Summary

• The Allspring Emerging Markets Equity Advantage Fund outperformed the MSCI Emerging Markets Index ((Net)) for the quarter that ended March 31, 2026.
• Telefonica Brasil, a leading provider of mobile and fixed telecommunication services, performed well and was a contributor after the company's fourth quarter earnings beat expectations.
• Southern Copper Corp., which is among the largest pure-play copper producers globally, performed strongly in the first quarter, benefiting from record copper prices and a re-rating in shares.
• The fund manager remains constructive on emerging markets due to improved political visibility, room for policy accommodation, economic growth premium versus developed markets, and low investor positioning.

Quarterly review

• The fund outperformed the MSCI Emerging Markets Index (Net) for the quarter that ended March 31, 2026.
• At the sector level, stocks within the financials, consumer staples, and consumer discretionary sectors served as relative contributors, while stocks

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