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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 long-term capital appreciation with no emphasis on 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;;">49 and 50 </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;;">75 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;;">77 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>
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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.
The expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund 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>
</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;">$672</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;">$884</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;">$1,113</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;">$1,770</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;">$279</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;">$560</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;">$967</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;">$2,103</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;">$97</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;">$309</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;">$539</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;">$1,199</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;">$72</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;">$230</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;">$403</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;">$904</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;">$179</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;">$560</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;">$967</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;">$2,103</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
672
884
1113
1770
279
560
967
2103
97
309
539
1199
72
230
403
904
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
179
560
967
2103
Portfolio Turnover
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">46</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.46
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a fund-of-funds that invests in various affiliated and unaffiliated mutual funds and exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“Underlying Funds”) to pursue its investment objective. We seek to achieve the Fund’s investment objective by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investing at least 80% of the Fund’s net assets in equity securities (through investment in Underlying Funds). The Fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is a diversified equity investment that consists of Underlying Funds that employ different and complementary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment styles to provide potential for growth. These equity styles include large company, small company, and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">international. The Fund will invest at least 50% and up to 70% of its assets in U.S. large company stock funds, at least </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">20% and up to 40% of its assets in international stock funds and up to 20% of its assets in U.S. small company stock </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds. Additionally, we may invest up to 20% of the Fund’s net assets in bond or alternative-style asset classes (through </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment in Underlying Funds).</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Depending on market conditions, some equity asset classes will perform better than others. The Fund’s broad </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification across equity styles and the use of tactical allocation between equity styles may help to reduce the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall impact of poor performance in any one equity asset class.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We employ both quantitative analysis and qualitative judgments in making tactical allocations among various </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Underlying Funds. Quantitative analysis involves the use of proprietary asset allocation models, which employ various </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation techniques. Qualitative judgments are made based on assessments of a number of factors, including </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">economic conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technicals. Changes to effective allocations in the Fund may be implemented with index futures contracts or by buying </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and selling Underlying Funds, or both.</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, by establishing long and/or short positions in exchange-traded futures contracts across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">variety of asset classes, which include, but are not limited to, stocks, bonds, 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>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>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>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>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 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>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Smaller Company Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities of companies with smaller market capitalizations tend to be more volatile </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and less liquid than those of larger companies.</span></div>
Performance
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The following information provides some indication of the risks of investing in the Fund by showing changes in the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s performance from year to year.</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s average annual total returns are compared to the performance of one </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or more indices. </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 C as of 12/31 each year2(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="pr12862img002.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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+17.51</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;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2018</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-13.94</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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+12.72</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
0.1751
Lowest Quarter: December 31, 2018
2018-12-31
-0.1394
Year-to-date total return as of June 30, 2026 is +12.72%
2026-06-30
0.1272
Average Annual Total Returns for the periods ended 12/31/2025
0.1715
0.1315
0.1429
<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 a combination of current income and capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. 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;;">49 and 50 </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;;">75 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;;">77 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
0.01
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>
0.0025
0.0025
0.0025
0
0.0075
0
0.0053
0.0053
0.0022
0.0032
0.0032
0.0032
-0.0007
-0.0007
-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.
The expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund 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>
</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;">$674</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;">$898</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;">$1,140</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;">$1,832</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;">$281</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;">$575</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;">$994</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;">$2,163</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;">$74</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;">$245</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;">$432</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;">$971</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;">$181</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;">$575</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;">$994</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;">$2,163</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
674
898
1140
1832
281
575
994
2163
74
245
432
971
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
181
575
994
2163
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;">41</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.41
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 and unaffiliated mutual funds and exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“Underlying Funds”) to pursue its investment objective. We seek to achieve the Fund’s investment objective by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocating at least 20% and up to 40% of its assets to stock funds, at least 40% and up to 60% of its assets to bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds, at least 5% and up to 25% of its assets to inflation sensitive funds and up to 15% of its assets to alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment funds. The Fund’s broad diversification helps to reduce the overall impact of any one asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">class underperforming, but may also limit upside potential.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a diversified portfolio of bond, stock, inflation sensitive and alternative investment strategy funds, with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emphasis on bonds. Bond holdings may be diversified across a wide range of bond fund styles that consist of short- to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">long-term income-producing securities, including U.S. Government obligations, corporate bonds, below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment-grade bonds, and foreign issues. Stock holdings may be diversified across a wide range of stock fund </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">styles, including large company, small company and international. Inflation sensitive holdings are allocated across </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds with investment strategies commonly used to protect against the effects of inflation, which may include, but are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not limited to, investments in inflation protected bonds, commodities, natural resources, precious metals, or real </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">estate. Alternative investment holdings are allocated across funds that use alternative investment strategies, which </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may include, but are not limited to, risk premia, managed futures, merger arbitrage, global multi-asset, long-short, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market neutral, or other tactical investment strategies. An Underlying Fund may invest in securities across multiple </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">asset classes and we consider these various underlying allocations for purposes of making investments consistent with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s allocations outlined above.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We employ both quantitative analysis and qualitative judgments in making tactical allocations among asset classes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Quantitative analysis involves the use of proprietary asset allocation models, which employ various valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. Qualitative judgments are made based on assessments of a number of factors, including economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market technicals. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Changes to effective allocations in the Fund may be implemented with index futures contracts or by buying and selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Underlying Funds, or both.</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, by establishing long and/or short positions in exchange-traded futures contracts across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">variety of asset classes, which include, but are not limited to, stocks, bonds, 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>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>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>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>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>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>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>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 C as of 12/31 each year2(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="pr12862img003.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;">9.92</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;">-8.21</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;">7.12</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
0.0992
Lowest Quarter: June 30, 2022
2022-06-30
-0.0821
Year-to-date total return as of June 30, 2026 is +7.12%
2026-06-30
0.0712
Average Annual Total Returns for the periods ended 12/31/2025
0.073
-0.0036
0.0201
0.1715
0.1315
0.1429
<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 capital appreciation with a secondary emphasis on 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;;">49 and 50 </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;;">75 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;;">77 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
0.01
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>
0.0025
0.0025
0.0025
0
0.0075
0
0.0053
0.0053
0.0022
0.0033
0.0033
0.0033
-0.0007
-0.0007
-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.
The expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund 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>
</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;">$675</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;">$901</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;">$1,145</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;">$1,843</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;">$282</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;">$578</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;">$999</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;">$2,174</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;">$75</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;">$248</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;">$437</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;">$983</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;">$182</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;">$578</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;">$999</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;">$2,174</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
675
901
1145
1843
282
578
999
2174
75
248
437
983
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
182
578
999
2174
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;">52</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.52
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 and unaffiliated mutual funds and exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“Underlying Funds”) to pursue its investment objective. We seek to achieve the Fund’s investment objective by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocating at least 50% and up to 70% of its assets to stock funds, at least 15% and up to 35% of its assets to bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds, at least 5% and up to 25% of its assets to inflation sensitive funds and up to 15% of its assets to alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment funds. The Fund’s broad diversification helps to reduce the overall impact of any one asset class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underperforming, but may also limit upside potential.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a diversified portfolio of stock, bond, inflation sensitive, and alternative investment strategy funds, with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emphasis on stocks. Stock holdings are diversified across a wide range of stock fund styles, including large company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">small company and international. Bond holdings are diversified across a wide range of bond fund styles that consist of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">short- to long-term income-producing securities, including U.S. Government obligations, corporate bonds, below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment-grade bonds, and foreign issues. Inflation sensitive holdings are allocated across funds with investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strategies commonly used to protect against the effects of inflation, which may include, but are not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in inflation protected bonds, commodities, natural resources, precious metals, or real estate. Alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment holdings are allocated across funds that use alternative investment strategies, which may include, but are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not limited to, risk premia, managed futures, merger arbitrage, global multi-asset, long-short, market neutral, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tactical investment strategies. An Underlying Fund may invest in securities across multiple asset classes and we </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider these various underlying allocations for purposes of making investments consistent with the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocations outlined above.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We employ both quantitative analysis and qualitative judgments in making tactical allocations among asset classes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Quantitative analysis involves the use of proprietary asset allocation models, which employ various valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. Qualitative judgments are made based on assessments of a number of factors, including economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market technicals. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Changes to effective allocations in the Fund may be implemented with index futures contracts or by buying and selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Underlying Funds, or both.</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, by establishing long and/or short positions in exchange-traded futures contracts across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">variety of asset classes, which include, but are not limited to, stocks, bonds, 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>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>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>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>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>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>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>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 C as of 12/31 each year2(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="pr12862img004.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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+15.27%</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;">-11.98%</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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+10.16%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.1527
Lowest Quarter: March 31, 2020
2020-03-31
-0.1198
Year-to-date total return as of June 30, 2026 is +10.16%
2026-06-30
0.1016
Average Annual Total Returns for the periods ended 12/31/2025
0.073
-0.0036
0.0201
0.1715
0.1315
0.1429
<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 current income with a secondary emphasis on capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">shares of the Fund. 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;;">49 and 50 </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;;">75 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;;">77 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
0.01
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>
0.0025
0.0025
0.0025
0
0.0075
0
0.0064
0.0064
0.0033
0.0031
0.0031
0.0031
-0.0018
-0.0018
-0.0018
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
The expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund 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>
</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;">$673</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;">$917</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;">$1,180</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;">$1,931</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;">$280</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;">$595</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;">$1,035</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;">$2,260</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;">$73</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;">$266</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;">$475</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;">$1,079</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;">$180</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;">$595</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;">$1,035</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;">$2,260</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
673
917
1180
1931
280
595
1035
2260
73
266
475
1079
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
180
595
1035
2260
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;">84</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.84
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 and unaffiliated mutual funds and exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“Underlying Funds”) to pursue its investment objective. We seek to achieve the Fund’s investment objective by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocating up to 20% of its assets to stock funds, at least 65% and up to 85% of its assets to bond funds, up to 20% of its </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">assets to inflation sensitive funds and up to 15% of its assets to alternative investment funds. The Fund’s broad </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diversification helps to reduce the overall impact of any one asset class underperforming, but may also limit upside </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">potential.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a diversified portfolio of bond, stock, inflation sensitive and alternative investment strategy funds, with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emphasis on bonds. Bond holdings may be diversified across a wide range of bond fund styles that consist of short- to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">long-term income-producing securities, including U.S. Government obligations, corporate bonds, below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment-grade bonds and foreign issues. Stock holdings may be diversified across a wide range of stock fund styles, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including large company, small company and international. Inflation sensitive holdings are allocated across funds with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment strategies commonly used to protect against the effects of inflation, which may include, but are not limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to, investments in inflation protected bonds, commodities, natural resources, precious metals, or real estate. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Alternative investment holdings are allocated across funds that use alternative investment strategies, which may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">include, but are not limited to, risk premia, managed futures, merger arbitrage, global multi-asset, long-short, market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">neutral, or other tactical investment strategies. An Underlying Fund may invest in securities across multiple asset </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">classes and we consider these various underlying allocations for purposes of making investments consistent with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s allocations outlined above.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We employ both quantitative analysis and qualitative judgments in making tactical allocations among asset classes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Quantitative analysis involves the use of proprietary asset allocation models, which employ various valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. Qualitative judgments are made based on assessments of a number of factors, including economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market technicals. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Changes to effective allocations in the Fund may be implemented with index futures contracts or by buying and selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Underlying Funds, or both.</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, by establishing long and/or short positions in exchange-traded futures contracts across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">variety of asset classes, which include, but are not limited to, stocks, bonds, 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>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>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>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>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>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>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>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 C as of 12/31 each year2(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="pr12862img005.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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+7.37%</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;">-6.10%</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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+4.74%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.0737
Lowest Quarter: June 30, 2022
2022-06-30
-0.061
Year-to-date total return as of June 30, 2026 is +4.74%
2026-06-30
0.0474
Average Annual Total Returns for the periods ended 12/31/2025
0.073
-0.0036
0.0201
0.1715
0.1315
0.1429
<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 a combination 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;;">49 and 50 </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;;">75 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;;">77 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
0.01
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>
0.0025
0.0025
0.0025
0
0.0075
0
0.005
0.005
0.0019
0.0033
0.0033
0.0033
-0.0006
-0.0006
-0.0006
Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.
The expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund 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>
</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;">$673</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;">$893</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;">$1,131</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;">$1,811</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;">$280</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;">$570</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;">$985</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;">$2,143</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;">$73</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;">$240</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;">$422</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;">$949</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;">$180</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;">$570</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;">$985</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;">$2,143</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
673
893
1131
1811
280
570
985
2143
73
240
422
949
ASSUMING YOU HELD YOUR SHARES, YOU WOULD PAY:
180
570
985
2143
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;">47</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.47
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 and unaffiliated mutual funds and exchange-traded funds </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">(“Underlying Funds”) to pursue its investment objective. We seek to achieve the Fund’s investment objective by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocating at least 35% and up to 55% of its assets to stock funds, at least 25% and up to 45% of its assets to bond </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">funds, at least 5% and up to 25% of its assets to inflation sensitive funds and up to 15% of its assets to alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment funds. The Fund’s broad diversification helps to reduce the overall impact of any one asset class </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">underperforming, but may also limit upside potential.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund is a diversified portfolio of stock, bond, inflation sensitive, and alternative investment strategy funds, with an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">emphasis on stocks. Stock holdings are diversified across a wide range of stock fund styles, including large company, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">small company and international. Bond holdings are diversified across a wide range of bond fund styles that consist of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">short- to long-term income-producing securities, including U.S. Government obligations, corporate bonds, below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment-grade bonds, and foreign issues. Inflation sensitive holdings are allocated across funds with investment </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strategies commonly used to protect against the effects of inflation, which may include, but are not limited to, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investments in inflation protected bonds, commodities, natural resources, precious metals, or real estate. Alternative </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment holdings are allocated across funds that use alternative investment strategies, which may include, but are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">not limited to, risk premia, managed futures, merger arbitrage, global multi-asset, long-short, market neutral, or other </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">tactical investment strategies. An Underlying Fund may invest in securities across multiple asset classes and we </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">consider these various underlying allocations for purposes of making investments consistent with the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocations outlined above.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We employ both quantitative analysis and qualitative judgments in making tactical allocations among asset classes. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Quantitative analysis involves the use of proprietary asset allocation models, which employ various valuation </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">techniques. Qualitative judgments are made based on assessments of a number of factors, including economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions, corporate earnings, monetary policy, market valuations, investor sentiment, and market technicals. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Changes to effective allocations in the Fund may be implemented with index futures contracts or by buying and selling </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Underlying Funds, or both.</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, by establishing long and/or short positions in exchange-traded futures contracts across a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">variety of asset classes, which include, but are not limited to, stocks, bonds, 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>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>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>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>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>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>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>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 C as of 12/31 each year2(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="pr12862img006.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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+12.64%</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;">-10.06%</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="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+9.00%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.1264
Lowest Quarter: June 30, 2022
2022-06-30
-0.1006
Year-to-date total return as of June 30, 2026 is +9.00%
2026-06-30
0.09
Average Annual Total Returns for the periods ended 12/31/2025
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.
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 expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund fees and expenses.
3.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 0.71% for Class A, 1.46% for Class C, 0.65% for Administrator Class and 0.40% 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
2.Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.
3.Historical performance shown for the Administrator Class shares prior to their inception reflects the performance of the Institutional Class shares, adjusted to reflect the higher expenses applicable to the Administrator Class shares.
4.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
5.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 $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 expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund fees and expenses.
3.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 0.71% for Class A, 1.46% for Class C and 0.40% 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
2.Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.
3.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
4.Source: Allspring Funds Management, LLC. The Spectrum Conservative Growth Blended Index is comprised of 39% MSCI ACWI Index (net), 36% Bloomberg U.S. Aggregate Index, 15% Bloomberg U.S. TIPS Index and 10% ICE BofA U.S. High Yield Constrained Index. You cannot invest directly in an index.
5.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 $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 expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund fees and expenses.
3.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 0.71% for Class A, 1.46% for Class C and 0.40% 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
2.Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.
3.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
4.Source: Allspring Funds Management, LLC. The Spectrum Growth Blended Index is comprised of 64% MSCI ACWI Index (net), 20% Bloomberg U.S. Aggregate Index, 10% Bloomberg U.S. TIPS Index and 6% ICE BofA U.S. High Yield Constrained Index. You cannot invest directly in an index.
5.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 $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 expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund fees and expenses.
3.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 0.71% for Class A, 1.46% for Class C and 0.40% 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
2.Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.
3.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
4.Source: Allspring Funds Management, LLC. The Spectrum Income Allocation Blended Index is comprised of 19% MSCI ACWI Index (net), 54% Bloomberg U.S. Aggregate Index, 15% Bloomberg U.S. TIPS Index and 12% ICE BofA U.S. High Yield Constrained Index. You cannot invest directly in an index.
5.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 $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 expense ratio shown does not correlate to the corresponding expense ratio shown in the Financial Highlights, which reflects only the operating expenses of the Fund and does not include any acquired fund fees and expenses.
3.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 and 0.38% 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 for the Class A shares prior to their inception reflects the performance of the Class C shares and includes the higher expenses applicable to the Class C shares. If these expenses had not been included, returns for the Class A shares would be higher.
2.Prior to February 13, 2017, historical performance shown for the Class C shares reflects the performance of the Fund’s predecessor WealthBuilder Portfolio share class and does not reflect the front-end sales load previously attributable to the predecessor class. The expenses for Class C shares and the predecessor share class are similar.
3.Historical performance shown for the Institutional Class shares prior to their inception reflects the performance of the Class A shares adjusted to reflect that the Institutional Class shares do not have a sales load but not adjusted to reflect the Institutional Class expenses. If these expenses had been included, returns for the Institutional Class shares would be higher.
4.Source: Allspring Funds Management, LLC. The Spectrum Moderate Growth Blended Index is comprised of 53% MSCI ACWI Index (net), 29% Bloomberg U.S. Aggregate Index, 10% Bloomberg U.S. TIPS Index and 8% ICE BofA U.S. High Yield Constrained Index. You cannot invest directly in an index.
5.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.