Summary

• Allspring Large Cap Growth Fund outperformed the Russell 1000 Growth Index during the first quarter that ended March 31, 2026.
• The market was marked by an AI “doomerism” trade as investors reassessed whether agentic AI can erode the moats of legacy software, financial data, and IT outsourcing providers.
• Quanta Services, Inc. is a prime beneficiary of long-term electrification trends, including grid modernization, renewable energy build-outs, and surging power demand from AI-driven data centers.
• KKR & Co. Inc. has extended credit to the software industry that created uncertainty around future growth, triggering the fund's sell discipline and resulting in an exit from the stock.
• The Allspring Large Cap Growth Fund team believes slowing economic growth is likely to reemerge, and businesses with fundamental momentum and pricing power often command a “scarcity premium.”.

Quarterly review

• The fund outperformed the Russell 1000 Growth Index during the first quarter that ended March 31, 2026.
• Security selection within the industrials and health care sectors contributed to performance.
• Holdings within consumer discretionary

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