Allspring Growth Fund Quarterly Review Q2 2024

Risks: Investing involves risks, including possible loss of capital. Stock values ​​fluctuate in response to the activities of individual companies and general market and economic conditions. See the fund’s prospectus for further information on these and other risks.

When analyzing the performance attribution of our portfolio, it is vital to remember that we are building our portfolio from the bottom up, one stock at a time. Each stock is included in the portfolio based on its own investment thesis. To help manage risk, we are aware of our sector and security weightings, but do not include a holding to achieve an index-like sector distribution. Our exposure to any given sector is the result of our security selection process.

The Morningstar fund rating, or star rating, is calculated for managed products (including mutual funds, variable annuity and variable life sub-accounts, exchange-traded funds, closed-end funds and separate accounts) with a history of at least three years. Exchange-traded funds and open-end mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar risk-adjusted return measure that takes into account the variation in monthly excess performance of a managed product, placing more emphasis on downward variation and rewarding consistent performance. Morningstar’s rating does not include any adjustment for sales volume. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The overall Morningstar rating for a managed product is derived from a weighted average of the performance numbers associated with its 3-, 5-, and 10-year Morningstar rating values ​​(if applicable). The weights are: 100% 3-year rating for 36–59 months of total return, 60% 5-year rating/40% 3-year rating for 60–119 months of total return and 50% 10-year rating/ 30% 5-year rating/20% 3-year rating for 120 or more months of total return. While the overall 10-year rating formula appears to place the most weight on the 10-year period, the most recent 3-year period actually has the most impact because it is included in all three rating periods.

In US-based large growth funds, the Growth Fund received 2 stars out of 1,092 funds, 2 stars out of 1,019 funds and 2 stars out of 794 funds for the 3-, 5- and 10-year periods, respectively. The Morningstar rating is for the institutional class only; other classes may have different performance characteristics.

The Morningstar absolute ranking is based on the fund’s total return relative to all funds in the same category over the same time period. Morningstar rankings do not include the effect of sales taxes. Past performance is no guarantee of future results.

© 2024 Morningstar. All rights reserved. The information contained herein: (1) is the property of Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) are not guaranteed to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The launch date of the Institutional Class shares was February 24, 2000. The performance shown before the establishment of the Institutional Class reflects the performance of the Institutional Class shares and includes expenses that are not applicable and are greater than those of the Institutional Class shares. .

The opinions expressed and any forward-looking statements are as of June 30, 2024 and are those of the fund managers and/or Allspring Global Investments. Discussions of individual securities or markets generally are not intended as individual recommendations. Future events or results may differ materially from those expressed in any forward-looking statements. The opinions expressed are subject to change at any time in response to changing market circumstances. Allspring Global Investments disclaims any obligation to publicly update or revise any opinions expressed or any forward-looking statements.

Carefully consider a fund’s investment objectives, risks, costs and expenses before investing. For a current prospectus and, if available, a summary prospectus containing this and other information, visit allspringglobal.com. Read it carefully before investing.

Allspring Global Investments ^TM is the trading name for asset management firms Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, LP These firms include, but are not limited to, Allspring Global Investments, LLC and Allspring Funds Management, LLC. Certain products managed by the Allspring Entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

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