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Summary Prospectus |
Allspring Mid Cap Growth Fund
(Formerly Allspring Discovery Mid Cap Growth Fund)
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Class A: SENAX; Class C: WENCX; Class R6: WENRX; Administrator Class: SEPKX; Institutional Class: WFEIX |
Before you invest, you may want to review the Fund’s prospectus, which contains more information about the Fund and its risks. You can find the Fund’s prospectus, reports to shareholders and other information about the Fund online at allspringglobal.com/reports. You can also get information at no cost by calling 1-800-222-8222, or by sending an email request to AllspringFundsShareholders@allspringglobal.com. The current prospectus (“Prospectus”) and statement of additional information (“SAI”), dated February 1, 2025, as supplemented from time to time, are incorporated by reference into this summary prospectus. The Fund’s SAI may be obtained, free of charge, in the same manner as the Prospectus.
Investment Objective
The Fund seeks long-term capital appreciation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. 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. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages 39 and 40 of the Prospectus and “Additional Purchase and Redemption Information” on page 89 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 65 for further information.
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Shareholder Fees (fees paid directly from your investment) |
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A |
C |
R6 |
Administrator |
Institutional |
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Maximum sales charge (load) imposed on purchases (as a percentage of offering price) |
5.75% |
None |
None |
None |
None |
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Maximum deferred sales charge (load) (as a percentage of offering price) |
None1 |
1.00% |
None |
None |
None |
| 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. |
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Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1 |
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A |
C |
R6 |
Administrator |
Institutional |
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Management Fees |
0.75% |
0.75% |
0.75% |
0.75% |
0.75% |
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Distribution (12b-1) Fees |
0.00% |
0.75% |
0.00% |
0.00% |
0.00% |
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Other Expenses |
0.48% |
0.48% |
0.06% |
0.41% |
0.16% |
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Total Annual Fund Operating Expenses |
1.23% |
1.98% |
0.81% |
1.16% |
0.91% |
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Fee Waivers |
(0.05)% |
(0.05)% |
(0.01)% |
(0.06)% |
(0.06)% |
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Total Annual Fund Operating Expenses After Fee Waivers2 |
1.18% |
1.93% |
0.80% |
1.10% |
0.85% |
| 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 |
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| 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. |
Example of Expenses
The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:
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Assuming you sold your shares, you would pay: |
After 1 Year |
After 3 Years |
After 5 Years |
After 10 Years |
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Class A |
$688 |
$938 |
$1,207 |
$1,974 |
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Class C |
$296 |
$617 |
$1,063 |
$2,302 |
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Class R6 |
$82 |
$258 |
$449 |
$1,001 |
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Administrator Class |
$112 |
$363 |
$633 |
$1,404 |
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Institutional Class |
$87 |
$284 |
$498 |
$1,114 |
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Assuming you held your shares, you would pay: |
After 1 Year |
After 3 Years |
After 5 Years |
After 10 Years |
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Class C |
$196 |
$617 |
$1,063 |
$2,302 |
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was 57% of the average value of its portfolio.
Principal Investment Strategies
Under normal circumstances, we invest:
| ■ | at least 80% of the Fund’s net assets in equity securities of medium-capitalization companies; and |
| ■ | up to 25% of the Fund’s total assets in equity securities of foreign issuers through ADRs and similar investments. |
We invest principally in equity securities of medium-capitalization companies, which we define as securities of companies with market capitalization within the range of the Russell Midcap® Index at the time of purchase. The market capitalization range of the Russell Midcap® Index was approximately $159.43 million to $171.66 billion, as of December 31, 2024, and is expected to change frequently. We may also invest in equity securities of foreign issuers through ADRs and similar investments.
We seek to identify companies that have the prospect for strong sales and earnings growth rates, that enjoy a competitive advantage (for example, dominant market share) and that we believe have effective management with a history of making investments that are in the best interests of shareholders (for example, companies with a history of earnings and sales growth that are in excess of total asset growth). Furthermore, we seek to identify companies that embrace innovation and foster disruption using technology to maximize efficiencies, gain pricing advantages, and take market share from competitors. We view innovative companies as those that, among other characteristics, have the ability to advance new products or services through investment in research and development, that operate a business model that is displacing legacy industry incumbents, that are pursuing a large unmet need or total available market. We believe innovation found in companies on the “right side of change” is often mispriced in today’s public equity markets and is a frequent signal or anomaly that we seek to exploit through our investment process. An important criteria for “right side of change” companies is that they are benefitting from changes in technological, demographic, lifestyle, or environmental trends. We pay particular attention to how management teams allocate capital in order to drive future cash flow. This includes the allocation of human capital, financial capital, and social capital. We believe successful allocation of such resources has a correlation with key indicators of future performance. Price objectives are determined based on industry-specific valuation methodologies, including relative price-to-earnings multiples, price-to-book value, operating profit margin trends, enterprise value to EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow yield. In addition to meeting with management, we take a surround the company approach by surveying a company’s vendors, distributors, competitors and customers to obtain multiple perspectives that help us make better investment decisions. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable risk/reward relationship to fair valuation, which we define as the value of
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the company (i.e., our price target for the stock) relative to where the stock is currently trading. We may invest in any sector, and at times the Fund may emphasize one or more particular sectors. We may choose to sell a holding when it no longer offers favorable growth prospects, reaches our target price, or to take advantage of a better investment opportunity.
Principal Investment Risks
An investment in the Fund may lose money, is not a deposit of a bank or its affiliates, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.
Market Risk. The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments.
Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.
Growth/Value Investing Risk. Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions.
Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund’s manager or sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.
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Performance
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. The Fund’s average annual total returns are compared to the performance of one or more indices. The Fund’s Regulatory Benchmark is a broad-based index that represents the overall securities markets relative to the Fund’s asset category while the Fund’s Strategy Benchmark is most closely aligned with the Fund’s investment universe based on its investment strategy. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund’s website at www.allspringglobal.com.
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Calendar Year Total Returns for Class A as of 12/31 each year |
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Highest Quarter: |
+34.53% |
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Lowest Quarter: |
-28.21% |
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Average Annual Total Returns for the periods ended 12/31/2024 (returns reflect applicable sales charges) |
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Inception Date of Share Class |
1 Year |
5 Year |
10 Year |
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Class A (before taxes) |
2/24/2000 |
12.45% |
5.73% |
8.72% |
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Class A (after taxes on distributions) |
2/24/2000 |
9.97% |
3.91% |
6.66% |
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Class A (after taxes on distributions and the sale of Fund Shares) |
2/24/2000 |
9.36% |
4.60% |
6.74% |
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Class C (before taxes) |
3/31/2008 |
17.36% |
6.18% |
8.70% |
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Class R6 (before taxes) |
10/31/2014 |
19.74% |
7.39% |
9.78% |
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Administrator Class (before taxes) |
8/30/2002 |
19.38% |
7.06% |
9.46% |
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Institutional Class (before taxes) |
6/30/2003 |
19.69% |
7.33% |
9.72% |
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Russell Midcap® Growth Index (Strategy Benchmark) (reflects no deduction for fees, expenses, or taxes) |
22.10% |
11.47% |
11.54% |
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Russell 3000® Index (Regulatory Benchmark) (reflects no deduction for fees, expenses, or taxes) |
23.81% |
13.86% |
12.55% |
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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. After-tax returns for any other class will vary.
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Fund Management
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Manager |
Sub-Adviser |
Portfolio Manager, Title/Managed Since |
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Allspring Funds Management, LLC |
Allspring Global Investments, LLC |
Robert Gruendyke, CFA, Portfolio Manager / 2024 |
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional, or if applicable, your retirement plan sponsor.
Eligibility requirements may vary by class; please see “Share Class Eligibility” in the Prospectus for more information.
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Minimum Investments |
Additional Investments |
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Class A and Class C |
Regular Accounts: $1,000 |
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100 |
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Class R6 |
Eligible investors are not subject to a minimum initial investment (intermediaries may require different minimum investment amounts) |
None (intermediaries may require different minimum additional investment amounts) |
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Administrator Class and Institutional Class |
$1 million (this amount may be reduced or eliminated for certain eligible investors) |
None |
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To Buy or Sell Shares |
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Class A, Class C, Administrator Class and Institutional Class |
Mail: Allspring Funds |
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Class R6 |
Contact your plan sponsor |
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Tax Information
Any distributions you receive from the Fund may be taxable as ordinary income or capital gains, except when your investment is in an IRA, 401(k) or other tax-advantaged investment plan. However, subsequent withdrawals from such a tax-advantaged investment plan may be subject to federal income tax. You should consult your tax adviser about your specific tax situation.
Payments to Intermediaries
If you purchase a Fund through an intermediary, the Fund and its related companies may pay the intermediary for the sale of Fund shares and related services. These payments may create a conflict of interest by influencing the intermediary and your financial professional to recommend the Fund over another investment. Consult your financial professional or visit your intermediary’s website for more information.
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Link to Prospectus |
Link to SAI |
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©2025 Allspring Global Investments Holdings, LLC. All rights reserved. |
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