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N-1A
ALLSPRING FUNDS TRUST
2026-09-01
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks a positive total return.</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. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which are not reflected in the tables and examples below. You may pay other fees, such as brokerage commissions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sales charge discounts if you and your family invest, or agree to invest in the 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">32 and 34 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus and “Additional Purchase and Redemption Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">77 of the Statement of Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than those outlined shares in these sections. Please see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">56 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
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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.
August 31, 2027
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>
<div>
<table cellspacing="0" style="width:100%;cellspacing:0;padding-bottom:2pt;padding-top:0pt;margin-left:0pt;">
<tr style="height:1px;">
<td style="height:1px;width:40%"></td>
<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$685</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$919</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,172</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,892</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$293</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$597</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,026</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$2,222</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$76</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$237</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$411</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$918</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Institutional Class</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$80</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$263</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$461</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,032</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU HELD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$193</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$597</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,026</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$2,222</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
685
919
1172
1892
293
597
1026
2222
76
237
411
918
80
263
461
1032
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
193
597
1026
2222
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;">38</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.38
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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">Up to 60% of the Fund’s total assets in U.S. and non-U.S. equity, including emerging market equity funds;</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">Up to 60% of the Fund’s total assets in U.S. and non-U.S. fixed income, including emerging market debt funds; and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">Up to 60% of the Fund’s total assets in alternative investment funds</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a fund-of-funds that employs a multi-asset, multi-style investment approach by investing in various </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">affiliated mutual funds as well as affiliated and unaffiliated exchange-traded funds. We dynamically allocate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments to various broad asset classes across equity, fixed income, and alternative investments, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities, based on our assessment of changing economic, global market, industry, and issuer conditions. Within </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">these asset classes, we utilize an active allocation strategy to diversify the portfolio among investments that provide </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">efficient upside returns while managing downside risk across most market cycles with the goal of generating a positive </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">absolute return over an economic cycle.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Equity holdings are diversified across a wide range of equity funds, including but not limited to funds that invest in U.S. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large company securities, U.S. small company securities and international developed and emerging markets. Fixed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income holdings are diversified across a wide range of fixed income funds that invest in short- to long-term </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">income-producing securities issued by U.S. and international developed and emerging markets issuers, including but </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not limited to, U.S. Government obligations, corporate bonds and below investment-grade bonds (often called “high </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield” securities or “junk bonds”). Alternative investment holdings are allocated across funds that use alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment strategies, which may include, but are not limited to, risk premia (i.e., sources of excess return which result </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">from systematic risks and/or behavioral biases existing within the financial markets), managed futures, merger </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arbitrage, global multi-asset, long-short, market neutral, systematic, or other tactical investment strategies.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may indirectly gain exposure to commodity-linked derivatives such as commodity forwards, commodity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">futures, commodity swaps, swaps on commodity futures and other commodity-linked derivative securities through an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in an affiliated fund.</span></div>
<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></div><div><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>Debt Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">principal when they become due. In these instances, the value of an investment could decline and the Fund could lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates may magnify interest rate risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Alternative Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Alternative investment strategies, which may include, but are not limited to, investing </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in non-traditional investments such as commodities, or following risk premia, managed futures, merger </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">arbitrage, global multi-asset, long-short, market neutral, systematic or other tactical investment strategies, may involve </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">complex securities types or transactions and extensive short positions and/or focus on narrow segments of the market, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which may increase and/or magnify the overall risks and volatility associated with the strategies.</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>Emerging Markets Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging market securities typically present even greater exposure to the risks described </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. Emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">during a market downturn.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Commodities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of commodities and commodity-linked derivative investments will generally be affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by overall market movements, foreign currency exchange rates, commodity index volatility and changes in interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, as well as factors specific to a particular industry or commodity. Commodities investments may also be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile and less liquid than other types of investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The use of derivatives, such as futures, options and swap agreements, can lead to losses, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High Yield Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. High yield securities and unrated securities of similar credit quality (commonly known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values tend to be more volatile than higher-rated securities with similar maturities.</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>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Underlying Funds Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The risks associated with a Fund include the risks related to each Underlying Fund in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. Government obligations may be adversely impacted by changes in interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">backed by the full faith and credit of the U.S. Government. U.S. Government obligations may be adversely affected by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">default by, or decline in the credit quality, of the U.S. Government.</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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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><img alt="image" src="pr12870img002.jpg" style="float:left; ;max-width:100%"/></div>
<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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.50</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</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;">-16.05%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Year-to-date total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">13.43</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.075
Lowest Quarter: March 31, 2020
2020-03-31
-0.1605
Year-to-date total return as of June 30, 2026 is +13.43%
2026-06-30
0.1343
Average Annual Total Returns for the periods ended 12/31/2025 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2012-03-01
0.0191
0.0386
0.0345
2012-03-01
0.0117
0.0245
0.024
2012-03-01
0.0121
0.0249
0.0234
2012-03-01
0.0621
0.043
0.0347
2014-10-31
0.0843
0.0552
0.0451
2012-11-30
0.0841
0.0546
0.0443
0.2234
0.1119
0.1172
0.0486
0.0034
0.0239
<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 total return, consisting of capital appreciation and current income.</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. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which are not reflected in the tables and examples below. You may pay other fees, such as brokerage commissions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sales charge discounts if you and your family invest, or agree to invest in the 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">32 and 34 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus and “Additional Purchase and Redemption Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">77 of the Statement of Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than those outlined shares in these sections. Please see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">56 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
0.01
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>
0.0028
0.0028
0.0028
0.0028
0
0.0075
0
0
0.0046
0.0046
0.004
0.0015
0.0039
0.0039
0.0039
0.0039
0.0113
0.0188
0.0107
0.0082
-0.0007
-0.0007
-0.0017
-0.0007
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
August 31, 2027
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>
<div>
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<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
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<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$677</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$907</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,155</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,865</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$284</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$584</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,010</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$2,195</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Administrator Class</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$92</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$324</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$574</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,292</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Institutional Class</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$77</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$255</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$449</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,009</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU HELD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class C</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$184</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$584</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,010</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$2,195</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
677
907
1155
1865
284
584
1010
2195
92
324
574
1292
77
255
449
1009
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
184
584
1010
2195
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;;">The Fund is a fund-of-funds that invests in various affiliated mutual funds and exchange-traded funds (“Underlying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Funds”) employing a multi-asset, multi-style investment approach designed to reduce the price and return volatility of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund and to provide more consistent returns. The Fund may invest in Allspring Master Portfolios, in other Allspring </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Funds, or directly in securities. The Fund is a diversified investment, providing exposure to equity, fixed income and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">alternative investment strategies. The Fund invests at least 55% and up to 75% of its assets in stock funds and at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">25% and up to 45% of its assets in bond funds.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund may be exposed to any asset class, including, for example, U.S. and foreign equities (including emerging </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market equities), U.S. and foreign fixed income securities (including emerging markets fixed income securities), and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">alternative investments. The Underlying Funds may gain their investment exposures directly or through investment in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivatives.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund will establish long and/or short positions in exchange-traded futures contracts across a variety of asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes, including, but not limited to, stocks, bonds, and currencies, in an attempt to improve to improve the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risk/return profile. Dependent upon market conditions, this use of derivatives may increase or decrease exposures to a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">given asset class.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">As part of managing the Fund’s level of risk, both in absolute terms and relative to its benchmark, we may make </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes to the allocations among investment styles at any time. We may use cash flows or effect transactions to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">accomplish these changes.</span></div>
<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>Debt Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">principal when they become due. In these instances, the value of an investment could decline and the Fund could lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates may magnify interest rate risk.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Underlying Funds Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The risks associated with a Fund include the risks related to each Underlying Fund in which the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund invests.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The use of derivatives, such as futures, options and swap agreements, can lead to losses, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging market securities typically present even greater exposure to the risks described </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. Emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">during a market downturn.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Contracts Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. A Fund that enters into forwards or other foreign currency contracts, which are a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">type of derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rate changes.</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>Futures Contracts Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">times not be a liquid secondary market for certain futures contracts.</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>High Yield Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. High yield securities and unrated securities of similar credit quality (commonly known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values tend to be more volatile than higher-rated securities with similar maturities.</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>Mortgage- and Asset-Backed Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Mortgage- and asset-backed securities may decline in value and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Options Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A Fund that purchases options, which are a type of derivative, is subject to the risk of a loss of premiums </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">without offsetting gains. A Fund that writes options receives a premium that may be small relative to the loss realized in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the event of adverse changes in the value of the underlying instruments.</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>Swaps Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Depending on their structure, swap agreements and options to enter into swap agreements (“swaptions”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">both of which are types of derivatives, may increase or decrease a Fund’s exposure to long- or short-term interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currency values, mortgage-backed securities, corporate borrowing rates, or credit events or other reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">points such as security prices or inflation rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. Government obligations may be adversely impacted by changes in interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">backed by the full faith and credit of the U.S. Government. U.S. Government obligations may be adversely affected by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">default by, or decline in the credit quality, of the U.S. Government.</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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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><img alt="image" src="pr12870img003.jpg" style="float:left; ;max-width:100%"/></div>
<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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">14.53</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</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;">-15.02</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Year-to-date total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">9.56</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.1453
Lowest Quarter: March 31, 2020
2020-03-31
-0.1502
Year-to-date total return as of June 30, 2026 is +9.56%
2026-06-30
0.0956
Average Annual Total Returns for the periods ended 12/31/2025 (returns reflect applicable sales charges)
returns reflect applicable sales charges
1996-07-29
0.0854
0.0553
0.0682
1996-07-29
0.0675
0.0335
0.0529
1996-07-29
0.057
0.0359
0.0499
2002-10-03
0.1328
0.06
0.0687
2002-10-03
0.154
0.0718
0.0783
2012-11-30
0.1557
0.0714
0.0782
0.1715
0.1315
0.1429
0.073
-0.0036
0.0201
<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></div><div><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 returns that exceed the rate of inflation over the long-term.</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. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">which are not reflected in the tables and examples below. You may pay other fees, such as brokerage commissions and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other fees to financial intermediaries, which are not reflected in the tables and examples below. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">You may qualify for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sales charge discounts if you and your family invest, or agree to invest in the 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 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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 and other discounts is available from your </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pages </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">32 and 34 </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">of the Prospectus and “Additional Purchase and Redemption Information” on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">77 of the Statement of Additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">than those outlined shares in these sections. Please see Appendix A on page </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">56 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)
0.045
0
0
0
0
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">Investments of $500,000 or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:8.02pt;;">of 1.00% if redeemed within 18 months from the date of purchase.</span>
0
0
0
0.0097
0.0061
0.0066
-0.0021
-0.0021
-0.0021
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
August 31, 2027
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>
<div>
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<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
<td style="height:1px;width:15%"></td>
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<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR SHARES, YOU </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>WOULD PAY:</b></span>
</div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 1 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEAR</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 3 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 5 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>AFTER 10 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>YEARS</b></span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class A</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$524</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$725</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$943</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$1,568</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class R6</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$41</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$174</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$319</span></div>
</td>
<td colspan="1" style="border-bottom:1pt solid #333333;vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$742</span></div>
</td>
</tr>
<tr>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Institutional Class</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$46</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$190</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$347</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$803</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
524
725
943
1568
41
174
319
742
46
190
347
803
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;">59</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.59
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:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">up to 70% of the Fund’s total assets in debt obligations;</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">up to 70% of the Fund’s total assets in equity securities; and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;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;;">up to 25% of the Fund’s total assets in commodities.</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a feeder fund that invests substantially all of its assets in the Real Return Portfolio, a master portfolio with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">substantially identical investment objective and substantially similar investment strategies. We may invest in additional </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">master portfolios, in other Allspring Funds, or directly in a portfolio of securities.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We utilize an active allocation strategy to diversify the portfolio across various investments, assets and sectors, in an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">attempt to generate a real return (a return in excess of the rate of inflation) over an economic cycle, consistent with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appropriate level of risk. We dynamically allocate investments to various broad asset classes across debt, equity and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">commodities based on our assessment of changing economic, global market, industry, and issuer conditions.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest up to 70% of the Fund’s total assets in debt obligations including but not limited to, inflation-indexed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities, corporate-issued debt, mortgage- and asset-backed securities, bank loans and government </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">obligations. These securities may have fixed, floating or variable rates. We may invest up to 20% of the Fund’s total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets in below investment-grade debt obligations, often called “high yield securities” or “junk bonds”. We do not </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">manage the portfolio to a specific maturity or duration. We may use futures contracts to manage or adjust duration and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield curve exposure, as well as to manage risk or to enhance return.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest up to 70% of the Fund’s total assets in equity securities, including but not limited to, common stock, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">preferred stock and real estate investment trusts (“REITs”), of domestic and foreign issuers of any market capitalization. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest in derivatives, such as futures and swaps, that have similar economic or financial characteristics of any </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security described above.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest up to 25% of the Fund’s total assets in the common or preferred stock of a subsidiary of the Fund that </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">typically invests directly or indirectly in commodity-linked derivatives such as commodity forwards, commodity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">futures, commodity swaps, swaps on commodity futures and other commodity-linked derivative securities; it may also </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in all other securities allowed in the Fund. These holdings may contribute more than 25% of the Fund’s risk </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocation.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund uses derivatives in an attempt to manage short-term volatility, mitigate risk and/or improve returns under </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">certain market conditions. To execute this derivatives strategy, the Fund (either directly or through its subsidiary in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">case of commodity exposure) invests in long and/or short positions in exchange-traded futures and/or currency </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, commodities, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and currencies.</span></div>
<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>Debt Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">principal when they become due. In these instances, the value of an investment could decline and the Fund could lose </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest rates may magnify interest rate risk.</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>Commodities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of commodities and commodity-linked derivative investments will generally be affected </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">by overall market movements, foreign currency exchange rates, commodity index volatility and changes in interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, as well as factors specific to a particular industry or commodity. Commodities investments may also be more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">volatile and less liquid than other types of investments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Inflation-Indexed Debt Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The principal value of an inflation-indexed debt security is periodically adjusted </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the rate of inflation.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Subsidiary Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The value of a Fund’s investment in its Cayman Islands subsidiary may be adversely impacted by the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risks associated with the underlying derivatives investments of the subsidiary. In addition, changes in the laws or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">regulations of the United States or the Cayman Islands, under which the Fund and the subsidiary, respectively, are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">organized, could result in the inability of the Fund or the subsidiary to continue to operate as described in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">prospectus and could negatively affect the Fund and its shareholders.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Derivatives Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The use of derivatives, such as futures, options and swap agreements, can lead to losses, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Emerging Markets Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Emerging market securities typically present even greater exposure to the risks described </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. Emerging market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">during a market downturn.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Currency Contracts Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. A Fund that enters into forwards or other foreign currency contracts, which are a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">type of derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of future </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exchange rate changes.</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>Futures Contracts Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">times not be a liquid secondary market for certain futures contracts.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>High Yield Securities Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. High yield securities and unrated securities of similar credit quality (commonly known as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">values tend to be more volatile than higher-rated securities with similar maturities.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Loan Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Loans may be unrated, less liquid and more difficult to value than traditional debt securities. The highly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in financial, economic or market conditions. A Fund may be unable to sell loans at a desired time or price. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may also not be able to control amendments, waivers or the exercise of any remedies that a lender would have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under a direct loan and may assume liability as a lender.</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>Mortgage- and Asset-Backed Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Mortgage- and asset-backed securities may decline in value and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">become less liquid when defaults on the underlying mortgages or assets occur and may exhibit additional volatility in </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">periods of rising interest rates. Rising interest rates tend to extend the duration of these securities, making them more </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sensitive to changes in interest rates than instruments with fixed payment schedules. When interest rates decline or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">low, the prepayment of mortgages or assets underlying such securities can reduce a Fund’s returns.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Real Estate Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Real estate securities are subject to risks from decreases in the values of underlying real </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments, government regulation and social and economic trends. The value of certain real estate securities may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">also be affected by local, regional and general market conditions.</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>Swaps Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Depending on their structure, swap agreements and options to enter into swap agreements (“swaptions”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">both of which are types of derivatives, may increase or decrease a Fund’s exposure to long- or short-term interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currency values, mortgage-backed securities, corporate borrowing rates, or credit events or other reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">points such as security prices or inflation rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>U.S. Government Obligations Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> U.S. Government obligations may be adversely impacted by changes in interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">backed by the full faith and credit of the U.S. Government. U.S. Government obligations may be adversely affected by a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">default by, or decline in the credit quality, of the U.S. Government.</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. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Past performance before and after taxes is no guarantee of future results.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Current month-end </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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><img alt="image" src="pr12870img004.jpg" style="float:left; ;max-width:100%"/></div>
<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="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">6.14</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</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;">-7.08%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Year-to-date total </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">return as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">June </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">30, 2026</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">12.07</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.0614
Lowest Quarter: June 30, 2022
2022-06-30
-0.0708
Year-to-date total return as of June 30, 2026 is +12.07%
2026-06-30
0.1207
Average Annual Total Returns for the periods ended 12/31/2025 (returns reflect applicable sales charges)
returns reflect applicable sales charges
2003-02-28
0.0591
0.0315
0.0391
2003-02-28
0.0463
0.0166
0.0277
2003-02-28
0.0351
0.0175
0.0253
0.1715
0.1315
0.1429
0.073
-0.0036
0.0201
<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.
<p style="font-family:Arial, Helvetica, sans-serif;font-size:10pt;background-color:#FFFFFF;padding-left:2pt;padding-top:6;padding-bottom:0;align:left;padding-right:2pt;margin-top:3pt;margin-bottom:0; text-align: left;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt; font-family: Arial, Helvetica, sans-serif;">At a meeting held August 17-19, 2026, the Board of Trustees of the Fund approved a proposal to disconnect the master-feeder structure under which the Fund invests 100% of its assets in the Allspring Real Return Portfolio. On or about February 5, 2027 (the “Effective Date”), the Fund will begin to invest substantially all of its assets directly in a portfolio of securities. As a result of this change, on the Effective Date, the first paragraph of the Fund’s principal investment strategy will be deleted, and all references to the “master portfolio” or Real Return Portfolio, as applicable, will be removed or replaced with references to the Fund throughout the prospectus, summary prospectus and statement of additional information.</span></p>
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 August 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.69% for Class A, 1.44% for Class C, 0.28% for Class R6 and 0.33% 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.Source: Allspring Funds Management, LLC. The Absolute Return Blended Index is comprised of 35% MSCI ACWI Index (Net), 35% Bloomberg U.S. TIPS Index, and 30% Bloomberg Global Aggregate Index (USD Hedged). You cannot invest directly in an index.
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 August 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 1.06% for Class A, 1.81% for Class C, 0.90% for Administrator Class and 0.75% for Institutional Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in 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.Source: Allspring Funds Management, LLC. The Asset Allocation Blended Index is comprised of 65% MSCI ACWI Index (net) and 35% of the Bloomberg U.S. Aggregate Bond Index. You cannot invest directly in an index.
2.The Fund has changed its regulatory benchmark from the Russell 3000 Index to the MSCI ACWI Index (net). The Manager believes that the MSCI ACWI Index (net) better reflects the Fund’s overall investment strategy.
1.Investments of $500,000 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.Reflects the fees charged by Allspring Funds Management for providing investment advisory services to the master portfolio in which the Fund invests substantially all of its assets.
3.Includes other expenses allocated from the master portfolio in which the Fund invests.
4.The Manager has contractually committed through August 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.76% for Class A, 0.40% for Class R6 and 0.45% 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 former Administrator Class shares, and is not adjusted to reflect the Class R6 expenses. If these expenses had been included, returns for the Class R6 shares would be higher.
2.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the former Administrator Class shares, and includes the higher expenses applicable to the former Administrator Class shares.
3.Source: Allspring Funds Management, LLC. Performance shown for the Real Return Blended Index since December 1, 2023 reflects a weighting of: 40% S&P 500 Index, 35% Bloomberg U.S. TIPS Index and 25% Bloomberg U.S. Aggregate Bond Index. Performance shown prior to December 1, 2023 reflects a weighting of: 100% Bloomberg U.S. TIPS Index. You cannot invest directly in an index.