Summary

• The Allspring SMID Cap Growth Fund underperformed the Russell 2500 Growth Index benchmark during the first quarter that ended March 31, 2026.
• The outbreak of war in Iran quickly unwound prewar optimism, causing many cyclical sectors to sell off as oil prices spiked and risk appetites deteriorated.
• The AI 'doomerism' trade flared as investors reassessed whether fast-improving and increasingly autonomous agentic AI can erode the moats of software, data, and white-collar services.
• Carpenter Technology Corporation remains well positioned to deliver strong performance through pricing, mix, and sustained aerospace demand, benefiting from increased production rates at Boeing.
• The portfolio management team added to the MongoDB, Inc. position in the quarter as the stock reached an attractive risk/reward profile.

Quarterly review

• The fund underperformed the Russell 2500 Growth Index benchmark during the first quarter that ended March 31, 2026.

• Security selection within the health care and information technology (IT) sectors detracted from returns.

• Holdings

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