | | |
| | | | | | |
| | | | | | |
BAWAG Group AG (Financials, Banks)144A | | | | | | |
Mayr Melnhof Karton AG (Materials, Containers & packaging) | | | | | | |
| | | | | | |
| | | | | | |
Azelis Group NV (Industrials, Trading companies & distributors) | | | | | | |
Barco NV (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
| | | | | | |
ATS Corp. (Industrials, Machinery)† | | | | | | |
Canadian Western Bank (Financials, Banks) | | | | | | |
Finning International, Inc. (Industrials, Trading companies & distributors) | | | | | | |
Gildan Activewear, Inc. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
PrairieSky Royalty Ltd. (Energy, Oil, gas & consumable fuels) | | | | | | |
Primo Water Corp. (Consumer staples, Beverages) | | | | | | |
| | | | | | |
| | | | | | |
Huhtamaki OYJ (Materials, Containers & packaging) | | | | | | |
| | | | | | |
Alten SA (Information technology, IT services) | | | | | | |
Metropole Television SA (Communication services, Media) | | | | | | |
| | | | | | |
| | | | | | |
Bechtle AG (Information technology, IT services) | | | | | | |
Gerresheimer AG (Health care, Life sciences tools & services) | | | | | | |
Krones AG (Industrials, Machinery) | | | | | | |
Springer Nature AG & Co. KGaA (Communication services, Media)† | | | | | | |
TAG Immobilien AG (Real estate, Real estate management & development)† | | | | | | |
| | | | | | |
| | | | | | |
Irish Residential Properties REIT PLC (Real estate, Residential REITs) | | | | | | |
| | | | | | |
Amplifon SpA (Health care, Health care providers & services) | | | | | | |
Azimut Holding SpA (Financials, Capital markets) | | | | | | |
Buzzi SpA (Materials, Construction materials) | | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Special International Small Cap Fund
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
De’ Longhi SpA (Consumer discretionary, Household durables) | | | | | | |
GVS SpA (Industrials, Machinery)144A† | | | | | | |
Interpump Group SpA (Industrials, Machinery) | | | | | | |
| | | | | | |
| | | | | | |
Aeon Delight Co. Ltd. (Industrials, Commercial services & supplies) | | | | | | |
Daiseki Co. Ltd. (Industrials, Commercial services & supplies) | | | | | | |
DTS Corp. (Information technology, IT services) | | | | | | |
Ezaki Glico Co. Ltd. (Consumer staples, Food products) | | | | | | |
Fuji Seal International, Inc. (Materials, Containers & packaging) | | | | | | |
Horiba Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
Hoshizaki Corp. (Industrials, Machinery) | | | | | | |
Kamigumi Co. Ltd. (Industrials, Transportation infrastructure) | | | | | | |
McDonald’s Holdings Co. Japan Ltd. (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
MEITEC Group Holdings, Inc. (Industrials, Professional services) | | | | | | |
MISUMI Group, Inc. (Industrials, Machinery) | | | | | | |
Nihon Parkerizing Co. Ltd. (Materials, Chemicals) | | | | | | |
NOF Corp. (Materials, Chemicals) | | | | | | |
Orix JREIT, Inc. (Real estate, Office REITs) | | | | | | |
San-A Co. Ltd. (Consumer staples, Consumer staples distribution & retail) | | | | | | |
Shimamura Co. Ltd. (Consumer discretionary, Specialty retail) | | | | | | |
Shizuoka Financial Group, Inc. (Financials, Banks) | | | | | | |
Sohgo Security Services Co. Ltd. (Industrials, Commercial services & supplies) | | | | | | |
Stanley Electric Co. Ltd. (Consumer discretionary, Automobile components) | | | | | | |
Sumitomo Warehouse Co. Ltd. (Industrials, Transportation infrastructure) | | | | | | |
Taikisha Ltd. (Industrials, Construction & engineering) | | | | | | |
| | | | | | |
| | | | | | |
Aalberts NV (Industrials, Machinery) | | | | | | |
Technip Energies NV (Energy, Energy equipment & services) | | | | | | |
TKH Group NV (Industrials, Electrical equipment) | | | | | | |
| | | | | | |
| | | | | | |
Atea ASA (Information technology, IT services) | | | | | | |
Elopak ASA (Materials, Containers & packaging) | | | | | | |
SpareBank 1 SMN (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
Vidrala SA (Materials, Containers & packaging) | | | | | | |
Viscofan SA (Consumer staples, Food products) | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Special International Small Cap Fund | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Beijer Ref AB Class B (Industrials, Trading companies & distributors) | | | | | | |
Hexpol AB (Materials, Chemicals) | | | | | | |
Loomis AB Class B (Industrials, Commercial services & supplies) | | | | | | |
| | | | | | |
| | | | | | |
Bossard Holding AG Class A (Industrials, Trading companies & distributors) | | | | | | |
Bucher Industries AG (Industrials, Machinery) | | | | | | |
Montana Aerospace AG (Industrials, Aerospace & defense)144A† | | | | | | |
| | | | | | |
| | | | | | |
Domino’s Pizza Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Elementis PLC (Materials, Chemicals) | | | | | | |
IMI PLC (Industrials, Machinery) | | | | | | |
Lancashire Holdings Ltd. (Financials, Insurance) | | | | | | |
LondonMetric Property PLC (Real estate, Diversified REITs) | | | | | | |
Nomad Foods Ltd. (Consumer staples, Food products) | | | | | | |
Premier Foods PLC (Consumer staples, Food products) | | | | | | |
S4 Capital PLC (Communication services, Media)† | | | | | | |
Spectris PLC (Information technology, Electronic equipment, instruments & components) | | | | | | |
SSP Group PLC (Consumer discretionary, Hotels, restaurants & leisure) | | | | | | |
Tate & Lyle PLC (Consumer staples, Food products) | | | | | | |
| | | | | | |
| | | | | | |
Chord Energy Corp. (Energy, Oil, gas & consumable fuels) | | | | | | |
Total common stocks (Cost $157,632,841) | | | | | | |
Investment companies: 0.51% | | | | | | |
| | | | | | |
iShares MSCI EAFE Small-Cap ETF | | | | | | |
Total investment companies (Cost $917,942) | | | | | | |
| | | | | |
Short-term investments: 3.10% | | | | | | |
Investment companies: 3.10% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $5,640,597) | | | | | | |
Total investments in securities (Cost $164,191,380) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Special International Small Cap Fund
Portfolio of investments—October 31, 2024
| 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. |
|
| Real estate investment trust |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Special International Small Cap Fund | 5
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $158,550,783) | |
Investments in affiliated securities, at value (cost $5,640,597) | |
| |
Foreign currency, at value (cost $66,778) | |
| |
Receivable for investments sold | |
Receivable for Fund shares sold | |
Prepaid expenses and other assets | |
| |
| |
Payable for investments purchased | |
| |
Payable for Fund shares redeemed | |
Administration fees payable | |
Trustees’ fees and expenses payable | |
Shareholder servicing fee payable | |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
Computation of net asset value and offering price per share | |
| |
Shares outstanding–Class A1 | |
Net asset value per share–Class A | |
Maximum offering price per share – Class A2 | |
| |
Shares outstanding–Class C1 | |
Net asset value per share–Class C | |
| |
Shares outstanding–Class R61 | |
Net asset value per share–Class R6 | |
Net assets–Institutional Class | |
Shares outstanding–Institutional Class1 | |
Net asset value per share–Institutional Class | |
1 The Fund has an unlimited number of authorized shares.
2 Maximum offering price is computed as 100/94.25 of net asset value. On investments of $50,000 or more, the offering price is reduced.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Special International Small Cap Fund
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $531,866) | |
Income from affiliated securities | |
| |
| |
| |
| |
| |
| |
| |
| |
| |
Shareholder servicing fees | |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
| |
| |
| |
| |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Forward foreign currency contracts | |
Net realized losses on investments | |
Net change in unrealized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
Allspring Special International Small Cap Fund | 7
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | Year ended October 31, 2023 |
| | | | |
| | | | |
Net realized losses on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Total distributions to shareholders | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Reinvestment of distributions | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Payment for shares redeemed | | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Net increase (decrease) in net assets resulting from capital share transactions | | | | |
Total increase in net assets | | | | |
| | | | |
| | | | |
| | | | |
The accompanying notes are an integral part of these financial statements.
8 | Allspring Special International Small Cap Fund
Financial highlights
(For a share outstanding throughout each period)
| |
| | | |
Net asset value, beginning of period | | | |
| | | |
Net realized and unrealized gains (losses) on investments | | | |
Total from investment operations | | | |
Distributions to shareholders from | | | |
| | | |
Net asset value, end of period | | | |
| | | |
Ratios to average net assets (annualized) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Net assets, end of period (000s omitted) | | | |
| For the period from June 1, 2022 (commencement of class operations) to October 31, 2022 |
| Calculated based upon average shares outstanding |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
Allspring Special International Small Cap Fund | 9
(For a share outstanding throughout each period)
| |
| | | |
Net asset value, beginning of period | | | |
| | | |
Net realized and unrealized gains (losses) on investments | | | |
Total from investment operations | | | |
Distributions to shareholders from | | | |
| | | |
Net asset value, end of period | | | |
| | | |
Ratios to average net assets (annualized) | | | |
| | | |
| | | |
| | | |
| | | |
| | | |
Net assets, end of period (000s omitted) | | | |
| For the period from June 1, 2022 (commencement of class operations) to October 31, 2022 |
| Calculated based upon average shares outstanding |
| Amount is less than $0.005. |
| Total return calculations do not include any sales charges. Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
The accompanying notes are an integral part of these financial statements.
10 | Allspring Special International Small Cap Fund
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
Allspring Special International Small Cap Fund | 11
(For a share outstanding throughout each period)
| |
| | | | | |
Net asset value, beginning of period | | | | | |
| | | | | |
Net realized and unrealized gains (losses) on investments | | | | | |
Total from investment operations | | | | | |
Distributions to shareholders from | | | | | |
| | | | | |
| | | | | |
Total distributions to shareholders | | | | | |
Net asset value, end of period | | | | | |
| | | | | |
Ratios to average net assets (annualized) | | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
| | | | | |
Net assets, end of period (000s omitted) | | | | | |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. |
The accompanying notes are an integral part of these financial statements.
12 | Allspring Special International Small Cap Fund
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Special International Small Cap Fund (the “Fund”) which is a diversified series of the Trust.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the
Allspring Special International Small Cap Fund | 13
Notes to financial statements
risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders from net investment income and any net realized gains are recorded on the ex-dividend date and paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $170,932,076 and the unrealized gains (losses) consisted of:
As of October 31, 2024, the Fund had capital loss carryforwards which consist of $6,351,335 in long-term capital losses.
The separate classes of shares offered by the Fund differ principally in applicable sales charges, distribution, shareholder servicing, and administration fees. Class specific expenses are charged directly to that share class. Investment income, common fund-level expenses, and realized and unrealized gains (losses) on investments are allocated daily to each class of shares based on the relative proportion of net assets of each class.
14 | Allspring Special International Small Cap Fund
Notes to financial statements
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the manager of the Fund and provides advisory and fund-level administrative services under an investment management agreement. Under the investment management agreement, Allspring Funds Management is responsible for, among other services, implementing the investment objectives and strategies of the Fund, supervising the subadviser and providing fund-level administrative services in connection with the Fund’s operations. As compensation for its services under the investment management agreement, Allspring Funds
Allspring Special International Small Cap Fund | 15
Notes to financial statements
Management is entitled to receive a management fee, which is generally paid monthly, at the following annual rate based on the Fund’s average daily net assets:
For the year ended October 31, 2024, the management fee was equivalent to an annual rate of 0.95% of the Fund’s average daily net assets.
Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund and is entitled to receive a fee from Allspring Funds Management at an annual rate starting at 0.55% and declining to 0.40% as the average daily net assets of the Fund increase.
Under a class-level administration agreement, Allspring Funds Management provides class-level administrative services to the Fund, which includes paying fees and expenses for services provided by the transfer agent, sub-transfer agents, omnibus account servicers and record-keepers. As compensation for its services under the class-level administration agreement, Allspring Funds Management receives an annual fee which is calculated based on the average daily net assets of each class and generally paid monthly, as follows:
| Class-level
administration fee |
| |
| |
| |
| |
Waivers and/or expense reimbursements
Allspring Funds Management has contractually committed to waive and/or reimburse management and administration fees to the extent necessary to maintain certain net operating expense ratios for the Fund. When each class of the Fund has exceeded its expense cap, Allspring Funds Management will waive fees and/or reimbursed expenses from fund-level expenses on a proportionate basis and then from class specific expenses. When only certain classes exceed their expense caps, waivers and/or reimbursements are applied against class specific expenses before fund-level expenses. Allspring Funds Management has contractually committed through February 28, 2025 to waive fees and/or reimburse expenses to the extent necessary to cap the Fund’s expenses. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees. As of October 31, 2024, the contractual caps are as follows:
The Trust has adopted a distribution plan for Class C shares pursuant to Rule 12b-1 under the 1940 Act. A distribution fee is charged to Class C shares and paid to Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), the principal underwriter, an affiliate of Allspring Funds Management, at an annual rate up to 0.75% of the average daily net assets of Class C shares. Such fees are generally paid on a monthly basis.
In addition, Allspring Funds Distributor is entitled to receive the front-end sales charge from the purchase of Class A shares and a contingent deferred sales charge on the redemption of certain Class A shares. Allspring Funds Distributor is also entitled to receive the contingent deferred sales charges from redemptions of Class C shares. Allspring Funds Distributor did not receive any front-end or contingent deferred sales charges from Class A or Class C shares for the year ended October 31, 2024.
16 | Allspring Special International Small Cap Fund
Notes to financial statements
Shareholder servicing fees
The Trust has entered into contracts with one or more shareholder servicing agents, whereby Class A and Class C are charged a fee at an annual rate up to 0.25% of the average daily net assets of each respective class and are generally paid on a monthly basis. A portion of these total shareholder servicing fees were paid to affiliates of the Fund.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $71,934,102 and $91,304,765, respectively.
6.
DERIVATIVE TRANSACTIONS
During the year ended October 31, 2024, the Fund entered into forward foreign currency contracts for economic hedging purposes. The Fund had average contract amounts of $11,679 in forward foreign currency contracts to buy during the year ended October 31, 2024.
The fair value, realized gains or losses and change in unrealized gains or losses, if any, on derivative instruments are reflected in the corresponding financial statement captions.
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
8.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | | |
| | |
As of the end of the period, the Fund concentrated its portfolio of investments in Europe and Japan and the industrials sector. A fund that invests a substantial portion of its assets in any geographic region or sector may be more affected by changes in that geographic region or sector than would be a fund whose investments are not heavily weighted in any geographic region or sector.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
Allspring Special International Small Cap Fund | 17
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Special International Small Cap Fund (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years or periods in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024, the results of its operations for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years or periods in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
18 | Allspring Special International Small Cap Fund
Other information (unaudited)
Other information
Pursuant to Section 854 of the Internal Revenue Code, $3,433,724 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $238,485 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2024. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Creditable
foreign taxes
paid | | Foreign
income as % of
ordinary income
distributions |
| | |
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Special International Small Cap Fund | 19
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
20 | Allspring Special International Small Cap Fund
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Special International Small Cap Fund (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Allspring Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
Allspring Special International Small Cap Fund | 21
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board considered the investment performance results for the Fund over various time periods ended December 31, 2023. The Board considered these results in comparison to the investment performance of funds in a universe that was determined by Broadridge Inc. (“Broadridge”) to be similar to the Fund (the “Universe”), and in comparison to the Fund’s benchmark index and to other comparative data. Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge to select the mutual funds in the performance Universe. The Board noted that the investment performance of the Fund (Institutional Class) was lower than the average investment performance of the Universe for all periods under review. The Board also noted that the investment performance of the Fund was in range of the investment performance of its benchmark index, the MSCI World ex USA Small Cap Index (Net), for the there-year period under review, but lower for the one-year period under review.
The Board received information concerning, and discussed factors contributing to, the underperformance of the Fund relative to the Universe and benchmark for the periods identified above. The Board took note of the explanations for the relative underperformance during these periods, including with respect to investment decisions and market factors that affected the Fund’s investment performance.
The Board also received and considered information regarding the Fund’s net operating expense ratios and their various components, including actual management fees, custodian and other non-management fees, and Rule 12b-1 and non-Rule 12b-1 shareholder service fees. The Board considered these ratios in comparison to the median ratios of funds in class-specific expense groups that were determined by Broadridge to be similar to the Fund (the “Groups”). The Board received a description of the methodology used by Broadridge to select the mutual funds in the expense Groups and an explanation of how funds comprising expense Groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratios of the Fund were lower than or in range of the median net operating expense ratios of the expense Groups for each share class.
The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.
Investment management and sub-advisory fee rates
The Board reviewed and considered the contractual fee rates payable by the Fund to Allspring Funds Management under the Management Agreement, as well as the contractual fee rates payable by the Fund to Allspring Funds Management for class-level administrative services under a Class-Level Administration Agreement, which include, among other things, class-level transfer agency and sub-transfer agency costs (collectively, the “Management Rates”). The Board also reviewed and considered the contractual investment sub-advisory fee rates payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services. It was noted that advisory fee waivers, if any, are at the fund level and not class level.
Among other information reviewed by the Board was a comparison of the Fund’s Management Rates with the average contractual investment management fee rates of funds in the expense Groups at a common asset level as well as transfer agency costs of the funds in the expense Groups. The Board noted that the Management Rates of the Fund were lower than or in range of the sum of these average rates for the Fund’s expense Groups for each share class.
The Board also received and considered information about the portion of the total management fee that was retained by Allspring Funds Management after payment of the fee to the Sub-Adviser for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Allspring Funds Management and not delegated to or assumed by the Sub-Adviser, and about Allspring Funds Management’s on-going oversight services. Given the affiliation between Allspring Funds Management and the Sub-Adviser, the Board ascribed limited relevance to the allocation of fees between them.
The Board also received and considered information about the nature and extent of services offered and fee rates charged by Allspring Funds Management and the Sub-Adviser to other types of clients with investment strategies similar to those of the Fund. In this regard, the Board received information about the significantly greater scope of services, and compliance, reporting and other legal and regulatory obligations and risks of managing proprietary mutual funds compared with those associated with managing assets of other types of clients, including third-party sub-advised fund clients and non-mutual fund clients such as institutional separate accounts.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the compensation payable to Allspring Funds Management under the Management Agreement and to the Sub-Adviser under the Sub-Advisory Agreement was reasonable.
22 | Allspring Special International Small Cap Fund
Other information (unaudited)
Profitability
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
The Board received and considered information about the potential for Allspring Funds Management to experience economies of scale in the provision of management services to the Fund, the difficulties of isolating and quantifying economies of scale at an individual fund level, and the extent to which potential scale benefits are shared with Fund shareholders. The Board noted the existence of breakpoints in the Fund’s management fee structure, which operate generally to reduce the Fund’s expense ratios as the Fund grows in size, and the size of the Fund in relation to such breakpoints. The Board considered that in addition to management fee breakpoints, Allspring Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.
The Board concluded that Allspring Funds Management’s arrangements with respect to the Fund, including contractual breakpoints, constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund. The Board noted that Allspring Funds Distributor, LLC, an affiliate of Allspring Funds Management, receives distribution-related fees in respect of shares sold or held through it. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Adviser.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
Allspring Special International Small Cap Fund | 23
This page is intentionally left blank.
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
P.O. Box 219967
Kansas City, MO 64121-9967
Website: allspringglobal.com
Individual investors: 1-800-222-8222
Retail investment professionals: 1-888-877-9275
Institutional investment professionals: 1-800-260-5969
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-800-222-8222 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR4338 10-24
Allspring Managed Account
Allspring Managed Account CoreBuilder® Shares – Series EM
Long Form Financial Statements
Annual Report
Allspring Managed Account | 1
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
| | | | | | |
Banco BTG Pactual SA (Financials, Capital markets) | | | | | | |
| | | | | | |
China Resources Land Ltd. (Real estate, Real estate management & development) | | | | | | |
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | | | | | | |
Chinasoft International Ltd. (Information technology, IT services) | | | | | | |
CITIC Securities Co. Ltd. Class H (Financials, Capital markets) | | | | | | |
Focus Media Information Technology Co. Ltd. Class A (Communication services, Media) | | | | | | |
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components) | | | | | | |
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household durables) | | | | | | |
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | | | | | | |
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | | | | | | |
NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | | | | | | |
SF Holding Co. Ltd. Class A (Industrials, Air freight & logistics) | | | | | | |
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care equipment & supplies) | | | | | | |
Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
Wuliangye Yibin Co. Ltd. Class A (Consumer staples, Beverages) | | | | | | |
| | | | | | |
| | | | | | |
Jumbo SA (Consumer discretionary, Specialty retail) | | | | | | |
National Bank of Greece SA (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | | | | | | |
| | | | | | |
360 ONE WAM Ltd. (Financials, Capital markets) | | | | | | |
Ashok Leyland Ltd. (Industrials, Machinery) | | | | | | |
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | | | | | | |
Embassy Office Parks REIT (Real estate, Office REITs) | | | | | | |
GAIL India Ltd. (Utilities, Gas utilities) | | | | | | |
Hyundai Motor India Ltd. (Consumer discretionary, Automobiles)† | | | | | | |
LIC Housing Finance Ltd. (Financials, Financial services) | | | | | | |
Nexus Select Trust (Real estate, Retail REITs) | | | | | | |
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | | | | | | |
Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | | | | | | |
Power Finance Corp. Ltd. (Financials, Financial services) | | | | | | |
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | | | | | | |
Shriram Finance Ltd. (Financials, Consumer finance) | | | | | | |
| | | | | | |
The accompanying notes are an integral part of these financial statements.
2 | Allspring Managed Account
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | | | | | | |
| | | | | | |
CIMB Group Holdings Bhd. (Financials, Banks) | | | | | | |
Tenaga Nasional Bhd. (Utilities, Electric utilities) | | | | | | |
| | | | | | |
| | | | | | |
Grupo Financiero Banorte SAB de CV Class O (Financials, Banks) | | | | | | |
| | | | | | |
Bank of the Philippine Islands (Financials, Banks) | | | | | | |
| | | | | | |
Bank Polska Kasa Opieki SA (Financials, Banks) | | | | | | |
| | | | | | |
Al Rajhi Bank (Financials, Banks) | | | | | | |
Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | | | | | | |
Saudi Awwal Bank (Financials, Banks) | | | | | | |
| | | | | | |
| | | | | | |
BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | | | | | | |
| | | | | | |
Foschini Group Ltd. (Consumer discretionary, Specialty retail) | | | | | | |
| | | | | | |
Fila Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | | | | | | |
HD Hyundai Marine Solution Co. Ltd. Class C (Industrials, Machinery) | | | | | | |
Kia Corp. (Consumer discretionary, Automobiles) | | | | | | |
Macquarie Korea Infrastructure Fund (Financials, Capital markets) | | | | | | |
Samsung Electronics Co. Ltd. Korea Exchange (Information technology, Technology hardware, storage & peripherals) | | | | | | |
| | | | | | |
| | | | | | |
Cathay Financial Holding Co. Ltd. (Financials, Insurance) | | | | | | |
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | | | | | | |
Elan Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Managed Account | 3
Portfolio of investments—October 31, 2024
| | | | | |
| | | | | | |
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | | | | | | |
Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | | | | | | |
Zhen Ding Technology Holding Ltd. (Information technology, Electronic equipment, instruments & components) | | | | | | |
| | | | | | |
| | | | | | |
Bangkok Dusit Medical Services PCL Class F (Health care, Health care providers & services) | | | | | | |
Central Pattana PCL (Real estate, Real estate management & development) | | | | | | |
| | | | | | |
United Arab Emirates: 2.01% | | | | | | |
Abu Dhabi National Oil Co. for Distribution PJSC (Consumer discretionary, Specialty retail) | | | | | | |
Emaar Properties PJSC (Real estate, Real estate management & development) | | | | | | |
| | | | | | |
Total common stocks (Cost $5,365,138) | | | | | | |
| | | | | |
| | | | | | |
| | | | | | |
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | | | | | | |
Total preferred stocks (Cost $272,206) | | | | | | |
| | | | | |
Short-term investments: 2.93% | | | | | | |
Investment companies: 2.93% | | | | | | |
Allspring Government Money Market Fund Select Class♠∞ | | | | | | |
Total short-term investments (Cost $183,300) | | | | | | |
Total investments in securities (Cost $5,820,644) | | | | | | |
Other assets and liabilities, net | | | | | | |
| | | | | | |
| Non-income-earning security |
| 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. |
|
| Real estate investment trust |
The accompanying notes are an integral part of these financial statements.
4 | Allspring Managed Account
Portfolio of investments—October 31, 2024
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
| | | | | Net
change in
unrealized
gains
(losses) | | | Income
from
affiliated
securities |
| | | | | | | | |
Allspring Government Money Market Fund Select Class | | | | | | | | |
The accompanying notes are an integral part of these financial statements.
Allspring Managed Account | 5
Statement of assets and liabilities—October 31, 2024
Financial statements
Statement of assets and liabilities
| |
Investments in unaffiliated securities, at value (cost $5,637,344) | |
Investments in affiliated securities, at value (cost $183,300) | |
Foreign currency, at value (cost $5,437) | |
| |
| |
Prepaid expenses and other assets | |
| |
| |
| |
Professional fees payable | |
Accrued expenses and other liabilities | |
| |
| |
| |
| |
Total distributable earnings | |
| |
Computation of net asset value per share | |
| |
| |
Net asset value per share | |
1 The Fund has an unlimited number of authorized shares.
The accompanying notes are an integral part of these financial statements.
6 | Allspring Managed Account
Statement of operations—year ended October 31, 2024
Statement of operations
| |
Dividends (net of foreign withholdings taxes of $22,328) | |
Income from affiliated securities | |
| |
| |
| |
Custody and accounting fees | |
| |
| |
Shareholder report expenses | |
Trustees’ fees and expenses | |
| |
| |
Less: Fee waivers and/or expense reimbursements | |
| |
| |
Realized and unrealized gains (losses) on investments | |
Net realized gains (losses) on | |
| |
Foreign currency and foreign currency translations | |
Forward foreign currency contracts | |
Net realized gains on investments | |
Net change in unrealized gains (losses) on | |
Unaffiliated securities (net of deferred foreign capital gains tax of $24,029) | |
Foreign currency and foreign currency translations | |
Net change in unrealized gains (losses) on investments | |
Net realized and unrealized gains (losses) on investments | |
Net increase in net assets resulting from operations | |
The accompanying notes are an integral part of these financial statements.
Allspring Managed Account | 7
Statement of changes in net assets
Statement of changes in net assets
| Year ended October 31, 2024 | year ended October 31, 20231 |
| | | | |
| | | | |
Net realized gains on investments | | | | |
Net change in unrealized gains (losses) on investments | | | | |
Net increase in net assets resulting from operations | | | | |
Distributions to shareholders from | | | | |
Net investment income and net realized gains | | | | |
Capital share transactions | | | | |
Proceeds from shares sold | | | | |
Reinvestment of distributions | | | | |
Payment for shares redeemed | | | | |
Net increase in net assets resulting from capital share transactions | | | | |
Total increase in net assets | | | | |
| | | | |
| | | | |
| | | | |
1 For the period from November 16, 2022 (commencement of operations) to October 31, 2023
The accompanying notes are an integral part of these financial statements.
8 | Allspring Managed Account
Financial highlights
(For a share outstanding throughout the period)
| |
| | |
Net asset value, beginning of period | | |
| | |
Net realized and unrealized gains (losses) on investments | | |
Total from investment operations | | |
Distributions to shareholders from | | |
| | |
| | |
Total distributions to shareholders | | |
Net asset value, end of period | | |
| | |
Ratios to average net assets (annualized) | | |
| | |
| | |
| | |
| | |
| | |
Net assets, end of period (000s omitted) | | |
| For the period from November 16, 2022 (commencement of operations) to October 31, 2023 |
| Calculated based upon average shares outstanding |
| Returns include adjustments required by U.S. GAAP and may differ from net asset values and performance reported elsewhere. Returns for periods of less than one year are not annualized. |
| 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. |
The accompanying notes are an integral part of these financial statements.
Allspring Managed Account | 9
Notes to financial statements
Notes to financial statements
Allspring Funds Trust (the “Trust”), a Delaware statutory trust organized on March 10, 1999, is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Trust follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies. These financial statements report on the Allspring Managed Account CoreBuilder Shares - Series EM (the “Fund”) which is a diversified series of the Trust.
The Fund is a special purpose fund invested primarily in foreign equity securities and is intended to be used in combination with selected individual securities to effectively model institutional-level investment strategies. The Fund is intended to help enable certain separately managed account investors to achieve greater diversification than smaller managed accounts might otherwise achieve.
2.
SIGNIFICANT ACCOUNTING POLICIES
The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles (“GAAP”) which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities and exchange-traded funds that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures implemented by Allspring Funds Management are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2024, such fair value pricing was used in pricing certain foreign securities.
Forward foreign currency contracts are recorded at the forward rate provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
10 | Allspring Managed Account
Notes to financial statements
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be mitigated if there is a master netting arrangement between the Fund and the counterparty.
Security transactions and income recognition
Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.
Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date. Dividend income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.
Interest earned on cash balances held at the custodian is recorded as interest income.
Distributions received from REIT investments may be characterized as ordinary income, capital gains, or a return of capital to the Fund based on information provided by the REIT. The proper characterization of REIT distributions is generally not known until after the end of each calendar year. As such, estimates may be used in reporting the character of income and distributions for financial statement purposes.
Distributions to shareholders
Distributions to shareholders are recorded on the ex-dividend date and paid from net investment income monthly and any net realized gains are paid at least annually. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.
The Fund intends to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.
The Fund’s income and federal excise tax returns and all financial records supporting those returns for the fiscal years since commencement of operations are subject to examination by the federal and Delaware revenue authorities. The Fund is not subject to examination by federal and state tax authorities for taxes before 2023, the year the Fund commenced operations.
As of October 31, 2024, the aggregate cost of all investments for federal income tax purposes was $5,887,507 and the unrealized gains (losses) consisted of:
3.
FAIR VALUATION MEASUREMENTS
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
•Level 1—quoted prices in active markets for identical securities
•Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Managed Account | 11
Notes to financial statements
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2024:
| | Other significant
observable inputs
(Level 2) | Significant
unobservable inputs
(Level 3) | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
| | | | |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At October 31, 2024, the Fund did not have any transfers into/out of Level 3.
4.
TRANSACTIONS WITH AFFILIATES
The Trust has entered into an investment management contract with Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. The manager is responsible for implementing investment policies and guidelines and for supervising the subadviser, who is responsible for day-to-day portfolio management of the Fund. For providing these services, Allspring Funds Management does not receive a fee from the Fund but is entitled to receive fees from separately managed account sponsors of the wrap-fee programs. Out of these fees, Allspring Funds Management pays Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, for its services as the subadviser to the Fund.
Generally, no ordinary operating fees or expenses are charged to the Fund. Allspring Funds Management has contractually committed to irrevocably absorb and pay or reimburse all ordinary operating expenses of the Fund, including acquired fund fees and expenses, 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.
The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the year ended October 31, 2024.
5.
INVESTMENT PORTFOLIO TRANSACTIONS
Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2024 were $6,493,201 and $5,673,603, respectively.
12 | Allspring Managed Account
Notes to financial statements
The Trust (excluding the money market funds), Allspring Master Trust and Allspring Variable Trust are parties to a $275,000,000 (prior to July 9, 2024: $350,000,000), revolving credit agreement whereby the Fund is permitted to use bank borrowings for temporary or emergency purposes, such as to fund shareholder redemption requests. Interest under the credit agreement is charged to the Fund based on a borrowing rate equal to the higher of the Federal Funds rate or the overnight bank funding rate in effect on that day plus a spread. In addition, an annual commitment fee based on the unused balance is allocated to each participating fund.
For the year ended October 31, 2024, there were no borrowings by the Fund under the agreement.
7.
DISTRIBUTIONS TO SHAREHOLDERS
The tax character of distributions paid were as follows:
As of October 31, 2024, the components of distributable earnings on a tax basis were as follows:
Undistributed
ordinary
income | Undistributed
long-term
gain | |
| | |
Concentration risk exists when a shareholder owns a large amount of shares of the Fund. A fund with a concentration of ownership may be more affected by the investment activity of those shareholders than would be a fund that does not have any ownership concentration. As of October 31, 2024, Allspring Funds Management or one of its affiliates owned 87% of the Fund.
As of the end of the period, the Fund concentrated its portfolio of investments in the financial sector and Asia/Pacific ex-Japan. A fund that invests a substantial portion of its assets in any sector or geographic region may be more affected by changes in that sector or geographic region than would be a fund whose investments are not heavily weighted in any sector or geographic region.
Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund’s organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.
Allspring Managed Account | 13
Report of independent registered public accounting firm
To the Shareholders of the Fund and Board of Trustees
Allspring Funds Trust:
Opinion on the Financial Statements
We have audited the accompanying statement of assets and liabilities of Allspring Managed Account CoreBuilder Shares - Series EM (the Fund), one of the funds constituting Allspring Funds Trust, including the portfolio of investments, as of October 31, 2024, the related statement of operations for the year then ended, the statements of changes in net assets for the year then ended and the period from November 16, 2022 (commencement of operations) to October 31, 2023, and the related notes (collectively, the financial statements) and the financial highlights for the year then ended and the period from November 16, 2022 to October 31, 2023. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2024,the results of its operations for the year then ended, the changes in its net assets and the financial highlights for the year then ended and the period from November 16, 2022 to October 31, 2023, in conformity with U.S. generally accepted accounting principles.
These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2024, by correspondence with the custodian and transfer agent. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.
We have not been able to determine the specific year that we began serving as the auditor of one or more Allspring Funds investment companies; however, we are aware that we have served as the auditor of one or more Allspring Funds investment companies since at least 1955.
December 20, 2024
14 | Allspring Managed Account
Other information (unaudited)
Other information
Pursuant to Section 854 of the Internal Revenue Code, $88,444 of income dividends paid during the fiscal year ended October 31, 2024 has been designated as qualified dividend income (QDI).
For the fiscal year ended October 31, 2024, $5,506 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
For the fiscal year ended October 31, 2024, $49,268 has been designated as short-term capital gain dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.
Pursuant to Section 853 of the Internal Revenue Code, the following amounts have been designated as foreign taxes paid for the fiscal year ended October 31, 2024. These amounts may be less than the actual foreign taxes paid for financial statement purposes. Foreign taxes paid or withheld should be included in taxable income with an offsetting deduction from gross income or as a credit for taxes paid to foreign governments. None of the income was derived from ineligible foreign sources as defined under Section 901(j) of the Internal Revenue Code.
Creditable
foreign taxes
paid | | Foreign
income as % of
ordinary income
distributions |
| | |
A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available without charge, upon request, by calling 1-866-259-3305, visiting our website at allspringglobal.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at allspringglobal.com or by visiting the SEC website at sec.gov.
Quarterly portfolio holdings information
The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.
Allspring Managed Account | 15
Other information (unaudited)
Item 8. Changes in and disagreements with accountants
Item 9. Matters submitted to fund shareholders for a vote
Item 10. Remuneration paid to directors, officers and others
Refer to information in the Statement of operations.
16 | Allspring Managed Account
Other information (unaudited)
Item 11. Statement regarding basis for the board’s approval of investment advisory contract
Board consideration of investment management and sub-advisory agreements:
Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Allspring Funds Trust (the “Trust”) must determine annually whether to approve the continuation of the Trust’s investment management and sub-advisory agreements. In this regard, at a Board meeting held on May 28-30, 2024 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment management and sub-advisory agreements and are not “interested persons” of the Trust, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved for the Allspring Managed Account CoreBuilder® Shares – Series EM (the “Fund”): (i) an investment management agreement (the “Management Agreement”) with Allspring Funds Management, LLC (“Funds Management”); and (ii) an investment sub-advisory agreement (the “Sub-Advisory Agreement”) with Allspring Global Investments, LLC (the “Sub-Adviser”), an affiliate of Allspring Funds Management. The Management Agreement and the Sub-Advisory Agreement are collectively referred to as the “Advisory Agreements.”
At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Allspring Funds Management and the Sub-Adviser and the approval of the Advisory Agreements. Prior to the Meeting, including at a meeting of the Board held in April 2024, and at the Meeting, the Trustees conferred extensively among themselves and with representatives of Allspring Funds Management about these matters. The Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.
In providing information to the Board, Allspring Funds Management and the Sub-Adviser were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2024. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interactions with Allspring Funds Management and the Sub-Adviser about various topics. In this regard, the Board reviewed reports of Allspring Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.
After its deliberations, the Board unanimously determined that the absence of compensation payable to Allspring Funds Management and the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term. The Board considered the approval of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.
Nature, extent, and quality of services
The Board received and considered various information regarding the nature, extent, and quality of services provided to the Fund by Allspring Funds Management and the Sub-Adviser under the Advisory Agreements. This information included a description of the investment advisory services and Fund-level administrative services covered by the Management Agreement, as well as, among other things, a summary of the background and experience of senior management of Allspring Global Investments, of which Allspring Funds Management and the Sub-Adviser are a part, and a summary of investments made in the Allspring Global Investments business.* The Board also received information about the services that continue to be provided by Wells Fargo & Co. and/or its affiliates (“Wells Fargo”) since the sale of Wells Fargo Asset Management to Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., under a transition services agreement and an update on the anticipated timeline for exiting the transition services agreement. In addition, the Board received and considered information about the full range of services provided to the Fund by Allspring Funds Management and its affiliates.
The Board considered the qualifications, background, tenure, and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund. The Board evaluated the ability of Allspring Funds Management and the Sub-Adviser to attract and retain qualified investment professionals, including research, advisory, and supervisory personnel.
The Board further considered the compliance programs and compliance records of Allspring Funds Management and the Sub-Adviser. The Board received and considered information about Allspring Global Investments’ risk management functions, which included information about Allspring Funds
*
The trade name for the asset management firm that includes Allspring Funds Management and the Sub-Adviser is “Allspring Global Investments.”
Allspring Managed Account | 17
Other information (unaudited)
Management’s and the Sub-Adviser’s business continuity plans, their approaches to data privacy and cybersecurity, Allspring Funds Management’s role as administrator of the Fund’s liquidity risk management program, and fair valuation designee. The Board also received and considered information about Allspring Funds Management’s intermediary and vendor oversight program.
Fund investment performance and expenses
The Board received and considered information regarding the “zero fee and expense” structure of the Fund. Specifically, the Board noted that the Fund’s gross operating expense ratio and each of its various components, including management fees, administration fees, custody fees, Rule 12b-1 fees, and other fees, were zero. The Board also noted Allspring Funds Management’s representations that the Fund is a special purpose mutual fund for use exclusively within Allspring Funds Management’s separately managed account (“SMA”) advisory business and, as such, Allspring Funds Management would assume and pay or reimburse the Fund under an Expense Assumption Agreement all of the ordinary operating expenses of the Fund, excluding portfolio transaction or other investment related costs, fees payable for services provided by the Fund’s securities lending agent, interest, taxes, leverage expenses, and other expenses not incurred in the ordinary course of the Fund’s business. The Board further noted that Allspring Funds Management is paid a negotiated fee by each SMA sponsor, and that the fee level is identical for all sponsors of SMAs that invest in the Fund.
In light of this unique fee and distribution structure and special purpose of the Fund, the Board does not conduct an investment performance and fee review relative to a peer group or universe. The Board took into account the fee and distribution structure and special purpose of the Fund in deciding to re-approve the Advisory Agreements for the Fund.
Investment management and sub-advisory fee rates
The Board reviewed and considered that the contractual investment management fee rate payable by the Fund to Allspring Funds Management for investment advisory services and fund administration services (the “Management Agreement Rate”) was zero, and also reviewed and considered that the Fund’s other expenses would normally be zero, because of Allspring Funds Management’s commitment to assume and pay or reimburse all of the ordinary operating expenses of the Fund under an Expense Assumption Agreement. The Board also considered that the fee rate payable by Allspring Funds Management to the Sub-Adviser for investment sub-advisory services was also zero, and that any sub-advisory fees would be paid from the fees Allspring Funds Management receives from SMA sponsors and not by the Fund.
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the absence of any compensation payable by the Fund to Allspring Funds Management pursuant to the Management Agreement and by Allspring Funds Management to the Sub-Adviser, in each case, was reasonable.
The Board received and considered information concerning the profitability of Allspring Funds Management, as well as the profitability of Allspring Global Investments, from providing services to the fund complex as a whole. The Board noted that the Sub-Adviser’s profitability information with respect to providing services to the Fund and other funds in the complex was subsumed in the Allspring Global Investments profitability analysis.
Allspring Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type, and age of fund.
The Board acknowledged that Allspring Funds Management does not earn any fee revenue directly from the Fund, given its zero fee structure. Based on its review, the Board did not deem the profits reported by Allspring Funds Management or Allspring Global Investments from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.
In light of the unique fee structure and special purpose of the Fund, the Board did not conduct an analysis of economies of scale in the context of reviewing the Fund’s Advisory Agreements.
Other benefits to Allspring Funds Management and the Sub-Adviser
The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Allspring Funds Management’s and the Sub-Adviser’s business as a result of their relationships with the Fund.
The Board received and considered information about payments that Allspring Funds Management would receive from the SMA sponsors. The Board also reviewed information about whether and to what extent soft dollar credits are sought and how any such credits are utilized.
18 | Allspring Managed Account
Other information (unaudited)
Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Allspring Funds Management and its affiliates, including the Sub-Adviser, were unreasonable.
At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously determined that the absence of any compensation payable by the Fund to Allspring Funds Management and by Allspring Funds Management to the Sub-Adviser under each of the Advisory Agreements was reasonable, and approved the continuation of the Advisory Agreements for a one-year term.
Allspring Managed Account | 19
This page is intentionally left blank.
For more information
More information about Allspring Funds is available free upon request. To obtain literature, please write, visit the Fund’s website, or call:
Allspring Funds
Attn: Managed Account Services
P.O. Box 1450
Milwaukee, WI 53201
Website: allspringglobal.com
Telephone: 1-888-877-9275
This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. If this report is used for promotional purposes, distribution of the report must be accompanied or preceded by a current prospectus. Before investing, please consider the investment objectives, risks, charges, and expenses of the investment. For a current prospectus and, if available, a summary prospectus, containing this information, call 1-888-877-9275 or visit the Fund’s website at allspringglobal.com. Read the prospectus carefully before you invest or send money.
Allspring Global InvestmentsTM is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).
This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.
© 2024 Allspring Global Investments Holdings, LLC. All rights reserved.
NCSR4904 10-24
ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Changes in and Disagreements with Accountants for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES
Proxy Disclosures for Open-End Management Investment Companies are included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES
Renumeration Paid to Directors, Officers, and Others of Open-End Investment Companies is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT
The registrant’s Statement Regarding Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form.
ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS
Not applicable.
ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.
ITEM 16. CONTROLS AND PROCEDURES
(a) The President and Treasurer have concluded that the Allspring Funds Trust disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.
(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.
ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES
Not applicable.
ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION
Not applicable.
ITEM 19. EXHIBITS
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 (Principal Executive Officer) |
|
| Date: December 20, 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 (Principal Executive Officer) |
|
| Date: December 20, 2024 |
| |
| By: | | /s/ Jeremy DePalma |
| | Jeremy DePalma |
| | Treasurer (Principal Financial Officer) |
|
| Date: December 20, 2024 |
