Wells Fargo Growth Fund

MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

GENERAL FUND INFORMATION

Ticker: SGRNX

Portfolio managers: Thomas C. Ognar, CFA?; Robert Gruendyke, CFA?; and David Nazaret, CFA?

Subadvisor: Allspring Global Investments, LLC

Category: Large growth

FUND STRATEGY

Invests in companies where growth of revenue and earnings is robust, sustainable, and not fully recognized by the market

Conducts fundamental, all-cap research that provides unique insights into a company's true growth rate

Continuously manages risk by evaluating the rate and sustainability of a company's true growth rate relative to the market's expectations

Acts quickly on new information, both positive and negative, in an effort to exploit investor biases

Quarterly review

The Allspring Growth Fund returned 9.83% for the quarter, underperforming the Russell 3000 Growth Index, which returned 12.47%.

For the three-month period, stocks in the financials, consumer discretionary, and information technology sectors were the largest detractors in relative performance.

Stocks in the industrials and communication services sectors contributed to relative performance.

Market review

The U.S. equity market was resilient and continued its recovery during the second quarter. The S&P 500 Index notched gains of 8.74% during the quarter, bringing its first-half gains to 16.89%. Growth equities continued to shine. Value stocks as well as mid- and small-cap stocks lagged by a wide margin in the quarter and the first half. Despite some bumps in the road, including several high-profile bank failures, the market was boosted by a relatively healthy economy; strong jobs reports; and, most importantly, the end or pause of an interest rate tightening cycle, which helped equities overcome interest rates that rose during the quarter.

Inflation remains elevated but has continued to trend in the right direction. The Personal Consumption Expenditures (PCE) Index, closely watched by the Federal Reserve (Fed), showed moderating pressure with a gain of 0.3% for the latest reading in May, down dramatically from a year ago. Other macroeconomic data including CPI (consumer price index), while mixed at times, also showed a downward trend over the recent quarters. Labor markets have remained strong, with the latest nonfarm payroll numbers again coming in well ahead of expectations. The Fed has signaled its intent to keep interest rates higher for longer, and that eventually will pressure the economy. For now, the economy chugs along and remains resilient in the face of the most furious tightening cycle seen in over four decades, which is a key reason why equities have generally outperformed expectations so far in 2023.

AVERAGE ANNUAL TOTAL RETURNS (%) AS OF 6/30/2023*

Growth Fund-Inst

Russell 3000? Growth Index

3

YEAR 1

MONTH TO DATE YEAR

3 YEAR

5 YEAR

10 YEAR

SINCE FUND INCEPTION (12/31/93)

9.83

25.78 21.38

4.26

9.38 12.06

11.70

12.47

28.05 26.60

13.24

14.39

15.26

*Returns for periods less than one year are not annualized.

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Current month-end performance is available at the fund's website, . Institutional Class shares are sold without a front-end sales charge or contingent deferred sales charge.

The fund's gross expense ratio is 0.84%. The fund's net expense ratio is 0.75%. The manager has contractually committed, through November 30, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 0.75% for the 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. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

CM005 07-23

(See pages 6-7 for important information.) 1

MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

Portfolio positioning

QUARTERLY ATTRIBUTION AND ANALYSIS

The shift in interest rate expectations continue to drive sentiment away from financial services stocks. While we don't own banks, our overweight to financials, mainly in payment and exchange businesses, was a drag on performance. Fixed income electronic trading platforms MarketAxess Holdings Inc. and Tradeweb Markets Inc. were both weak during the quarter on volume softness, some of which is directly attributable to the regional banking turmoil that moved volume to offline during a period of significant stress.

While we had strong performance in key holdings within consumer discretionary, others such as Leslie's Inc. and Ulta Beauty Inc. lagged during the quarter. Leslie's, a leading retailer of pool supplies, missed on revenue and earnings for the quarter but reiterated its forward guidance. Ulta Beauty Inc. reported a quarter that beat estimates, but margins softness and guidance led to a sell-off in shares. We remain constructive on Ulta Beauty given its positioning in a category that has secular tailwinds.

Industrials was a bright spot for the portfolio during the quarter. Copart Inc. has been a steady outperformer and remains a well-positioned leader in the online vehicle auction business. Uber Technologies Inc. is shifting market focus toward profitability and operating efficiency, which is welcome by investors.

Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Utilities Cash & equivalents

GROWTH FUND VERSUS RUSSELL 3000? GROWTH INDEX

1.0

0.0

-1.0

-2.0

Value added from sector weight (%)

Value added from stock selection (%)

Total value added (%)

COMM. SERVICES CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INDUSTRIALS INFORMATION TECHNOLOGY MATERIALS REAL ESTATE UTILITIES CASH & EQUIVALENTS

SECTOR WEIGHTS (AVERAGE % WEIGHT DURING THE QUARTER)

Growth Fund

Russell 3000? Growth Index Over/ underweight

6.64 14.58 0.94 0.00 15.07 15.55 8.82 35.02 2.06 0.60 0.00 0.73 7.47 14.13 5.67 1.52 6.56 12.26 8.42 41.05 1.40 1.39 0.14 0.00 -0.83 0.45 -4.73 -1.52 8.51 3.29 0.40 -6.03 0.66 -0.79 -0.14 0.73

SECTOR RETURNS (%)

Fund sector return Index sector return

Relative return

20.98 6.46 15.90 15.12 5.08 -8.66

-4.45 0.38 -4.83

0.00 0.71 -0.71

-1.64 5.56 -7.20

4.46 13.03 5.46 6.51 -1.00 6.52

17.69 18.94 -1.25

7.60 22.22 8.35 -0.74 -0.75 22.96

0.00 -1.39 1.39

0.06 0.00 0.06

Sources: FactSet and Allspring Global Investments Past performance is no guarantee of future results. Sector weights are subject to change and may have changed since the date specified.

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

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MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

Portfolio positioning

TRAILING 12-MONTH ATTRIBUTION ANALYSIS

After the Fed hiked interest rates at the fastest pace in over 40 years, growth equities finally bottomed in the fourth quarter of 2022 before rebounding sharply in the first half of 2023.

During the period, the portfolio's overweight to financials detracted as the sector lagged badly during the rally. Weakness among the electronic trading platform stocks was the biggest detractor in the sector.

Stock selection was weak within consumer discretionary as holdings like Leslie's Inc. and Planet Fitness Inc. languished and never participated in the rally. Planet Fitness was affected by lower equipment sales to franchisees and its unit expansion outlook softened due to higher interest rates and inflation costs. We continue to like the long-term thesis in the stock.

Industrials stocks were contributors during the period, paced by strong gains from core holding Copart Inc., which continues to see strong trends across its core online vehicle auction business.

Comm. services Consumer discretionary Consumer staples Energy Financials Health care Industrials Information technology Materials Real estate Unassigned Utilities Cash & equivalents

GROWTH FUND VERSUS RUSSELL 3000? GROWTH INDEX

2.0

1.0

0.0

-1.0

-2.0

Value added from sector weight (%)

Value added from stock selection (%)

Total value added (%)

COMM. SERVICES CONSUMER DISCRETIONARY CONSUMER STAPLES ENERGY FINANCIALS HEALTH CARE INDUSTRIALS INFORMATION TECHNOLOGY MATERIALS REAL ESTATE UNASSIGNED UTILITIES CASH & EQUIVALENTS

SECTOR WEIGHTS (AVERAGE % WEIGHT DURING THE PAST 12 MONTHS)

Growth Fund

Russell 3000? Growth Index Over/ underweight

8.64 16.22 1.00 0.00 15.01 14.67 7.64 32.35 1.69 0.78 0.00 0.00 2.00 7.10 14.67 6.04 1.79 6.90 12.73 8.94 38.49 1.52 1.60 0.06 0.15 0.00 1.54 1.55 -5.04 -1.79 8.11 1.94 -1.30 -6.14 0.17 -0.82 -0.06 -0.15 2.00

SECTOR RETURNS (%)

Fund sector return 13.07 15.00 -11.31 0.00 13.97 7.99 31.00 41.97 34.54 2.18 0.00 0.00 0.20

Index sector return

16.13 24.56 5.22 9.74 17.77 12.00 25.43 43.21 17.48 -7.25 69.71 2.64 0.00

Relative return -3.06 -9.56 -16.53 -9.74 -3.80 -4.01 5.57 -1.24 17.06 9.43 -69.71 -2.64 0.20

Sources: FactSet and Allspring Global Investments Past performance is no guarantee of future results. Sector weights are subject to change and may have changed since the date specified.

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

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MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

Portfolio positioning

OUTLOOK

Historically, positive gains in the first half of the calendar year auger well for the remainder of the year. The equity market overcame numerous challenges, namely higher interest rates and a so-far contained regional bank crisis, in the first half. Even though there are signs of slowing, the economy appears to be in solid shape. The job market remains robust, with unemployment near a multi-decade low. Consumer spending is seeing some cracks, but higher income brackets seem to be resilient. The second half will likely be a tug between these macroeconomic factors and earnings.

Given the dominance of the mega caps, it is not a surprise to see valuations well above historical levels for the group. We are maintaining exposure to mega caps given the sustained higher growth rates and profitability, but the most incrementally interesting opportunities in the growth space are down the market cap in mid- and small-cap growth stocks.

With interest rates no longer at zero, investment decisions can't focus solely on growth. We have to be judicious in what stocks are pricing in for future growth expectations of cash and earnings. Especially in this mega-cap-dominated market, it's been easy for investors to deemphasize diversification, portfolio construction, and risk management. We expect a renewed focus on those attributes that will show the benefits of our balanced and diversified approach to navigating what is still an uncertain environment for the second half.

TOP CONTRIBUTORS AND DETRACTORS TO QUARTER-END FUND PERFORMANCE

CONTRIBUTORS MongoDB, Inc. Meta Platforms Inc. Uber Technologies, Inc. Copart, Inc. Palo Alto Networks, Inc.

DETRACTORS Tradeweb Markets, Inc. NVIDIA Corp. MarketAxess Holdings Inc. Allegro MicroSystems, Inc. Ulta Beauty Inc.

The holdings identified do not represent all of the securities purchased or sold during the time period shown and should not be construed as a recommendation to purchase or sell a particular security. Information on calculation methodology and a list showing the overall contribution of each holding in the account for the time period shown are available upon request.

SHARE CLASS AVAILABILITY

SHARE CLASS A C Admin Inst R6

TICKER SGRAX WGFCX SGRKX SGRNX SGRHX

GROSS EXPENSE NET EXPENSE

RATIO (%)

RATIO (%)

CONTRACTUAL EXPENSE RATIO WAIVER DATE

1.16

1.15

11/30/2024

1.91

1.90

11/30/2024

1.09

0.96

11/30/2023

0.84

0.75

11/30/2023

0.74

0.70

11/30/2023

The manager has contractually committed to waive fees and/or reimburse expenses to the extent necessary to cap the fund's total annual fund operating expenses after fee waivers at 1.15% (A), 1.90% (C), 0.96% (Admin), 0.75% (Inst), and 0.70% (R6). 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. Without this cap, the fund's returns would have been lower. The expense ratio paid by an investor is the net expense ratio (the total annual fund operating expenses after fee waivers) as stated in the prospectus.

"We are maintaining exposure to mega caps given the sustained higher growth rates and profitability, but the most incrementally interesting opportunities in the growth space are down the market cap in mid- and small-cap growth stocks."

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MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

TOP HOLDINGS

STOCK Microsoft Corporation Apple Inc. , Inc. Alphabet Inc. Class A Mastercard Incorporated Class A NVIDIA Corporation MongoDB, Inc. Class A Monolithic Power Systems, Inc. Linde plc Tradeweb Markets, Inc. Class A

PORTFOLIO CHARACTERISTICS

Weighted average market cap Weighted median market cap EPS Growth (3- to 5-year forecast) P/E ratio (trailing 12-month) Turnover1 P/B ratio P/S ratio Number of equity holdings Source: FactSet. 1. Calculated based on a one-year period.

FUND FACTS

Inception date Net expense ratio--Inst Assets--all share classes

% OF NET ASSETS 10.16 8.25 5.69 3.73 3.65 2.96 2.42 2.24 2.16 2.14

FUND $759.99B $87.17B 19.20% 47.76x 58.14% 9.34x 5.78x 91

RUSSELL 3000? GROWTH INDEX $997.70B $445.38B 17.17% 37.31x

11.02x 4.38x 1,533

12/31/1993 0.75% $3.32B

PERFORMANCE

Growth Fund-Inst Lipper Multi-Cap Growth Funds Average Russell 3000? Growth Index Morningstar Large Growth Average

10 1 YEAR 3 YEAR 5 YEAR YEAR

21.38 4.26 9.38 12.06 21.55 6.56 9.92 12.12 26.60 13.24 14.39 15.26 22.89 9.53 11.37 13.02

Past performance is no guarantee of future results.

RANKINGS AND RATINGS Morningstar total return rankings--Institutional Class (as of 6/30/2023)

MORNINGSTAR CATEGORY 1 year 3 year 5 year 10 year

Overall Morningstar Rating TM

LARGE GROWTH

797 out of 1,219 1,019 out of 1,117 838 out of 1,032 595 out of 791

The Overall Morningstar Rating, a weighted average of the 3-, 5-, and 10-year (if applicable) ratings, is out of 1,117 funds in the Large growth category, based on risk-adjusted returns as of 6/30/2023.

PERFORMANCE AND VOLATILITY MEASURES2

Alpha Beta Sharpe ratio Standard deviation R-squared Information ratio Upside capture Downside capture Tracking error

FUND

-8.15 1.01 0.13 22.58% 0.90 -1.24 74.64% 105.06% 7.24%

Past performance is no guarantee of future results. 2. Calculated for the Institutional Class based on a three-year period. Relative measures are compared with the fund's benchmark.

Portfolio holdings and characteristics are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security.

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MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

BENCHMARK DESCRIPTIONS:

The Russell 3000? Growth Index measures the performance of those Russell 3000 companies with higher price/book ratios and higher forecasted growth values. You cannot invest directly in an index.

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

The Personal Consumption Expenditure (PCE) Price Index measures the prices paid by U.S. consumers for domestic goods and services, excluding the prices of food and energy. You cannot invest directly in an index.

The Consumer Price Index (CPI) is a measure that examines the weighted average of prices of a basket of consumer goods and services, such as transportation, food, and medical care. It is calculated by taking price changes for each item in the predetermined basket of goods and averaging them. Changes in the CPI are used to assess price changes associated with the cost of living. The CPI is one of the most frequently used statistics for identifying periods of inflation or deflation. You cannot invest directly in an index.

The Lipper averages are compiled by Lipper, Inc., an independent mutual fund research and rating service. Each Lipper average represents a universe of funds that are similar in investment objective. You cannot invest directly in a Lipper average.

The Morningstar Category average is the average return for the peer group based on the returns of each individual fund within the group. The total return of the Morningstar Category average does not include the effect of sales charges. You cannot invest directly in a Morningstar Category average.

The Producer Price Index (PPI) program measures the average change over time in the selling prices received by domestic producers for their output. The prices included in the PPI are from the first commercial transaction for many products and some services. You cannot invest directly in an index.

ATTRIBUTION ANALYSIS:

Performance attribution and sector returns are calculated using the Brinson-Fachler attribution model. As such, performance attribution calculations may differ from the fund's actual investment results. Common sources of attribution dispersion from official returns include: the use of end of day holdings and prices, the exclusion of fees, and the use of myriad pricing sources to accommodate different benchmark providers.

DEFINITION OF TERMS:

Alpha measures the difference between a fund's actual returns and its expected performance given its level of risk (as measured by beta).

Beta measures fund volatility relative to general market movements. It is a standardized measure of systematic risk in comparison with a specified index. The benchmark beta is 1.00 by definition.

Downside capture measures a fund's replication of its benchmark during periods of negative returns. During periods of negative benchmark returns, a downside capture ratio less than 100% reflects product performance greater than the benchmark and a downside capture ratio greater than 100% reflects performance less than the benchmark.

Information ratio measures the consistency of excess return (return in excess of a benchmark). This value is determined by taking the annualized excess return over a benchmark (style benchmark by default) and dividing it by the standard deviation of excess return.

R-squared is a measurement of how similar a fund's historical performance has been to that of the benchmark. The measure ranges from 0.0, which means that the fund's performance bears no relationship to the performance of the index, to 1.0, which means that the fund's performance was perfectly synchronized with the performance of the benchmark.

Sharpe ratio measures the potential reward offered by a mutual fund relative to its risk level. The ratio uses a fund's standard deviation and its excess return to determine reward per unit of risk. The higher the Sharpe ratio, the better the fund's historical risk-adjusted performance.

Standard deviation represents the degree to which an investment's performance has varied from its average performance over a particular time period.

Tracking error measures the extent to which a manager's performance mimics that of a benchmark. The value is the standard deviation of the difference between a fund's performance and a benchmark's performance.

Upside capture measures a fund's replication of its benchmark during periods of positive returns. During periods of positive benchmark returns, an upside capture ratio greater than 100% reflects product performance greater than the benchmark and an upside capture ratio less than 100% reflects performance less than the benchmark.

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MUTUAL FUND COMMENTARY Q2 2023 ALL INFORMATION IS AS OF 6/30/2023 UNLESS OTHERWISE INDICATED.

Allspring Growth Fund

Risks: Stock values fluctuate in response to the activities of individual companies and general market and economic conditions. Certain investment strategies tend to increase the total risk of an investment (relative to the broader market). This fund is exposed to foreign investment risk and smaller-company securities risk. Consult the fund's prospectus for additional information on these and other risks.

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

Across U.S.-domiciled large growth funds, the Growth Fund received 1 star among 1,117 funds, 2 stars among 1,032 funds, and 2 stars among 791 funds for the 3-, 5-, and 10-year periods, respectively. The Morningstar Rating is for the Institutional Class only; other classes may have different performance characteristics.

The Morningstar absolute ranking is based on the fund's total return rank relative to all funds that have the same category for the same time period. Morningstar rankings do not include the effect of sales charges. Past performance is no guarantee of future results.

? 2023 Morningstar. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

The inception date of the Institutional Class shares was February 24, 2000. Performance shown prior to the inception of the Institutional Class reflects the performance of the Investor Class shares and includes expenses that are not applicable to and are higher than those of the Institutional Class shares.

The views expressed and any forward-looking statements are as of June 30, 2023, and are those of the fund managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or any forward-looking statements.

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

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

CFA? and Chartered Financial Analyst? are trademarks owned by CFA Institute.

? 2023 ALLSPRING GLOBAL INVESTMENTS HOLDINGS, LLC. ALL RIGHTS RESERVED.

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