2023-12-18AlternativeFunds-Retail
| |
Fund |
Institutional
Class |
Allspring
Global Long/Short Equity Fund |
AGAZX |
Allspring
U.S. Long/Short Equity Fund |
ADMZX |
The
U.S. Securities and Exchange Commission (“SEC”) has not approved or disapproved
these securities or passed upon the accuracy or adequacy of this Prospectus.
Anyone who tells you
otherwise is committing a crime.
Global
Long/Short Equity Fund Summary
Investment
Objective
The
Fund seeks to achieve long-term capital
appreciation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
| |
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
| |
|
|
|
|
Management
Fees |
|
1.25% |
Distribution
(12b-1) Fees |
|
0.00% |
Other
Expenses |
|
1.15% |
Dividend
and interest on short sales |
0.92% |
|
All
Other Expenses |
0.23% |
|
Acquired
Fund Fees and Expenses |
|
0.02% |
Total
Annual Fund Operating Expenses |
|
2.42% |
Fee
Waivers |
|
(0.08)% |
Total
Annual Fund Operating Expenses After Fee Waivers2
|
|
% |
1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
2. |
The
Manager has contractually committed through February
28, 2025,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
1.40%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
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. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
| |
|
|
After:
|
|
1
Year |
$237 |
3
Years |
$747 |
5
Years |
$1,283 |
10
Years |
$2,750 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 395%
of
the average value of its portfolio.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
at
least 80% of the Fund’s net assets in equity securities;
and |
■ |
in
the securities of companies located in at least three different countries,
including the
U.S. |
We
invest principally in equity securities such as common stocks, warrants and
rights of U.S. and foreign issuers of any market
capitalization. We will invest at least 40% of the Fund’s net assets, as
determined in our reasonable discretion, in issuers
that maintain their principal place of business, trade their securities, or
conduct a significant portion of their principal
business activities outside the U.S. Issuers will be deemed to have conducted a
significant portion of their principal
business activities outside of the U.S. if the issuer derived at least 50% of
their revenues or profits from goods produced
or sold, investments made, or services performed outside of the U.S. or that
have at least 50% of their assets in
countries outside of the U.S. From time to time, the Fund may be below this 40%
level (but is not expected to fall below
30%) if the portfolio managers, in their discretion, determine that market
conditions warrant such lower level of investment.
The Fund’s investments in foreign securities may include investments through
ADRs and similar investments.
The
Fund employs a strategy of taking long and short positions in equity securities
publicly traded in the U.S. and in foreign
developed markets. The Fund buys securities “long” that the Fund’s portfolio
manager believes will outperform the
equity market and sells securities “short” that the portfolio manager believes
will underperform the equity market. The
Fund’s long-short exposure will vary over time based on the portfolio managers
assessments of market conditions and
other factors. In general, the portfolio of the Fund will not be more than 100%
long or short on a net basis. The Fund’s
strategy seeks to provide favorable performance while seeking to reduce certain
risks relative to a portfolio comprised
of only long positions in the same or substantially similar securities, but
there can be no guarantee that its strategy
will be successful in this regard. We incorporate ESG ratings as a stock
specific risk control, where companies with
poor ratings will receive a higher amount of forecasted volatility than those
with favorable ESG ratings.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Equity
Securities Risk.
The values of equity securities may experience periods of substantial price
volatility and may decline
significantly over short time periods. In general, the values of equity
securities are more volatile than those of debt
securities. Equity securities fluctuate in value and price in response to
factors specific to the issuer of the security, such
as management performance, financial condition, and market demand for the
issuer’s products or services, as well
as factors unrelated to the fundamental condition of the issuer, including
general market, economic and political conditions.
Different parts of a market, industry and sector may react differently to
adverse issuer, market, regulatory, political,
and economic developments.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Short
Sales Risk.
Short selling is generally considered speculative, has the potential for
unlimited loss and may involve leverage,
which can magnify a Fund’s exposure to assets that decline in value and increase
the volatility of the Fund’s net
asset value.
Leverage
Risk.
Certain transactions, such as derivatives, may give rise to a form of leverage.
Leverage increases the Fund’s
portfolio losses when the value of its investments declines. Because many
derivatives have a leverage component
(i.e., a notional value in excess of the assets needed to establish and/or
maintain the derivative position), adverse
changes in the value or level of the underlying asset, rate or index may result
in a loss substantially greater than
the amount invested in the derivative itself. Leveraging may cause a Fund to be
more volatile than if the Fund had not
been leveraged.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Smaller
Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more
volatile and
less liquid than those of larger companies.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at www.allspringglobal.com.
|
| |
Calendar
Year Total Returns for the Institutional Class as of 12/31 each
year1
|
|
Highest
Quarter: December
31, 2022 |
|
Lowest
Quarter: March
31,
2020 |
|
|
|
|
| |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
Since
Inception |
Institutional
Class (before taxes) |
12/12/2014
|
2.97% |
3.70% |
4.43% |
Institutional
Class (after taxes on distributions) |
12/12/2014
|
1.76% |
3.28% |
3.89% |
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
12/12/2014
|
1.75% |
2.78% |
3.39% |
MSCI
ACWI Index (Net) (reflects no deduction for fees,
expenses, or taxes) |
|
22.20% |
11.72% |
8.09% |
MSCI
World Index (Net) (USD) (reflects no deduction for
fees, expenses, or taxes) |
|
23.79% |
12.80% |
8.75% |
Global
Long/Short Equity Blended Index (reflects no deduction
for fees, expenses, or taxes)2
|
|
% |
% |
% |
ICE
BofA 3-Month U.S. Treasury Bill Index (reflects no
deduction for fees, expenses, or taxes) |
|
5.05% |
1.89% |
1.26% |
1. |
Historical
performance shown for the Institutional Class shares prior to 12/16/22, is
based on the performance of Class I shares of the
Fund’s predecessor, 361 Global Long/Short Equity Fund (the “Predecessor
Fund”), and for the period prior to 12/12/14, is based on
the performance of a predecessor account, the Analytic Global Long/Short
Equity Fund, L.P., a limited partnership that was reorganized
into the Predecessor Fund on 12/12/14 (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. |
2. |
Source:
Allspring Funds Management, LLC. The Global Long/Short Equity Blended
Index is composed 50% of the MSCI World Index (Net)
(USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot
invest directly in an index. |
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect
the impact of state, local or foreign taxes.
Actual
after-tax returns depend on an investor’s tax situation and may
differ
from those shown, and after-tax returns shown are not relevant to tax-exempt
investors or investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) Plans or
Individual Retirement
Accounts.
Fund
Management
|
| |
Manager
|
Sub-Adviser |
Portfolio
Managers, Title/Managed Since |
Allspring
Funds Management,
LLC |
Allspring
Global Investments,
LLC |
Kevin
Cole, CFA,
Portfolio Manager / 2024 Harindra de
Silva, Ph.D., CFA,
Portfolio Manager / 20141 David
Krider, CFA,
Portfolio Manager / 20141
|
1. |
Includes
Portfolio Manager’s tenure with the Fund’s predecessor, 361 Global
Long/Short Equity Fund. |
Purchase
and Sale of Fund Shares
Institutional shares
are generally available through intermediaries for the accounts of their
customers and directly to institutional
investors and individuals. Institutional investors may include corporations;
private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
| |
Minimum
Investments |
To
Buy or Sell Shares |
Minimum
Initial Investment Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment Institutional
Class: None |
Mail:
Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967 Online:
www.allspringglobal.com Phone
or Wire:
1-800-222-8222 Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
U.S.
Long/Short Equity Fund Summary
Investment
Objective
The
Fund seeks long-term capital appreciation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
| |
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
| |
|
|
|
|
Management
Fees |
|
1.10% |
Distribution
(12b-1) Fees |
|
0.00% |
Other
Expenses |
|
2.26% |
Dividend
and interest on short sales |
0.66% |
|
All
Other Expenses |
1.60% |
|
Acquired
Fund Fees and Expenses |
|
0.01% |
Total
Annual Fund Operating Expenses |
|
3.37% |
Fee
Waivers |
|
(1.45)% |
Total
Annual Fund Operating Expenses After Fee Waivers2
|
|
% |
1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
2. |
The
Manager has contractually committed through February
28, 2025,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
1.25%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
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. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
| |
|
|
After:
|
|
1
Year |
$195 |
3
Years |
$901 |
5
Years |
$1,630 |
10
Years |
$3,560 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 322%
of
the average value of its portfolio.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
at
least 80% of the Fund’s net assets in U.S. equity
securities. |
We
invest principally in equity securities such as common stocks, warrants and
rights of U.S. issuers of any market capitalization.
The Fund employs a strategy of taking long and short positions in equity
securities publicly traded in the U.S.
The Fund buys securities “long” that the Fund’s portfolio manager believes will
outperform the equity market and sells
securities “short” that the portfolio manager believes will underperform the
equity market. The Fund’s long-short exposure
will vary over time based on the portfolio managers assessments of market
conditions and other factors. In general,
the portfolio of the Fund will not be more than 100% long or short on a net
basis. The Fund’s strategy seeks to provide
favorable performance while seeking to reduce certain risks relative to a
portfolio comprised of only long positions
in the same or substantially similar securities, but there can be no guarantee
that its strategy will be successful
in this regard. We incorporate ESG ratings as a stock specific risk control,
where companies with poor ratings
will receive a higher amount of forecasted volatility than those with favorable
ESG ratings.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Equity
Securities Risk.
The values of equity securities may experience periods of substantial price
volatility and may decline
significantly over short time periods. In general, the values of equity
securities are more volatile than those of debt
securities. Equity securities fluctuate in value and price in response to
factors specific to the issuer of the security, such
as management performance, financial condition, and market demand for the
issuer’s products or services, as well
as factors unrelated to the fundamental condition of the issuer, including
general market, economic and political conditions.
Different parts of a market, industry and sector may react differently to
adverse issuer, market, regulatory, political,
and economic developments.
Short
Sales Risk.
Short selling is generally considered speculative, has the potential for
unlimited loss and may involve leverage,
which can magnify a Fund’s exposure to assets that decline in value and increase
the volatility of the Fund’s net
asset value.
Leverage
Risk.
Certain transactions, such as derivatives, may give rise to a form of leverage.
Leverage increases the Fund’s
portfolio losses when the value of its investments declines. Because many
derivatives have a leverage component
(i.e., a notional value in excess of the assets needed to establish and/or
maintain the derivative position), adverse
changes in the value or level of the underlying asset, rate or index may result
in a loss substantially greater than
the amount invested in the derivative itself. Leveraging may cause a Fund to be
more volatile than if the Fund had not
been leveraged.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Smaller
Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more
volatile and
less liquid than those of larger companies.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at www.allspringglobal.com.
|
| |
Calendar
Year Total Returns for the Institutional Class as of 12/31 each
year1
|
|
Highest
Quarter: December
31, 2021 |
|
Lowest
Quarter: December
31, 2018 |
|
|
|
|
| |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
Since
Inception |
Institutional
Class (before taxes) |
3/31/2016
|
0.00% |
7.03% |
5.35% |
Institutional
Class (after taxes on distributions) |
3/31/2016
|
0.00% |
3.37% |
2.59% |
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
3/31/2016
|
0.00% |
4.36% |
3.34% |
Russell
3000® Index (reflects no deduction for fees, expenses,
or taxes) |
|
25.96% |
15.16% |
13.09% |
MSCI
USA Index (Net) (USD) (reflects no deduction for
fees, expenses, or taxes) |
|
26.49% |
15.16% |
12.92% |
U.S.
Long/Short Equity Blended Index (reflects no deduction
for fees, expenses, or taxes)2
|
|
% |
% |
% |
ICE
BofA 3-Month U.S. Treasury Bill Index (reflects no
deduction for fees, expenses, or taxes) |
|
5.05% |
1.89% |
1.60% |
1. |
Historical
performance shown for the Institutional Class shares prior to 12/16/22 is
based on the performance of Class I shares of the
Fund’s predecessor, 361 Domestic Long/Short Equity
Fund. |
2. |
Source:
Allspring Funds Management, LLC. The U.S. Long/Short Equity Blended Index
is composed 50% of the MSCI USA Index (Net)
(USD) and 50% of the ICE BofA 3-Month U.S. Treasury Bill Index. You cannot
invest directly in an index. |
After-tax
returns are calculated using the historical highest individual federal marginal
income tax rates and do not reflect
the impact of state, local or foreign taxes.
Actual
after-tax returns depend on an investor’s tax situation and may differ
from those shown, and after-tax returns shown are not relevant to tax-exempt
investors or investors who hold their
Fund shares through tax-deferred arrangements, such as 401(k) Plans or
Individual Retirement
Accounts.
Fund
Management
|
| |
Manager
|
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
Allspring
Funds Management,
LLC |
Allspring
Global Investments,
LLC |
Ryan
Brown, CFA,
Portfolio Manager / 20161 Kevin
Cole, CFA,
Portfolio Manager / 2024 Harindra
de Silva, Ph.D., CFA,
Portfolio Manager / 20161
|
1. |
Includes
Portfolio Manager’s tenure with the Fund’s predecessor, 361 Domestic
Long/Short Equity Fund. |
Purchase
and Sale of Fund Shares
Institutional shares
are generally available through intermediaries for the accounts of their
customers and directly to institutional
investors and individuals. Institutional investors may include corporations;
private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
| |
Minimum
Investments |
To
Buy or Sell Shares |
Minimum
Initial Investment Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment Institutional
Class: None |
Mail:
Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967 Online:
www.allspringglobal.com Phone
or Wire:
1-800-222-8222 Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
Details
About the Funds
Global
Long/Short Equity Fund
Investment
Objective
The
Fund seeks to achieve long-term capital appreciation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
at
least 80% of the Fund’s net assets in equity securities;
and |
■ |
in
the securities of companies located in at least three different countries,
including the U.S. |
We
invest principally in equity securities such as common stocks, warrants and
rights of U.S. and foreign issuers of any market
capitalization. We will invest at least 40% of the Fund’s net assets, as
determined in our reasonable discretion, in issuers
that maintain their principal place of business, trade their securities, or
conduct a significant portion of their principal
business activities outside the U.S. Issuers will be deemed to have conducted a
significant portion of their principal
business activities outside of the U.S. if the issuer derived at least 50% of
their revenues or profits from goods produced
or sold, investments made, or services performed outside of the U.S. or that
have at least 50% of their assets in
countries outside of the U.S. From time to time, the Fund may be below this 40%
level (but is not expected to fall below
30%) if the portfolio managers, in their discretion, determine that market
conditions warrant such lower level of investment.
The Fund’s investments in foreign securities may include investments through
ADRs and similar investments.
The
Fund employs a strategy of taking long and short positions in equity securities
publicly traded in the U.S. and in foreign
developed markets. The Fund buys securities “long” that the Fund’s portfolio
manager believes will outperform the
equity market and sells securities “short” that the portfolio manager believes
will underperform the equity market. The
Fund’s long-short exposure will vary over time based on the portfolio managers
assessments of market conditions and
other factors. In general, the portfolio of the Fund will not be more than 100%
long or short on a net basis. The Fund’s
strategy seeks to provide favorable performance while seeking to reduce certain
risks relative to a portfolio comprised
of only long positions in the same or substantially similar securities, but
there can be no guarantee that its strategy
will be successful in this regard. We incorporate ESG ratings as a stock
specific risk control, where companies with
poor ratings will receive a higher amount of forecasted volatility than those
with favorable ESG ratings.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value and total return. These risks are described in the “Description
of Principal Investment Risks” section.
U.S.
Long/Short Equity Fund
Investment
Objective
The
Fund seeks long-term capital appreciation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
■ |
at
least 80% of the Fund’s net assets in U.S. equity
securities. |
We
invest principally in equity securities such as common stocks, warrants and
rights of U.S. issuers of any market capitalization.
The Fund employs a strategy of taking long and short positions in equity
securities publicly traded in the U.S.
The Fund buys securities “long” that the Fund’s portfolio manager believes will
outperform the equity market and sells
securities “short” that the portfolio manager believes will underperform the
equity market. The Fund’s long-short exposure
will vary over time based on the portfolio managers assessments of market
conditions and other factors. In general,
the portfolio of the Fund will not be more than 100% long or short on a net
basis. The Fund’s strategy seeks to provide
favorable performance while seeking to reduce certain risks relative to a
portfolio comprised of only long positions
in the same or substantially similar securities, but there can be no guarantee
that its strategy will be successful
in this regard. We incorporate ESG ratings as a stock specific risk control,
where companies with poor ratings
will receive a higher amount of forecasted volatility than those with favorable
ESG ratings.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value and total return. These risks are described in the “Description
of Principal Investment Risks” section.
Description
of Principal Investment Risks
Understanding
the risks involved in fund investing will help you make an informed decision
that takes into account your risk
tolerance and preferences. The risks that are most likely to have a material
effect on a particular Fund as
a whole are
called “principal risks.” The principal risks for each Fund
have been previously identified and are described below (in alphabetical
order). Additional information about the principal risks is included in the
Statement of Additional Information.
Equity
Securities Risk.
The values of equity securities may experience periods of substantial price
volatility and may decline
significantly over short time periods. In general, the values of equity
securities are more volatile than those of debt
securities. Equity securities fluctuate in value and price in response to
factors specific to the issuer of the security, such
as management performance, financial condition, and market demand for the
issuer’s products or services, as well
as factors unrelated to the fundamental condition of the issuer, including
general market, economic and political conditions.
Investing in equity securities poses risks specific to an issuer, as well as to
the particular type of company issuing
the equity securities. For example, investing in the equity securities of small-
or mid-capitalization companies can
involve greater risk than is customarily associated with investing in stocks of
larger, more-established companies. Different
parts of a market, industry and sector may react differently to adverse issuer,
market, regulatory, political, and economic
developments. Negative news or a poor outlook for a particular industry or
sector can cause the share prices of
securities of companies in that industry or sector to decline. This risk may be
heightened for a Fund that invests a substantial
portion of its assets in a particular industry or sector.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
companies may be subject to significantly higher
levels of taxation than U.S. companies, including potentially confiscatory
levels of taxation, thereby reducing the earnings
potential of such foreign companies. Foreign investments may involve exposure to
changes in foreign currency
exchange rates. Such changes may reduce the U.S. dollar value of the
investments. Foreign investments may be
subject to additional risks, such as potentially higher withholding and other
taxes, and may also be subject to greater
trade settlement, custodial, and other operational risks than domestic
investments. Certain foreign markets may
also be characterized by less stringent investor protection and disclosure
standards.
Leverage
Risk.
Certain transactions, such as derivatives, may give rise to a form of leverage
(i.e., the Fund’s exposure to underlying
securities, assets or currencies exceeds its net asset value). Leverage
increases the Fund’s portfolio losses when
the value of its investments declines. Because many derivatives have a leverage
component (i.e., a notional value in
excess of the assets needed to establish and/or maintain the derivative
position), adverse changes in the value or level
of the underlying asset, rate or index may result in a loss substantially
greater than the amount invested in the derivative
itself. Leveraging may cause a Fund to be more volatile than if the Fund had not
been leveraged. The use of leverage
may cause a Fund to liquidate portfolio positions when it may not be
advantageous to do so.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a Fund’s
manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce the
returns expected, may cause the
Fund’s shares to lose value or may cause the Fund to underperform other funds
with similar investment objectives.
Market
Risk.
The values of, and/or the income generated by, securities held by a Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments. Political,
geopolitical, natural and other events, including war, terrorism, trade
disputes, government shutdowns, market
closures, inflation, natural and environmental disasters, epidemics, pandemics
and other public health crises and
related events have led, and in the future may lead, to economic uncertainty,
decreased economic activity, increased
market volatility and other disruptive effects on U.S. and global economies and
markets. Such events may have
significant adverse direct or indirect effects on a Fund and its investments. In
addition, economies and financial markets
throughout the world are becoming increasingly interconnected, which increases
the likelihood that events or conditions
in one country or region will adversely impact markets or issuers in other
countries or regions.
Short
Sales Risk.
Short selling is generally considered speculative, has the potential for
unlimited loss and may involve leverage,
which can magnify a Fund’s exposure to assets that decline in value and increase
the volatility of the Fund’s net
asset value. If the price of a security which the Fund has sold short increases
between the time of the short sale and when
the position is closed out, the Fund will incur a loss equal to the increase in
price from the time of the short sale plus
any related interest payments, dividends, transaction or other costs. There can
be no assurance that the Fund will be
able to close out a short position at any particular time or at an acceptable
price. Purchasing a security to cover a short
position can itself cause the price of the security to rise, potentially
exacerbating a loss or reducing a gain. In
addition,
the Fund is subject to the risk that the lender of a security will terminate the
loan at a time when the Fund is unable
to borrow the same instrument from another lender. A Fund that uses short sales
is subject to the risk that its prime
broker will be unwilling or unable to perform its contractual obligations.
Regulatory restrictions limit the extent to
which the Fund may engage in short sales.
Smaller
Company Securities Risk.
Securities of companies with smaller market capitalizations tend to be more
volatile and
less liquid than those of larger companies. Smaller companies may have no or
relatively short operating histories, limited
financial resources or may have recently become public companies. Some of these
companies have aggressive capital
structures, including high debt levels, or are involved in rapidly growing or
changing industries and/or new technologies.
Portfolio
Holdings Information
A
description of the Allspring
Funds’ policies and procedures with respect to disclosure of the Funds’ portfolio
holdings is
available in the Funds’
Statement of Additional Information.
Pricing Fund
Shares
A Fund’s net
asset value (“NAV”) is the value of a single share. The NAV is calculated as of
the close of regular trading on the
New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day
that the NYSE is open, although a Fund
may deviate from this calculation time under unusual or unexpected
circumstances.
The NAV is calculated
separately for each class of shares of a multiple-class Fund. The most recent
NAV for each class of a Fund is available
at allspringglobal.com. To calculate the NAV of a Fund’s
shares, the Fund’s
assets are valued and totaled, liabilities
are subtracted, and the balance, called net assets, is divided by the number of
shares outstanding. The price at
which a purchase or redemption request is processed is based on the next NAV
calculated after the request is received
in good order. Generally, NAV is not calculated, and purchase and redemption
requests are not processed, on days
that the NYSE is closed for trading; however, under unusual or unexpected
circumstances, a Fund
may elect to remain
open even on days that the NYSE is closed or closes early. To the extent
that a Fund’s
assets are traded in various
markets on days when the Fund
is closed, the value of the Fund’s
assets may be affected on days when you are unable
to buy or sell Fund
shares. Conversely, trading in some of a Fund’s
assets may not occur on days when the Fund
is
open.
With
respect to any portion of a Fund’s
assets that may be invested in other mutual funds, the value of
the Fund’s
shares is
based on the NAV of the shares of the other mutual funds in which
the Fund
invests. The valuation methods used by mutual
funds in pricing their shares, including the circumstances under which they will
use fair value pricing and the effects
of using fair value pricing, are included in the prospectuses of such funds. To
the extent a Fund
invests a portion of
its assets in non-registered investment vehicles, the Fund’s
interests in the non-registered vehicles are fair valued at NAV.
With
respect to a Fund’s
assets invested directly in securities, the Fund’s
investments are generally valued at current market
prices. Equity securities, options and futures are generally valued at the
official closing price or, if none, the last reported
sales price on the primary exchange or market on which they are listed (closing
price). Equity securities that are
not traded primarily on an exchange are generally valued at the quoted bid price
obtained from a broker-dealer.
Debt
securities are valued at the evaluated bid price provided by an independent
pricing service or, if a reliable price is not
available, the quoted bid price from an independent broker-dealer.
We
are required to depart from these general valuation methods and use fair value
pricing methods to determine the values
of certain investments if we believe that the closing price or the quoted bid
price of a security, including a security
that trades primarily on a foreign exchange, does not accurately reflect its
current market value as of the time a Fund
calculates its NAV. The closing price or the quoted bid price of a security may
not reflect its current market value
if, among other things, a significant event occurs after the closing price or
quoted bid price are made available, but
before the time as of which a Fund
calculates its NAV, that materially affects the value of the security. We use
various
criteria, including a systemic evaluation of U.S. market moves after the close
of foreign markets, in deciding whether
a foreign security’s market price is still reliable and, if not, what fair
market value to assign to the security. In addition,
we use fair value pricing to determine the value of investments in securities
and other assets, including illiquid
securities, for which current market quotations or evaluated prices from a
pricing service or broker-dealer are not
readily available.
The
fair value of a Fund’s
securities and other assets is determined in good faith pursuant to policies and
procedures adopted
by the Fund’s
Board of Trustees. Pursuant to such policies and procedures, the Board has
appointed the Manager
as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair
valuations of the Fund’s portfolio
investments, subject to the Board’s oversight. As the Valuation Designee, the
Manager has established procedures
for its fair valuation of the Fund’s portfolio investments. These procedures
address, among other things, determining
when market quotations are not readily available or reliable and the
methodologies to be used for determining
the fair value of investments, as well as the use and oversight of third-party
pricing services for fair valuation.
In light of the judgment involved in making fair value decisions, there can be
no assurance that a fair value assigned
to a particular security is accurate or that it reflects the price that the
Fund could
obtain for such security if it were
to sell the security at the time as of which fair value pricing is determined.
Such fair value pricing may result in NAVs
that are higher or lower than NAVs based on the closing price or quoted bid
price. See the Statement of Additional
Information for additional details regarding the determination of
NAVs.
Management
of the Funds
The
Manager
Allspring
Funds Management, LLC (“Allspring
Funds Management”), headquartered at 1415 Vantage Park Drive, 3rd Floor,
Charlotte, NC 28203, provides advisory
and fund-level administrative services to the Funds
pursuant to an investment
management agreement (the “Management Agreement”). Allspring
Funds Management is 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. Allspring Funds Management is a
registered investment adviser that provides
advisory services for registered mutual funds, closed-end funds and other funds
and accounts.
Allspring
Funds Management is responsible for implementing the investment objectives and
strategies of the Funds.
Allspring
Funds Management’s investment professionals review and analyze the Funds’
performance, including relative to
peer funds, and monitor the Funds’
compliance with their
investment objectives and strategies. Allspring
Funds Management
is responsible for reporting to the Board on investment performance and other
matters affecting the Funds.
When appropriate, Allspring
Funds Management recommends to the Board enhancements to Fund features,
including
changes to Fund investment objectives, strategies and policies. Allspring
Funds Management also communicates
with shareholders
and intermediaries about Fund performance and features.
Allspring
Funds Management is also responsible for providing fund-level
administrative services to the Funds,
which include,
among others, providing such services in connection with the Funds’
operations; developing and implementing
procedures for monitoring compliance with regulatory requirements and compliance
with the Funds’
investment
objectives, policies and restrictions; and providing any
other fund-level
administrative services reasonably necessary
for the operation of the Funds,
other than those services that are provided by the Funds’ transfer
and dividend
disbursing agent, custodian and fund accountant.
To
assist Allspring
Funds Management in implementing the investment objectives and strategies of the
Funds,
Allspring
Funds
Management may contract with one or more sub-advisers to provide day-to-day
portfolio management services to
the Funds.
Allspring
Funds Management employs a team of investment professionals who identify and
recommend the
initial hiring of any sub-adviser and oversee and monitor the activities of any
sub-adviser on an ongoing basis. Allspring
Funds Management retains overall responsibility for the investment activities of
the Funds.
A
discussion regarding the basis for the Board’s approval of
the Management
Agreement and any applicable sub-advisory
agreements for each Fund is
available in the Fund’s next
Annual report for the period ended October
31.
For each Fund’s
most recent fiscal year end, the Management
Fee paid to each
Fund’s
predecessor Advisor pursuant to the
prior Advisory Agreement, net of any applicable waivers and reimbursements, was
as follows:
| |
Management
Fees Paid |
|
As
a % of average daily
net assets |
Global
Long/Short Equity Fund |
1.22% |
U.S.
Long/Short Equity Fund |
0.00% |
The
Sub-Adviser and Portfolio Managers
The
following Sub-Adviser
and Portfolio
Managers provide day-to-day portfolio management services to the Funds. These
services include making purchases and sales of securities and other investment
assets for the Funds,
selecting
broker-dealers, negotiating brokerage commission rates and maintaining portfolio
transaction records. The Sub-Adviser is
compensated for its
services by Allspring
Funds Management from the fees Allspring
Funds Management receives
for its services as Manager
to the Funds.
The Statement of Additional Information provides additional
information about the Portfolio
Managers’ compensation, other accounts managed by the Portfolio
Managers
and the Portfolio
Managers’ ownership of securities in the Funds.
Allspring
Global Investments, LLC
(“Allspring Investments”) is a registered investment adviser located
at 1415 Vantage Park
Drive, 3rd Floor, Charlotte, NC 28203. Allspring Investments, an affiliate of
Allspring Funds Management and wholly
owned subsidiary of Allspring Global Investments Holdings, LLC, is a
multi-boutique asset management firm committed
to delivering superior investment services to institutional clients, including
mutual funds.
| |
Ryan
Brown, CFA U.S.
Long/Short Equity Fund |
Mr.
Brown joined Allspring Investments or one of its predecessor firms in
2007,
where he currently serves as a Portfolio Manager for the Systematic
Edge team. |
Kevin
Cole, CFA Global
Long/Short Equity Fund U.S. Long/Short
Equity Fund |
Mr.
Cole joined Allspring Investments or one of its predecessor firms in
2016,
where he currently serves as a Portfolio Manager for the Systematic
Edge team. |
Harindra de
Silva, Ph.D., CFA Global
Long/Short Equity Fund U.S.
Long/Short Equity Fund |
Mr.
de Silva joined Allspring Investments or one of its predecessor firms
in
1995, where he currently serves a Portfolio Manager for the Systematic
Edge team. |
David
Krider, CFA Global
Long/Short Equity Fund |
Mr.
Krider joined Allspring Investments or one of its predecessor firms in
2005,
where he currently serves as a Portfolio Manager for the Systematic
Edge team. |
Multi-Manager
Arrangement
The Funds
and Allspring
Funds Management have obtained an exemptive order from the SEC that
permits Allspring
Funds
Management, subject to Board approval, to select certain sub-advisers and enter
into or amend sub-advisory agreements
with them, without obtaining shareholder approval. The SEC order extends to
sub-advisers that are not otherwise
affiliated with Allspring
Funds Management or the Funds,
as well as sub-advisers that are wholly-owned subsidiaries
of Allspring
Funds Management or of a company that wholly owns Allspring
Funds Management. In addition,
the SEC staff, pursuant to no-action relief, has extended multi-manager relief
to any affiliated sub-adviser, such
as affiliated sub-advisers that are not wholly-owned subsidiaries of
Allspring
Funds Management or of a company that
wholly owns Allspring
Funds Management, provided certain conditions are satisfied (all such
sub-advisers covered by
the order or relief, “Multi-Manager Sub-Advisers”).
As
such, Allspring
Funds Management, with Board approval, may hire or replace Multi-Manager
Sub-Advisers for each Fund
that is eligible to rely on the order or relief. Allspring
Funds Management, subject to Board oversight, has the responsibility
to oversee Multi-Manager Sub-Advisers and to recommend their hiring, termination
and replacement. If a new
sub-adviser is hired for a Fund pursuant to the order or relief, the Fund is
required to notify shareholders within 90 days.
The Funds are
not required to disclose the individual fees that Allspring
Funds Management pays to a Multi-Manager
Sub-Adviser.
Account
Information
Share
Class Eligibility
Institutional
Class shares are generally available through intermediaries for the accounts of
their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks; trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
The following investors may purchase Institutional Class shares and are not
subject to a minimum initial investment
amount except as noted below:
■ |
Employee
benefit plan programs; |
■ |
Broker-dealer
managed account or wrap programs that charge an asset-based
fee; |
■ |
Registered
investment adviser mutual fund wrap programs or other accounts that charge
a fee for advisory, investment,
consulting or similar services; |
■ |
Private
bank and trust company managed accounts or wrap programs that charge an
asset-based fee; |
■ |
Internal
Revenue Code Section 529 college savings plan
accounts; |
■ |
Funds
of funds, including those advised by Allspring
Funds Management; |
■ |
Endowments,
non-profits, and charitable organizations who invest a minimum initial
investment amount of $500,000 in
a Fund; |
■ |
Any
other institutions or customers of intermediaries who invest a minimum
initial investment amount of $1 million in
a Fund; |
■ |
Individual
investors who invest a minimum initial investment amount of $1 million
directly in a Fund; |
■ |
Certain
investors and related accounts as detailed in the Statement of Additional
Information; |
■ |
Investors
purchasing shares through an intermediary, acting solely as a broker on
behalf of its customers, that holds such
shares in an omnibus account and charges investors a transaction based
commission outside of the Fund. In order
to offer Fund shares, an intermediary must have an agreement with the
Fund’s distributor authorizing the use of
the share class within this type of
platform; |
■ |
Current
and retired employees, directors/trustees and officers
of: |
• |
Allspring
Funds (including any predecessor funds); |
• |
Allspring
Global Investments Holdings, LLC and its affiliates;
and |
• |
family
members (spouse, domestic partner, parents, grandparents, children,
grandchildren and siblings (including step
and in-law)) of any of the foregoing; and |
• |
a
Fund’s sub-adviser(s), but only for the Fund(s) for which such sub-adviser
provides investment advisory services. |
Eligibility
requirements for Institutional Class shares may be modified or discontinued at
any time.
Your
Fund may offer other classes of shares in addition to those offered through this
Prospectus. You may be eligible to invest
in one or more of these other classes of shares. Each share class bears varying
expenses and may differ in other features.
Consult your financial professional for more information regarding a Fund’s
available share classes.
The
information in this Prospectus is not intended for distribution to, or use by,
any person or entity in any non-U.S. jurisdiction
or country where such distribution or use would be contrary to any law or
regulation, or which would subject
Fund shares to any registration requirement within such jurisdiction or
country.
Share
Class Features
The
table below summarizes the key features of the share class offered through this
Prospectus. Please note that if you purchase
shares through an intermediary that acts as a broker on your behalf, you may be
required to pay a commission
to your intermediary in an amount determined and separately disclosed to you by
the intermediary. Consult
your financial professional for further details.
|
| |
|
Institutional
Class |
Front-End
Sales Charge |
|
None |
Contingent
Deferred Sales Charge (“CDSC”) |
|
None |
Ongoing
Distribution (“12b-1”) Fees |
|
None |
Information
regarding sales charges, breakpoint levels, reductions and waivers is also
available free of charge on our website
at www.allspringglobal.com.
You may wish to discuss your choice of share class with your financial
professional.
Compensation
to Financial Professionals and Intermediaries
In
addition to dealer reallowances and payments made by certain classes
of each
Fund for distribution and shareholder servicing,
the Fund’s manager, the distributor or their affiliates make additional payments
(“Additional Payments”) to certain
financial professionals and intermediaries for selling shares and providing
shareholder services, which include broker-dealers
and 401(k) service providers and record keepers. These Additional Payments,
which may be significant, are
paid by the Fund’s manager, the distributor or their affiliates, out of their
revenues, which generally come directly or indirectly
from Fund fees.
In
return for these Additional Payments, each
Fund’s manager and distributor expect the Fund to receive certain marketing
or servicing considerations that are not generally available to mutual funds
whose sponsors do not make such
payments. Such considerations are expected to include, without limitation,
placement of the Fund on a list of mutual
funds offered as investment options to the intermediary’s clients (sometimes
referred to as “Shelf Space”); access
to the intermediary’s financial professionals; and/or the ability to assist in
training and educating the intermediary’s
financial professionals.
The
Additional Payments may create potential conflicts of interest between an
investor and a financial professional or intermediary
who is recommending or making available a particular mutual fund over other
mutual funds. Before investing,
you should consult with your financial professional and review carefully any
disclosure by the intermediary as to
what compensation the intermediary receives from mutual fund sponsors, as well
as how your financial professional is
compensated.
The
Additional Payments are typically paid in fixed dollar amounts, based on the
number of customer accounts maintained
by an intermediary, or based on a percentage of sales and/or assets under
management, or a combination of
the above. The Additional Payments are either up-front or ongoing or both and
differ among intermediaries. In a given
year, Additional Payments to an intermediary that is compensated based on its
customers’ assets typically range between
0.02% and 0.25% of assets invested in a Fund by the intermediary’s customers.
Additional Payments to an intermediary
that is compensated based on a percentage of sales typically range between 0.10%
and 0.25% of the gross
sales of a Fund attributable to the financial intermediary.
More
information on the FINRA member firms that have received the Additional Payments
described in this section is available
in the Statement of Additional Information, which is on file with the SEC and is
also available on the Allspring
Funds
website at www.allspringglobal.com.
Buying
and Selling Fund Shares
For
more information regarding buying and selling Fund shares, please visit
www.allspringglobal.com.
You may buy (purchase)
and sell (redeem) Fund shares as follows:
|
| |
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
Through
Your Financial Professional |
Contact
your financial
professional.
Transactions
will be subject to the terms
of your account with your intermediary. |
Contact
your financial professional.
Transactions
will be subject to the terms of
your account with your intermediary. |
Through
Your Retirement Plan |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms
of your retirement plan account. |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms of
your retirement plan account. |
|
| |
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
Online |
New
accounts cannot be opened online.
Contact your financial professional
or retirement plan administrator,
or refer to the section on
opening an account by mail. |
Visit
www.allspringglobal.com.
Online
transactions are limited to a maximum
of $100,000. You may be eligible
for an exception to this maximum.
Please call Investor Services at
1-800-222-8222 for more information. |
By
Telephone |
Call
Investor Services at 1-800-222-8222.
Available
only if you have another Allspring
Fund account with your bank
information on file. |
Call
Investor Services at 1-800-222-8222.
Redemption
requests may not be made by
phone if the address on your account was
changed in the last 15 days. In this event,
you must request your redemption
by mail. For joint accounts, telephone
requests generally require only
one of the account owners to call unless
you have instructed us otherwise. |
By
Mail |
Complete
an account application and
submit it according to the instructions
on the application.
Account
applications are available online
at www.allspringglobal.com
or by
calling Investor Services at 1-800-222-8222. |
Send
the items required under “Requests
in Good Order” below to:
Regular
Mail Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967
Overnight
Only Allspring
Funds 430
W 7th Street STE 219967 Kansas
City, MO 64105-1407 |
Requests
in “Good Order”.
All purchase and redemption requests must be received in “good order.” This
means that a request
generally must include:
■ |
The
Fund name(s), share class(es) and account
number(s); |
■ |
The
amount (in dollars or shares) and type (purchase or redemption) of the
request; |
■ |
If
by mail, the signature of each registered owner as it appears in the
account application; |
■ |
For
purchase requests, payment of the full amount of the purchase request (see
“Payment” below); and |
■ |
Any
supporting legal documentation that may be
required. |
Purchase
and redemption requests in good order will be processed at the next NAV
calculated after the Fund’s transfer agent
or an authorized intermediary1
receives your request. If your request is not received in good order, additional
documentation
may be required to process your transaction. We reserve the right to waive any
of the above requirements.
1. |
The
Fund’s shares may be purchased through an intermediary that has entered
into a dealer agreement with the Fund’s distributor. The
Fund has approved the acceptance of a purchase or redemption request
effective as of the time of its receipt by such an authorized
intermediary or its designee, as long as the request is received by one of
those entities prior to the Fund’s closing time. These
intermediaries may charge transaction fees. We reserve the right to adjust
the closing time in certain circumstances. |
Payment.
Payment for Fund shares may be made as follows:
| |
By
Wire |
Purchases
into a new or existing account may be funded by using the following
wire
instructions:
State
Street Bank & Trust Boston,
MA Bank
Routing Number: ABA 011000028 Wire
Purchase Account: 9905-437-1 Attention:
Allspring
Funds (Name
of Fund, Account Number and any applicable share class) Account
Name: Provide your name as registered on the Fund account or as
included
in your account application. |
By
Check |
Make
checks payable to Allspring
Funds. |
| |
By
Exchange |
Identify
an identically registered Allspring
Fund account from which you wish to exchange
(see “Exchanging Fund Shares” below for restrictions on
exchanges). |
By
Electronic Funds Transfer (“EFT”) |
Additional
purchases for existing accounts may be funded by EFT using your
linked
bank account. |
All
payments must be in U.S. dollars, and all checks and EFTs must be drawn on U.S.
banks. You will be charged a $25.00
fee for every check or EFT that is returned to us as unpaid.
Form
of Redemption Proceeds.
You may request that your redemption proceeds be sent to you by check, by EFT
into a linked
bank account, or by wire to a linked bank account. Please call Investor Services
at 1-800-222-8222 regarding the requirements
for linking bank accounts or for wiring funds. Under normal circumstances, we
expect to meet redemption
requests either by using uninvested cash or cash equivalents or by using the
proceeds from the sale of portfolio
securities, at the discretion of the portfolio manager(s). The Allspring
Funds may also borrow through a bank line
of credit for the purpose of meeting redemption requests, although we do not
expect to draw funds from this source
on a regular basis. In lieu of making cash payments, we reserve the right to
determine in our sole discretion, including
under stressed market conditions, whether to satisfy one or more redemption
requests by making payments in
securities. In such cases, we may meet all or part of a redemption request by
making payment in securities equal in value
to the amount of the redemption payable to you as permitted under the 1940 Act,
and the rules thereunder, in which
case the redeeming shareholder should expect to incur transaction costs upon the
disposition of any securities received.
Timing
of Redemption Proceeds.
We normally will send out redemption proceeds within one business day after we
accept
your request to redeem. We reserve the right to delay payment for up to seven
days. If you wish to redeem shares
purchased by check, by EFT or through the Automatic Investment Plan within seven
days of purchase, you may be
asked to resubmit your redemption request if your payment has not yet cleared.
Payment of redemption proceeds may
be delayed for longer than seven days under extraordinary circumstances or as
permitted by the SEC in order to protect
remaining shareholders. Such extraordinary circumstances are discussed further
in the Statement of Additional Information.
Retirement
Plans and Other Products.
If you purchased shares through a packaged investment product or retirement
plan,
read the directions for redeeming shares provided by the product or plan. There
may be special requirements that
supersede or are in addition to the requirements in this
Prospectus.
Exchanging
Fund Shares
Exchanges
between two funds involve two transactions: (1) the redemption of shares of one
fund; and (2) the purchase of
shares of another. In general, the same rules and procedures described under
“Buying and Selling Fund Shares” apply
to exchanges. There are, however, additional policies and considerations you
should keep in mind while making or
considering an exchange:
■ |
In
general, exchanges may be made between like share classes of any fund in
the Allspring
Funds complex offered to
the general public for investment (i.e., a fund not closed to new
accounts), with the following exceptions: (1) Class A
shares of non-money market funds may also be exchanged for Service Class
shares of any retail or government money
market fund; (2) Service Class shares may be exchanged for Class A shares
of any non-money market fund; and
(3) no exchanges are allowed into institutional money market
funds. |
■ |
If
you make an exchange between Class A shares of a money market fund or
Class A2 or Class A shares of a non-money
market fund, you will buy the shares at the public offering price of the
new fund, unless you are otherwise
eligible to buy shares at NAV. |
■ |
Same-fund
exchanges between share classes are permitted subject to the following
conditions: (1) the shareholder must
meet the eligibility guidelines of the class being purchased in the
exchange; (2) exchanges out of Class A and Class
C shares would not be allowed if shares are subject to a CDSC; and (3) for
non-money market funds, in order to exchange
into Class A shares, the shareholder must be able to qualify to purchase
Class A shares at NAV based on current
Prospectus guidelines. |
■ |
An
exchange request will be processed on the same business day, provided that
both funds are open at the time the request
is received. If one or both funds are closed, the exchange will be
processed on the following business day. |
■ |
You
should carefully read the Prospectus for the Fund into which you wish to
exchange. |
■ |
Every
exchange involves redeeming fund shares, which may produce a capital gain
or loss for tax purposes. |
■ |
If
you are making an initial investment into a fund through an exchange, you
must exchange at least the minimum |
|
initial
investment amount for the new fund, unless your balance has fallen below
that amount due to investment performance. |
■ |
If
you are making an additional investment into a fund that you already own
through an exchange, you must exchange
at least the minimum subsequent investment amount for the fund you are
exchanging into. |
■ |
Class
A and Class C share exchanges will not trigger a CDSC. The new shares
received in the exchange will continue to
age according to the original shares’ CDSC schedule and will be charged
the CDSC applicable to the original shares
upon redemption. |
Generally,
we will notify you at least 60 days in advance of any changes in the above
exchange policies.
Frequent
Purchases and Redemptions of Fund Shares
Allspring
Funds reserves the right to reject any purchase or exchange order for any
reason. If a shareholder redeems $20,000
or more (including redemptions that are part of an exchange transaction) from a
Covered Fund (as defined below),
that shareholder is “blocked” from purchasing shares of that Covered Fund
(including purchases that are part of
an exchange transaction) for 30 calendar days after the redemption.
Excessive
trading by Fund shareholders can negatively impact a Fund and its long-term
shareholders in several ways, including
disrupting Fund investment strategies, increasing transaction costs, decreasing
tax efficiency, and diluting the
value of shares held by long-term shareholders. Excessive trading in Fund shares
can negatively impact a Fund’s long-term
performance by requiring it to maintain more assets in cash or to liquidate
portfolio holdings at a disadvantageous
time. Certain Funds may be more susceptible than others to these negative
effects. For example, Funds
that have a greater percentage of their investments in non-U.S. securities may
be more susceptible than other Funds
to arbitrage opportunities resulting from pricing variations due to time zone
differences across international financial
markets. Similarly, Funds that have a greater percentage of their investments in
small company securities may be
more susceptible than other Funds to arbitrage opportunities due to the less
liquid nature of small company securities.
Both types of Funds also may incur higher transaction costs in liquidating
portfolio holdings to meet excessive
redemption levels. Fair value pricing may reduce these arbitrage opportunities,
thereby reducing some of the
negative effects of excessive trading.
Allspring
Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund,
Ultra Short-Term Income
Fund and Ultra Short-Term Municipal Income Fund (“Ultra-Short Funds”) and the
money market funds, (the “Covered
Funds”).
The Covered Funds are not designed to serve as vehicles for frequent trading.
The Covered Funds actively
discourage and take steps to prevent the portfolio disruption and negative
effects on long-term shareholders that
can result from excessive trading activity by Covered Fund shareholders. The
Board has approved the Covered Funds’
policies and procedures, which provide, among other things, that Allspring
Funds Management may deem trading
activity to be excessive if it determines that such trading activity would
likely be disruptive to a Covered Fund by
increasing expenses or lowering returns. In this regard, the Covered Funds take
steps to avoid accommodating frequent
purchases and redemptions of shares by Covered Fund shareholders. Allspring
Funds Management monitors available
shareholder trading information across all Covered Funds on a daily basis. If a
shareholder redeems $20,000 or
more (including redemptions that are part of an exchange transaction) from a
Covered Fund, that shareholder is “blocked”
from purchasing shares of that Covered Fund (including purchases that are part
of an exchange transaction) for
30 calendar days after the redemption. This policy does not apply
to:
■ |
Dividend
reinvestments; |
■ |
Systematic
investments or exchanges where the financial intermediary
maintaining the shareholder account identifies
the transaction as a systematic redemption or purchase at the time of the
transaction; |
■ |
Rebalancing
transactions within certain asset allocation or “wrap” programs where the
financial intermediary maintaining
a shareholder account is able to identify the transaction as part of an
asset allocation program approved by
Allspring
Funds Management; |
■ |
Rebalancing
transactions by an institutional client of Allspring
Funds Management or its affiliate following a model
portfolio
offered by Allspring
Funds Management or its
affiliate; |
■ |
Transactions
initiated by a “fund of funds” or Section 529 Plan into an underlying fund
investment; |
■ |
Permitted
exchanges between share classes of the same
Fund; |
■ |
Certain
transactions involving participants in employer-sponsored retirement
plans, including: participant withdrawals
due to mandatory distributions, rollovers and hardships, withdrawals of
shares acquired by participants through
payroll deductions, and shares acquired or sold by a participant in
connection with plan loans; and |
■ |
Purchases
below $20,000 (including purchases that are part of an exchange
transaction). |
The
money market funds and the Ultra-Short Funds.
Because the money market funds and Ultra-Short Funds are often used
for short-term investments, they are designed to accommodate more frequent
purchases and redemptions than the
Covered Funds. As a result, the money market funds and Ultra-Short Funds do not
anticipate that frequent purchases
and redemptions, under normal circumstances, will have significant adverse
consequences to the money market
funds or Ultra-Short Funds or their shareholders. Although the money market
funds and Ultra-Short Funds do not
prohibit frequent trading, Allspring
Funds Management will seek to prevent an investor from utilizing the
money market
funds and Ultra-Short Funds to facilitate frequent purchases and redemptions of
shares in the Covered Funds in contravention
of the policies and procedures adopted by the Covered Funds.
All
Allspring
Funds.
In addition, Allspring
Funds Management reserves the right to accept purchases, redemptions
and exchanges
made in excess of applicable trading restrictions in designated accounts held by
Allspring
Funds Management or
its affiliate that are used at all times exclusively for addressing operational
matters related to shareholder
accounts, such as testing of account functions, and are maintained at low
balances that do not exceed specified
dollar amount limitations.
In
the event that an asset allocation or “wrap” program is unable to implement the
policy outlined above, Allspring
Funds
Management may grant a program-level exception to this policy. A
financial intermediary relying on the exception
is required to provide Allspring
Funds Management with specific information regarding its program and
ongoing
information about its program upon request.
A
financial intermediary through whom you may purchase shares of the Fund may
independently attempt to identify excessive
trading and take steps to deter such activity. As a result, a financial
intermediary may on its own limit or permit
trading activity of its customers who invest in Fund shares using standards
different from the standards used by Allspring
Funds Management and discussed in this Prospectus. Allspring
Funds Management may permit a financial intermediary
to enforce its own internal policies and procedures concerning frequent trading
rather than the policies set
forth above in instances where Allspring
Funds Management reasonably believes that the intermediary’s policies
and
procedures effectively discourage disruptive trading activity. If you purchase
Fund shares through a financial intermediary,
you should contact the intermediary for more information about whether and how
restrictions or limitations
on trading activity will be applied to your account.
Account
Policies
Advance
Notice of Large Transactions.
We strongly urge you to make all purchases and redemptions of Fund shares
as
early in the day as possible and to notify us or your intermediary at least one
day in advance of transactions in Fund shares
in excess of $1 million. This will help us to manage the Funds most effectively.
When you give this advance notice,
please provide your name and account number.
Householding.
To help keep Fund expenses low, a single copy of a Prospectus or shareholder
report may be sent to shareholders
of the same household. If your household currently receives a single copy of a
Prospectus or shareholder report
and you would prefer to receive multiple copies, please call Investor Services
at 1-800-222-8222 or contact your financial
professional.
Retirement
Accounts.
We offer a variety of retirement account types for individuals and small
businesses. There may be
special distribution requirements for a retirement account, such as required
distributions or mandatory Federal income
tax withholdings. For more information about the retirement accounts listed
below, including any distribution requirements,
call Investor Services at 1-800-222-8222. For retirement accounts held directly
with a Fund, certain fees may
apply including an annual account maintenance fee.
The
retirement accounts available for individuals and small businesses
are:
■ |
Individual
Retirement Accounts, including Traditional IRAs and Roth
IRAs. |
■ |
Small
business retirement accounts, including Simple IRAs and SEP
IRAs. |
Small
Account Redemptions.
We reserve the right to redeem accounts that have values that fall below a
Fund’s minimum
initial investment amount due to shareholder redemptions (as opposed to market
movement). Before doing so,
we will give you approximately 60 days to bring your account value above the
Fund’s minimum initial investment amount.
Please call Investor Services at 1-800-222-8222 or contact your financial
professional for further details.
Transaction
Authorizations.
We may accept telephone, electronic, and clearing agency transaction
instructions from anyone
who represents that he or she is a shareholder and provides reasonable
confirmation of his or her identity.
Neither
we nor Allspring
Funds will be liable for any losses incurred if we follow such instructions we
reasonably believe to
be genuine. For transactions through our website, we may assign personal
identification numbers (PINs) and you will need
to create a login ID and password for account access. To safeguard your account,
please keep these credentials confidential.
Contact us immediately if you believe there is a discrepancy on your
confirmation statement or if you believe
someone has obtained unauthorized access to your online access
credentials.
Identity
Verification.
We are required by law to obtain from you certain personal information that will
be used to verify your
identity. If you do not provide the information, we will not be able to open
your account. In the rare event that we are
unable to verify your identity as required by law, we reserve the right to
redeem your account at the current NAV of the
Fund’s shares. You will be responsible for any losses, taxes, expenses, fees, or
other results of such a redemption.
Right
to Freeze Accounts, Suspend Account Services or Reject or Terminate an
Investment.
We reserve the right, to the
extent permitted by law and/or regulations, to freeze any account or suspend
account services when we have received
reasonable notice (written or otherwise) of a dispute between registered or
beneficial account owners or when
we believe a fraudulent transaction may occur or has occurred. Additionally, we
reserve the right to reject any purchase
or exchange request and to terminate a shareholder’s investment, including
closing the shareholder’s account.
Distributions
The
Funds generally make distributions of any net investment income and any realized
net capital gains at least annually.
Please contact your institution for distribution options. Please note,
distributions have the effect of reducing the
NAV per share by the amount distributed.
We
offer the following distribution options. To change your current option for
payment of distributions, please call Investor
Services at 1-800-222-8222.
■ |
Automatic
Reinvestment Option—Allows you to use distributions to buy new shares of
the same class of the Fund that
generated the distributions. The new shares are purchased at NAV generally
on the day the distribution is paid. This
option is automatically assigned to your account unless you specify
another option. |
■ |
Check
Payment Option—Allows you to receive distributions via checks mailed to
your address of record or to another
name and address which you have specified in written instructions. A
Medallion Guarantee may also be required.
If checks remain uncashed for six months or are undeliverable by the Post
Office, we will reinvest the distributions
at the earliest date possible, and future distributions will be
automatically reinvested. |
■ |
Bank
Account Payment Option—Allows you to receive distributions directly in a
checking or savings account through
EFT. The bank account must be linked to your Allspring
Fund account. Any distribution returned to us due to an
invalid banking instruction will be sent to your address of record by
check at the earliest date possible, and future distributions
will be automatically reinvested. |
■ |
Directed
Distribution Purchase Option—Allows you to buy shares of a different
Allspring
Fund of the same share class.
The new shares are purchased at NAV generally on the day the distribution
is paid. In order to use this option, you
need to identify the Fund and account the distributions are coming from,
and the Fund and account to which the
distributions are being directed. You must meet any required minimum
investment amounts in both Funds prior to
using this option. |
You
are eligible to earn distributions beginning on the business day after the
Fund’s transfer agent or an authorized intermediary
receives your purchase request in good order.
Other
Information
Taxes
The
following discussion regarding federal income taxes is based on laws that were
in effect as of the date of this Prospectus
and summarizes only some of the important federal income tax considerations
affecting the Fund and you as
a shareholder. It does not apply to foreign or tax-exempt shareholders or those
holding Fund shares through a tax-advantaged
account, such as a 401(k) Plan or IRA. This discussion is not intended as a
substitute for careful tax planning.
You should consult your tax adviser about your specific tax situation. Please
see the Statement of Additional Information
for additional federal income tax information.
The
Fund elected to be treated, and intends to qualify each year, as a regulated
investment company (“RIC”) under the Internal
Revenue Code of 1986, as amended. A RIC is not subject to tax at the corporate
level on income and gains from
investments that are distributed in a timely manner to shareholders. However,
the Fund’s failure to qualify as a RIC would
result in corporate level taxation, and consequently, a reduction in income
available for distribution to you as a shareholder.
We
will pass on to a Fund’s shareholders substantially all of the Fund’s net
investment income and realized net capital gains,
if any. Distributions from a Fund’s ordinary income and net short-term capital
gains, if any, generally will be taxable
to you as ordinary income. Distributions from a Fund’s net long-term capital
gains, if any, generally will be taxable
to you as long-term capital gains. If you are an individual and meet certain
holding period requirements with respect
to your Fund shares, you may be eligible for reduced tax rates on qualified
dividend income, if any, distributed by
the Fund.
Corporate
shareholders may be able to deduct a portion of their distributions when
determining their taxable income.
Individual
taxpayers are subject to a maximum tax rate of 37% on ordinary income and a
maximum tax rate on long-term
capital gains and qualified dividends of 20%. For U.S. individuals with income
exceeding $200,000 ($250,000
if married and filing jointly), a 3.8% Medicare contribution tax will apply on
“net investment income,” including
interest, dividends, and capital gains. Corporations are subject to tax on all
income and gains at a tax rate of 21%.
However, a RIC is not subject to tax at the corporate level on income and gains
from investments that are distributed
in a timely manner to shareholders.
Distributions
from a Fund normally will be taxable to you when paid, whether you take
distributions in cash or automatically
reinvest them in additional Fund shares. Following the end of each year, we will
notify you of the federal income
tax status of your distributions for the year.
If
you buy shares of a Fund shortly before it makes a taxable distribution, your
distribution will, in effect, be a taxable return
of part of your investment. Similarly, if you buy shares of a Fund when it holds
appreciated securities, you will receive
a taxable return of part of your investment if and when the Fund sells the
appreciated securities and distributes the
gain. The Fund has built up, or has the potential to build up, high levels of
unrealized appreciation.
Your
redemptions (including redemptions in-kind) and exchanges of Fund shares
ordinarily will result in a taxable capital
gain or loss, depending on the amount you receive for your shares (or are deemed
to receive in the case of exchanges)
and the amount you paid (or are deemed to have paid) for them. Such capital gain
or loss generally will be long-term
capital gain or loss if you have held your redeemed or exchanged Fund shares for
more than one year at the time
of redemption or exchange. In certain circumstances, losses realized on the
redemption or exchange of Fund shares
may be disallowed.
When
you receive a distribution from a Fund or redeem shares, you may be subject to
backup withholding.
Financial
Highlights
The
following table is intended to help you understand the Allspring Global
Long/Short Equity Fund’s financial performance
for the past five years. Certain information reflects financial results for a
single Allspring Global Long/Short
Equity Fund share. On December 16, 2022, the Allspring Global Long/Short Equity
Fund acquired the net assets
of 361 Global Long/Short Equity Fund (the “Acquired Fund”). The Acquired Fund
was the accounting and performance
survivor of that transaction. The financial highlights for the periods prior to
the acquisition are those of the
Acquired Fund. Total returns represent the rate you would have earned (or lost)
on an investment in the Acquired Fund
(assuming reinvestment of all distributions). The information (except where
indicated) has been audited by the Acquired
Fund’s independent registered public accounting firm whose report, along with
the Acquired Fund’s financial statements,
is contained in the Acquired Fund’s annual report, a copy of which is available
upon request.
Global
Long/Short Equity Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
| |
|
|
Year
ended October 31 |
Institutional
Class |
|
20231,2
|
|
20222
|
|
20212
|
|
20202
|
|
20192
|
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
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return |
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
Gross
expenses*
|
|
|
|
|
|
|
|
|
|
|
Net
expenses*
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)*
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
* |
Ratios
include dividends on securities sold short and interest expense as
follows: |
|
|
| |
|
|
Year
ended October 31, 2023 |
0.91% |
|
|
Year
ended October 31, 2022 |
0.52% |
|
|
Year
ended October 31, 2021 |
0.96% |
|
|
Year
ended October 31, 2020 |
0.88% |
|
|
Year
ended October 31, 2019 |
0.92% |
1 |
For
the year ended October 31, 2023, the Fund was audited by KPMG LLP. The
previous years were audited by another independent registered public
accounting
firm. |
2 |
After
the close of business on December 16, 2022, the Fund acquired the net
assets of 361 Global Long/Short Equity Fund, which became the accounting
and
performance survivor in the transaction. The information for the periods
prior to December 16, 2022 is that of 361 Global Long/Short Equity Fund
Class
I. |
3 |
Calculated
based upon average shares outstanding |
The
following table is intended to help you understand the Allspring U.S. Long/Short
Equity Fund’s financial performance
for the past five years. Certain information reflects financial results for a
single Allspring U.S. Long/Short Equity
Fund share. On December 16, 2022, the Allspring U.S. Long/Short Equity Fund
acquired the net assets of 361 Domestic
Long/Short Equity Fund (the “Acquired Fund”). The Acquired Fund was the
accounting and performance survivor
of that transaction. The financial highlights for the periods prior to the
acquisition are those of the Acquired Fund.
Total returns represent the rate you would have earned (or lost) on an
investment in the Acquired Fund (assuming reinvestment
of all distributions). The information (except where indicated) has been audited
by the Acquired Fund’s independent
registered public accounting firm whose report, along with the Acquired Fund’s
financial statements, is contained
in the Acquired Fund’s annual report, a copy of which is available upon
request.
U.S.
Long/Short Equity Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
| |
|
|
Year
ended October 31 |
Institutional
Class |
|
20231,2
|
|
20221
|
|
20211
|
|
20201
|
|
20191
|
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
investment income |
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
Total
return |
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
Gross
expenses*
|
|
|
|
|
|
|
|
|
|
|
Net
expenses*
|
|
|
|
|
|
|
|
|
|
|
Net
investment income (loss)*
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
* |
Ratios
include dividends on securities sold short and interest expense as
follows: |
|
|
| |
|
|
Year
ended October 31, 2023 |
0.70% |
|
|
Year
ended October 31, 2022 |
0.42% |
|
|
Year
ended October 31, 2021 |
1.18% |
|
|
Year
ended October 31, 2020 |
0.90% |
|
|
Year
ended October 31, 2019 |
1.04% |
1 |
After
the close of business on December 16, 2022, the Fund acquired the net
assets of 361 Domestic Long/Short Equity Fund, which became the
accounting
and performance survivor in the transaction. The information for the
periods prior to December 16, 2022 is that of 361 Domestic Long/Short
Equity
Fund Class I. |
2 |
For
the year ended October 31, 2023, the Fund was audited by KPMG LLP. The
previous years were audited by another independent registered public
accounting
firm. |
3 |
Calculated
based upon average shares outstanding |
4 |
Amount
is less than $0.005. |
| |
FOR
MORE INFORMATION
More
information on a Fund is available free upon request, including
the following documents:
Statement
of Additional Information (“SAI”) Supplements
the disclosures made by this Prospectus. The
SAI, which has been filed with the SEC, is incorporated
by reference into this Prospectus and therefore
is legally part of this Prospectus.
Annual/Semi-Annual
Reports Provide
financial and other important information, including
a discussion of the market conditions and
investment strategies that significantly affected Fund
performance over the reporting period.
To
obtain copies of the above documents or for more information
about Allspring
Funds, contact us:
By
telephone: Individual
Investors: 1-800-222-8222 Retail
Investment Professionals: 1-888-877-9275 Institutional
Investment Professionals: 1-800-260-5969 |
By
mail: Allspring
Funds P.O.
Box 219967 Kansas
City, MO 64121-9967
Online: www.allspringglobal.com
From
the SEC: Visit
the SEC’s Public Reference Room in Washington, DC
(phone 1-202-551-8090 for operational information
for the SEC’s Public Reference Room) or the
SEC’s website at sec.gov.
To
obtain information for a fee, write or email:SEC’s
Public Reference Section100
“F” Street, NEWashington,
DC 20549-0102[email protected]The
Allspring
Funds are distributed byAllspring
Funds Distributor, LLC, a member of
FINRA. |
| |
©
2024
Allspring Global Investments Holdings, LLC. All rights
reserved. |
PRO4727
03-24 ICA
Reg. No. 811-09253 |