Firm overview
Allspring Funds Management, LLC (“Allspring Funds Management”) was incorporated in the State of Delaware on
December 12, 2000. Allspring Funds Management has been registered as an investment adviser with the SEC since
December 12, 2000. Allspring Funds Management is a direct wholly owned subsidiary of Allspring Global
Investments Holdings, LLC (“Allspring Global Investments Holdings”), a holding company indirectly owned by
Allspring Group Holdings, LLC (“Allspring Group Holdings”). Allspring Group Holdings is owned by certain private
funds managed by GTCR LLC (“GTCR”) and Reverence Capital Partners, L.P. (“Reverence Capital Partners”), as well
as certain others described below. Allspring Funds Management has offices located throughout the United States.
Certain employees of the Allspring Global Investments
1 group of companies (collectively known as “Allspring”)
indirectly own non-voting equity interests in Allspring Group Holdings, the indirect parent of Allspring Funds
Management and the other Allspring Global Investments group of companies. Such employees hold less than 25%
of the fully diluted equity interests of Allspring Group Holdings. In addition, Wells Fargo & Company (“Wells Fargo”)
owns a passive non-voting equity interest of less than 9.9% of the fully diluted equity interests of Allspring Group
Holdings, through an indirect wholly owned subsidiary known as Wells Fargo Central Pacific Holdings, Inc.
Founded in 1980, GTCR is a leading private equity firm that pioneered The Leaders Strategy™—finding and
partnering with management leaders in core domains to identify, acquire and build market-leading companies
through organic growth and strategic acquisitions. GTCR is focused on investing in transformative growth in
companies in the Business & Consumer Services, Financial Services & Technology, Healthcare and Technology,
Media & Telecommunications sectors. Since its inception, GTCR has invested more than $25 billion in over 270
companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in Chicago with
offices in New York and West Palm Beach.
Reverence Capital Partners is a private investment firm focused on two complementary and synergistic strategies:
(i) financial services-focused private equity and (ii) opportunistic, structured credit. In financial services, Reverence
is a thematic investor in leading global, middle-market businesses through control and influence-oriented
investments in 5 sectors: (1) Depositories and Non-Bank Finance Companies, (2) Asset and Wealth Management, (3)
Insurance, (4) Capital Markets and (5) Financial Technology/Payments and Services. The firm was founded in 2013
by Milton Berlinski, Peter Aberg and Alex Chulack, who collectively bring over 100 years of advisory and investing
experience across a wide range of financial services sectors.
Prior to November 1, 2021, Allspring was wholly owned by Wells Fargo. Given the large scale and complexity of the
divestiture of Allspring from Wells Fargo to new ownership, some technology infrastructure, operational processes
and Allspring
employees will temporarily remain at Wells Fargo to manage critical processes and systems that
transition over time, under a Transition Services Agreement (“TSA”) between Allspring and Wells Fargo. Additionally,
Wells Fargo continues to serve as an important client and, subject to applicable fiduciary duties and other
1 Allspring Global Investments is the trade name for the asset management companies of Allspring Global Investments Holdings that includes
Allspring Funds Management; Allspring Global Investments, LLC (“Allspring Investments”); Allspring Global Investments (UK) Limited
(“Allspring UK”), Allspring Funds Distributor, LLC (“Allspring Funds Distributor”), Allspring Global Investments Luxembourg S.A. (“Allspring
Luxembourg”), Allspring Global Investments (Singapore) Pte. Ltd. (“Allspring Singapore”); Allspring Global Investments (Hong Kong) Limited
(“Allspring Hong Kong”) and Allspring Global Investments (Japan) Limited (“Allspring Japan”). Associated with Allspring, but not part of the
Allspring trade name/GIPS firm, is Galliard Capital Management, LLC (“Galliard”).
considerations, Wells Fargo remains an important distribution partner with respect to Allspring Funds Management’s
products in a manner similar to their role prior to the divestiture.
Description of advisory services
Allspring Funds Management serves as investment adviser for the portfolios of a family of U.S. registered mutual
funds and closed-end funds (the “Allspring Funds”), and investment manager for the Allspring (Lux) Worldwide Fund
(the “Worldwide Fund”) and the Worldwide Alternative Fund SICAV-SIF (the “Worldwide Alternative Fund”) (the
Worldwide Fund and the Worldwide Alternative Fund are offshore funds organized in Luxembourg), which will
collectively be referenced herein as the “Funds”. We also participate as an investment adviser in several managed
account programs offered by other financial institutions to their respective clients, including high net worth
individuals, trusts, retirement plans, corporations, partnerships and charitable organizations.
The descriptions of advisory services and other items of information below are generally organized under headings
naming the category of client.
The Allspring funds
We are responsible for implementing the investment objectives and strategies of the Allspring Funds. To assist in
fulfilling these responsibilities, and subject to approval of the Allspring Funds’ Board of Trustees, we have contracted
with sub-advisers to provide day-to-day portfolio management services to the Allspring Funds. We employ a team of
investment professionals who identify and recommend the initial hiring of each Allspring Fund’s sub-adviser and
monitor the activities of the sub-advisers on an ongoing basis. Allspring Fund sub-advisers are institutional
investment management firms that are registered under the Advisers Act. We generally recommend an affiliated
sub-adviser where available; indeed, the vast majority of the Allspring Funds are managed by affiliated sub-advisers.
For additional information concerning the conflict of interest presented by our use of affiliated sub-advisers, refer to