Portfolio of investments—July 31, 2024 (unaudited)
Portfolio of investments
Shares | Value | |||||
Common stocks: 93.21% | ||||||
Brazil: 3.91% | ||||||
B3 SA - Brasil Bolsa Balcao (Financials, Capital markets) | 905,900 | $1,737,757 | ||||
Banco BTG Pactual SA (Financials, Capital markets) | 456,572 | 2,632,323 | ||||
Cia de Saneamento Basico do Estado de Sao Paulo SABESP (Utilities, Water utilities) | 150,000 | 2,340,108 | ||||
Embraer SA ADR (Industrials, Aerospace & defense)† | 106,052 | 3,293,975 | ||||
Petroleo Brasileiro SA ADR (Energy, Oil, gas & consumable fuels) | 349,214 | 4,595,656 | ||||
14,599,819 | ||||||
China: 22.07% | ||||||
Alibaba Group Holding Ltd. (Consumer discretionary, Broadline retail) | 1,130,500 | 11,124,372 | ||||
ANTA Sports Products Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 239,200 | 2,141,040 | ||||
Baidu, Inc. Class A (Communication services, Interactive media & services)† | 178,694 | 1,981,288 | ||||
China Construction Bank Corp. Class H (Financials, Banks) | 3,315,000 | 2,314,817 | ||||
China International Capital Corp. Ltd. Class H (Financials, Capital markets)144A | 2,361,200 | 2,631,776 | ||||
China Merchants Bank Co. Ltd. Class H (Financials, Banks) | 640,500 | 2,654,761 | ||||
China Oilfield Services Ltd. Class H (Energy, Energy equipment & services) | 2,040,000 | 1,797,023 | ||||
China Resources Land Ltd. (Real estate, Real estate management & development) | 1,373,500 | 4,105,516 | ||||
China State Construction International Holdings Ltd. (Industrials, Construction & engineering) | 1,388,000 | 1,940,004 | ||||
Chinasoft International Ltd. (Information technology, IT services) | 4,448,000 | 2,167,526 | ||||
ENN Energy Holdings Ltd. (Utilities, Gas utilities) | 280,900 | 1,965,530 | ||||
Foxconn Industrial Internet Co. Ltd. Class A (Information technology, Electronic equipment, instruments & components)† | 606,154 | 2,036,354 | ||||
Great Wall Motor Co. Ltd. Class H (Consumer discretionary, Automobiles) | 1,154,500 | 1,576,329 | ||||
Gree Electric Appliances, Inc. of Zhuhai Class A (Consumer discretionary, Household durables) | 316,600 | 1,753,418 | ||||
Inner Mongolia Yili Industrial Group Co. Ltd. Class A (Consumer staples, Food products) | 570,878 | 1,983,136 | ||||
Midea Group Co. Ltd. Class A (Consumer discretionary, Household durables) | 392,358 | 3,460,394 | ||||
NARI Technology Co. Ltd. Class A (Industrials, Electrical equipment) | 938,000 | 3,116,506 | ||||
Ping An Insurance Group Co. of China Ltd. Class A (Financials, Insurance) | 432,002 | 2,545,367 | ||||
Shenzhen Mindray Bio-Medical Electronics Co. Ltd. Class A (Health care, Health care equipment & supplies) | 51,900 | 1,848,106 | ||||
Shenzhou International Group Holdings Ltd. (Consumer discretionary, Textiles, apparel & luxury goods) | 251,000 | 2,124,836 | ||||
Sinopharm Group Co. Ltd. Class H (Health care, Health care providers & services) | 1,607,600 | 3,770,694 | ||||
Tencent Holdings Ltd. (Communication services, Interactive media & services) | 388,900 | 17,946,356 | ||||
Tingyi Cayman Islands Holding Corp. (Consumer staples, Food products) | 1,516,000 | 1,848,451 | ||||
TravelSky Technology Ltd. Class H (Consumer discretionary, Hotels, restaurants & leisure) | 1,438,000 | 1,621,105 | ||||
Wuliangye Yibin Co. Ltd. Class A (Consumer staples, Beverages) | 103,200 | 1,813,144 | ||||
82,267,849 | ||||||
Greece: 1.06% | ||||||
Jumbo SA (Consumer discretionary, Specialty retail) | 55,860 | 1,496,853 | ||||
National Bank of Greece SA (Financials, Banks) | 282,121 | 2,476,189 | ||||
3,973,042 |
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Income Fund | 1
Portfolio of investments—July 31, 2024 (unaudited)
Shares | Value | |||||
Hong Kong: 2.17% | ||||||
China Overseas Land & Investment Ltd. (Real estate, Real estate management & development) | 1,615,500 | $2,611,674 | ||||
Lenovo Group Ltd. (Information technology, Technology hardware, storage & peripherals) | 4,224,000 | 5,470,967 | ||||
8,082,641 | ||||||
Hungary: 0.46% | ||||||
Richter Gedeon Nyrt (Health care, Pharmaceuticals) | 60,446 | 1,723,222 | ||||
India: 18.65% | ||||||
360 ONE WAM Ltd. (Financials, Capital markets) | 288,659 | 3,912,912 | ||||
Ashok Leyland Ltd. (Industrials, Machinery) | 1,464,239 | 4,506,369 | ||||
Bajaj Auto Ltd. (Consumer discretionary, Automobiles) | 50,622 | 5,848,626 | ||||
Embassy Office Parks REIT (Real estate, Office REITs) | 1,353,867 | 5,864,419 | ||||
GAIL India Ltd. (Utilities, Gas utilities) | 2,003,115 | 5,777,483 | ||||
Infosys Ltd. (Information technology, IT services) | 427,186 | 9,472,766 | ||||
LIC Housing Finance Ltd. (Financials, Financial services) | 626,464 | 5,759,806 | ||||
NHPC Ltd. (Utilities, Independent power and renewable electricity producers) | 3,444,042 | 4,335,598 | ||||
Nippon Life India Asset Management Ltd. (Financials, Capital markets)144A | 472,236 | 3,645,928 | ||||
Power Finance Corp. Ltd. (Financials, Financial services) | 893,247 | 5,962,540 | ||||
Power Grid Corp. of India Ltd. (Utilities, Electric utilities) | 1,389,032 | 5,785,579 | ||||
Shriram Finance Ltd. (Financials, Consumer finance) | 130,960 | 4,594,567 | ||||
Ujjivan Small Finance Bank Ltd. (Financials, Banks)144A | 7,547,838 | 4,056,260 | ||||
69,522,853 | ||||||
Indonesia: 2.41% | ||||||
Bank Mandiri Persero Tbk. PT (Financials, Banks) | 12,165,100 | 4,797,784 | ||||
Bank Negara Indonesia Persero Tbk. PT (Financials, Banks) | 8,119,328 | 2,486,731 | ||||
Indofood CBP Sukses Makmur Tbk. PT (Consumer staples, Food products) | 2,519,000 | 1,692,502 | ||||
8,977,017 | ||||||
Luxembourg: 0.55% | ||||||
Ternium SA ADR (Materials, Metals & mining) | 59,643 | 2,068,419 | ||||
Malaysia: 1.48% | ||||||
CIMB Group Holdings Bhd. (Financials, Banks) | 1,974,300 | 3,192,300 | ||||
Tenaga Nasional Bhd. (Utilities, Electric utilities) | 757,000 | 2,319,852 | ||||
5,512,152 | ||||||
Mexico: 1.45% | ||||||
Corporación Inmobiliaria Vesta SAB de CV ADR (Real estate, Real estate management & development) | 57,415 | 1,686,853 | ||||
Fomento Economico Mexicano SAB de CV ADR (Consumer staples, Beverages) | 17,324 | 1,909,971 | ||||
Wal-Mart de Mexico SAB de CV (Consumer staples, Consumer staples distribution & retail) | 541,191 | 1,800,968 | ||||
5,397,792 | ||||||
Panama: 0.43% | ||||||
Copa Holdings SA Class A (Industrials, Passenger airlines) | 17,994 | 1,596,967 |
See accompanying notes to portfolio of investments
2 | Allspring Emerging Markets Equity Income Fund
Portfolio of investments—July 31, 2024 (unaudited)
Shares | Value | |||||
Peru: 0.52% | ||||||
Credicorp Ltd. (Financials, Banks) | 11,390 | $1,943,590 | ||||
Philippines: 0.69% | ||||||
Bank of the Philippine Islands (Financials, Banks) | 1,232,807 | 2,561,682 | ||||
Poland: 0.94% | ||||||
Bank Polska Kasa Opieki SA (Financials, Banks) | 44,595 | 1,806,593 | ||||
LPP SA (Consumer discretionary, Textiles, apparel & luxury goods) | 442 | 1,694,603 | ||||
3,501,196 | ||||||
Russia: 0.00% | ||||||
Alrosa PJSC (Acquired 5-6-2021, cost $1,726,284) (Materials, Metals & mining)♦†˃ | 1,142,750 | 0 | ||||
Saudi Arabia: 2.49% | ||||||
Al Rajhi Bank (Financials, Banks) | 80,399 | 1,833,160 | ||||
Etihad Etisalat Co. (Communication services, Wireless telecommunication services) | 169,974 | 2,361,000 | ||||
Saudi Awwal Bank (Financials, Banks) | 314,501 | 3,290,721 | ||||
United International Transportation Co. (Industrials, Ground transportation) | 76,092 | 1,814,021 | ||||
9,298,902 | ||||||
Singapore: 2.73% | ||||||
BOC Aviation Ltd. (Industrials, Trading companies & distributors)144A | 293,500 | 2,575,171 | ||||
Singapore Telecommunications Ltd. (Communication services, Diversified telecommunication services) | 1,977,000 | 4,580,051 | ||||
Yangzijiang Shipbuilding Holdings Ltd. (Industrials, Machinery) | 1,495,900 | 3,016,124 | ||||
10,171,346 | ||||||
South Africa: 4.32% | ||||||
Bidvest Group Ltd. (Industrials, Industrial conglomerates) | 265,236 | 3,986,277 | ||||
Foschini Group Ltd. (Consumer discretionary, Specialty retail) | 266,552 | 1,967,326 | ||||
Gold Fields Ltd. ADR (Materials, Metals & mining) | 122,050 | 2,094,378 | ||||
Naspers Ltd. Class N (Consumer discretionary, Broadline retail) | 8,301 | 1,605,373 | ||||
Sanlam Ltd. (Financials, Insurance) | 430,197 | 1,926,290 | ||||
Standard Bank Group Ltd. (Financials, Banks) | 370,996 | 4,521,738 | ||||
16,101,382 | ||||||
South Korea: 7.32% | ||||||
Fila Holdings Corp. (Consumer discretionary, Textiles, apparel & luxury goods) | 61,717 | 1,937,542 | ||||
KB Financial Group, Inc. (Financials, Banks) | 83,983 | 5,429,171 | ||||
Kia Corp. (Consumer discretionary, Automobiles) | 56,368 | 4,625,368 | ||||
Macquarie Korea Infrastructure Fund (Financials, Capital markets) | 103,950 | 929,997 | ||||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 196,228 | 12,099,854 | ||||
SK Telecom Co. Ltd. (Communication services, Wireless telecommunication services) | 56,978 | 2,254,561 | ||||
27,276,493 | ||||||
Taiwan: 16.63% | ||||||
ASE Technology Holding Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 493,000 | 2,300,884 |
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Income Fund | 3
Portfolio of investments—July 31, 2024 (unaudited)
Shares | Value | |||||
Taiwan(continued) | ||||||
Cathay Financial Holding Co. Ltd. (Financials, Insurance) | 1,429,000 | $2,736,280 | ||||
Chroma ATE, Inc. (Information technology, Electronic equipment, instruments & components) | 287,000 | 2,672,239 | ||||
Delta Electronics, Inc. (Information technology, Electronic equipment, instruments & components) | 344,000 | 4,418,276 | ||||
E Ink Holdings, Inc. (Information technology, Electronic equipment, instruments & components) | 361,000 | 2,978,660 | ||||
Largan Precision Co. Ltd. (Information technology, Electronic equipment, instruments & components) | 31,000 | 2,689,567 | ||||
MediaTek, Inc. (Information technology, Semiconductors & semiconductor equipment) | 64,000 | 2,437,448 | ||||
Quanta Computer, Inc. (Information technology, Technology hardware, storage & peripherals) | 316,000 | 2,692,241 | ||||
Taiwan Semiconductor Manufacturing Co. Ltd. (Information technology, Semiconductors & semiconductor equipment) | 1,153,000 | 33,634,497 | ||||
Teco Electric & Machinery Co. Ltd. (Industrials, Electrical equipment) | 1,008,000 | 1,498,971 | ||||
United Microelectronics Corp. (Information technology, Semiconductors & semiconductor equipment) | 2,473,000 | 3,939,717 | ||||
61,998,780 | ||||||
Thailand: 0.45% | ||||||
PTT Exploration & Production PCL (Energy, Oil, gas & consumable fuels) | 406,600 | 1,673,378 | ||||
Turkey: 0.73% | ||||||
BIM Birlesik Magazalar AS (Consumer staples, Consumer staples distribution & retail) | 144,713 | 2,733,217 | ||||
United Arab Emirates: 0.57% | ||||||
Emaar Properties PJSC (Real estate, Real estate management & development) | 900,109 | 2,114,905 | ||||
United States: 1.18% | ||||||
Southern Copper Corp. (Materials, Metals & mining) | 41,191 | 4,391,372 | ||||
Total common stocks (Cost $260,451,198) | 347,488,016 |
Dividend rate | ||||||
Preferred stocks: 4.12% | ||||||
Brazil: 0.73% | ||||||
Itau Unibanco Holding SA (Financials, Banks) | 0.04 | 457,500 | 2,740,398 | |||
South Korea: 3.39% | ||||||
LG Chem Ltd. (Materials, Chemicals) | 2.58 | 5,175 | 806,526 | |||
Samsung Electronics Co. Ltd. (Information technology, Technology hardware, storage & peripherals) | 0.26 | 248,202 | 11,816,111 | |||
12,622,637 | ||||||
Total preferred stocks (Cost $13,308,664) | 15,363,035 |
See accompanying notes to portfolio of investments
4 | Allspring Emerging Markets Equity Income Fund
Portfolio of investments—July 31, 2024 (unaudited)
Yield | Shares | Value | ||||
Short-term investments: 1.86% | ||||||
Investment companies: 1.86% | ||||||
Allspring Government Money Market Fund Select Class♠∞ | 5.25 % | 6,931,164 | $6,931,164 | |||
Total short-term investments (Cost $6,931,164) | 6,931,164 | |||||
Total investments in securities (Cost $280,691,026) | 99.19 % | 369,782,215 | ||||
Other assets and liabilities, net | 0.81 | 3,009,542 | ||||
Total net assets | 100.00 % | $372,791,757 |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
♦ | The security is fair valued in accordance with procedures approved by the Board of Trustees. |
˃ | Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with a current value of $0 (original a cost of $1,726,284), representing 0.00% of its net assets as of period end. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
Abbreviations: | |
ADR | American depositary receipt |
REIT | Real estate investment trust |
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:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $8,229,693 | $162,132,600 | $(163,431,129 ) | $0 | $0 | $6,931,164 | 6,931,164 | $348,042 |
See accompanying notes to portfolio of investments
Allspring Emerging Markets Equity Income Fund | 5
Notes to portfolio of investments—July 31, 2024 (unaudited)
Notes to portfolio of investments
Securities valuation
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 July 31, 2024, such fair value pricing was used in pricing 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.
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.
6 | Allspring Emerging Markets Equity Income Fund
Notes to portfolio of investments—July 31, 2024 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of July 31, 2024:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Brazil | $14,599,819 | $0 | $0 | $14,599,819 |
China | 1,940,004 | 80,327,845 | 0 | 82,267,849 |
Greece | 3,973,042 | 0 | 0 | 3,973,042 |
Hong Kong | 0 | 8,082,641 | 0 | 8,082,641 |
Hungary | 1,723,222 | 0 | 0 | 1,723,222 |
India | 5,864,419 | 63,658,434 | 0 | 69,522,853 |
Indonesia | 1,692,502 | 7,284,515 | 0 | 8,977,017 |
Luxembourg | 2,068,419 | 0 | 0 | 2,068,419 |
Malaysia | 2,319,852 | 3,192,300 | 0 | 5,512,152 |
Mexico | 5,397,792 | 0 | 0 | 5,397,792 |
Panama | 1,596,967 | 0 | 0 | 1,596,967 |
Peru | 1,943,590 | 0 | 0 | 1,943,590 |
Philippines | 2,561,682 | 0 | 0 | 2,561,682 |
Poland | 0 | 3,501,196 | 0 | 3,501,196 |
Russia | 0 | 0 | 0 | 0 |
Saudi Arabia | 0 | 9,298,902 | 0 | 9,298,902 |
Singapore | 2,575,171 | 7,596,175 | 0 | 10,171,346 |
South Africa | 7,593,367 | 8,508,015 | 0 | 16,101,382 |
South Korea | 0 | 27,276,493 | 0 | 27,276,493 |
Taiwan | 0 | 61,998,780 | 0 | 61,998,780 |
Thailand | 0 | 1,673,378 | 0 | 1,673,378 |
Turkey | 2,733,217 | 0 | 0 | 2,733,217 |
United Arab Emirates | 2,114,905 | 0 | 0 | 2,114,905 |
United States | 4,391,372 | 0 | 0 | 4,391,372 |
Preferred stocks | ||||
Brazil | 2,740,398 | 0 | 0 | 2,740,398 |
South Korea | 0 | 12,622,637 | 0 | 12,622,637 |
Short-term investments | ||||
Investment companies | 6,931,164 | 0 | 0 | 6,931,164 |
Total assets | $74,760,904 | $295,021,311 | $0 | $369,782,215 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
At July 31, 2024, the Fund did not have any transfers into/out of Level 3.
Allspring Emerging Markets Equity Income Fund | 7