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N-1A
ALLSPRING FUNDS TRUST
2025-02-01
2025-02-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in the aggregate in specified classes of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Allspring Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waivers of Sales Charges” on pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39 and 40 of the Prospectus and “Additional Purchase and Redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">89 of the Statement of Additional Information. Investors who purchase through certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">65 for further information.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds.
50000
Shareholder Fees (fees paid directly from your investment)
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0
0
0
0
0.0100
0
0
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<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">charge of 1.00% if redeemed within 18 months from the date of purchase.</span>
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Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
January 31, 2026
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example assumes that such waiver or reimbursement will only be in place through the date noted above. Although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
Assuming you sold your shares, you would pay:
696
954
1231
2020
304
633
1087
2347
113
372
651
1447
88
294
517
1158
86
270
470
1048
Assuming you held your shares, you would pay:
204
633
1087
2347
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">46</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.46
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
<table cellspacing="0" style="padding-top:6pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#4D4D4D;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:8pt;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets in common stocks; and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#4D4D4D;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:8pt;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of the Fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments.</span></div>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in common stocks of small-and medium-capitalization domestic and foreign companies, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">we define as those with market capitalizations falling within the ranges of the Russell 2000® Index and the Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Midcap® Index at the time of purchase. The ranges of the Russell 2000® Index and the Russell Midcap® Index were </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">6.15 million to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">14.77 billion and $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">159.43 million to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">171.66 billion, respectively, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2024, and are expected to change frequently.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in common stocks of small-and medium-capitalization companies that we believe are underpriced </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yet have attractive growth prospects. Our analysis is based on the determination of a company’s “private market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation,” which is the price an investor would be willing to pay for the entire company. We determine a company’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">private market valuation based upon several different types of analysis. We carry out a fundamental analysis of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s cash flows, asset valuations, competitive factors, and other industry specific factors. We also gauge the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s management strength, financial health, and growth potential in determining a company’s private market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation. We place an emphasis on company management, even meeting with management in certain situations. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Finally, we focus on the long-term strategic direction of the company. We then compare the private market valuation as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determined by these factors to the company’s public market valuation, and invest in the securities of those companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">where we believe there is a significant gap between the two. As part of our investment process, an assessment of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental, social and governance (ESG) factors that are deemed to have material business and/or financial risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may be considered alongside other relevant factors. The ESG factors utilized in the Fund’s investment process may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">change over time, some factors may not be relevant with respect to all stocks and may or may not be determinative in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the security selection process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may sell an investment when its price no longer compares favorably with the company’s private market valuation. In </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the management </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or the management itself changes.</span></div>
Principal Investment Risks
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth/Value Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit growth or value characteristics tend to perform differently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investment universe based on its investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end performance is available on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.allspringglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.
Past performance before and after taxes is no guarantee of future results.
www.allspringglobal.com
Calendar Year Total Returns for Class A as of 12/31 each year(Returns do not reflect sales charges and would be lower if they did)
Returns do not reflect sales charges and would be lower if they did
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Highest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+26.85%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">March 31, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-32.35%</span></div>
Highest Quarter: December 31, 2020
2020-12-31
0.2685
Lowest Quarter: March 31, 2020
2020-03-31
-0.3235
Average Annual Total Returns for the periods ended 12/31/2024 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2000-11-30
0.0041
0.0612
0.0730
2000-11-30
-0.0121
0.0365
0.0468
2000-11-30
0.0105
0.0446
0.0527
2000-11-30
0.0486
0.0670
0.0734
2013-06-28
0.0700
0.0784
0.0839
2010-07-30
0.0670
0.0793
0.0828
2010-07-30
0.0694
0.0780
0.0836
0.1200
0.0877
0.0885
0.2381
0.1386
0.1255
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state, local or foreign taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns are shown for only one class of shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> After-tax returns for any other class will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown for only one class of shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in the aggregate in specified classes of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Allspring Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waivers of Sales Charges” on pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39 and 40 of the Prospectus and “Additional Purchase and Redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">89 of the Statement of Additional Information. Investors who purchase through certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">65 for further information.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.0100
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">charge of 1.00% if redeemed within 18 months from the date of purchase.</span>
0.0075
0.0075
0.0075
0.0075
0.0075
0.0000
0.0075
0.0000
0.0000
0.0000
0.0048
0.0048
0.0006
0.0041
0.0016
0.0123
0.0198
0.0081
0.0116
0.0091
-0.0005
-0.0005
-0.0001
-0.0006
-0.0006
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
January 31, 2026
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example assumes that such waiver or reimbursement will only be in place through the date noted above. Although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
Assuming you sold your shares, you would pay:
688
938
1207
1974
296
617
1063
2302
82
258
449
1001
112
363
633
1404
87
284
498
1114
Assuming you held your shares, you would pay:
196
617
1063
2302
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">57</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.57
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets in equity securities of medium-capitalization companies; and</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of the Fund’s total assets in equity securities of foreign issuers through ADRs and similar investments.</span></div>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in equity securities of medium-capitalization companies, which we define as securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies with market capitalization within the range of the Russell Midcap® Index at the time of purchase. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market capitalization range of the Russell Midcap® Index was approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">159.43 million to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">171.66 billion, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, 2024, and is expected to change frequently. We may also invest in equity securities of foreign issuers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">through ADRs and similar investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We seek to identify companies that have the prospect for strong sales and earnings growth rates, that enjoy a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantage (for example, dominant market share) and that we believe have effective management with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">history of making investments that are in the best interests of shareholders (for example, companies with a history of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">earnings and sales growth that are in excess of total asset growth). Furthermore, we seek to identify companies that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">embrace innovation and foster disruption using technology to maximize efficiencies, gain pricing advantages, and take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market share from competitors. We view innovative companies as those that, among other characteristics, have the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ability to advance new products or services through investment in research and development, that operate a business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market. We </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">believe innovation found in companies on the “right side of change” is often mispriced in today’s public equity markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and is a frequent signal or anomaly that we seek to exploit through our investment process. An important criteria for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“right side of change” companies is that they are benefitting from changes in technological, demographic, lifestyle, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">environmental trends. We pay particular attention to how management teams allocate capital in order to drive future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">cash flow. This includes the allocation of human capital, financial capital, and social capital. We believe successful </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocation of such resources has a correlation with key indicators of future performance. Price objectives are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determined based on industry-specific valuation methodologies, including relative price-to-earnings multiples, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price-to-book value, operating profit margin trends, enterprise value to EBITDA (earnings before interest, taxes, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depreciation and amortization) and free cash flow yield. In addition to meeting with management, we take a surround </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the company approach by surveying a company’s vendors, distributors, competitors and customers to obtain multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector, and at times the Fund may emphasize one or more particular sectors. We may choose to sell a holding when it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">opportunity.</span></div>
Principal Investment Risks
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth/Value Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit growth or value characteristics tend to perform differently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investment universe based on its investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end performance is available on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.allspringglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.
Past performance before and after taxes is no guarantee of future results.
www.allspringglobal.com
Calendar Year Total Returns for Class A as of 12/31 each year(returns do not reflect sales charges and would be lower if they did)
returns do not reflect sales charges and would be lower if they did
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Highest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June 30, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+34.53%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June 30, 2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-28.21%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.3453
Lowest Quarter: June 30, 2022
2022-06-30
-0.2821
Average Annual Total Returns for the periods ended 12/31/2024 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2000-02-24
0.1245
0.0573
0.0872
2000-02-24
0.0997
0.0391
0.0666
2000-02-24
0.0936
0.0460
0.0674
2008-03-31
0.1736
0.0618
0.0870
2014-10-31
0.1974
0.0739
0.0978
2002-08-30
0.1938
0.0706
0.0946
2003-06-30
0.1969
0.0733
0.0972
0.2210
0.1147
0.1154
0.2381
0.1386
0.1255
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state, local or foreign taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns are shown for only one class of shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> After-tax returns for any other class will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown for only one class of shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in the aggregate in specified classes of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Allspring Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waivers of Sales Charges” on pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39 and 40 of the Prospectus and “Additional Purchase and Redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">89 of the Statement of Additional Information. Investors who purchase through certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">65 for further information.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.0100
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">charge of 1.00% if redeemed within 18 months from the date of purchase.</span>
0.0072
0.0072
0.0072
0.0072
0.0072
0.0000
0.0075
0.0000
0.0000
0.0000
0.0047
0.0047
0.0005
0.0040
0.0015
0.0119
0.0194
0.0077
0.0112
0.0087
-0.0002
-0.0002
-0.0005
-0.0012
-0.0012
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
January 31, 2026
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example assumes that such waiver or reimbursement will only be in place through the date noted above. Although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
Assuming you sold your shares, you would pay:
687
929
1190
1934
295
607
1045
2263
74
241
423
949
77
266
470
1061
102
344
605
1352
Assuming you held your shares, you would pay:
195
607
1045
2263
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">20</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.20
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s total assets in equity securities; and</span></div>
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<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
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<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of the Fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments. </span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest in the equity securities of companies of any market capitalization.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest in equity securities of companies that we believe are underpriced yet have attractive growth prospects. Our </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis is based on the determination of a company’s “private market valuation,” which is the price an investor would </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be willing to pay for the entire company. We determine a company’s private market valuation based upon several types </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of analysis. We carry out a fundamental analysis of a company’s cash flows, asset valuations, competitive situation and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">industry specific factors. We also gauge the company’s management strength, financial health, and growth potential in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determining a company’s private market valuation. We place an emphasis on a company’s management, even meeting </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with management in certain situations. Finally, we focus on the long-term strategic direction of a company. We then </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">compare the private market valuation as determined by these factors to the company’s public market price, and invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the equity securities of those companies where we believe there is a significant gap between the two. As part of our </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment process, an assessment of environmental, social and governance (ESG) factors that are deemed to have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">material business and/or financial risk may be considered alongside other relevant factors. The ESG factors utilized in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s investment process may change over time, some factors may not be relevant with respect to all stocks and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may or may not be determinative in the security selection process.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may sell an investment when its market valuation no longer compares favorably with the company’s private market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation. In addition, we may choose to sell an investment where the fundamentals deteriorate or the strategy of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management or the management itself changes.</span></div>
Principal Investment Risks
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth/Value Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit growth or value characteristics tend to perform differently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investment universe based on its investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end performance is available on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.allspringglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.
Past performance before and after taxes is no guarantee of future results.
www.allspringglobal.com
Calendar Year Total Returns for Class A as of 12/31 each year(returns do not reflect sales charges and would be lower if they did)
returns do not reflect sales charges and would be lower if they did
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Highest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June 30, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+21.43%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">March 31, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-21.69%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.2143
Lowest Quarter: March 31, 2020
2020-03-31
-0.2169
returns reflect applicable sales charges
2000-02-24
0.0827
0.1027
0.0992
2000-02-24
0.0598
0.0813
0.0755
2000-02-24
0.0644
0.0778
0.0738
2008-03-31
0.1302
0.1107
0.1007
2020-05-29
0.1536
0.1208
0.1107
2002-08-30
0.1506
0.1179
0.1079
2010-07-30
0.1533
0.1205
0.1105
0.2381
0.1386
0.1255
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state, local or foreign taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns are shown for only one class of shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> After-tax returns for any other class will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown for only one class of shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in the aggregate in specified classes of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Allspring Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waivers of Sales Charges” on pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39 and 40 of the Prospectus and “Additional Purchase and Redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">89 of the Statement of Additional Information. Investors who purchase through certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">65 for further information.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.0100
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">charge of 1.00% if redeemed within 18 months from the date of purchase.</span>
0.0077
0.0077
0.0077
0.0077
0.0077
0.0000
0.0075
0.0000
0.0000
0.0000
0.0047
0.0047
0.0005
0.0040
0.0015
0.0124
0.0199
0.0082
0.0117
0.0092
-0.0003
-0.0003
-0.0003
-0.0003
-0.0003
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
January 31, 2026
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example assumes that such waiver or reimbursement will only be in place through the date noted above. Although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
Assuming you sold your shares, you would pay:
691
943
1214
1986
299
622
1070
2314
116
369
641
1418
91
290
506
1129
81
259
452
1011
Assuming you held your shares, you would pay:
199
622
1070
2314
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">64</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.64
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets in equity securities of small- and medium-capitalization companies; and</span></div>
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<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of the Fund’s total assets in equity securities of foreign issuers through ADRs and similar investments.</span></div>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest in equity securities of small- and medium-capitalization companies that we believe offer favorable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">opportunities for growth. We define small- and medium capitalization companies as those with market capitalizations </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at the time of purchase equal to or lower than the company with the largest market capitalization in the Russell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Midcap® Index, which was approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">171.66 billion, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, 2024, and is expected to change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We seek to identify companies that have the prospect for strong sales and earnings growth rates, that enjoy a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantage (for example, dominant market share) and that we believe have effective management with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">history of making investments that are in the best interests of shareholders (for example, companies with a history of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">earnings and sales growth that are in excess of total asset growth). Furthermore, we seek to identify companies that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">embrace innovation and foster disruption using technology to maximize efficiencies, gain pricing advantages, and take </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market share from competitors. We view innovative companies as those that, among other characteristics, have the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ability to advance new products or services through investment in research and development, that operate a business </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We believe innovation found in companies on the “right side of change” is often mispriced in today’s public equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets and is a frequent signal or anomaly that we seek to exploit through our investment process. An important </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">criteria for “right side of change” companies is that they are benefitting from changes in technological, demographic, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">lifestyle, or environmental trends. We pay particular attention to how management teams allocate capital in order to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">drive future cash flow. This includes the allocation of human capital, financial capital, and social capital. We believe </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">successful allocation of such resources has a correlation with key indicators of future performance. Price objectives are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">determined based on industry-specific valuation methodologies, including relative price-to-earnings multiples, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">price-to-book value, operating profit margin trends, enterprise value to EBITDA (earnings before interest, taxes, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">depreciation and amortization) and free cash flow yield. In addition to meeting with management, we take a surround </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the company approach by surveying a company’s vendors, distributors, competitors and customers to obtain multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sector, and at times the Fund may emphasize one or more particular sectors. We may choose to sell a holding when it </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">opportunity.</span></div>
Principal Investment Risks
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth/Value Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit growth or value characteristics tend to perform differently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investment universe based on its investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end performance is available on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.allspringglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.
Past performance before and after taxes is no guarantee of future results.
www.allspringglobal.com
Calendar Year Total Returns for Class A as of 12/31 each year(returns do not reflect sales charges and would be lower if they did)
returns do not reflect sales charges and would be lower if they did
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Highest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June 30, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+35.94%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June 30, 2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-25.30%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.3594
Lowest Quarter: June 30, 2022
2022-06-30
-0.2530
Average Annual Total Returns for the periods ended 12/31/2024 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2007-07-31
0.1131
0.0500
0.0844
2007-07-31
0.0885
0.0272
0.0577
2007-07-31
0.0835
0.0400
0.0638
2007-07-31
0.1615
0.0545
0.0844
2013-06-28
0.1855
0.0668
0.0954
2005-04-08
0.1813
0.0633
0.0917
2006-08-31
0.1843
0.0658
0.0944
0.1390
0.0808
0.0945
0.2381
0.1386
0.1255
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state, local or foreign taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns are shown for only one class of shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> After-tax returns for any other class will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown for only one class of shares.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for sales charge discounts if you and your family invest, or agree to invest in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future, at least </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$50,000</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> in the aggregate in specified classes of certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Allspring Funds.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> More information about these </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Waivers of Sales Charges” on pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">39 and 40 of the Prospectus and “Additional Purchase and Redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">89 of the Statement of Additional Information. Investors who purchase through certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">65 for further information.</span></div>
You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in the aggregate in specified classes of certain Allspring Funds.
50000
Shareholder Fees (fees paid directly from your investment)
0.0575
0
0
0
0
0.0100
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">charge of 1.00% if redeemed within 18 months from the date of purchase.</span>
0.0066
0.0066
0.0066
0.0066
0.0066
0.0000
0.0075
0.0000
0.0000
0.0000
0.0046
0.0046
0.0004
0.0039
0.0014
0.0112
0.0187
0.0070
0.0105
0.0080
-0.0000
-0.0000
-0.0000
-0.0000
-0.0000
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
January 31, 2026
Example of Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example assumes that such waiver or reimbursement will only be in place through the date noted above. Although </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">your actual costs may be higher or lower, based on these assumptions, your costs would be:</span></div>
Assuming you sold your shares, you would pay:
683
911
1156
1860
290
588
1011
2190
72
224
390
871
107
334
579
1283
82
255
444
990
Assuming you held your shares, you would pay:
190
588
1011
2190
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">19</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.19
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
<table cellspacing="0" style="padding-top:6pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#4D4D4D;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:8pt;">
<div style="font-size:12pt;font-family:Arial, Helvetica, sans-serif;">■</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets in equity securities of medium-capitalization companies.</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in equity securities of medium-capitalization companies, which we define as securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">companies with market capitalizations within the range of the Russell Midcap® Index at the time of purchase. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market capitalization range of the Russell Midcap® Index was approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">159.43 million to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">171.66 billion, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, 2024, and is expected to change frequently.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We look for undervalued companies that we believe have the potential for above average capital appreciation with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">below average risk. Rigorous fundamental research drives our search for companies with favorable reward-to-risk ratios </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and that possess, a long-term competitive advantage provided by a durable asset base, strong balance sheets, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sustainable and superior cash flows. Typical investments include stocks of companies that are generally out of favor in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the marketplace, or are undergoing reorganization or other corporate action that may create above-average price </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appreciation. We regularly review the investments of the portfolio and may sell a portfolio holding when a stock nears </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">its price target, downside risks increase considerably, the company’s fundamentals have deteriorated, or we identify a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">more attractive investment opportunity.</span></div>
Principal Investment Risks
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth/Value Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit growth or value characteristics tend to perform differently and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s investment universe based on its investment strategy. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end performance is available on the Fund’s website at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">www.allspringglobal.com</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">.</span></div>
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year.
Past performance before and after taxes is no guarantee of future results.
www.allspringglobal.com
Calendar Year Total Returns for Class A as of 12/31 each year(returns do not reflect sales charges and would be lower if they did)
returns do not reflect sales charges and would be lower if they did
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Highest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+19.77%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">March 31, 2020</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-31.79%</span></div>
Highest Quarter: December 31, 2020
2020-12-31
0.1977
Lowest Quarter: March 31, 2020
2020-03-31
-0.3179
Average Annual Total Returns for the periods ended 12/31/2024 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2007-07-31
0.0517
0.0758
0.0817
2007-07-31
0.0310
0.0592
0.0692
2007-07-31
0.0416
0.0571
0.0636
2007-07-31
0.0976
0.0805
0.0816
2013-06-28
0.1206
0.0933
0.0928
2005-04-08
0.1168
0.0894
0.0890
2005-04-08
0.1195
0.0922
0.0918
0.1307
0.0859
0.0810
0.2381
0.1386
0.1255
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">reflect the impact of state, local or foreign taxes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Actual after-tax returns depend on an investor’s tax situation and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">After-tax </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">returns are shown for only one class of shares.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> After-tax returns for any other class will vary.</span></div>
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes.
Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.
After-tax returns are shown for only one class of shares.
1.Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
1.Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
2.The Manager has contractually committed through January 31, 2026, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.25% for Class A, 2.00% for Class C, 0.83% for Class R6, 1.10% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
1.Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
2.The Manager has contractually committed through January 31, 2026, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.18% for Class A, 1.93% for Class C, 0.80% for Class R6, 1.10% for Administrator Class and 0.85% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
1.Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
2.The Manager has contractually committed through January 31, 2026, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.17% for Class A, 1.92% for Class C, 0.72% for Class R6, 1.00% for Administrator Class and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the Class R6 shares prior to their inception reflects the performance of the Institutional Class shares, and includes the higher expenses applicable to the Institutional Class shares. If these expenses had not been included, returns for the Class R6 shares would be higher.
1.Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
1.Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
2.The Manager has contractually committed through January 31, 2026, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.21% for Class A, 1.96% for Class C, 0.79% for Class R6, 1.14% for Administrator Class and 0.89% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
1.Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
2.The Manager has contractually committed through January 31, 2026, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 1.15% for Class A, 1.90% for Class C, 0.73% for Class R6, 1.08% for Administrator Class and 0.83% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.