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N-1A
ALLSPRING FUNDS TRUST
2026-10-19
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks high current income exempt from federal income tax, and capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell ETF </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>example that follows.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.005
0
0.0015
0.0065
-0.0015
October 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 ETF Class shares of the Fund with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, that fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and expenses remain the same as in the table above, and that you redeem all of your shares at the end of the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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:28%"></td>
<td style="height:1px;width:18%"></td>
<td style="height:1px;width:18%"></td>
<td style="height:1px;width:18%"></td>
<td style="height:1px;width:18%"></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 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SHARES, YOU 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 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 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 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 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;;">ETF Class</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$51</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$193</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$347</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$796</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
51
193
347
796
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;">35</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.35
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”);</span>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;</span></div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 50% of the Fund’s total assets in municipal securities rated BBB and below or comparable unrated municipal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">securities; and</span></div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 20% of the Fund’s total assets in inverse floaters.</span></div>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in municipal securities of states, territories and possessions of the United States whose interest is </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">exempt from federal income tax, but not necessarily federal AMT. A substantial portion of the securities will be rated </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">BBB and below or unrated and deemed by us to be of comparable quality. Securities rated BB and below are often </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">called “high yield” securities or “junk bonds”. We may invest in municipal debt of any credit quality. We may also invest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a portion of the Fund’s total assets in securities whose interest is subject to federal AMT. We may use futures for </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">duration and yield curve management. While we may purchase securities of any maturity, under normal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Dollar-weighted average effective maturity” is a measure of the average time until the final payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest is due on fixed income securities in the Fund’s portfolio.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest up to 20% of the Fund’s total assets in inverse floaters to seek enhanced returns. Inverse floaters are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">created by the Fund’s investments in inverse floaters to an amount equal to 20% of the Fund’s total assets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographic trends. Securities may be sold based on relative value considerations and could be replaced with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics or outlook, as well as changes in portfolio strategy or cash flow needs.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”);</span>
<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>Municipal Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Municipal securities may be fully or partially backed or enhanced by the taxing authority of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">way that political, economic or business developments affecting one obligation could affect other municipal securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by a Fund.</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>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>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>Inverse Floater Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The holder of an inverse floater, which is a type of derivative, could lose more than its principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. An inverse floater produces less income and may decline in value when market rates and the rate payable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater price and income volatility than an unleveraged bond with a similar maturity.</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>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to ETF Class shares, and Authorized Participants are not obligated to engage in creation and/or redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions.Consequently, there is no assurance that Authorized Participants will establish or maintain an active </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading market for ETF Class shares. This risk may be heightened to the extent that securities held by the Fund are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded outside a collateralized settlement system. In that case, Authorized Participants may be required to post </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable or unwilling to proceed with creation or redemption orders with respect to the Fund’s ETF Class shares and no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other Authorized Participant is willing or able to step forward to create or redeem, this may result in a significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diminished trading market for ETF Class shares and such shares may be more likely to trade at a premium (i.e. higher) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discount (i.e. lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be heightened to the extent that a Fund invests in securities issued by non-U.S. issuers or other securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares face numerous market trading risks, including the potential lack of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active market for ETF Class shares or the Fund’s underlying portfolio securities, losses from trading in secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets, periods of high volatility and disruptions in the creation/redemption process. These factors, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may lead to the Fund’s ETF Class shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares are exposed to operational risks arising from a number of factors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Authorized Participants, market makers, counterparties or other third-parties, failed or inadequate processes and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">computer, technology or systems failures.</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 ETF Class as of 12/31 each year1
<div><img alt="image" src="pr12843img002.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;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2023</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">+</span><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">7.35</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Lowest Quarter: </b></span><br/><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">March 31, 2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-6.86</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;;">September 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;">-2.45</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">%</span></div>
Highest Quarter: December 31, 2023
2023-12-31
0.0735
Lowest Quarter: March 31, 2022
2022-03-31
-0.0686
Year-to-date total return as of September 30, 2026 is -2.45%
2026-09-30
-0.0245
Average Annual Total Returns for the periods ended 12/31/2025
2026-10-20
0.0256
0.0141
0.0266
2026-10-20
0.0344
0.0206
0.0292
0.0246
0.0218
0.0435
0.0425
0.008
0.0234
<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></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.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell ETF </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>example that follows.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.007
0
0.0008
0.0078
-0.0013
November 30, 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 ETF Class shares of the Fund with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, that fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and expenses remain the same as in the table above, and that you redeem all of your shares at the end of the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or lower, based on these assumptions, your costs would be:</span></div>
<div>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SHARES, YOU WOULD PAY:</b></span>
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<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 YEAR</b></span></div>
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<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 YEARS</b></span></div>
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<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 YEARS</b></span></div>
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<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 YEARS</b></span></div>
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<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;;">ETF Class</span></div>
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<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align: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;">$66</span></div>
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<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;">$236</span></div>
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<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;">$420</span></div>
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<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;">$954</span></div>
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ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
66
236
420
954
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;">34</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.34
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
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<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in equity securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large-capitalization companies;</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and</span></div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 10% of the Fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments.</span></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in equity securities of large-capitalization companies, which we define as companies with market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalizations within the range of the S&P 500 Index at the time of purchase. The market capitalization range of the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">S&P 500 Index was approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">6.44 billion to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.33 trillion, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">August 31, 2026, and is expected to change </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">frequently. We may also invest in equity securities of foreign issuers including ADRs and similar investments. Generally, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">we avoid investments in issuers we deem to have significant alcohol, gaming or tobacco business. We may use futures </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">contracts in order to equitize cash.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We utilize a combination of quantitative methods and fundamental analysis to select a core portfolio of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large-capitalization companies that we believe are relatively undervalued and exhibit the likelihood to meet or exceed </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">future earnings expectations. Our quantitative analysis is based on a proprietary alpha model that considers valuation, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality, and momentum characteristics to rank securities. Stocks that are attractively ranked by the alpha model are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">candidates for purchase. Such candidates undergo further qualitative analysis, which may include an evaluation of a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">company’s management strength, products and/or services, competition and risk profile. This disciplined process </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">leads to a focused, target portfolio of approximately 50 securities that are diversified among major economic sectors.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">In general, a stock may be sold if it has declining earnings expectations or a significantly overvalued stock price, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated by lower rankings within the alpha model. </span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in equity securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large-capitalization companies;</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>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>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>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to ETF Class shares, and Authorized Participants are not obligated to engage in creation and/or redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions.Consequently, there is no assurance that Authorized Participants will establish or maintain an active </span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading market for ETF Class shares. This risk may be heightened to the extent that securities held by the Fund are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded outside a collateralized settlement system. In that case, Authorized Participants may be required to post </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable or unwilling to proceed with creation or redemption orders with respect to the Fund’s ETF Class shares and no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other Authorized Participant is willing or able to step forward to create or redeem, this may result in a significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diminished trading market for ETF Class shares and such shares may be more likely to trade at a premium (i.e. higher) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discount (i.e. lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be heightened to the extent that a Fund invests in securities issued by non-U.S. issuers or other securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares face numerous market trading risks, including the potential lack of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active market for ETF Class shares or the Fund’s underlying portfolio securities, losses from trading in secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets, periods of high volatility and disruptions in the creation/redemption process. These factors, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may lead to the Fund’s ETF Class shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares are exposed to operational risks arising from a number of factors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Authorized Participants, market makers, counterparties or other third-parties, failed or inadequate processes and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">computer, technology or systems failures.</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 ETF Class as of 12/31 each year1
<div><img alt="image" src="pr12843img003.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;">+20.25%</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;">-23.50%</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;;">September 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;">17.23%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.2025
Lowest Quarter: March 31, 2020
2020-03-31
-0.235
Year-to-date total return as of September 30, 2026 is 17.23%
2026-09-30
0.1723
Average Annual Total Returns for the periods ended 12/31/2025
2026-12-09
0.1554
0.1318
0.1125
2026-12-09
0.1188
0.1227
0.108
0.1788
0.1442
0.1482
<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></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.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks long-term capital appreciation.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell ETF </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>example that follows.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0068
0
0.0005
0.0073
-0.0008
November 30, 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 ETF Class shares of the Fund with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, that fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and expenses remain the same as in the table above, and that you redeem all of your shares at the end of the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or lower, based on these assumptions, your costs would be:</span></div>
<div>
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<td style="height:1px;width:18%"></td>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"> </div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"></div>
</td>
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<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 </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SHARES, YOU 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 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 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 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 YEARS</b></span></div>
</td>
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<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">ETF Class</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$66</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;">$225</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;">$398</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;">$899</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
66
225
398
899
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;">82</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.82
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
<table cellspacing="0" style="padding-top:6pt;margin-left:0%;" width="100%">
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<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in equity securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large-capitalization companies;</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 20% of the Fund’s total assets in equity securities of foreign issuers, including ADRs and similar investments.</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in equity securities of large-capitalization companies, which we define as securities of companies </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">with market capitalizations within the range of the Russell 1000® Index at the time of purchase. The market </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">capitalization range of the Russell 1000® Index was approximately $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">496.26 million to $</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">5.33 trillion, as of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">August 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2026, and is expected to change frequently. We may also invest in equity securities of foreign issuers including ADRs </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and similar investments.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We seek to identify companies that have the prospect for robust sales and earnings growth rates, that enjoy a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitive advantage and that we believe have effective management with a history of making investments that are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">in the best interests of shareholders. Furthermore, we seek to identify companies that embrace innovation and foster </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">disruption using technology to maximize efficiencies, gain pricing advantages, and take market share from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">competitors. We believe companies that embrace innovation are on the “right side of change” and benefit from </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">technological, demographic, lifestyle and environmental trends, and are often mispriced in today’s public equity </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets. This mispricing is a key inefficiency that the team seeks to exploit through intensive fundamental research. We </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">pay particular attention to how management teams allocate capital in order to drive future cash flow; this includes the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">allocation of human capital, financial capital, and social capital. We believe successful allocation of such resources has </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a correlation with key indicators of future performance. Price objectives are determined based on industry-specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">valuation methodologies, including relative price-to-earnings multiples, price-to-book value, operating profit margin </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trends, enterprise value to EBITDA (earnings before interest, taxes, depreciation and amortization) and free cash flow </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">yield. Portfolio holdings are continuously monitored for changes in fundamentals. The team seeks a favorable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risk/reward relationship to fair valuation, which we define as the value of the company (i.e., our price target for the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">stock) relative to where the stock is currently trading. We may choose to sell a holding when it no longer offers </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">favorable growth prospects, reaches our target price, or to take advantage of a better investment opportunity.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in equity securities of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">large-capitalization companies;</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">, is not a deposit of a bank or its affiliates, is not insured or guaranteed by </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Federal Deposit Insurance Corporation or any other governmental agency</span>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">An investment in the Fund may lose money</span>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of, and/or the income generated by, securities held by the Fund may decline due to general </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">market conditions or other factors, including those directly involving the issuers of such securities. Securities markets </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">developments. Different sectors of the market and different security types may react differently to such developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Equity Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The values of equity securities may experience periods of substantial price volatility and may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">decline significantly over short time periods. In general, the values of equity securities are more volatile than those of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">such as management performance, financial condition, and market demand for the issuer’s products or services, as </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">political, and economic developments.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Foreign Investment Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Foreign investments may be subject to lower liquidity, greater price volatility and risks related </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in foreign currency exchange rates and may be subject to higher withholding and other taxes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Growth Investing Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Securities that exhibit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth characteristics tend to perform differently and shift into and out </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to ETF Class shares, and Authorized Participants are not obligated to engage in creation and/or redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions.Consequently, there is no assurance that Authorized Participants will establish or maintain an active </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading market for ETF Class shares. This risk may be heightened to the extent that securities held by the Fund are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded outside a collateralized settlement system. In that case, Authorized Participants may be required to post </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable or unwilling to proceed with creation or redemption orders with respect to the Fund’s ETF Class shares and no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other Authorized Participant is willing or able to step forward to create or redeem, this may result in a significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diminished trading market for ETF Class shares and such shares may be more likely to trade at a premium (i.e. higher) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discount (i.e. lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be heightened to the extent that a Fund invests in securities issued by non-U.S. issuers or other securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares face numerous market trading risks, including the potential lack of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active market for ETF Class shares or the Fund’s underlying portfolio securities, losses from trading in secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets, periods of high volatility and disruptions in the creation/redemption process. These factors, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may lead to the Fund’s ETF Class shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares are exposed to operational risks arising from a number of factors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Authorized Participants, market makers, counterparties or other third-parties, failed or inadequate processes and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">computer, technology or systems failures.</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 ETF Class as of 12/31 each year1
<div><img alt="image" src="pr12843img004.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;">+31.24%</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;">-21.63%</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;;">September 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;">3.10%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.3124
Lowest Quarter: June 30, 2022
2022-06-30
-0.2163
Year-to-date total return as of September 30, 2026 is 3.10%
2026-09-30
0.031
Average Annual Total Returns for the periods ended 12/31/2025
2026-12-09
0.1118
0.0589
0.1091
2026-12-09
0.1378
0.0727
0.1124
0.1856
0.1532
0.1813
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></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.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks total return, consisting of a high level 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;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell ETF </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>example that follows.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0047
0
0.0005
0.0052
-0.0007
December 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 ETF Class shares of the Fund with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, that fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and expenses remain the same as in the table above, and that you redeem all of your shares at the end of the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or lower, based on these assumptions, your costs would be:</span></div>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SHARES, YOU WOULD PAY:</b></span>
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<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 YEAR</b></span></div>
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<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 YEARS</b></span></div>
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<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 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 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;;">ETF Class</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$46</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$160</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;">$284</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;">$646</span></div>
</td>
</tr>
</table></div>
ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
46
160
284
646
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;">40</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.40
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
<table cellspacing="0" style="padding-top:6pt;margin-left:0%;" width="100%">
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<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in below investment-grade corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities;</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> and</span></div>
</td>
</tr>
</table></div><div>
<table cellspacing="0" style="padding-top:1pt;margin-left:0%;" width="100%">
<tr>
<td style="color:#000000;padding-top:0pt;width:2%;padding-bottom:0pt;padding-left:0pt;text-align:left;vertical-align:top;size:3;line-height:9pt;">
<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 25% of the Fund’s total assets in U.S. dollar-denominated debt securities of foreign issuers.</span></div>
</td>
</tr>
</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in below investment-grade debt securities (often called “high-yield” securities or “junk bonds”) of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">corporate issuers. These include traditional corporate bonds as well as bank loans. These securities may have fixed, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">floating or variable rates. As part of our below investment-grade debt securities investment strategy, we will generally </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">invest in securities that are rated BB through CCC by Standard & Poor’s or Ba through Caa by Moody’s, or an equivalent </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">quality rating from another Nationally Recognized Statistical Ratings Organization, or are deemed by us to be of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">comparable quality. We may also use credit default swap agreements to reduce cash positions and to cost-effectively </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">increase credit exposure, and futures to manage duration exposure. While we may purchase securities of any maturity, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be three years or less. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">“Dollar-Weighted Average Effective Maturity” is a measure of the average time until the final payment of principal and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">interest is due on fixed income securities in the Fund’s portfolio.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We start our investment process with a focus on bottom-up fundamental credit analysis to generate new ideas, to </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">understand the potential risks, to select individual securities that may potentially add value from income and/or capital </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">appreciation. We may sell a security due to changes in credit characteristics or outlook, as well as changes in portfolio </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">strategy or cash flow needs. A security may also be sold and replaced with one that presents a better value or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">risk/reward profile.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in below investment-grade corporate </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">debt securities;</span>
<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>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>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>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>Loan Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Loans may be unrated, less liquid and more difficult to value than traditional debt securities. The highly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">changes in financial, economic or market conditions. A Fund may be unable to sell loans at a desired time or price. The </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund may also not be able to control amendments, waivers or the exercise of any remedies that a lender would have </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">under a direct loan and may assume liability as a lender.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Management Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Investment decisions, techniques, analyses or models implemented by a Fund’s manager or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Swaps Risk</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">. Depending on their structure, swap agreements and options to enter into swap agreements (“swaptions”), </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">both of which are types of derivatives, may increase or decrease a Fund’s exposure to long- or short-term interest rates, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">foreign currency values, mortgage-backed securities, corporate borrowing rates, or credit events or other reference </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">points such as security prices or inflation rates.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to ETF Class shares, and Authorized Participants are not obligated to engage in creation and/or redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions.Consequently, there is no assurance that Authorized Participants will establish or maintain an active </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading market for ETF Class shares. This risk may be heightened to the extent that securities held by the Fund are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded outside a collateralized settlement system. In that case, Authorized Participants may be required to post </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable or unwilling to proceed with creation or redemption orders with respect to the Fund’s ETF Class shares and no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other Authorized Participant is willing or able to step forward to create or redeem, this may result in a significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diminished trading market for ETF Class shares and such shares may be more likely to trade at a premium (i.e. higher) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discount (i.e. lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be heightened to the extent that a Fund invests in securities issued by non-U.S. issuers or other securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares face numerous market trading risks, including the potential lack of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active market for ETF Class shares or the Fund’s underlying portfolio securities, losses from trading in secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets, periods of high volatility and disruptions in the creation/redemption process. These factors, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may lead to the Fund’s ETF Class shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares are exposed to operational risks arising from a number of factors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Authorized Participants, market makers, counterparties or other third-parties, failed or inadequate processes and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">computer, technology or systems failures.</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 ETF Class as of 12/31 each year1
<div><img alt="image" src="pr12843img005.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;">+5.48%</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;">-5.86%</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;;">September 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;">1.73%</span></div>
Highest Quarter: June 30, 2020
2020-06-30
0.0548
Lowest Quarter: March 31, 2020
2020-03-31
-0.0586
Year-to-date total return as of September 30, 2026 is 1.73%
2026-09-30
0.0173
Average Annual Total Returns for the periods ended 12/31/2025
2026-10-20
0.0423
0.0235
0.0253
2026-10-20
0.0396
0.0252
0.0254
0.0722
0.045
0.0499
0.0758
0.0006
0.0244
<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></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.
Investment Objective
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">The Fund seeks current income exempt from regular federal income tax.</span></div>
Fees and Expenses
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">This table is intended to help you understand the various costs and expenses you will pay if you buy, hold and sell ETF </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Class shares of the Fund. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>You may pay other fees, such as brokerage commissions and other fees to financial </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>intermediaries, when buying or selling ETF Class shares of the Fund, which are not reflected in this table or the </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>example that follows.</b></span></div>
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
0.0037
0
0.0005
0.0042
-0
October 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 ETF Class shares of the Fund with the </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, that fees </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">and expenses remain the same as in the table above, and that you redeem all of your shares at the end of the period </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">indicated. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or lower, based on these assumptions, your costs would be:</span></div>
<div>
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<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:10pt;padding-bottom:0;align:left;text-align:left;padding-right:2pt;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>ASSUMING YOU SOLD YOUR </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>SHARES, YOU WOULD PAY:</b></span>
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<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 YEAR</b></span></div>
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<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 YEARS</b></span></div>
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<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 YEARS</b></span></div>
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<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 YEARS</b></span></div>
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<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;;">ETF Class</span></div>
</td>
<td colspan="1" style="vertical-align:bottom">
<div style="background-color:#FFFFFF;padding-left:2pt;padding-top:1pt;padding-bottom:0;align:right;text-align:right;padding-right:6%;font-family:Arial, Helvetica, sans-serif;font-size:10pt;margin-top:0pt;margin-bottom:0;"><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">$43</span></div>
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<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;">$135</span></div>
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<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;">$235</span></div>
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<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;">$530</span></div>
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ASSUMING YOU SOLD YOUR SHARES, YOU WOULD PAY:
43
135
235
530
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;">15</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">% of the average value of its portfolio.</span></div>
0.15
Principal Investment Strategies
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from regular federal income tax, but not necessarily the federal alternative minimum tax (“AMT”);</span>
</div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 35% of the Fund’s total assets in below investment-grade municipal securities; and</span></div>
</td>
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</table></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">up to 10% of the Fund’s total assets in inverse floaters.</span></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may also invest:</span></div><div>
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<div style="font-size:16pt;font-family:Arial, Helvetica, sans-serif;">•</div>
</td>
<td style="vertical-align:top;padding-bottom:0pt;padding-top:0pt;width:98%;padding-left:2pt;align:left;vertical-align:top;text-align:left;">
<div style="font-size:10pt;font-family:Arial, Helvetica, sans-serif;"><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">any amount in securities whose interest is subject to federal AMT.</span></div>
</td>
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</table></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We invest principally in municipal securities of states, territories and possessions of the United States whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from regular federal income tax, but not necessarily federal AMT. Some of the securities may be below </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest any amount of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">the Fund’s total assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">curve management.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We may invest up to 10% of the Fund’s total assets in inverse floaters to seek enhanced returns. Inverse floaters are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">created by the Fund’s investment in inverse floaters to an amount equal to 10% of the Fund’s total assets.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">demographic trends. Securities may be sold based on relative value considerations and could be replaced with a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">characteristics or outlook, as well as changes in portfolio strategy or cash flow needs.</span></div><div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">While we may purchase securities of any maturity or duration, under normal circumstances, we expect the Fund’s </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">overall dollar-weighted average effective duration to be 6 years or less.</span></div>
<span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Under normal circumstances, we invest:</span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">at least 80% of the Fund’s net assets plus borrowings for investment purposes in municipal securities whose interest </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">is exempt from regular federal income tax, but not necessarily the federal alternative minimum tax (“AMT”);</span>
<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>Municipal Securities Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> Municipal securities may be fully or partially backed or enhanced by the taxing authority of </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">or liquidity enhancement provided by, a private issuer. Various types of municipal securities are often related in such a </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">way that political, economic or business developments affecting one obligation could affect other municipal securities </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">held by a Fund.</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>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>Inverse Floater Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The holder of an inverse floater, which is a type of derivative, could lose more than its principal </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">investment. An inverse floater produces less income and may decline in value when market rates and the rate payable </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">greater price and income volatility than an unleveraged bond with a similar maturity.</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>Authorized Participant Concentration Risk. </b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Only an Authorized Participant (as described in the “Creation Unit </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Transactions” section of the Prospectus) may engage in creation or redemption transactions directly with the Fund with </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">respect to ETF Class shares, and Authorized Participants are not obligated to engage in creation and/or redemption </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">transactions.Consequently, there is no assurance that Authorized Participants will establish or maintain an active </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">trading market for ETF Class shares. This risk may be heightened to the extent that securities held by the Fund are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">traded outside a collateralized settlement system. In that case, Authorized Participants may be required to post </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">collateral on certain trades on an agency basis (i.e., on behalf of other market participants), which only a limited </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">number of Authorized Participants may be able to do. To the extent that Authorized Participants exit the business or are </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">unable or unwilling to proceed with creation or redemption orders with respect to the Fund’s ETF Class shares and no </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">other Authorized Participant is willing or able to step forward to create or redeem, this may result in a significantly </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">diminished trading market for ETF Class shares and such shares may be more likely to trade at a premium (i.e. higher) or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">discount (i.e. lower) to NAV and possibly face trading halts or delisting. Authorized Participant concentration risk may </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">be heightened to the extent that a Fund invests in securities issued by non-U.S. issuers or other securities or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">instruments that have lower trading volumes.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Market Trading Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares face numerous market trading risks, including the potential lack of an </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">active market for ETF Class shares or the Fund’s underlying portfolio securities, losses from trading in secondary </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">markets, periods of high volatility and disruptions in the creation/redemption process. These factors, among others, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">may lead to the Fund’s ETF Class shares trading at a premium (i.e. higher) or discount (i.e. lower) to the Fund’s NAV. </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Accordingly, if a shareholder purchases Fund shares at a time when the market price is at a premium to the NAV, or </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">sells shares at a time when the market price is at a discount to the NAV, the shareholder may sustain losses.</span></div>
<div><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"><b>Operational Risk.</b></span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;"> The Fund’s ETF Class shares are exposed to operational risks arising from a number of factors, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">including, but not limited to, human error, processing and communication errors, errors of the Fund’s service providers, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">Authorized Participants, market makers, counterparties or other third-parties, failed or inadequate processes and </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">computer, technology or systems failures.</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 ETF Class as of 12/31 each year1
<div><img alt="image" src="pr12843img006.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;;">December 31, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">2023</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">+4.50%</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, 2022</span></div><div><span style="font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;">-4.00%</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;;">September 30, </span><span style="clear:both;font-family:Arial, Helvetica, sans-serif;font-size:9.02pt;;">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;">-1.95%</span></div>
Highest Quarter: December 31, 2023
2023-12-31
0.045
Lowest Quarter: March 31, 2022
2022-03-31
-0.04
Year-to-date total return as of September 30, 2026 is -1.95%
2026-09-30
-0.0195
Average Annual Total Returns for the periods ended 12/31/2025
2026-10-20
0.0401
0.0154
0.0202
2026-10-20
0.0358
0.0173
0.0204
0.0501
0.0122
0.0198
0.0425
0.008
0.0234
<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></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.
1.The Manager has contractually committed through October 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.50% for ETF Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Class R6 shares, which have the same expenses as the ETF Class shares. The Class R6 annual returns are substantially similar to what the ETF Class annual returns would be because the Class R6 and ETF Class shares are invested in the same portfolio and have the same expenses.
1.The Manager has contractually committed through November 30, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.65% for ETF Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Class R6 shares, which have the same expenses as the ETF Class shares. The Class R6 annual returns are substantially similar to what the ETF Class annual returns would be because the Class R6 and ETF Class shares are invested in the same portfolio and have the same expenses.
1.The Manager has contractually committed through November 30, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.65% for ETF Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Class R6 shares, which have the same expenses as the ETF Class shares. The Class R6 annual returns are substantially similar to what the ETF Class annual returns would be because the Class R6 and ETF Class shares are invested in the same portfolio and have the same expenses.
1.The Manager has contractually committed through December 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.45% for ETF Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Institutional Class shares and is not adjusted to reflect ETF Class expenses. The Institutional Class annual returns are substantially similar to what the ETF Class annual returns would be because the Institutional Class and ETF Class shares are invested in the same portfolio and their returns differ only to the extent that they do not have the same expenses.
1.The Manager has contractually committed through October 31, 2027, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.42% for ETF Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
1.Historical performance shown for the ETF Class shares prior to their inception reflects the performance of the Class R6 shares, which have the same expenses as the ETF Class shares. The Class R6 annual returns are substantially similar to what the ETF Class annual returns would be because the Class R6 and ETF Class shares are invested in the same portfolio and have the same expenses.