Summary

• The Allspring SMID Cap Growth Fund underperformed the Russell 2500 Growth Index benchmark during the first quarter that ended March 31, 2026.
• Carpenter Technology is benefiting from increased production rates at Boeing and recent regulatory approvals that are driving demand for mission-critical materials and components.
• As one of only a few contractors capable of building large-scale power plants, Argan benefits from pricing power and strong demand across both gas-fired and renewable projects tied to grid modernization.
• The fund maintained our position as we view Curtiss-Wright as a durable compounder supported by long-dated nuclear infrastructure demand.
• The fund added to the position in MongoDB, Inc. in the quarter as the stock reached an attractive risk/reward profile.

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