Summary

• Allspring Special Large Cap Value Fund-Inst returned 14.02% for the one-year period ending March 31, 2026, underperforming the Russell 1000 Value Index's 15.87% return.
• Allspring Special Large Cap Value Fund increased its weight in the industrials and energy sectors while reducing its weight in the consumer discretionary and IT sectors as reward/risk ratios dictated.
• NextEra Energy, Inc. outperformed as the company beat earnings expectations in the quarter, reaffirmed long-term guidance, and showed robust growth in its renewable energy business.
• Capital One Financial Corp.'s earnings underwhelmed the market due to a higher-than-expected expense structure and the announced acquisition of fintech start-up Brex for $5 billion.
• Allspring Special Large Cap Value Fund remains positioned in companies with durable asset bases that have the pricing power to absorb and pass on rising input costs.

Quarterly review

• The fund underperformed the Russell 1000 Value Index for the first quarter.

• Stock selection in the utilities and health care sectors contributed the most to relative performance.

• Stock selection in the information technology (IT), materials, and

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