Summary

• Allspring Growth Fund's Institutional Class shares returned -9.51% for the quarter ended March 31, 2026, slightly outperforming the Russell 3000 Growth Index's return of -9.54% during the same period.
• Investors responded to AI doomerism by selling legacy software and IT services providers, erasing roughly $300 billion in value as they reassessed whether autonomous agents can erode white-collar service moats.
• Businesses within industrials that address data center power, cooling, and storage constraints saw impressive growth with a meaningful pipeline of future projects that has yet to be fully reflected in backlogs.
• Comfort Systems USA benefited from increased adoption of modular solutions used in data centers, while Vertiv Holdings Co. saw growth in order books for its innovative cooling and power solutions.
• Allspring Global Investments maintains focus on resilient growth businesses on the right side of change, despite heightened geopolitical risk from the war in Iran and extreme speculation around artificial intelligence.

Quarterly review

• The fund outperformed the Russell 3000 Growth Index during the first quarter that ended March 31, 2026.
• Security selection within industrials along with select informational technology (IT) holdings contributed positively to performance.
• Holdings

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