2023-10-24TaxableFixedIncomeFunds-Retail-January
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Prospectus
January
1, 2024 |
Taxable
Fixed Income Funds
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Fund |
Institutional
Class |
|
Allspring
Adjustable Rate Government Fund |
EKIZX |
|
Allspring
Conservative Income Fund |
WCIIX |
|
Allspring
Core Plus Bond Fund |
WIPIX |
|
Allspring
Government Securities Fund |
SGVIX |
|
Allspring
High Yield Bond Fund |
EKHIX |
|
Allspring
Short Duration Government Bond Fund |
WSGIX |
|
Allspring
Short-Term Bond Plus Fund |
SSHIX |
|
Allspring
Short-Term High Income Fund |
STYIX |
|
Allspring
Ultra Short-Term Income Fund |
SADIX |
The
U.S. Securities and Exchange Commission (“SEC”) has not approved or disapproved
these securities or passed upon the accuracy or adequacy of this Prospectus.
Anyone who tells you
otherwise is committing a crime.
Adjustable
Rate Government Fund Summary
Investment
Objective
The
Fund seeks current income consistent with capital
preservation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
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Shareholder
Fees (fees paid directly from your investment)
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|
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|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.35% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.18% |
|
Total
Annual Fund Operating Expenses |
0.53% |
|
Fee
Waivers |
(0.07)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.46%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
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|
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After:
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|
|
1
Year |
$47 |
|
3
Years |
$163 |
|
5
Years |
$289 |
|
10
Years |
$658 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 12%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
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3 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
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■ |
at
least 80% of the Fund’s net assets in mortgage-backed and asset-backed
securities issued or guaranteed by U.S. Government
agencies or government-sponsored entities, that have interest rates that
reset at periodic intervals;
and |
|
■ |
up
to 20% of the Fund’s total assets in obligations that pay fixed interest
rates. |
We
invest principally in mortgage-backed securities (including collateralized
mortgage obligations (CMOs)) and asset-backed
securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities. Under normal
circumstances, we expect to maintain an average credit quality rating for the
portfolio equivalent to the highest rating
available from a Nationally Recognized Statistical Ratings Organization (NRSRO).
In the event that a NRSRO assigns
U.S. sovereign debt a rating below its highest rating, we expect to maintain an
average credit quality rating that is
equivalent to the average rating assigned to U.S. sovereign debt. We
may also use futures for duration and yield curve
management. As part of our mortgage-backed securities investment strategy, we
may enter into dollar roll transactions.
Under normal circumstances, the dollar-weighted average reset period of the
adjustable rate securities held
by the Fund will not exceed one year.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, issuer selection
and sector allocation. Macroeconomic factors considered may include, among
others, the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to select the specific
securities for investment. Elements
of this evaluation may include the effect of changing principal prepayments,
interest rate and yield spread volatility,
and the impact of changes in the level and shape of the yield curve on a
security’s value. We may sell a security
based on how we expect these factors to affect a security’s value relative to
its indicated sales price as well as changes
in portfolio strategy or cash flow needs. A security may also be sold and
replaced with one that presents a better
value or risk/reward profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain
| 4 |
|
Taxable
Fixed Income Funds |
derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
March
31,
2020 |
|
Year-to-date
total return
as of September
30, 2023
is +3.50% |
|
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|
|
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|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
10/1/1991
|
-0.34% |
1.26% |
0.92% |
|
Institutional
Class (after taxes on distributions) |
10/1/1991
|
-1.37% |
0.49% |
0.34% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
10/1/1991
|
0.01% |
0.67% |
0.47% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
|
Bloomberg
6-Month Treasury Bill Index (reflects no deduction
for fees, expenses, or taxes) |
|
1.26% |
1.37% |
0.91% |
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.
| Taxable
Fixed Income Funds
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|
5 |
Fund
Management
|
|
|
|
Manager |
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management,
LLC |
Allspring
Global Investments,
LLC |
Christopher
Y. Kauffman, CFA,
Portfolio Manager / 2008
Michal
Stanczyk,
Portfolio Manager / 2015 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
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|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| 6 |
|
Taxable
Fixed Income Funds |
Conservative
Income Fund Summary
Investment
Objective
The
Fund seeks current income consistent with capital
preservation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.25% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.16% |
|
Total
Annual Fund Operating Expenses |
0.41% |
|
Fee
Waivers |
(0.16)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.25%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$26 |
|
3
Years |
$115 |
|
5
Years |
$214 |
|
10
Years |
$502 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 105%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
|
|
7 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
substantially
all of the Fund’s net assets in U.S. dollar-denominated short-term fixed-,
floating- and variable-rate debt securities
that meet our minimum quality
standards. |
Under
normal circumstances, we invest substantially all of the Fund’s net assets in
U.S. dollar-denominated short-term fixed-,
floating- and variable-rate debt securities that have received either a minimum
short-term rating of at least A-2 (or
its equivalent) or a minimum long-term rating of BBB (or its equivalent), by one
or more Nationally Recognized Statistical
Ratings Organizations (“NRSROs”), or, if unrated, that are deemed by us to be of
comparable quality at the time
of purchase. However, under normal circumstances, we will not invest more than
30% of the Fund’s net assets in securities
that have received either a short-term rating of A-2 (or its equivalent) or a
long-term rating of BBB or BBB plus (or
their equivalents), by one or more NRSROs, or, if unrated, that are deemed by us
to be of comparable quality at the time
of purchase.
We
will concentrate the Fund’s investments in the banking industry, which means we
will normally invest at least 25% of the
Fund’s total assets in securities and other obligations of issuers in that
industry. We may, however, invest less than 25%
of the Fund’s assets in this industry as a temporary defensive
measure.
Our
portfolio holdings may include commercial paper, repurchase agreements,
certificates of deposit, time deposits, bankers’
acceptances, U.S. Government obligations, municipal securities, corporate debt
securities and mortgage- and asset-backed
securities. The Fund also considers its investment in a cash sweep vehicle to
constitute a “debt security” for
purposes of the Fund’s investment strategy. We may invest in the U.S.
dollar-denominated debt securities of both domestic
and foreign issuers. We may also use Treasury futures for duration and yield
curve management. The Fund will
not invest in auction rate securities, structured investment vehicle (SIV)
structures or mortgage- or asset-backed securities
primarily backed by sub-prime or Alt-A residential
collateral.
While
we may invest in securities with a maximum maturity, average life or demand
feature of three and one quarter years,
under normal circumstances, we expect the Fund’s dollar-weighted average
effective maturity to be one year or less.
“Dollar-Weighted Average Effective Maturity” is a measure of the average time
until the final payment of principal and
interest is due on fixed income securities in the Fund’s
portfolio.
We
employ a combination of bottom-up, security-level analysis with a top down
macroeconomic view to formulate security
selection, sector and credit quality positioning, and duration decisions.
Macroeconomic factors considered may
include, among others, the pace of economic growth, employment conditions,
corporate profits, inflation, monetary
and fiscal policy, as well as the influence of international economic and
financial conditions.
Our
security selection process employs fundamental and quantitative techniques to
identify attractive, risk-adjusted return
opportunities among debt securities. Elements of this evaluation may include,
among others, credit research, the
measurement of volatility trends and historical yield spread relationships, and
estimates of liquidity and investor demand.
Our fundamental credit analysis may consider an issuer’s general financial
condition, its competitive position and
its management strategies, as well as industry characteristics and other
factors.
Though
the Fund’s net asset value will fluctuate, the Fund’s principal investment
strategies are intended to manage volatility.
The
Fund is not a money market fund.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer
| 8 |
|
Taxable
Fixed Income Funds |
the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
Industry
Concentration Risk.
A Fund that concentrates its investments in an industry or group of industries
is more vulnerable
to adverse market, economic, regulatory, political or other developments
affecting such industry or group of
industries than a fund that invests its assets more
broadly.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
Municipal
Securities Risk.
Municipal securities may be fully or partially backed or enhanced by the taxing
authority of a
local government, by the current or anticipated revenues from a specific project
or specific assets, or by the credit of, or
liquidity enhancement provided by, a private issuer. Various types of municipal
securities are often related in such a way
that political, economic or business developments affecting one obligation could
affect other municipal securities held
by a Fund.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
| Taxable
Fixed Income Funds
|
|
9 |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for the Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
March
31,
2020 |
|
Year-to-date
total return
as of September
30, 2023
is +3.74% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
Since
Inception |
|
Institutional
Class (before taxes) |
5/31/2013
|
0.17% |
1.33% |
1.05% |
|
Institutional
Class (after taxes on distributions) |
5/31/2013
|
-0.51% |
0.66% |
0.55% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
5/31/2013
|
0.10% |
0.74% |
0.58% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.20% |
|
Bloomberg
6-9 Month Treasury Bill Index (reflects no deduction
for fees, expenses, or taxes) |
|
0.15% |
1.16% |
0.76% |
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.
| 10 |
|
Taxable
Fixed Income Funds |
Fund
Management
|
|
|
|
Adviser
|
Sub-Adviser |
Portfolio
Managers, Title/Managed Since |
|
Allspring
Funds Management,
LLC |
Allspring
Global Investments,
LLC |
Andrew
M. Greenberg, CFA,
Portfolio Manager / 2013
Anthony
J. Melville, CFA,
Portfolio Manager / 2013
Jeffrey
L. Weaver, CFA,
Portfolio Manager / 2013 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| Taxable
Fixed Income Funds
|
|
11 |
Core
Plus Bond Fund Summary
Investment
Objective
The
Fund seeks total return, consisting of current income and capital
appreciation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
|
|
|
|
|
Management
Fees |
0.41% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.10% |
|
Acquired
Fund Fees and Expense |
0.01% |
|
Total
Annual Fund Operating Expenses |
0.52% |
|
Fee
Waivers |
(0.16)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers2
|
% |
| 1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
| 2. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.35%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$37 |
|
3
Years |
$151 |
|
5
Years |
$275 |
|
10
Years |
$637 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 254%
of
the average value of its portfolio.
| 12 |
|
Taxable
Fixed Income Funds |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt
securities; |
|
■ |
up
to 35% of the Fund’s total assets in debt securities that are below
investment-grade;
and |
|
■ |
up
to 25% of the Fund’s total assets in debt securities of foreign issuers,
including emerging markets issuers and debt
securities denominated in foreign
currencies. |
We
invest principally in debt securities, including corporate, mortgage- and
asset-backed securities, bank loans, foreign
sovereign debt, supranational agencies, and U.S. Government obligations. These
securities may have fixed, floating
or variable rates and may include debt securities of both domestic and foreign
issuers. We invest in both investment-grade
and below investment-grade debt securities (often called “high yield” securities
or “junk bonds”), including
unrated securities, as well as securities that are in default at the time of
purchase.
We
may invest in debt securities of foreign issuers, including emerging markets
issuers, denominated in any currency. We
may seek to add yield by having exposures to a variety of credits, mortgages,
and higher yielding countries and currencies.
We may also use futures and swap agreements to manage risk or to enhance return.
We may enter into currency-related
transactions through derivative instruments, including currency and cross
currency forwards. The use of
derivative currency transactions is intended to allow the Fund to manage, hedge
or reduce a foreign currency-specific
risk exposure of a portfolio security or its denominated currency or to obtain
net long exposure to selected
currencies for the purpose of generating income or additional
returns.
While
we may purchase securities of any maturity or duration, under normal
circumstances, we expect to maintain an overall
portfolio dollar-weighted average effective duration that is within 1 year of
that of the Fund’s benchmark. The Fund’s
benchmark, the Bloomberg U.S. Aggregate Bond Index, had a duration of
6.81 years, as of November 30, 2021. “Dollar-Weighted
Average Effective Duration” is an aggregate measure of the sensitivity of a
fund’s fixed income portfolio
securities to changes in interest rates. As a general matter, the price of a
fixed income security with a longer effective
duration will fluctuate more in response to changes in interest rates than the
price of a fixed income security with
a shorter effective duration.
We
start our investment process with a top-down, macroeconomic outlook to determine
portfolio duration and yield curve
positioning as well as industry, sector and credit quality allocations.
Macroeconomic factors considered may include,
among others, the pace of economic growth, employment conditions, corporate
profits, inflation, monetary and
fiscal policy, as well as the influence of international economic and financial
conditions. Within these parameters, we
then apply rigorous credit research to select individual securities that we
believe can add value from income and/or the
potential for capital appreciation. Our credit research may include an
assessment of an issuer’s general financial condition,
its competitive positioning and management strength, as well as industry
characteristics and other factors including
an assessment of environmental, social and governance (ESG) factors that are
deemed to have material business
and/or financial risk. The ESG factors utilized in the fund’s investment process
may change over time, some factors
may not be relevant with respect to all issuers and may or may not be
determinative in the security selection process. We
may sell a security due to changes in credit characteristics or outlook, as well
as changes in portfolio strategy
or cash flow needs. A security may also be sold and replaced with one that
presents a better value or risk/reward
profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund
| Taxable
Fixed Income Funds
|
|
13 |
to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Emerging
Markets Risk.
Emerging market securities typically present even greater exposure to the risks
described under
“Foreign Investment Risk” and may be particularly sensitive to global economic
conditions. Emerging market securities
are also typically less liquid than securities of developed countries and could
be difficult to sell, particularly during
a market downturn.
Foreign
Currency Contracts Risk.
A Fund that enters into forwards or other foreign currency contracts, which are
a type
of derivative, is subject to the risk that the portfolio manager may be
incorrect in his or her judgment of future exchange
rate changes.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default or of
not returning principal and their values
tend to be more volatile than higher-rated securities with similar
maturities.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. The highly leveraged
capital structure of the borrowers in such transactions may make such loans
especially vulnerable to adverse changes
in financial, economic or market conditions. A Fund may be unable to sell loans
at a desired time or price. The Fund
may also not be able to control amendments, waivers or the exercise of any
remedies that a lender would have under
a direct loan and may assume liability as a
lender.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
Swaps
Risk.
Depending on their structure, swap agreements and options to enter into swap
agreements (“swaptions”), both
of which are types of derivatives, may increase or decrease a Fund’s exposure to
long- or short-term interest rates, foreign
currency values, mortgage-backed securities, corporate borrowing rates, or
credit events or other reference points
such as security prices or inflation rates.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
| 14 |
|
Taxable
Fixed Income Funds |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
June
30,
2022 |
|
Year-to-date
total return
as of September
30, 2023
is -0.32% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
7/18/2008
|
-13.69% |
1.07% |
2.24% |
|
Institutional
Class (after taxes on distributions) |
7/18/2008
|
-14.75% |
-0.37% |
0.95% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
7/18/2008
|
-8.09% |
0.29% |
1.19% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
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.
| Taxable
Fixed Income Funds
|
|
15 |
Fund
Management
|
|
|
|
Manager |
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management, LLC |
Allspring
Global Investments, LLC |
Christopher
Y. Kauffman, CFA,
Portfolio Manager
/ 2015
Janet
S. Rilling, CFA, CPA,
Portfolio Manager
/ 2008
Michael
J. Schueller, CFA,
Portfolio Manager
/ 2017
Michal
Stanczyk,
Portfolio Manager / 2021
Noah
M. Wise, CFA,
Portfolio Manager / 2015 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| 16 |
|
Taxable
Fixed Income Funds |
Government
Securities Fund Summary
Investment
Objective
The
Fund seeks current income.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
|
|
|
|
|
Management
Fees |
0.45% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.13% |
|
Total
Annual Fund Operating Expenses |
0.58% |
|
Fee
Waivers |
(0.10)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers2
|
% |
| 1. |
Expenses
have been adjusted as necessary from amounts incurred during the Fund’s
most recent fiscal year to reflect current fees and
expenses.
|
| 2. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.48%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$49 |
|
3
Years |
$176 |
|
5
Years |
$314 |
|
10
Years |
$716 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 152%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
|
|
17 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in U.S. Government obligations and
repurchase agreements collateralized by U.S.
Government obligations;
and |
|
■ |
up
to 20% of the Fund’s net assets in non-government investment-grade debt
securities. |
We
invest principally in U.S. Government obligations, including debt securities
issued or guaranteed by the U.S. Treasury,
U.S. Government agencies or government-sponsored entities. These securities may
have fixed, floating or variable
rates and also include mortgage-backed securities. As part of our
mortgage-backed securities investment strategy,
we may enter into dollar rolls. We may also use futures for duration and yield
curve management.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning and sector
allocation. Macroeconomic factors considered may include, among others, the pace
of economic growth, employment
conditions, inflation, monetary and fiscal policy, as well as the influence of
international economic and financial
conditions. In combination with our top-down, macroeconomic approach, we employ
a bottom-up process of fundamental
securities analysis to select the specific securities for investment. Elements
of this evaluation may include duration
measurements, historical yield spread relationships, volatility trends, mortgage
refinance rates, as well as other
factors. We may sell a security due to changes in our outlook, as well as
changes in portfolio strategy or cash flow needs.
A security may also be sold and replaced with one that presents a better value
or risk/reward profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more
| 18 |
|
Taxable
Fixed Income Funds |
sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
March
31,
2020 |
|
Lowest
Quarter:
March
31,
2022 |
|
Year-to-date
total return
as of September
30, 2023
is -1.83% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
8/31/1999
|
-12.84% |
-0.31% |
0.62% |
|
Institutional
Class (after taxes on distributions) |
8/31/1999
|
-13.52% |
-1.14% |
-0.21% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
8/31/1999
|
-7.59% |
-0.56% |
0.14% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
|
Bloomberg
U.S. Aggregate ex Credit Index (reflects no
deduction for fees, expenses, or taxes) |
|
-12.05% |
-0.20% |
0.70% |
|
Bloomberg
U.S. Government Intermediate Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
|
-7.73% |
0.46% |
0.69% |
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.
| Taxable
Fixed Income Funds
|
|
19 |
Fund
Management
|
|
|
|
Manager
|
Sub-Adviser |
Portfolio
Manager, Title / Managed Since |
|
Allspring Funds
Management,
LLC |
Allspring
Global Investments,
LLC |
Christopher
Y. Kauffman, CFA,
Portfolio Manager / 2010
Michal
Stanczyk,
Portfolio Manager / 2017 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| 20 |
|
Taxable
Fixed Income Funds |
High
Yield Bond Fund Summary
Investment
Objective
The
Fund seeks total return, consisting of a high level of current income
and capital appreciation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.55% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.15% |
|
Total
Annual Fund Operating Expenses |
0.70% |
|
Fee
Waivers |
(0.17)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.53%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$54 |
|
3
Years |
$207 |
|
5
Years |
$373 |
|
10
Years |
$854 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 53%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
|
|
21 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt securities that are
below-investment grade;
and |
|
■ |
up
to 10% of the Fund’s total assets in equity securities, including common
and preferred
stocks. |
We
invest principally in below investment-grade debt securities (often called “high
yield” securities or “junk bonds”) of corporate
issuers. These include traditional corporate bonds as well as convertible bonds.
These securities may have fixed,
floating or variable rates. We may invest in below investment-grade debt
securities of any credit quality. The average
credit quality of the Fund’s portfolio is expected to be equivalent to B or
higher based on the credit ratings assigned
to underlying securities by Moody’s, Standard & Poor’s, from other
Nationally Recognized Statistical Ratings Organizations,
or our credit quality assessment of the underlying securities. We expect the
Fund’s average effective duration
to generally be within 1.0 year of the benchmark’s duration. We may also use
futures for duration and yield curve
management. We may invest up to 15% of the Fund’s total assets in leveraged
loans. We may invest up to 10% of the
Fund’s total assets in equity securities, including common and preferred stocks.
The criteria and investment process
used to select equity securities is substantially similar to those used to
select non-investment grade debt securities.
We seek out companies that we believe have strong fundamental and valuation
attributes, including companies
that reorganized and emerged or are expected to emerge from bankruptcy. We may
invest in equity securities
of companies of any size.
Securities
in the Fund’s portfolio may be issued by domestic or foreign issuers (including
foreign governments), and may
include securities of emerging markets issuers. The Fund may invest up to 10% of
the Fund’s total assets in foreign currency-denominated
fixed income securities issued by foreign or domestic
issuers.
We
use security selection, comprehensive research and tactical portfolio management
to capitalize on opportunities in rapidly
evolving credit markets. Our investment process features tactical levers,
including security selection, sector reviews,
our proprietary RADS calibration tool, and macro insights, and a 6-month horizon
to seize market opportunities,
identify relative value, and construct a diversified portfolio. As part of our
investment process, an assessment
of environmental, social and governance (ESG) factors that are deemed to have
material business and/or financial
risk may be considered alongside other relevant factors, which may include but
are not limited to financial data
and metrics, pricing information, issue characteristics and issue structure. The
ESG factors utilized in the fund’s investment
process may change over time, some factors may not be relevant with respect to
all issuers and may or may
not be determinative in the security selection process. Our credit standards
checklist, ESG assessment, and timely recommendations
are integral to our underwriting and generating best ideas. We regularly review
sectors to assess industry
fundamentals and relative valuation to generate sector thesis and targeted
sector weights. Our proprietary RADS
Calibration tool divides the high yield market into quadrants based on spread
and duration, and helps us connect investment
ideas to tactical levers, and to ensure individual investments contribute to key
portfolio objectives. We develop
investment themes harnessing macro and fundamental insights developed from
across the Allspring Fixed Income
Platform. We employ a 6-month horizon to identify bonds with spread tightening
catalysts and anticipate market
inflection points. We seek diversified sources of alpha and to capitalize on
mispriced risk in the leverage finance markets.
We
regularly review the investments of the portfolio and may sell a portfolio
holding when it has achieved its valuation target,
there is deterioration in the underlying fundamentals of the business, or we
have identified a more attractive investment
opportunity.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer
| 22 |
|
Taxable
Fixed Income Funds |
the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default or of
not returning principal and their values
tend to be more volatile than higher-rated securities with similar
maturities.
Convertible
Securities Risk.
A convertible security has characteristics of both equity and debt securities
and, as a result,
is exposed to risks that are typically associated with both types of securities.
The market value of a convertible security
tends to decline as interest rates increase but also tends to reflect changes in
the market price of the common stock
of the issuing company.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Emerging
Markets Risk.
Emerging market securities typically present even greater exposure to the risks
described under
“Foreign Investment Risk” and may be particularly sensitive to global economic
conditions. Emerging market securities
are also typically less liquid than securities of developed countries and could
be difficult to sell, particularly during
a market downturn.
Equity
Securities Risk.
The values of equity securities may experience periods of substantial price
volatility and may decline
significantly over short time periods. In general, the values of equity
securities are more volatile than those of debt
securities. Equity securities fluctuate in value and price in response to
factors specific to the issuer of the security, such
as management performance, financial condition, and market demand for the
issuer’s products or services, as well
as factors unrelated to the fundamental condition of the issuer, including
general market, economic and political conditions.
Different parts of a market, industry and sector may react differently to
adverse issuer, market, regulatory, political,
and economic developments.
Foreign
Currency Contracts Risk.
A Fund that enters into forwards or other foreign currency contracts, which are
a type
of derivative, is subject to the risk that the portfolio manager may be
incorrect in his or her judgment of future exchange
rate changes.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
Growth/Value
Investing Risk.
Securities that exhibit growth or value characteristics tend to perform
differently and shift
into and out of favor with investors depending on changes in market and economic
sentiment and conditions.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. The highly leveraged
capital structure of the borrowers in such transactions may make such loans
especially vulnerable to adverse changes
in financial, economic or market conditions. A Fund may be unable to sell loans
at a desired time or price. The Fund
may also not be able to control amendments, waivers or the exercise of any
remedies that a lender would have under
a direct loan and may assume liability as a
lender.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
| Taxable
Fixed Income Funds
|
|
23 |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year1
|
|
|
Highest
Quarter:
March
31,
2019 |
|
Lowest
Quarter:
June
30,
2022 |
|
Year-to-date
total return
as of September
30, 2023
is +5.81% |
|
|
|
|
|
|
|
|
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
10/31/2014
|
-10.94% |
1.24% |
3.31% |
|
Institutional
Class (after taxes on distributions) |
10/31/2014
|
-12.85% |
-0.60% |
1.37% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
10/31/2014
|
-6.46% |
0.20% |
1.69% |
|
Bloomberg
U.S. Universal Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-12.99% |
0.18% |
1.33% |
|
ICE
BofA U.S. High Yield Constrained Index (reflects no
deduction for fees, expenses, or taxes) |
|
-11.16% |
2.11% |
3.94% |
| 1. |
Historical
performance shown for the Institutional Class shares prior to their
inception reflects the performance of the Administrator
Class shares, and includes the higher expenses applicable to the
Administrator Class shares. If these expenses had not
been included, returns for the Institutional Class shares would be
higher. |
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.
| 24 |
|
Taxable
Fixed Income Funds |
Fund
Management
|
|
|
|
Manager |
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management, LLC |
Allspring
Global Investments, LLC |
Chris
Lee, CFA,
Portfolio Manager / 2021
Michael
J. Schueller, CFA,
Portfolio Manager/
2021 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| Taxable
Fixed Income Funds
|
|
25 |
Short
Duration Government Bond Fund Summary
Investment
Objective
The
Fund seeks to provide current income consistent with capital
preservation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.35% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.15% |
|
Total
Annual Fund Operating Expenses |
0.50% |
|
Fee
Waivers |
(0.08)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
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 Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$43 |
|
3
Years |
$152 |
|
5
Years |
$272 |
|
10
Years |
$621 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 350%
of
the average value of its portfolio.
| 26 |
|
Taxable
Fixed Income Funds |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 90% of the Fund’s net assets in U.S. Government obligations;
and |
|
■ |
up
to 10% of the Fund’s net assets in non-government mortgage- and
asset-backed
securities. |
We
invest principally in U.S. Government obligations, including debt securities
issued or guaranteed by the U.S. Treasury,
U.S. Government agencies or government-sponsored entities. We will purchase only
securities that are rated, at
the time of purchase, within the two highest rating categories assigned by a
Nationally Recognized Statistical Ratings
Organization, or are deemed by us to be of comparable quality. As part of our
investment strategy, we may enter
into mortgage dollar rolls. While we may purchase securities of any
maturity or duration, under normal circumstances,
we expect the portfolio’s overall dollar-weighted average effective duration to
be less than that of a 3-year
U.S. Treasury note. “Dollar-Weighted Average Effective Duration” is an aggregate
measure of the sensitivity of a fund’s
fixed income portfolio securities to changes in interest rates. As a general
matter, the price of a fixed income security
with a longer effective duration will fluctuate more in response to changes in
interest rates than the price of a fixed
income security with a shorter effective
duration.
We
invest in debt securities that we believe offer competitive returns and are
undervalued, offering additional income and/or
price appreciation potential, relative to other debt securities of similar
credit quality and interest rate sensitivity. As
part of our investment strategy, we invest in mortgage-backed securities
guaranteed by U.S. Government agencies that
we believe will sufficiently outperform U.S. Treasuries. We may sell a security
that has achieved its desired return or if
we believe the security or its sector has become overvalued. We may also sell a
security if a more attractive opportunity
becomes available or if the security is no longer attractive due to its risk
profile or as a result of changes in the
overall market environment.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
| Taxable
Fixed Income Funds
|
|
27 |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
March
31,
2020 |
|
Lowest
Quarter:
March
31,
2022 |
|
Year-to-date
total return
as of September
30, 2023
is +1.38% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
4/8/2005
|
-5.66% |
0.24% |
0.47% |
|
Institutional
Class (after taxes on distributions) |
4/8/2005
|
-6.50% |
-0.66% |
-0.37% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
4/8/2005
|
-3.34% |
-0.18% |
0.00% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
|
Bloomberg
U.S. 1-3 Year Government Bond Index (reflects
no deduction for fees, expenses, or taxes) |
|
-3.81% |
0.74% |
0.66% |
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.
| 28 |
|
Taxable
Fixed Income Funds |
Fund
Management
|
|
|
|
Manager
|
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management,
LLC |
Allspring
Global Investments,
LLC |
Maulik
Bhansali, CFA,
Portfolio Manager/2017
Jarad
Vasquez,
Portfolio Manager/2017 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| Taxable
Fixed Income Funds
|
|
29 |
Short-Term
Bond Plus Fund Summary
Investment
Objective
The
Fund seeks current income consistent with capital
preservation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.35% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.13% |
|
Acquired
Fund Fee Expense |
0.01% |
|
Total
Annual Fund Operating Expenses |
0.49% |
|
Fee
Waivers |
(0.19)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.29%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$31 |
|
3
Years |
$138 |
|
5
Years |
$255 |
|
10
Years |
$598 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 79%
of
the average value of its portfolio.
| 30 |
|
Taxable
Fixed Income Funds |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt
securities; |
|
■ |
up
to 25% of the Fund’s total assets in debt securities of foreign issuers;
and |
|
■ |
up
to 25% of the Fund’s total assets in below investment-grade debt
securities. |
We
invest principally in debt securities. We may invest in a variety of debt
securities, including corporate, mortgage- and
asset-backed securities, bank loans and U.S. Government obligations. These
securities may have fixed, floating or variable
rates. We invest in both investment-grade and below investment-grade
debt securities (often called “high yield securities”
or “junk bonds”) and may also invest in debt securities of foreign issuers. As
part of our below investment-grade
debt securities investment strategy, we will generally invest in securities that
are rated at least BB by Standard
& Poor’s or Ba by Moody’s, or an equivalent quality rating from another
Nationally Recognized Statistical Ratings
Organization, or are deemed by us to be of comparable quality. We may
also invest in derivatives, such as futures,
currency forwards, and credit default swap indices (“CDX”), for duration and
yield curve management, to gain or
hedge currency exposure, to control risk or to enhance return. While we may
purchase securities of any maturity, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be three years or less. In
addition, while we may purchase securities of any duration, under normal
circumstances, we expect the Fund’s dollar-weighted
average effective duration to be three years or less. “Dollar-Weighted Average
Effective Maturity” is a measure
of the average time until the final payment of principal and interest is due on
fixed income securities in the Fund’s
portfolio. “Dollar-Weighted Average Effective Duration” is an aggregate measure
of the sensitivity of a fund’s fixed
income portfolio securities to changes in interest rates. As a general matter,
the price of a fixed income security with
a longer effective duration will fluctuate more in response to changes in
interest rates than the price of a fixed income
security with a shorter effective duration.
We
employ a top-down macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, credit quality and
sector allocation. Macroeconomic factors considered may include, among others,
the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to determine the specific
securities for investment. Elements
of this evaluation may include credit research, duration measurements,
historical yield spread relationships, volatility
trends, mortgage refinance rates, as well as other factors. Our credit analysis
may consider an issuer’s general financial
condition, its competitive position and its management strategies, as well as
industry characteristics and other
factors including an assessment of environmental, social and governance (ESG)
factors that are deemed to have material
business and/or financial risk. The ESG factors utilized in the fund’s
investment process may change over time, some
factors may not be relevant with respect to all issuers and may or may not be
determinative in the security selection
process. We may sell a security due to changes in credit
characteristics or outlook, as well as changes in portfolio
strategy or cash flow needs. A security may also be sold and replaced with one
that presents a better value or risk/reward
profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
| Taxable
Fixed Income Funds
|
|
31 |
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Foreign
Currency Contracts Risk.
A Fund that enters into forwards or other foreign currency contracts, which are
a type
of derivative, is subject to the risk that the portfolio manager may be
incorrect in his or her judgment of future exchange
rate changes.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default or of
not returning principal and their values
tend to be more volatile than higher-rated securities with similar
maturities.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. The highly leveraged
capital structure of the borrowers in such transactions may make such loans
especially vulnerable to adverse changes
in financial, economic or market conditions. A Fund may be unable to sell loans
at a desired time or price. The Fund
may also not be able to control amendments, waivers or the exercise of any
remedies that a lender would have under
a direct loan and may assume liability as a
lender.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
Swaps
Risk.
Depending on their structure, swap agreements and options to enter into swap
agreements (“swaptions”), both
of which are types of derivatives, may increase or decrease a Fund’s exposure to
long- or short-term interest rates, foreign
currency values, mortgage-backed securities, corporate borrowing rates, or
credit events or other reference points
such as security prices or inflation rates.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
| 32 |
|
Taxable
Fixed Income Funds |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
March
31,
2022 |
|
Year-to-date
total return
as of September
30, 2023
is +2.82% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
8/31/1999
|
-4.65% |
1.49% |
1.42% |
|
Institutional
Class (after taxes on distributions) |
8/31/1999
|
-5.47% |
0.48% |
0.57% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
8/31/1999
|
-2.75% |
0.73% |
0.72% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
|
Bloomberg
U.S. 1-3 Year Government/Credit Bond Index
(reflects no deduction for fees, expenses, or taxes)
|
|
-3.69% |
0.92% |
0.88% |
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.
| Taxable
Fixed Income Funds
|
|
33 |
Fund
Management
|
|
|
|
Manager
|
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management, LLC |
Allspring
Global Investments, LLC |
Christopher
Y. Kauffman, CFA,
Portfolio Manager/2010
Janet
S. Rilling, CFA, CPA,
Portfolio Manager/2020
Michael
J. Schueller, CFA,
Portfolio Manager/2019
Michal
Stanczyk,
Portfolio Manager/2021
Noah
M. Wise, CFA,
Portfolio Manager/2013 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| 34 |
|
Taxable
Fixed Income Funds |
Short-Term
High Income Fund Summary
Investment
Objective
The
Fund seeks total return, consisting of a high level of current income and
capital appreciation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.47% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.10% |
|
Acquired
Fund Fees and Expense |
0.01% |
|
Total
Annual Fund Operating Expenses |
0.58% |
|
Fee
Waivers |
(0.07)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
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 Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$52 |
|
3
Years |
$179 |
|
5
Years |
$317 |
|
10
Years |
$719 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 27%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
|
|
35 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in below investment-grade corporate
debt securities;
and |
|
■ |
up
to 25% of the Fund’s total assets in U.S. dollar-denominated debt
securities of foreign
issuers. |
We
invest principally in below investment-grade debt securities (often called
“high-yield” securities or “junk bonds”) of corporate
issuers. These include traditional corporate bonds as well as bank loans. These
securities may have fixed, floating
or variable rates. As part of our below investment-grade debt securities
investment strategy, we will generally invest
in securities that are rated BB through CCC by Standard & Poor’s or Ba
through Caa by Moody’s, or an equivalent quality
rating from another Nationally Recognized Statistical Ratings Organization, or
are deemed by us to be of comparable
quality. We may also use credit default swap agreements to reduce
cash positions and to cost-effectively increase
credit exposure, and futures to manage duration exposure. While we may purchase
securities of any maturity, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be three years or less. “Dollar-Weighted
Average Effective Maturity” is a measure of the average time until the final
payment of principal and interest
is due on fixed income securities in the Fund’s
portfolio.
We
start our investment process with a focus on bottom-up fundamental credit
analysis to generate new ideas, to understand
the potential risks, to select individual securities that may potentially add
value from income and/or capital appreciation.
Our credit research may include an assessment of an issuer’s general financial
condition, its competitive positioning
and management strength, as well as industry characteristics and other factors
including an assessment of environmental,
social and governance (ESG) factors that are deemed to have material business
and/or financial risk. The
ESG factors utilized in the fund’s investment process may change over time, some
factors may not be relevant with respect
to all issuers and may or may not be determinative in the security selection
process. We may sell a security due to
changes in credit characteristics or outlook, as well as changes in portfolio
strategy or cash flow needs. A security may
also be sold and replaced with one that presents a better value or risk/reward
profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default or of
not returning principal and their values
tend to be more volatile than higher-rated securities with similar
maturities.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the
| 36 |
|
Taxable
Fixed Income Funds |
movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. The highly leveraged
capital structure of the borrowers in such transactions may make such loans
especially vulnerable to adverse changes
in financial, economic or market conditions. A Fund may be unable to sell loans
at a desired time or price. The Fund
may also not be able to control amendments, waivers or the exercise of any
remedies that a lender would have under
a direct loan and may assume liability as a
lender.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Swaps
Risk.
Depending on their structure, swap agreements and options to enter into swap
agreements (“swaptions”), both
of which are types of derivatives, may increase or decrease a Fund’s exposure to
long- or short-term interest rates, foreign
currency values, mortgage-backed securities, corporate borrowing rates, or
credit events or other reference points
such as security prices or inflation rates.
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year1
|
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
March
31,
2020 |
|
Year-to-date
total return
as of September
30, 2023
is +4.70% |
|
|
|
|
|
|
|
|
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
11/30/2012
|
-1.70% |
3.09% |
2.98% |
|
Institutional
Class (after taxes on distributions) |
11/30/2012
|
-3.46% |
1.49% |
1.42% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
11/30/2012
|
-1.01% |
1.68% |
1.59% |
|
Bloomberg
U.S. Universal Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-12.99% |
0.18% |
1.33% |
|
ICE
BofA 1-3 Year BB U.S. Cash Pay High Yield Index (reflects
no deduction for fees, expenses, or taxes) |
|
-2.89% |
3.09% |
3.61% |
| 1. |
Historical
performance shown for the Institutional Class shares prior to
their inception reflects the performance of the Administrator
Class
shares, and includes the higher expenses applicable to
the Administrator Class shares. If these expenses had not been
included,
returns for the Institutional Class shares would be
higher. |
| Taxable
Fixed Income Funds
|
|
37 |
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.
Fund
Management
|
|
|
|
Manager |
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management, LLC |
Allspring
Global Investments, LLC |
Chris
Lee, CFA,
Portfolio Manager / 2020
Michael
J. Schueller,
CFA,
Portfolio Manager
/ 2007 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| 38 |
|
Taxable
Fixed Income Funds |
Ultra
Short-Term Income Fund Summary
Investment
Objective
The
Fund seeks current income consistent with capital
preservation.
Fees
and Expenses
These
tables are intended to help you understand the various costs and expenses you
will pay if you buy, hold and sell shares
of the Fund.
|
|
|
Shareholder
Fees (fees paid directly from your investment)
|
|
|
|
|
|
Maximum
sales charge (load) imposed on purchases (as a percentage of offering
price) |
None |
|
Maximum
deferred sales charge (load) (as a percentage of offering
price) |
None |
|
|
|
Annual
Fund Operating Expenses (expenses that you pay each year as a percentage
of the value of your investment)
|
|
|
|
|
Management
Fees |
0.24% |
|
Distribution
(12b-1) Fees |
0.00% |
|
Other
Expenses |
0.11% |
|
Acquired
Fund Fees and Expenses |
0.01% |
|
Total
Annual Fund Operating Expenses |
0.36% |
|
Fee
Waivers |
(0.10)% |
|
Total
Annual Fund Operating Expenses After Fee Waivers1
|
% |
| 1. |
The
Manager has contractually committed through December
31, 2024,
to waive fees and/or reimburse expenses to the extent necessary
to cap Total Annual Fund Operating Expenses After Fee Waiver at
0.25%
for Institutional
Class. Brokerage commissions, stamp
duty fees, interest, taxes, acquired fund fees and expenses (if any), and
extraordinary expenses are excluded from the expense
cap. Prior to or after the commitment expiration date, the cap may be
increased or the commitment to maintain the cap may
be terminated only with the approval of the Board of
Trustees. |
Example
of Expenses
The
example below is intended to help you compare the costs of investing in the Fund
with the costs of investing in other
funds. The example assumes a $10,000 initial investment, 5% annual total return,
and that fees and expenses remain
the same as in the tables above. To the extent that the Manager is waiving fees
or reimbursing expenses, the example
assumes that such waiver or reimbursement will only be in place through the date
noted above. Although your
actual costs may be higher or lower, based on these assumptions, your costs
would be:
|
|
|
|
|
|
After:
|
|
|
1
Year |
$27 |
|
3
Years |
$106 |
|
5
Years |
$192 |
|
10
Years |
$446 |
Portfolio
Turnover
The
Fund pays transaction costs, such as commissions, when it buys and sells
securities (or “turns over” its portfolio). A higher
portfolio turnover rate may indicate higher transaction costs and may result in
higher taxes when Fund shares are
held in a taxable account. These costs, which are not reflected in annual fund
operating expenses or in the example,
affect the Fund’s performance. During the most recent fiscal year, the Fund’s
portfolio turnover rate was 25%
of
the average value of its portfolio.
| Taxable
Fixed Income Funds
|
|
39 |
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in income-producing debt
securities; |
|
■ |
up
to 25% of the Fund’s total assets in U.S. dollar-denominated debt
securities of foreign issuers;
and |
|
■ |
up
to 15% of the Fund’s total assets in below investment-grade debt
securities. |
We
invest principally in income-producing debt securities. Our portfolio holdings
may include U.S. Government obligations,
corporate debt securities, bank loans and mortgage- and asset-backed debt
securities. These securities may
have fixed, floating or variable rates. We may invest in investment-grade and
below investment-grade debt securities
(often called “high-yield” securities or “junk bonds”), as well as in debt
securities of both domestic and foreign
issuers. As part of our below investment-grade debt securities investment
strategy, we will generally invest in securities
that are rated at least BB by Standard & Poor’s or Ba by Moody’s, or an
equivalent quality rating from another Nationally
Recognized Statistical Ratings Organization, or are deemed by us to be of
comparable quality. We may also use
futures for duration and yield curve management. While we may purchase
securities of any maturity or duration, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be 1.5 years or less and
the Fund’s dollar-weighted average effective duration to be 1 year or less.
“Dollar-Weighted Average Effective Maturity”
is a measure of the average time until the final payment of principal and
interest is due on fixed income securities
in the Fund’s portfolio. “Dollar-Weighted Average Effective Duration” is an
aggregate measure of the sensitivity
of a fund’s fixed income portfolio securities to changes in interest rates. As a
general matter, the price of a fixed
income security with a longer effective duration will fluctuate more in response
to changes in interest rates than the
price of a fixed income security with a shorter effective
duration.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, credit quality
and sector allocation. Macroeconomic factors considered may include, among
others, the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down,
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to select the specific
securities for investment. Elements
of this evaluation may include credit research, duration measurements,
historical yield spread relationships, volatility
trends, mortgage refinance rates, as well as other factors. Our credit analysis
may consider an issuer’s general financial
condition, its competitive position and its management strategies, as well as
industry characteristics and other
factors including an assessment of environmental, social and governance (ESG)
factors that are deemed to have material
business and/or financial risk. The ESG factors utilized in the fund’s
investment process may change over time, some
factors may not be relevant with respect to all issuers and may or may not be
determinative in the security selection
process. We may sell a security due to changes in credit characteristics or
outlook, as well as changes in portfolio
strategy or cash flow needs. A security may also be sold and replaced with one
that presents a better value or risk/reward
profile.
Principal
Investment Risks
An
investment in the Fund may lose money, is
not a deposit of a bank or its affiliates, is not insured or guaranteed by
the
Federal Deposit Insurance Corporation or any other governmental
agency,
and is primarily subject to the risks briefly
summarized below.
Market
Risk.
The values of, and/or the income generated by, securities held by the Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. Interest rate risk is the possibility that
interest rates will change over time. When interest rates rise, the value of
debt securities tends to fall. The longer the
terms of the debt securities held by a Fund, the more the Fund is subject to
this risk. If interest rates decline, interest
that the Fund is able to earn on its investments in debt securities may also
decline, which could cause the Fund to
reduce the dividends it pays to shareholders, but the value of those securities
may increase. Very low or negative interest
rates may magnify interest rate risk.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, can lead
to losses, including those
magnified by leverage, particularly when derivatives are used to enhance return
rather than mitigate risk. Certain
| 40 |
|
Taxable
Fixed Income Funds |
derivative
instruments may be difficult to sell when the portfolio manager believes it
would be appropriate to do so, or the
other party to a derivative contract may be unwilling or unable to fulfill its
contractual obligations.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
investments may involve exposure to changes
in foreign currency exchange rates and may be subject to higher withholding and
other taxes.
Futures
Contracts Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures
contracts.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default or of
not returning principal and their values
tend to be more volatile than higher-rated securities with similar
maturities.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. The highly leveraged
capital structure of the borrowers in such transactions may make such loans
especially vulnerable to adverse changes
in financial, economic or market conditions. A Fund may be unable to sell loans
at a desired time or price. The Fund
may also not be able to control amendments, waivers or the exercise of any
remedies that a lender would have under
a direct loan and may assume liability as a
lender.
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a
Fund’s manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce expected
returns, may cause the Fund’s
shares to lose value or may cause the Fund to underperform other funds with
similar investment objectives.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities may decline in value and become
less liquid when defaults on the underlying mortgages or assets occur and may
exhibit additional volatility in periods
of rising interest rates. Rising interest rates tend to extend the duration of
these securities, making them more sensitive
to changes in interest rates than instruments with fixed payment schedules. When
interest rates decline or are low,
the prepayment of mortgages or assets underlying such securities can reduce a
Fund’s returns.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. U.S. Government obligations
may be adversely affected by a default
by, or decline in the credit quality, of the U.S.
Government.
| Taxable
Fixed Income Funds
|
|
41 |
Performance
The
following information provides some indication of the risks of investing in the
Fund by showing changes in the Fund’s
performance from year to year.
The Fund’s average annual total returns are compared to the performance of one
or
more indices. Past
performance before and after taxes is no guarantee of future
results.
Current month-end performance
is available on the Fund’s website at allspringglobal.com.
|
|
|
|
Calendar
Year Total Returns for Institutional Class as of 12/31 each
year |
|
|
Highest
Quarter:
June
30,
2020 |
|
Lowest
Quarter:
March
31,
2020 |
|
Year-to-date
total return
as of September
30, 2023
is +4.36% |
|
|
|
|
|
|
|
Average
Annual Total Returns for the periods ended
12/31/2022 |
|
|
Inception
Date
of Share
Class |
1
Year |
5
Year |
10
Year |
|
Institutional
Class (before taxes) |
8/31/1999
|
-0.40% |
1.62% |
1.32% |
|
Institutional
Class (after taxes on distributions) |
8/31/1999
|
-1.05% |
0.89% |
0.69% |
|
Institutional
Class (after taxes on distributions and the
sale of Fund Shares) |
8/31/1999
|
-0.24% |
0.93% |
0.73% |
|
Bloomberg
U.S. Aggregate Bond Index (reflects no deduction
for fees, expenses, or taxes) |
|
-13.01% |
0.02% |
1.06% |
|
Bloomberg
Short-Term Government/Corporate Bond
Index (reflects no deduction for fees, expenses,
or taxes) |
|
0.69% |
1.35% |
0.92% |
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.
| 42 |
|
Taxable
Fixed Income Funds |
Fund
Management
|
|
|
|
Manager
|
Sub-Adviser |
Portfolio
Manager, Title/Managed Since |
|
Allspring Funds
Management, LLC |
Allspring
Global Investments, LLC |
Christopher
Y. Kauffman, CFA,
Portfolio Manager
/ 2010
Janet
S. Rilling, CFA, CPA, Portfolio
Manager
/ 2022
Michael
J. Schueller, CFA,
Portfolio Manager
/ 2019
Michal
Stanczyk,
Portfolio Manager / 2021
Noah
M. Wise, CFA,
Portfolio Manager / 2013 |
Purchase
and Sale of Fund Shares
Institutional
Class shares are generally available through intermediaries for the
accounts of their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks and trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
In general, you can buy or sell shares of the Fund online or by mail, phone or
wire, on any day the New York
Stock Exchange is open for regular trading. You also may buy and sell shares
through a financial professional.
|
|
|
Minimum
Investments |
To
Buy or Sell Shares |
|
Minimum
Initial Investment
Institutional
Class: $1 million (this amount may be reduced
or eliminated for certain eligible investors)
Minimum
Additional Investment
Institutional
Class: None |
Mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
Phone
or Wire:
1-800-222-8222
Contact
your financial professional. |
Tax
Information
Any
distributions you receive from the Fund may be taxable as ordinary income or
capital gains, except when your investment
is in an IRA, 401(k) or other tax-advantaged investment plan. However,
subsequent withdrawals from such a tax-advantaged
investment plan may be subject to federal income tax. You should consult your
tax adviser about your specific
tax situation.
Payments
to Intermediaries
If
you purchase a Fund through an intermediary, the Fund and its related companies
may pay the intermediary for the sale
of Fund shares and related services. These payments may create a conflict of
interest by influencing the intermediary
and your financial professional to recommend the Fund over another investment.
Consult your financial professional
or visit your intermediary’s website for more information.
| Taxable
Fixed Income Funds
|
|
43 |
Details
About the Funds
Adjustable
Rate Government Fund
Investment
Objective
The
Fund seeks current income consistent with capital preservation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in mortgage-backed and asset-backed
securities issued or guaranteed by U.S. Government
agencies or government-sponsored entities, that have interest rates that
reset at periodic intervals; and |
|
■ |
up
to 20% of the Fund’s total assets in obligations that pay fixed interest
rates. |
We
invest principally in mortgage-backed securities (including collateralized
mortgage obligations (CMOs)) and asset-backed
securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities. Under normal
circumstances, we expect to maintain an average credit quality rating for the
portfolio equivalent to the highest rating
available from a Nationally Recognized Statistical Ratings Organization (NRSRO).
In the event that a NRSRO assigns
U.S. sovereign debt a rating below its highest rating, we expect to maintain an
average credit quality rating that is
equivalent to the average rating assigned to U.S. sovereign debt. We
may also use futures for duration and yield curve
management. As part of our mortgage-backed securities investment strategy, we
may enter into dollar roll transactions.
Under normal circumstances, the dollar-weighted average reset period of the
adjustable rate securities held
by the Fund will not exceed one year.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, issuer selection
and sector allocation. Macroeconomic factors considered may include, among
others, the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to select the specific
securities for investment. Elements
of this evaluation may include the effect of changing principal prepayments,
interest rate and yield spread volatility,
and the impact of changes in the level and shape of the yield curve on a
security’s value. We may sell a security
based on how we expect these factors to affect a security’s value relative to
its indicated sales price as well as changes
in portfolio strategy or cash flow needs. A security may also be sold and
replaced with one that presents a better
value or risk/reward profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| 44 |
|
Taxable
Fixed Income Funds |
Conservative
Income Fund
Investment
Objective
The
Fund seeks current income consistent with capital preservation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
substantially
all of the Fund’s net assets in U.S. dollar-denominated short-term fixed-,
floating- and variable-rate debt securities
that meet our minimum quality standards. |
Under
normal circumstances, we invest substantially all of the Fund’s net assets in
U.S. dollar-denominated short-term fixed-,
floating- and variable-rate debt securities that have received either a minimum
short-term rating of at least A-2 (or
its equivalent) or a minimum long-term rating of BBB (or its equivalent), by one
or more Nationally Recognized Statistical
Ratings Organizations (“NRSROs”), or, if unrated, that are deemed by us to be of
comparable quality at the time
of purchase. However, under normal circumstances, we will not invest more than
30% of the Fund’s net assets in securities
that have received either a short-term rating of A-2 (or its equivalent) or a
long-term rating of BBB or BBB plus (or
their equivalents), by one or more NRSROs, or, if unrated, that are deemed by us
to be of comparable quality at the time
of purchase.
We
will concentrate the Fund’s investments in the banking industry, which means we
will normally invest at least 25% of the
Fund’s total assets in securities and other obligations of issuers in that
industry. We may, however, invest less than 25%
of the Fund’s assets in this industry as a temporary defensive
measure.
Our
portfolio holdings may include commercial paper, repurchase agreements,
certificates of deposit, time deposits, bankers’
acceptances, U.S. Government obligations, municipal securities, corporate debt
securities and mortgage- and asset-backed
securities. The Fund also considers its investment in a cash sweep vehicle to
constitute a “debt security” for
purposes of the Fund’s investment strategy. We may invest in the U.S.
dollar-denominated debt securities of both domestic
and foreign issuers. We may also use Treasury futures for duration and yield
curve management. The Fund will
not invest in auction rate securities, structured investment vehicle (SIV)
structures or mortgage- or asset-backed securities
primarily backed by sub-prime or Alt-A residential collateral.
While
we may invest in securities with a maximum maturity, average life or demand
feature of three and one quarter years,
under normal circumstances, we expect the Fund’s dollar-weighted average
effective maturity to be one year or less.
“Dollar-Weighted Average Effective Maturity” is a measure of the average time
until the final payment of principal and
interest is due on fixed income securities in the Fund’s portfolio.
We
employ a combination of bottom-up, security-level analysis with a top down
macroeconomic view to formulate security
selection, sector and credit quality positioning, and duration decisions.
Macroeconomic factors considered may
include, among others, the pace of economic growth, employment conditions,
corporate profits, inflation, monetary
and fiscal policy, as well as the influence of international economic and
financial conditions.
Our
security selection process employs fundamental and quantitative techniques to
identify attractive, risk-adjusted return
opportunities among debt securities. Elements of this evaluation may include,
among others, credit research, the
measurement of volatility trends and historical yield spread relationships, and
estimates of liquidity and investor demand.
Our fundamental credit analysis may consider an issuer’s general financial
condition, its competitive position and
its management strategies, as well as industry characteristics and other
factors.
Though
the Fund’s net asset value will fluctuate, the Fund’s principal investment
strategies are intended to manage volatility.
The
Fund is not a money market fund.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
| Taxable
Fixed Income Funds
|
|
45 |
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value and total return. These risks are described in the “Description
of Principal Investment Risks” section.
| 46 |
|
Taxable
Fixed Income Funds |
Core
Plus Bond Fund
Investment
Objective
The
Fund seeks total return, consisting of current income and capital
appreciation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt
securities; |
|
■ |
up
to 35% of the Fund’s total assets in debt securities that are below
investment-grade; and |
|
■ |
up
to 25% of the Fund’s total assets in debt securities of foreign issuers,
including emerging markets issuers and debt
securities denominated in foreign
currencies. |
We
invest principally in debt securities, including corporate, mortgage- and
asset-backed securities, bank loans, foreign
sovereign debt, supranational agencies, and U.S. Government obligations. These
securities may have fixed, floating
or variable rates and may include debt securities of both domestic and foreign
issuers. We invest in both investment-grade
and below investment-grade debt securities (often called “high yield” securities
or “junk bonds”), including
unrated securities, as well as securities that are in default at the time of
purchase.
We
may invest in debt securities of foreign issuers, including emerging markets
issuers, denominated in any currency. We
may seek to add yield by having exposures to a variety of credits, mortgages,
and higher yielding countries and currencies.
We may also use futures and swap agreements to manage risk or to enhance return.
We may enter into currency-related
transactions through derivative instruments, including currency and cross
currency forwards. The use of
derivative currency transactions is intended to allow the Fund to manage, hedge
or reduce a foreign currency-specific
risk exposure of a portfolio security or its denominated currency or to obtain
net long exposure to selected
currencies for the purpose of generating income or additional
returns.
While
we may purchase securities of any maturity or duration, under normal
circumstances, we expect to maintain an overall
portfolio dollar-weighted average effective duration that is within 1 year of
that of the Fund’s benchmark. The Fund’s
benchmark, the Bloomberg U.S. Aggregate Bond Index, had a duration of
6.81 years, as of November 30, 2021. “Dollar-Weighted
Average Effective Duration” is an aggregate measure of the sensitivity of a
fund’s fixed income portfolio
securities to changes in interest rates. As a general matter, the price of a
fixed income security with a longer effective
duration will fluctuate more in response to changes in interest rates than the
price of a fixed income security with
a shorter effective duration.
We
start our investment process with a top-down, macroeconomic outlook to determine
portfolio duration and yield curve
positioning as well as industry, sector and credit quality allocations.
Macroeconomic factors considered may include,
among others, the pace of economic growth, employment conditions, corporate
profits, inflation, monetary and
fiscal policy, as well as the influence of international economic and financial
conditions. Within these parameters, we
then apply rigorous credit research to select individual securities that we
believe can add value from income and/or the
potential for capital appreciation. Our credit research may include an
assessment of an issuer’s general financial condition,
its competitive positioning and management strength, as well as industry
characteristics and other factors including
an assessment of environmental, social and governance (ESG) factors that are
deemed to have material business
and/or financial risk. The ESG factors utilized in the fund’s investment process
may change over time, some factors
may not be relevant with respect to all issuers and may or may not be
determinative in the security selection process. We
may sell a security due to changes in credit characteristics or outlook, as well
as changes in portfolio strategy
or cash flow needs. A security may also be sold and replaced with one that
presents a better value or risk/reward
profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
| Taxable
Fixed Income Funds
|
|
47 |
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| 48 |
|
Taxable
Fixed Income Funds |
Government
Securities Fund
Investment
Objective
The
Fund seeks current income.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in U.S. Government obligations and
repurchase agreements collateralized by U.S.
Government obligations; and |
|
■ |
up
to 20% of the Fund’s net assets in non-government investment-grade debt
securities. |
We
invest principally in U.S. Government obligations, including debt securities
issued or guaranteed by the U.S. Treasury,
U.S. Government agencies or government-sponsored entities. These securities may
have fixed, floating or variable
rates and also include mortgage-backed securities. As part of our
mortgage-backed securities investment strategy,
we may enter into dollar rolls. We may also use futures for duration and yield
curve management.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning and sector
allocation. Macroeconomic factors considered may include, among others, the pace
of economic growth, employment
conditions, inflation, monetary and fiscal policy, as well as the influence of
international economic and financial
conditions. In combination with our top-down, macroeconomic approach, we employ
a bottom-up process of fundamental
securities analysis to select the specific securities for investment. Elements
of this evaluation may include duration
measurements, historical yield spread relationships, volatility trends, mortgage
refinance rates, as well as other
factors. We may sell a security due to changes in our outlook, as well as
changes in portfolio strategy or cash flow needs.
A security may also be sold and replaced with one that presents a better value
or risk/reward profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| Taxable
Fixed Income Funds
|
|
49 |
High
Yield Bond Fund
Investment
Objective
The
Fund seeks total return, consisting of a high level of current income
and capital appreciation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt securities that are
below-investment grade; and |
|
■ |
up
to 10% of the Fund’s total assets in equity securities, including common
and preferred stocks. |
We
invest principally in below investment-grade debt securities (often called “high
yield” securities or “junk bonds”) of corporate
issuers. These include traditional corporate bonds as well as convertible bonds.
These securities may have fixed,
floating or variable rates. We may invest in below investment-grade debt
securities of any credit quality. The average
credit quality of the Fund’s portfolio is expected to be equivalent to B or
higher based on the credit ratings assigned
to underlying securities by Moody’s, Standard & Poor’s, from other
Nationally Recognized Statistical Ratings Organizations,
or our credit quality assessment of the underlying securities. We expect the
Fund’s average effective duration
to generally be within 1.0 year of the benchmark’s duration. We may also use
futures for duration and yield curve
management. We may invest up to 15% of the Fund’s total assets in leveraged
loans. We may invest up to 10% of the
Fund’s total assets in equity securities, including common and preferred stocks.
The criteria and investment process
used to select equity securities is substantially similar to those used to
select non-investment grade debt securities.
We seek out companies that we believe have strong fundamental and valuation
attributes, including companies
that reorganized and emerged or are expected to emerge from bankruptcy. We may
invest in equity securities
of companies of any size.
Securities
in the Fund’s portfolio may be issued by domestic or foreign issuers (including
foreign governments), and may
include securities of emerging markets issuers. The Fund may invest up to 10% of
the Fund’s total assets in foreign currency-denominated
fixed income securities issued by foreign or domestic issuers.
We
use security selection, comprehensive research and tactical portfolio management
to capitalize on opportunities in rapidly
evolving credit markets. Our investment process features tactical levers,
including security selection, sector reviews,
our proprietary RADS calibration tool, and macro insights, and a 6-month horizon
to seize market opportunities,
identify relative value, and construct a diversified portfolio. As part of our
investment process, an assessment
of environmental, social and governance (ESG) factors that are deemed to have
material business and/or financial
risk may be considered alongside other relevant factors, which may include but
are not limited to financial data
and metrics, pricing information, issue characteristics and issue structure. The
ESG factors utilized in the fund’s investment
process may change over time, some factors may not be relevant with respect to
all issuers and may or may
not be determinative in the security selection process. Our credit standards
checklist, ESG assessment, and timely recommendations
are integral to our underwriting and generating best ideas. We regularly review
sectors to assess industry
fundamentals and relative valuation to generate sector thesis and targeted
sector weights. Our proprietary RADS
Calibration tool divides the high yield market into quadrants based on spread
and duration, and helps us connect investment
ideas to tactical levers, and to ensure individual investments contribute to key
portfolio objectives. We develop
investment themes harnessing macro and fundamental insights developed from
across the Allspring Fixed Income
Platform. We employ a 6-month horizon to identify bonds with spread tightening
catalysts and anticipate market
inflection points. We seek diversified sources of alpha and to capitalize on
mispriced risk in the leverage finance markets.
We
regularly review the investments of the portfolio and may sell a portfolio
holding when it has achieved its valuation target,
there is deterioration in the underlying fundamentals of the business, or we
have identified a more attractive investment
opportunity.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
| 50 |
|
Taxable
Fixed Income Funds |
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| Taxable
Fixed Income Funds
|
|
51 |
Short
Duration Government Bond Fund
Investment
Objective
The
Fund seeks to provide current income consistent with capital
preservation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 90% of the Fund’s net assets in U.S. Government obligations;
and |
|
■ |
up
to 10% of the Fund’s net assets in non-government mortgage- and
asset-backed securities. |
We
invest principally in U.S. Government obligations, including debt securities
issued or guaranteed by the U.S. Treasury,
U.S. Government agencies or government-sponsored entities. We will purchase only
securities that are rated, at
the time of purchase, within the two highest rating categories assigned by a
Nationally Recognized Statistical Ratings
Organization, or are deemed by us to be of comparable quality. As part of our
investment strategy, we may enter
into mortgage dollar rolls. While we may purchase securities of any
maturity or duration, under normal circumstances,
we expect the portfolio’s overall dollar-weighted average effective duration to
be less than that of a 3-year
U.S. Treasury note. “Dollar-Weighted Average Effective Duration” is an aggregate
measure of the sensitivity of a fund’s
fixed income portfolio securities to changes in interest rates. As a general
matter, the price of a fixed income security
with a longer effective duration will fluctuate more in response to changes in
interest rates than the price of a fixed
income security with a shorter effective duration.
We
invest in debt securities that we believe offer competitive returns and are
undervalued, offering additional income and/or
price appreciation potential, relative to other debt securities of similar
credit quality and interest rate sensitivity. As
part of our investment strategy, we invest in mortgage-backed securities
guaranteed by U.S. Government agencies that
we believe will sufficiently outperform U.S. Treasuries. We may sell a security
that has achieved its desired return or if
we believe the security or its sector has become overvalued. We may also sell a
security if a more attractive opportunity
becomes available or if the security is no longer attractive due to its risk
profile or as a result of changes in the
overall market environment.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| 52 |
|
Taxable
Fixed Income Funds |
Short-Term
Bond Plus Fund
Investment
Objective
The
Fund seeks current income consistent with capital preservation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in debt
securities; |
|
■ |
up
to 25% of the Fund’s total assets in debt securities of foreign issuers;
and |
|
■ |
up
to 25% of the Fund’s total assets in below investment-grade debt
securities. |
We
invest principally in debt securities. We may invest in a variety of debt
securities, including corporate, mortgage- and
asset-backed securities, bank loans and U.S. Government obligations. These
securities may have fixed, floating or variable
rates. We invest in both investment-grade and below investment-grade
debt securities (often called “high yield securities”
or “junk bonds”) and may also invest in debt securities of foreign issuers. As
part of our below investment-grade
debt securities investment strategy, we will generally invest in securities that
are rated at least BB by Standard
& Poor’s or Ba by Moody’s, or an equivalent quality rating from another
Nationally Recognized Statistical Ratings
Organization, or are deemed by us to be of comparable quality. We may
also invest in derivatives, such as futures,
currency forwards, and credit default swap indices (“CDX”), for duration and
yield curve management, to gain or
hedge currency exposure, to control risk or to enhance return. While we may
purchase securities of any maturity, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be three years or less. In
addition, while we may purchase securities of any duration, under normal
circumstances, we expect the Fund’s dollar-weighted
average effective duration to be three years or less. “Dollar-Weighted Average
Effective Maturity” is a measure
of the average time until the final payment of principal and interest is due on
fixed income securities in the Fund’s
portfolio. “Dollar-Weighted Average Effective Duration” is an aggregate measure
of the sensitivity of a fund’s fixed
income portfolio securities to changes in interest rates. As a general matter,
the price of a fixed income security with
a longer effective duration will fluctuate more in response to changes in
interest rates than the price of a fixed income
security with a shorter effective duration.
We
employ a top-down macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, credit quality and
sector allocation. Macroeconomic factors considered may include, among others,
the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to determine the specific
securities for investment. Elements
of this evaluation may include credit research, duration measurements,
historical yield spread relationships, volatility
trends, mortgage refinance rates, as well as other factors. Our credit analysis
may consider an issuer’s general financial
condition, its competitive position and its management strategies, as well as
industry characteristics and other
factors including an assessment of environmental, social and governance (ESG)
factors that are deemed to have material
business and/or financial risk. The ESG factors utilized in the fund’s
investment process may change over time, some
factors may not be relevant with respect to all issuers and may or may not be
determinative in the security selection
process. We may sell a security due to changes in credit
characteristics or outlook, as well as changes in portfolio
strategy or cash flow needs. A security may also be sold and replaced with one
that presents a better value or risk/reward
profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
| Taxable
Fixed Income Funds
|
|
53 |
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| 54 |
|
Taxable
Fixed Income Funds |
Short-Term
High Income Fund
Investment
Objective
The
Fund seeks total return, consisting of a high level of current income and
capital appreciation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in below investment-grade corporate
debt securities; and |
|
■ |
up
to 25% of the Fund’s total assets in U.S. dollar-denominated debt
securities of foreign issuers. |
We
invest principally in below investment-grade debt securities (often called
“high-yield” securities or “junk bonds”) of corporate
issuers. These include traditional corporate bonds as well as bank loans. These
securities may have fixed, floating
or variable rates. As part of our below investment-grade debt securities
investment strategy, we will generally invest
in securities that are rated BB through CCC by Standard & Poor’s or Ba
through Caa by Moody’s, or an equivalent quality
rating from another Nationally Recognized Statistical Ratings Organization, or
are deemed by us to be of comparable
quality. We may also use credit default swap agreements to reduce
cash positions and to cost-effectively increase
credit exposure, and futures to manage duration exposure. While we may purchase
securities of any maturity, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be three years or less. “Dollar-Weighted
Average Effective Maturity” is a measure of the average time until the final
payment of principal and interest
is due on fixed income securities in the Fund’s portfolio.
We
start our investment process with a focus on bottom-up fundamental credit
analysis to generate new ideas, to understand
the potential risks, to select individual securities that may potentially add
value from income and/or capital appreciation.
Our credit research may include an assessment of an issuer’s general financial
condition, its competitive positioning
and management strength, as well as industry characteristics and other factors
including an assessment of environmental,
social and governance (ESG) factors that are deemed to have material business
and/or financial risk. The
ESG factors utilized in the fund’s investment process may change over time, some
factors may not be relevant with respect
to all issuers and may or may not be determinative in the security selection
process. We may sell a security due to
changes in credit characteristics or outlook, as well as changes in portfolio
strategy or cash flow needs. A security may
also be sold and replaced with one that presents a better value or risk/reward
profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| Taxable
Fixed Income Funds
|
|
55 |
Ultra
Short-Term Income Fund
Investment
Objective
The
Fund seeks current income consistent with capital preservation.
The
Fund’s Board of Trustees can change this investment objective without a
shareholder vote.
Principal
Investment Strategies
Under
normal circumstances, we invest:
|
■ |
at
least 80% of the Fund’s net assets in income-producing debt
securities; |
|
■ |
up
to 25% of the Fund’s total assets in U.S. dollar-denominated debt
securities of foreign issuers; and |
|
■ |
up
to 15% of the Fund’s total assets in below investment-grade debt
securities. |
We
invest principally in income-producing debt securities. Our portfolio holdings
may include U.S. Government obligations,
corporate debt securities, bank loans and mortgage- and asset-backed debt
securities. These securities may
have fixed, floating or variable rates. We may invest in investment-grade and
below investment-grade debt securities
(often called “high-yield” securities or “junk bonds”), as well as in debt
securities of both domestic and foreign
issuers. As part of our below investment-grade debt securities investment
strategy, we will generally invest in securities
that are rated at least BB by Standard & Poor’s or Ba by Moody’s, or an
equivalent quality rating from another Nationally
Recognized Statistical Ratings Organization, or are deemed by us to be of
comparable quality. We may also use
futures for duration and yield curve management. While we may purchase
securities of any maturity or duration, under
normal circumstances, we expect the Fund’s dollar-weighted average effective
maturity to be 1.5 years or less and
the Fund’s dollar-weighted average effective duration to be 1 year or less.
“Dollar-Weighted Average Effective Maturity”
is a measure of the average time until the final payment of principal and
interest is due on fixed income securities
in the Fund’s portfolio. “Dollar-Weighted Average Effective Duration” is an
aggregate measure of the sensitivity
of a fund’s fixed income portfolio securities to changes in interest rates. As a
general matter, the price of a fixed
income security with a longer effective duration will fluctuate more in response
to changes in interest rates than the
price of a fixed income security with a shorter effective duration.
We
employ a top-down, macroeconomic outlook to determine the portfolio’s duration,
yield curve positioning, credit quality
and sector allocation. Macroeconomic factors considered may include, among
others, the pace of economic growth,
employment conditions, corporate profits, inflation, monetary and fiscal policy,
as well as the influence of international
economic and financial conditions. In combination with our top-down,
macroeconomic approach, we employ
a bottom-up process of fundamental securities analysis to select the specific
securities for investment. Elements
of this evaluation may include credit research, duration measurements,
historical yield spread relationships, volatility
trends, mortgage refinance rates, as well as other factors. Our credit analysis
may consider an issuer’s general financial
condition, its competitive position and its management strategies, as well as
industry characteristics and other
factors including an assessment of environmental, social and governance (ESG)
factors that are deemed to have material
business and/or financial risk. The ESG factors utilized in the fund’s
investment process may change over time, some
factors may not be relevant with respect to all issuers and may or may not be
determinative in the security selection
process. We may sell a security due to changes in credit characteristics or
outlook, as well as changes in portfolio
strategy or cash flow needs. A security may also be sold and replaced with one
that presents a better value or risk/reward
profile.
We
may actively trade portfolio securities, which may lead to higher transaction
costs that may affect the Fund’s performance.
In addition, active trading of portfolio securities may lead to higher taxes if
your shares are held in a taxable
account.
The
Fund may hold some of its assets in cash or in money market instruments,
including U.S. Government obligations, shares
of other funds and repurchase agreements, or make other short-term investments
for purposes of maintaining liquidity
or for short-term defensive purposes when we believe it is in the best interests
of the shareholders to do so. During
such periods, the Fund may not achieve its objective.
| 56 |
|
Taxable
Fixed Income Funds |
Principal
Investment Risks
The
Fund is primarily subject to the risks mentioned below.
These
and other risks could cause you to lose money in your investment in the Fund and
could adversely affect the Fund’s
net asset value, yield and total return. These risks are described in the
“Description of Principal Investment Risks”
section.
| Taxable
Fixed Income Funds
|
|
57 |
Description
of Principal Investment Risks
Understanding
the risks involved in fund investing will help you make an informed decision
that takes into account your risk
tolerance and preferences. The risks that are most likely to have a material
effect on a particular Fund as
a whole are
called “principal risks.” The principal risks for each Fund
have been previously identified and are described below (in alphabetical
order). Additional information about the principal risks is included in the
Statement of Additional Information.
Convertible
Securities Risk.
A convertible security has characteristics of both equity and debt securities
and, as a result,
is exposed to risks that are typically associated with both types of securities.
The market value of a convertible security
tends to decline as interest rates increase but also tends to reflect changes in
the market price of the common stock
of the issuing company. A convertible security is also exposed to the risk that
an issuer is unable to meet its obligation
to make dividend or interest and principal payments when due as a result of
changing financial or market conditions.
In the event of a liquidation of the issuer, holders of a convertible security
would generally be paid only after
holders of any senior debt obligations. A Fund may be forced to convert a
convertible security before it would otherwise
choose to do so, which may decrease the Fund’s return.
Debt
Securities Risk.
Debt securities are subject to credit risk and interest rate risk. Credit risk
is the possibility that the issuer
or guarantor of a debt security may be unable, or perceived to be unable or
unwilling, to pay interest or repay principal
when they become due. In these instances, the value of an investment could
decline and the Fund could lose money.
Credit risk increases as an issuer’s credit quality or financial strength
declines. The credit quality of a debt security
may deteriorate rapidly and cause significant deterioration in the Fund’s net
asset value. Interest rate risk is the possibility
that interest rates will change over time. When interest rates rise, the value
of debt securities tends to fall. The
longer the terms of the debt securities held by a Fund, the more the Fund is
subject to this risk. If interest rates decline,
interest that the Fund is able to earn on its investments in debt securities may
also decline, which could cause the
Fund to reduce the dividends it pays to shareholders, but the value of those
securities may increase. Some debt securities
give the issuers the option to call, redeem or prepay the securities before
their maturity dates. If an issuer calls,
redeems or prepays a debt security during a time of declining interest rates,
the Fund might have to reinvest the proceeds
in a security offering a lower yield, and therefore might not benefit from any
increase in value as a result of declining
interest rates. Very low or negative interest rates may magnify interest rate
risk. Changing interest rates, including
rates that fall below zero, may have unpredictable effects on markets, may
result in heightened market volatility
and may detract from Fund performance to the extent the Fund is exposed to such
interest rates. Interest rate changes
and their impact on the Fund and its share price can be sudden and
unpredictable. Changes in market conditions
and government policies may lead to periods of heightened volatility in the debt
securities market, reduced liquidity
Fund investments and an increase in Fund redemptions.
Derivatives
Risk.
The use of derivatives, such as futures, options and swap agreements, presents
risks different from, and
possibly greater than, the risks associated with investing directly in
traditional securities. The use of derivatives can lead
to losses because of adverse movements in the price or value of the derivatives’
underlying assets, indexes or rates
and the derivatives themselves, which may be magnified by certain features of
the derivatives. These risks are heightened
when derivatives are used to enhance a Fund’s return or as a substitute for a
position or security, rather than
solely to hedge (or mitigate) the risk of a position or security held by the
Fund. The success of a derivative strategy will
be affected by the portfolio manager’s ability to assess and predict market or
economic developments and their impact
on the derivatives’ underlying assets, indexes or reference rates, as well as
the derivatives themselves. Certain derivative
instruments may become illiquid and, as a result, may be difficult to sell when
the portfolio manager believes it
would be appropriate to do so. Certain derivatives create leverage, which can
magnify the impact of a decline in the value
of their underlying assets, indexes or reference rates, and increase the
volatility of the Fund’s net asset value. Certain
derivatives (e.g., over-the-counter swaps) are also subject to the risk that the
counterparty to the derivative contract
will be unwilling or unable to fulfill its contractual obligations, which may
cause a Fund to lose money, suffer delays
or incur costs arising from holding or selling an underlying asset. Changes in
laws or regulations may make the use
of derivatives more costly, may limit the availability of derivatives, or may
otherwise adversely affect the use, value or
performance of derivatives.
Emerging
Markets Risk.
Emerging market securities typically present even greater exposure to the risks
described under
“Foreign Investment Risk” and may be particularly sensitive to global economic
conditions. For example, emerging
market countries are typically more dependent on exports and are, therefore,
more vulnerable to recessions in
other countries. Emerging markets tend to have less developed legal and
financial systems and a smaller market capitalization
than markets in developed countries. Some emerging markets are subject to
greater political instability. Additionally,
emerging markets may have more volatile currencies and be more sensitive than
developed markets to a
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variety
of economic factors, including inflation. Emerging market securities are also
typically less liquid than securities of
developed countries and could be difficult to sell, particularly during a market
downturn.
Equity
Securities Risk.
The values of equity securities may experience periods of substantial price
volatility and may decline
significantly over short time periods. In general, the values of equity
securities are more volatile than those of debt
securities. Equity securities fluctuate in value and price in response to
factors specific to the issuer of the security, such
as management performance, financial condition, and market demand for the
issuer’s products or services, as well
as factors unrelated to the fundamental condition of the issuer, including
general market, economic and political conditions.
Investing in equity securities poses risks specific to an issuer, as well as to
the particular type of company issuing
the equity securities. For example, investing in the equity securities of small-
or mid-capitalization companies can
involve greater risk than is customarily associated with investing in stocks of
larger, more-established companies. Different
parts of a market, industry and sector may react differently to adverse issuer,
market, regulatory, political, and economic
developments. Negative news or a poor outlook for a particular industry or
sector can cause the share prices of
securities of companies in that industry or sector to decline. This risk may be
heightened for a Fund that invests a substantial
portion of its assets in a particular industry or sector.
Foreign
Currency Contracts Risk.
A Fund that enters into forwards or other foreign currency contracts, which are
a type
of derivative, is subject to the risk that the portfolio manager may be
incorrect in his or her judgment of future exchange
rate changes. The Fund’s gains from positions in foreign currency contracts may
accelerate and/or lead to recharacterization
of the Fund’s income or gains and its distributions to shareholders. The Fund’s
losses from such positions
may also lead to recharacterization of the Fund’s income and its distributions
to shareholders and may cause a
return of capital to Fund shareholders.
Foreign
Investment Risk.
Foreign investments may be subject to lower liquidity, greater price volatility
and risks related to
adverse political, regulatory, market or economic developments. Foreign
companies may be subject to significantly higher
levels of taxation than U.S. companies, including potentially confiscatory
levels of taxation, thereby reducing the earnings
potential of such foreign companies. Foreign investments may involve exposure to
changes in foreign currency
exchange rates. Such changes may reduce the U.S. dollar value of the
investments. Foreign investments may be
subject to additional risks, such as potentially higher withholding and other
taxes, and may also be subject to greater
trade settlement, custodial, and other operational risks than domestic
investments. Certain foreign markets may
also be characterized by less stringent investor protection and disclosure
standards.
Futures Contracts
Risk.
A Fund that uses futures contracts, which are a type of derivative, is subject
to the risk of loss caused
by unanticipated market movements. In addition, there may at times be an
imperfect correlation between the movement
in the prices of futures contracts and the value of their underlying instruments
or indexes, and there may at times
not be a liquid secondary market for certain futures contracts.
Growth/Value
Investing Risk.
Securities that exhibit certain characteristics, such as growth characteristics
or value characteristics,
tend to perform differently and shift into and out of favor with investors
depending on changes in market
and economic sentiment and conditions. As a result, a Fund’s performance may at
times be worse than the performance
of other mutual funds that invest more broadly or in securities that exhibit
different characteristics.
High
Yield Securities Risk.
High yield securities and unrated securities of similar credit quality (commonly
known as “junk
bonds”) are considered speculative and have a much greater risk of default (or
in the case of bonds currently in default,
of not returning principal) and their values tend to be more volatile than
higher-rated securities with similar maturities.
Additionally, these securities tend to be less liquid and more difficult to
value than higher-rated securities.
Industry
Concentration Risk.
A Fund that concentrates its investments in an industry or group of industries
is more vulnerable
to adverse market, economic, regulatory, political or other developments
affecting such industry or group of
industries than a fund that invests its assets more broadly.
Loan
Risk.
Loans may be unrated, less liquid and more difficult to value than traditional
debt securities. Loans may be made
to finance highly leveraged corporate operations or acquisitions. The highly
leveraged capital structure of the borrowers
in such transactions may make such loans especially vulnerable to adverse
changes in financial, economic or
market conditions. Loans generally are subject to restrictions on transfer, and
only limited opportunities may exist to sell
such loans in secondary markets. As a result, a Fund may be unable to sell loans
at a desired time or price. If the Fund
acquires only an assignment or a participation in a loan made by a third party,
the Fund may not be able to control
amendments, waivers or the exercise of any remedies that a lender would have
under a direct loan and may assume
liability as a lender.
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59 |
Management
Risk.
Investment decisions, techniques, analyses or models implemented by a Fund’s
manager or sub-adviser
in seeking to achieve the Fund’s investment objective may not produce the
returns expected, may cause the
Fund’s shares to lose value or may cause the Fund to underperform other funds
with similar investment objectives.
Market
Risk.
The values of, and/or the income generated by, securities held by a Fund may
decline due to general market
conditions or other factors, including those directly involving the issuers of
such securities. Securities markets are
volatile and may decline significantly in response to adverse issuer,
regulatory, political, or economic developments.
Different sectors of the market and different security types may react
differently to such developments. Political,
geopolitical, natural and other events, including war, terrorism, trade
disputes, government shutdowns, market
closures, inflation, natural and environmental disasters, epidemics, pandemics
and other public health crises and
related events have led, and in the future may lead, to economic uncertainty,
decreased economic activity, increased
market volatility and other disruptive effects on U.S. and global economies and
markets. Such events may have
significant adverse direct or indirect effects on a Fund and its investments. In
addition, economies and financial markets
throughout the world are becoming increasingly interconnected, which increases
the likelihood that events or conditions
in one country or region will adversely impact markets or issuers in other
countries or regions.
Mortgage-
and Asset-Backed Securities Risk.
Mortgage- and asset-backed securities are subject to risk of default on
the
underlying mortgages or assets, particularly during periods of economic
downturn. Defaults on the underlying mortgages
or assets may cause such securities to decline in value and become less liquid.
Rising interest rates tend to extend
the duration of these securities, making them more sensitive to changes in
interest rates than instruments with fixed
payment schedules. As a result, in a period of rising interest rates, these
securities may exhibit additional volatility.
When interest rates decline or are low, borrowers may pay off their mortgage or
other debts sooner than expected,
which can reduce the returns of a Fund. Funds that may enter into mortgage
dollar roll transactions are subject
to the risk that the market value of the securities that are required to be
repurchased in the future may decline below
the agreed upon repurchase price. They also involve the risk that the party to
whom the securities are sold may become
insolvent, limiting a Fund’s ability to repurchase securities at the agreed upon
price.
Municipal
Securities Risk.
Municipal securities may be fully or partially backed or enhanced by the taxing
authority of a
local government, by the current or anticipated revenues from a specific project
or specific assets, or by the credit of, or
liquidity enhancement provided by, a private issuer. Municipal securities may be
difficult to obtain because of limited
supply, which may increase the cost to a Fund of purchasing such securities and
effectively reduce the Fund’s yield.
Typically, less information is available about a municipal issuer than is
available about other types of issuers. Various
types of municipal securities are often related in such a way that political,
economic or business developments affecting
one obligation could affect other municipal securities held by the Fund. The
value and liquidity of municipal securities
backed by the revenue from a particular project or other source may decline if
the project or other source fails
to generate expected revenue. Although the Fund may strive to invest in
municipal securities and other securities that
pay interest that is exempt from certain taxes (such as federal taxes, federal
alternative minimum tax and/or state taxes
as applicable), some income earned by Fund investments may be subject to such
taxes. Certain issuers of municipal
securities may have the ability to call or redeem a security prior to its
maturity date, which could impair Fund performance.
Swaps
Risk.
Depending on their structure, swap agreements and options to enter into swap
agreements (“swaptions”), both
of which are types of derivatives, may increase or decrease a Fund’s exposure to
long- or short-term interest rates, foreign
currency values, mortgage-backed securities, corporate borrowing rates, or
credit events or other reference points
such as security prices or inflation rates.
U.S.
Government Obligations Risk.
U.S. Government obligations may be adversely impacted by changes in interest
rates,
and securities issued or guaranteed by U.S. Government agencies or
government-sponsored entities may not be backed
by the full faith and credit of the U.S. Government. If a government-sponsored
entity is unable to meet its obligations
or its creditworthiness declines, the performance of a Fund that holds
securities issued or guaranteed by the
entity will be adversely impacted. U.S. Government obligations may be adversely
affected by a default by, or decline
in the credit quality, of the U.S. Government.
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Portfolio
Holdings Information
A
description of the Allspring
Funds’ policies and procedures with respect to disclosure of the Funds’ portfolio
holdings is
available in the Funds’
Statement of Additional Information.
Pricing Fund
Shares
A Fund’s net
asset value (“NAV”) is the value of a single share. The NAV is calculated as of
the close of regular trading on the
New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day
that the NYSE is open, although a Fund
may deviate from this calculation time under unusual or unexpected
circumstances.
The NAV is calculated
separately for each class of shares of a multiple-class Fund. The most recent
NAV for each class of a Fund is available
at allspringglobal.com. To calculate the NAV of a Fund’s
shares, the Fund’s
assets are valued and totaled, liabilities
are subtracted, and the balance, called net assets, is divided by the number of
shares outstanding. The price at
which a purchase or redemption request is processed is based on the next NAV
calculated after the request is received
in good order. Generally, NAV is not calculated, and purchase and redemption
requests are not processed, on days
that the NYSE is closed for trading; however, under unusual or unexpected
circumstances, a Fund
may elect to remain
open even on days that the NYSE is closed or closes early. To the extent
that a Fund’s
assets are traded in various
markets on days when the Fund
is closed, the value of the Fund’s
assets may be affected on days when you are unable
to buy or sell Fund
shares. Conversely, trading in some of a Fund’s
assets may not occur on days when the Fund
is
open.
With
respect to any portion of a Fund’s
assets that may be invested in other mutual funds, the value of
the Fund’s
shares is
based on the NAV of the shares of the other mutual funds in which
the Fund
invests. The valuation methods used by mutual
funds in pricing their shares, including the circumstances under which they will
use fair value pricing and the effects
of using fair value pricing, are included in the prospectuses of such funds. To
the extent a Fund
invests a portion of
its assets in non-registered investment vehicles, the Fund’s
interests in the non-registered vehicles are fair valued at NAV.
With
respect to a Fund’s
assets invested directly in securities, the Fund’s
investments are generally valued at current market
prices. Equity securities, options and futures are generally valued at the
official closing price or, if none, the last reported
sales price on the primary exchange or market on which they are listed (closing
price). Equity securities that are
not traded primarily on an exchange are generally valued at the quoted bid price
obtained from a broker-dealer.
Debt
securities are valued at the evaluated bid price provided by an independent
pricing service or, if a reliable price is not
available, the quoted bid price from an independent broker-dealer.
We
are required to depart from these general valuation methods and use fair value
pricing methods to determine the values
of certain investments if we believe that the closing price or the quoted bid
price of a security, including a security
that trades primarily on a foreign exchange, does not accurately reflect its
current market value as of the time a Fund
calculates its NAV. The closing price or the quoted bid price of a security may
not reflect its current market value
if, among other things, a significant event occurs after the closing price or
quoted bid price are made available, but
before the time as of which a Fund
calculates its NAV, that materially affects the value of the security. We use
various
criteria, including a systemic evaluation of U.S. market moves after the close
of foreign markets, in deciding whether
a foreign security’s market price is still reliable and, if not, what fair
market value to assign to the security. In addition,
we use fair value pricing to determine the value of investments in securities
and other assets, including illiquid
securities, for which current market quotations or evaluated prices from a
pricing service or broker-dealer are not
readily available.
The
fair value of a Fund’s
securities and other assets is determined in good faith pursuant to policies and
procedures adopted
by the Fund’s
Board of Trustees. Pursuant to such policies and procedures, the Board has
appointed the Manager
as the Fund’s valuation designee (the “Valuation Designee”) to perform all fair
valuations of the Fund’s portfolio
investments, subject to the Board’s oversight. As the Valuation Designee, the
Manager has established procedures
for its fair valuation of the Fund’s portfolio investments. These procedures
address, among other things, determining
when market quotations are not readily available or reliable and the
methodologies to be used for determining
the fair value of investments, as well as the use and oversight of third-party
pricing services for fair valuation.
In light of the judgment involved in making fair value decisions, there can be
no assurance that a fair value assigned
to a particular security is accurate or that it reflects the price that the
Fund could
obtain for such security if it were
to sell the security at the time as of which fair value pricing is determined.
Such fair value pricing may result in NAVs
that are higher or lower than NAVs based on the closing price or quoted bid
price. See the Statement of Additional
Information for additional details regarding the determination of
NAVs.
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Fixed Income Funds
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61 |
Management
of the Funds
The
Manager
Allspring
Funds Management, LLC (“Allspring
Funds Management”), headquartered at 1415 Vantage Park Drive, 3rd Floor,
Charlotte, NC 28203, provides advisory
and Fund level administrative services to the Funds
pursuant to an investment
management agreement (the “Management Agreement”). Allspring
Funds Management is a wholly owned subsidiary
of Allspring Global Investments Holdings, LLC, a holding company indirectly
owned by certain private funds of
GTCR LLC and Reverence Capital Partners, L.P. Allspring Funds Management is a
registered investment adviser that provides
advisory services for registered mutual funds, closed-end funds and other funds
and accounts.
Allspring
Funds Management is responsible for implementing the investment objectives and
strategies of the Funds.
Allspring
Funds Management’s investment professionals review and analyze the Funds’
performance, including relative to
peer funds, and monitor the Funds’
compliance with their
investment objectives and strategies. Allspring
Funds Management
is responsible for reporting to the Board on investment performance and other
matters affecting the Funds.
When appropriate, Allspring
Funds Management recommends to the Board enhancements to Fund features,
including
changes to Fund investment objectives, strategies and policies. Allspring
Funds Management also communicates
with shareholders
and intermediaries about Fund performance and features.
Allspring
Funds Management is also responsible for providing Fund-level
administrative services to the Funds,
which include,
among others, providing such services in connection with the Funds’
operations; developing and implementing
procedures for monitoring compliance with regulatory requirements and compliance
with the Funds’
investment
objectives, policies and restrictions; and providing any
other Fund-level
administrative services reasonably necessary
for the operation of the Funds,
other than those services that are provided by the Funds’ transfer
and dividend
disbursing agent, custodian and fund accountant.
To
assist Allspring
Funds Management in implementing the investment objectives and strategies of the
Funds,
Allspring
Funds
Management may contract with one or more sub-advisers to provide day-to-day
portfolio management services to
the Funds.
Allspring
Funds Management employs a team of investment professionals who identify and
recommend the
initial hiring of any sub-adviser and oversee and monitor the activities of any
sub-adviser on an ongoing basis. Allspring
Funds Management retains overall responsibility for the investment activities of
the Funds.
A
discussion regarding the basis for the Board’s approval of
the Management
Agreement and any applicable sub-advisory
agreements for each Fund is
available in the Fund’s annual
report for the period ended August
31st.
For each Fund’s
most recent fiscal year end, the management
fee paid to Allspring
Funds Management pursuant to the Management
Agreement, net of any applicable waivers and reimbursements, was as
follows:
|
|
|
Management
Fees Paid |
|
|
As
a % of average daily net assets |
|
Adjustable
Rate Government Fund |
0.28% |
|
Conservative
Income Fund |
0.09% |
|
Core
Plus Bond Fund |
0.25% |
|
Government
Securities Fund |
0.39% |
|
High
Yield Bond Fund |
0.45% |
|
Short
Duration Government Bond Fund |
0.30% |
|
Short-Term
Bond Plus Fund |
0.26% |
|
Short-Term
High Income Fund |
0.40% |
|
Ultra
Short-Term Income Fund |
0.14% |
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Fixed Income Funds |
The
Sub-Adviser and Portfolio Managers
The
following sub-adviser
and portfolio
managers provide day-to-day portfolio management services to the Funds. These
services include making purchases and sales of securities and other investment
assets for the Funds,
selecting
broker-dealers, negotiating brokerage commission rates and maintaining portfolio
transaction records. The sub-adviser is
compensated for its
services by Allspring
Funds Management from the fees Allspring
Funds Management receives
for its services as manager
to the Funds.
The Statement of Additional Information provides additional
information about the portfolio
managers’ compensation, other accounts managed by the portfolio
managers
and the portfolio
managers’ ownership of securities in the Funds.
Allspring
Global Investments, LLC
(“Allspring Investments”) is a registered investment adviser located
at 1415 Vantage Park
Drive, 3rd Floor, Charlotte, NC 28203. Allspring Investments, an affiliate of
Allspring Funds Management and wholly
owned subsidiary of Allspring Global Investments Holdings, LLC, is a
multi-boutique asset management firm committed
to delivering superior investment services to institutional clients, including
mutual funds.
|
|
|
Maulik
Bhansali, CFA
Short
Duration Government Bond Fund |
Mr.
Bhansali joined Allspring Investments or one of its predecessor firms
in
2001, where he currently serves as a Senior Portfolio Manager and
co-head
of the Core Fixed Income team. |
|
Andrew
M. Greenberg, CFA
Conservative
Income Fund |
Mr.
Greenberg joined Allspring Investments or one of its predecessor
firms
in 2002, where he currently serves as Senior Portfolio Manager with
Global
Liquidity Solutions team. |
|
Christopher
Y. Kauffman, CFA
Adjustable
Rate Government Fund
Core
Plus Bond Fund
Government
Securities Fund
Short-Term
Bond Plus Fund
Ultra
Short-Term Income Fund |
Mr.
Kauffman joined Allspring Investments or one of its affiliate firms in
2003,
where he currently serves as a Senior Portfolio Manager for the Plus
Fixed
Income team. |
|
Chris
Lee, CFA
High
Yield Bond Fund
Short-Term
High Income Fund |
Mr.
Lee joined Allspring Investments in 2012, where he currently serves as
a
Senior Portfolio Manager on the Plus Fixed Income team. |
|
Anthony
J. Melville, CFA
Conservative
Income Fund |
Mr.
Melville joined Allspring Investments or one of its predecessor firms
in
1990, where he currently serves as Portfolio Manager for the Global
Liquidity
Solutions team. |
|
Janet
S. Rilling, CFA, CPA
Core
Plus Bond Fund
Short-Term
Bond Plus Fund
Ultra
Short-Term Income Fund |
Ms.
Rilling joined Allspring Investments or one of its predecessor firms in
1995,
where she currently serves as a Senior Portfolio Manager and head
of
the Plus Fixed Income team. |
|
Michael
J. Schueller, CFA
Core
Plus Bond Fund
High
Yield Bond Fund
Short-Term
Bond Plus Fund
Short-Term
High Income Fund
Ultra
Short-Term Income Fund |
Mr.
Schueller joined Allspring Investments or one of its predecessor firms
in
2000, where he currently serves as a Senior Portfolio Manager for the
Plus
Fixed Income team. |
|
Michal
Stanczyk
Adjustable
Rate Government Fund
Core
Plus Bond Fund
Government
Securities Fund
Short-Term
Bond Plus Fund
Ultra
Short-Term Income Fund |
Mr.
Stanczyk joined Allspring Investments or one of its predecessor firms
in
2007, where he currently serves as a Portfolio Manager for the Plus
Fixed
Income team. |
|
Jarad
Vasquez
Short
Duration Government Bond Fund |
Mr.
Vasquez joined Allspring Investments or one of its predecessor firms
in
2007, where he currently serves as a Senior Portfolio Manager and
co-head
of the Core Fixed Income team. |
|
Jeffrey
L. Weaver, CFA
Conservative
Income Fund |
Mr.
Weaver joined Allspring Investments or one of its predecessor firms
in
1994, where he currently serves as Senior Portfolio Manager and Head
of
the Municipal Fixed Income and Global Liquidity Solutions
teams. |
|
Noah
M. Wise, CFA
Core
Plus Bond Fund
Short-Term
Bond Plus Fund
Ultra
Short-Term Income Fund |
Mr.
Wise joined Allspring Investments or one of its predecessor firms in
2008,
where he currently serves as a Senior Portfolio Manager for the Plus
Fixed
Income team. |
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|
63 |
Multi-Manager
Arrangement
The Funds
and Allspring
Funds Management have obtained an exemptive order from the SEC that
permits Allspring
Funds
Management, subject to Board approval, to select certain sub-advisers and enter
into or amend sub-advisory agreements
with them, without obtaining shareholder approval. The SEC order extends to
sub-advisers that are not otherwise
affiliated with Allspring
Funds Management or the Funds,
as well as sub-advisers that are wholly-owned subsidiaries
of Allspring
Funds Management or of a company that wholly owns Allspring
Funds Management. In addition,
the SEC staff, pursuant to no-action relief, has extended multi-manager relief
to any affiliated sub-adviser, such
as affiliated sub-advisers that are not wholly-owned subsidiaries of
Allspring
Funds Management or of a company that
wholly owns Allspring
Funds Management, provided certain conditions are satisfied (all such
sub-advisers covered by
the order or relief, “Multi-Manager Sub-Advisers”).
As
such, Allspring
Funds Management, with Board approval, may hire or replace Multi-Manager
Sub-Advisers for each Fund
that is eligible to rely on the order or relief. Allspring
Funds Management, subject to Board oversight, has the responsibility
to oversee Multi-Manager Sub-Advisers and to recommend their hiring, termination
and replacement. If a new
sub-adviser is hired for a Fund pursuant to the order or relief, the Fund is
required to notify shareholders within 90 days.
The Funds are
not required to disclose the individual fees that Allspring
Funds Management pays to a Multi-Manager
Sub-Adviser.
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Account
Information
Share
Class Eligibility
Institutional
Class shares are generally available through intermediaries for the accounts of
their customers and directly to
institutional investors and individuals. Institutional investors may include
corporations; private banks; trust companies;
endowments and foundations; defined contribution, defined benefit and other
employer sponsored retirement
plans; institutional retirement plan platforms; insurance companies; registered
investment advisor firms; bank
trusts; 529 college savings plans; family offices; and funds of funds, including
those managed by Allspring
Funds Management.
The following investors may purchase Institutional Class shares and are not
subject to a minimum initial investment
amount except as noted below:
|
■ |
Employee
benefit plan programs; |
|
■ |
Broker-dealer
managed account or wrap programs that charge an asset-based
fee; |
|
■ |
Registered
investment adviser mutual fund wrap programs or other accounts that charge
a fee for advisory, investment,
consulting or similar services; |
|
■ |
Private
bank and trust company managed accounts or wrap programs that charge an
asset-based fee; |
|
■ |
Internal
Revenue Code Section 529 college savings plan
accounts; |
|
■ |
Funds
of funds, including those advised by Allspring
Funds Management; |
|
■ |
Endowments,
non-profits, and charitable organizations who invest a minimum initial
investment amount of $500,000 in
a Fund; |
|
■ |
Any
other institutions or customers of intermediaries who invest a minimum
initial investment amount of $1 million in
a Fund; |
|
■ |
Individual
investors who invest a minimum initial investment amount of $1 million
directly in a Fund; |
|
■ |
Certain
investors and related accounts as detailed in the Statement of Additional
Information; |
|
■ |
Investors
purchasing shares through an intermediary, acting solely as a broker on
behalf of its customers, that holds such
shares in an omnibus account and charges investors a transaction based
commission outside of the Fund. In order
to offer Fund shares, an intermediary must have an agreement with the
Fund’s distributor authorizing the use of
the share class within this type of
platform; |
|
■ |
Current
and retired employees, directors/trustees and officers
of: |
|
• |
Allspring
Funds (including any predecessor funds); |
|
• |
Allspring
Global Investments Holdings, LLC and its affiliates;
and |
|
• |
family
members (spouse, domestic partner, parents, grandparents, children,
grandchildren and siblings (including step
and in-law)) of any of the foregoing; and |
|
• |
a
Fund’s sub-adviser(s), but only for the Fund(s) for which such sub-adviser
provides investment advisory services. |
Eligibility
requirements for Institutional Class shares may be modified or discontinued at
any time.
Your
Fund may offer other classes of shares in addition to those offered through this
Prospectus. You may be eligible to invest
in one or more of these other classes of shares. Each share class bears varying
expenses and may differ in other features.
Consult your financial professional for more information regarding a Fund’s
available share classes.
The
information in this Prospectus is not intended for distribution to, or use by,
any person or entity in any non-U.S. jurisdiction
or country where such distribution or use would be contrary to any law or
regulation, or which would subject
Fund shares to any registration requirement within such jurisdiction or
country.
Share
Class Features
The
table below summarizes the key features of the share class offered through this
Prospectus. Please note that if you purchase
shares through an intermediary that acts as a broker on your behalf, you may be
required to pay a commission
to your intermediary in an amount determined and separately disclosed to you by
the intermediary. Consult
your financial professional for further details.
|
|
|
|
|
Institutional
Class |
|
Front-End
Sales Charge |
|
None |
|
Contingent
Deferred Sales Charge (“CDSC”) |
|
None |
|
Ongoing
Distribution (“12b-1”) Fees |
|
None |
| Taxable
Fixed Income Funds
|
|
65 |
Information
regarding sales charges, breakpoint levels, reductions and waivers is also
available free of charge on our website
at allspringglobal.com.
You may wish to discuss your choice of share class with your financial
professional.
Compensation
to Financial Professionals and Intermediaries
Additional
Payments to Financial Professionals and Intermediaries
In
addition to dealer reallowances and payments made by certain classes
of each
Fund for distribution and shareholder servicing,
the Fund’s manager, the distributor or their affiliates make additional payments
(“Additional Payments”) to certain
financial professionals and intermediaries for selling shares and providing
shareholder services, which include broker-dealers
and 401(k) service providers and record keepers. These Additional Payments,
which may be significant, are
paid by the Fund’s manager, the distributor or their affiliates, out of their
revenues, which generally come directly or indirectly
from Fund fees.
In
return for these Additional Payments, each
Fund’s manager and distributor expect the Fund to receive certain marketing
or servicing considerations that are not generally available to mutual funds
whose sponsors do not make such
payments. Such considerations are expected to include, without limitation,
placement of the Fund on a list of mutual
funds offered as investment options to the intermediary’s clients (sometimes
referred to as “Shelf Space”); access
to the intermediary’s financial professionals; and/or the ability to assist in
training and educating the intermediary’s
financial professionals.
The
Additional Payments may create potential conflicts of interest between an
investor and a financial professional or intermediary
who is recommending or making available a particular mutual fund over other
mutual funds. Before investing,
you should consult with your financial professional and review carefully any
disclosure by the intermediary as to
what compensation the intermediary receives from mutual fund sponsors, as well
as how your financial professional is
compensated.
The
Additional Payments are typically paid in fixed dollar amounts, based on the
number of customer accounts maintained
by an intermediary, or based on a percentage of sales and/or assets under
management, or a combination of
the above. The Additional Payments are either up-front or ongoing or both and
differ among intermediaries. In a given
year, Additional Payments to an intermediary that is compensated based on its
customers’ assets typically range between
0.02% and 0.25% of assets invested in a Fund by the intermediary’s customers.
Additional Payments to an intermediary
that is compensated based on a percentage of sales typically range between 0.10%
and 0.25% of the gross
sales of a Fund attributable to the financial intermediary.
More
information on the FINRA member firms that have received the Additional Payments
described in this section is available
in the Statement of Additional Information, which is on file with the SEC and is
also available on the Allspring
Funds
website at allspringglobal.com.
Buying
and Selling Fund Shares
For
more information regarding buying and selling Fund shares, please visit
allspringglobal.com.
You may buy (purchase)
and sell (redeem) Fund shares as follows:
|
|
|
|
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
|
Through
Your Financial Professional |
Contact
your financial
professional.
Transactions
will be subject to the terms
of your account with your intermediary. |
Contact
your financial professional.
Transactions
will be subject to the terms of
your account with your intermediary. |
|
Through
Your Retirement Plan |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms
of your retirement plan account. |
Contact
your retirement plan administrator.
Transactions
will be subject to the terms of
your retirement plan account. |
| 66 |
|
Taxable
Fixed Income Funds |
|
|
|
|
|
Opening
an Account |
Adding
to an Account or Selling Fund Shares |
|
Online |
New
accounts cannot be opened online.
Contact your financial professional
or retirement plan administrator,
or refer to the section on
opening an account by mail. |
Visit
allspringglobal.com.
Online
transactions are limited to a maximum
of $100,000. You may be eligible
for an exception to this maximum.
Please call Investor Services at
1-800-222-8222 for more information. |
|
By
Telephone |
Call
Investor Services at 1-800-222-8222.
Available
only if you have another Allspring
Fund account with your bank
information on file. |
Call
Investor Services at 1-800-222-8222.
Redemption
requests may not be made by
phone if the address on your account was
changed in the last 15 days. In this event,
you must request your redemption
by mail. For joint accounts, telephone
requests generally require only
one of the account owners to call unless
you have instructed us otherwise. |
|
By
Mail |
Complete
an account application and
submit it according to the instructions
on the application.
Account
applications are available online
at allspringglobal.com
or by calling
Investor Services at 1-800-222-8222. |
Send
the items required under “Requests
in Good Order” below to:
Regular
Mail
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Overnight
Only
Allspring
Funds
430
W 7th Street STE 219967
Kansas
City, MO 64105-1407 |
Requests
in “Good Order”.
All purchase and redemption requests must be received in “good order.” This
means that a request
generally must include:
|
■ |
The
Fund name(s), share class(es) and account
number(s); |
|
■ |
The
amount (in dollars or shares) and type (purchase or redemption) of the
request; |
|
■ |
If
by mail, the signature of each registered owner as it appears in the
account application; |
|
■ |
For
purchase requests, payment of the full amount of the purchase request (see
“Payment” below); and |
|
■ |
Any
supporting legal documentation that may be
required. |
Purchase
and redemption requests in good order will be processed at the next NAV
calculated after the Fund’s transfer agent
or an authorized intermediary1
receives your request. If your request is not received in good order, additional
documentation
may be required to process your transaction. We reserve the right to waive any
of the above requirements.
| 1. |
The
Fund’s shares may be purchased through an intermediary that has entered
into a dealer agreement with the Fund’s distributor. The
Fund has approved the acceptance of a purchase or redemption request
effective as of the time of its receipt by such an authorized
intermediary or its designee, as long as the request is received by one of
those entities prior to the Fund’s closing time. These
intermediaries may charge transaction fees. We reserve the right to adjust
the closing time in certain circumstances. |
Payment.
Payment for Fund shares may be made as follows:
|
|
|
By
Wire |
Purchases
into a new or existing account may be funded by using the following
wire
instructions:
State
Street Bank & Trust
Boston,
MA
Bank
Routing Number: ABA 011000028
Wire
Purchase Account: 9905-437-1
Attention:
Allspring
Funds
(Name
of Fund, Account Number and any applicable share class)
Account
Name: Provide your name as registered on the Fund account or as
included
in your account application. |
|
By
Check |
Make
checks payable to Allspring
Funds. |
| Taxable
Fixed Income Funds
|
|
67 |
|
|
|
By
Exchange |
Identify
an identically registered Allspring
Fund account from which you wish to exchange
(see “Exchanging Fund Shares” below for restrictions on
exchanges). |
|
By
Electronic Funds Transfer (“EFT”) |
Additional
purchases for existing accounts may be funded by EFT using your
linked
bank account. |
All
payments must be in U.S. dollars, and all checks and EFTs must be drawn on U.S.
banks. You will be charged a $25.00
fee for every check or EFT that is returned to us as unpaid.
Form
of Redemption Proceeds.
You may request that your redemption proceeds be sent to you by check, by EFT
into a linked
bank account, or by wire to a linked bank account. Please call Investor Services
at 1-800-222-8222 regarding the requirements
for linking bank accounts or for wiring funds. Under normal circumstances, we
expect to meet redemption
requests either by using uninvested cash or cash equivalents or by using the
proceeds from the sale of portfolio
securities, at the discretion of the portfolio manager(s). The Allspring
Funds may also borrow through a bank line
of credit for the purpose of meeting redemption requests, although we do not
expect to draw funds from this source
on a regular basis. In lieu of making cash payments, we reserve the right to
determine in our sole discretion, including
under stressed market conditions, whether to satisfy one or more redemption
requests by making payments in
securities. In such cases, we may meet all or part of a redemption request by
making payment in securities equal in value
to the amount of the redemption payable to you as permitted under the 1940 Act,
and the rules thereunder, in which
case the redeeming shareholder should expect to incur transaction costs upon the
disposition of any securities received.
Timing
of Redemption Proceeds.
We normally will send out redemption proceeds within one business day after we
accept
your request to redeem. We reserve the right to delay payment for up to seven
days. If you wish to redeem shares
purchased by check, by EFT or through the Automatic Investment Plan within seven
days of purchase, you may be
asked to resubmit your redemption request if your payment has not yet cleared.
Payment of redemption proceeds may
be delayed for longer than seven days under extraordinary circumstances or as
permitted by the SEC in order to protect
remaining shareholders. Such extraordinary circumstances are discussed further
in the Statement of Additional Information.
Retirement
Plans and Other Products.
If you purchased shares through a packaged investment product or retirement
plan,
read the directions for redeeming shares provided by the product or plan. There
may be special requirements that
supersede or are in addition to the requirements in this
Prospectus.
Exchanging
Fund Shares
Exchanges
between two funds involve two transactions: (1) the redemption of shares of one
fund; and (2) the purchase of
shares of another. In general, the same rules and procedures described under
“Buying and Selling Fund Shares” apply
to exchanges. There are, however, additional policies and considerations you
should keep in mind while making or
considering an exchange:
|
■ |
In
general, exchanges may be made between like share classes of any fund in
the Allspring
Funds complex offered to
the general public for investment (i.e., a fund not closed to new
accounts), with the following exceptions: (1) Class A
shares of non-money market funds may also be exchanged for Service Class
shares of any retail or government money
market fund; (2) Service Class shares may be exchanged for Class A shares
of any non-money market fund; and
(3) no exchanges are allowed into institutional money market
funds. |
|
■ |
If
you make an exchange between Class A shares of a money market fund or
Class A2 or Class A shares of a non-money
market fund, you will buy the shares at the public offering price of the
new fund, unless you are otherwise
eligible to buy shares at NAV. |
|
■ |
Same-fund
exchanges between share classes are permitted subject to the following
conditions: (1) the shareholder must
meet the eligibility guidelines of the class being purchased in the
exchange; (2) exchanges out of Class A and Class
C shares would not be allowed if shares are subject to a CDSC; and (3) for
non-money market funds, in order to exchange
into Class A shares, the shareholder must be able to qualify to purchase
Class A shares at NAV based on current
Prospectus guidelines. |
|
■ |
An
exchange request will be processed on the same business day, provided that
both funds are open at the time the request
is received. If one or both funds are closed, the exchange will be
processed on the following business day. |
|
■ |
You
should carefully read the Prospectus for the Fund into which you wish to
exchange. |
|
■ |
Every
exchange involves redeeming fund shares, which may produce a capital gain
or loss for tax purposes. |
|
■ |
If
you are making an initial investment into a fund through an exchange, you
must exchange at least the minimum |
| 68 |
|
Taxable
Fixed Income Funds |
|
|
initial
investment amount for the new fund, unless your balance has fallen below
that amount due to investment performance. |
|
■ |
If
you are making an additional investment into a fund that you already own
through an exchange, you must exchange
at least the minimum subsequent investment amount for the fund you are
exchanging into. |
|
■ |
Class
A and Class C share exchanges will not trigger a CDSC. The new shares
received in the exchange will continue to
age according to the original shares’ CDSC schedule and will be charged
the CDSC applicable to the original shares
upon redemption. |
Generally,
we will notify you at least 60 days in advance of any changes in the above
exchange policies.
Frequent
Purchases and Redemptions of Fund Shares
Allspring
Funds reserves the right to reject any purchase or exchange order for any
reason. If a shareholder redeems $20,000
or more (including redemptions that are part of an exchange transaction) from a
Covered Fund (as defined below),
that shareholder is “blocked” from purchasing shares of that Covered Fund
(including purchases that are part of
an exchange transaction) for 30 calendar days after the redemption.
Excessive
trading by Fund shareholders can negatively impact a Fund and its long-term
shareholders in several ways, including
disrupting Fund investment strategies, increasing transaction costs, decreasing
tax efficiency, and diluting the
value of shares held by long-term shareholders. Excessive trading in Fund shares
can negatively impact a Fund’s long-term
performance by requiring it to maintain more assets in cash or to liquidate
portfolio holdings at a disadvantageous
time. Certain Funds may be more susceptible than others to these negative
effects. For example, Funds
that have a greater percentage of their investments in non-U.S. securities may
be more susceptible than other Funds
to arbitrage opportunities resulting from pricing variations due to time zone
differences across international financial
markets. Similarly, Funds that have a greater percentage of their investments in
small company securities may be
more susceptible than other Funds to arbitrage opportunities due to the less
liquid nature of small company securities.
Both types of Funds also may incur higher transaction costs in liquidating
portfolio holdings to meet excessive
redemption levels. Fair value pricing may reduce these arbitrage opportunities,
thereby reducing some of the
negative effects of excessive trading.
Allspring
Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund,
Ultra Short-Term Income
Fund and Ultra Short-Term Municipal Income Fund (“Ultra-Short Funds”) and the
money market funds, (the “Covered
Funds”).
The Covered Funds are not designed to serve as vehicles for frequent trading.
The Covered Funds actively
discourage and take steps to prevent the portfolio disruption and negative
effects on long-term shareholders that
can result from excessive trading activity by Covered Fund shareholders. The
Board has approved the Covered Funds’
policies and procedures, which provide, among other things, that Allspring
Funds Management may deem trading
activity to be excessive if it determines that such trading activity would
likely be disruptive to a Covered Fund by
increasing expenses or lowering returns. In this regard, the Covered Funds take
steps to avoid accommodating frequent
purchases and redemptions of shares by Covered Fund shareholders. Allspring
Funds Management monitors available
shareholder trading information across all Covered Funds on a daily basis. If a
shareholder redeems $20,000 or
more (including redemptions that are part of an exchange transaction) from a
Covered Fund, that shareholder is “blocked”
from purchasing shares of that Covered Fund (including purchases that are part
of an exchange transaction) for
30 calendar days after the redemption. This policy does not apply
to:
|
■ |
Dividend
reinvestments; |
|
■ |
Systematic
investments or exchanges where the financial intermediary
maintaining the shareholder account identifies
the transaction as a systematic redemption or purchase at the time of the
transaction; |
|
■ |
Rebalancing
transactions within certain asset allocation or “wrap” programs where the
financial intermediary maintaining
a shareholder account is able to identify the transaction as part of an
asset allocation program approved by
Allspring
Funds Management; |
|
■ |
Rebalancing
transactions by an institutional client of Allspring
Funds Management or its affiliate following a model
portfolio
offered by Allspring
Funds Management or its
affiliate; |
|
■ |
Transactions
initiated by a “fund of funds” or Section 529 Plan into an underlying fund
investment; |
|
■ |
Permitted
exchanges between share classes of the same
Fund; |
|
■ |
Certain
transactions involving participants in employer-sponsored retirement
plans, including: participant withdrawals
due to mandatory distributions, rollovers and hardships, withdrawals of
shares acquired by participants through
payroll deductions, and shares acquired or sold by a participant in
connection with plan loans; and |
| Taxable
Fixed Income Funds
|
|
69 |
|
■ |
Purchases
below $20,000 (including purchases that are part of an exchange
transaction). |
The
money market funds and the Ultra-Short Funds.
Because the money market funds and Ultra-Short Funds are often used
for short-term investments, they are designed to accommodate more frequent
purchases and redemptions than the
Covered Funds. As a result, the money market funds and Ultra-Short Funds do not
anticipate that frequent purchases
and redemptions, under normal circumstances, will have significant adverse
consequences to the money market
funds or Ultra-Short Funds or their shareholders. Although the money market
funds and Ultra-Short Funds do not
prohibit frequent trading, Allspring
Funds Management will seek to prevent an investor from utilizing the
money market
funds and Ultra-Short Funds to facilitate frequent purchases and redemptions of
shares in the Covered Funds in contravention
of the policies and procedures adopted by the Covered Funds.
All
Allspring
Funds.
In addition, Allspring
Funds Management reserves the right to accept purchases, redemptions
and exchanges
made in excess of applicable trading restrictions in designated accounts held by
Allspring
Funds Management or
its affiliate that are used at all times exclusively for addressing operational
matters related to shareholder
accounts, such as testing of account functions, and are maintained at low
balances that do not exceed specified
dollar amount limitations.
In
the event that an asset allocation or “wrap” program is unable to implement the
policy outlined above, Allspring
Funds
Management may grant a program-level exception to this policy. A
financial intermediary relying on the exception
is required to provide Allspring
Funds Management with specific information regarding its program and
ongoing
information about its program upon request.
A
financial intermediary through whom you may purchase shares of the Fund may
independently attempt to identify excessive
trading and take steps to deter such activity. As a result, a financial
intermediary may on its own limit or permit
trading activity of its customers who invest in Fund shares using standards
different from the standards used by Allspring
Funds Management and discussed in this Prospectus. Allspring
Funds Management may permit a financial intermediary
to enforce its own internal policies and procedures concerning frequent trading
rather than the policies set
forth above in instances where Allspring
Funds Management reasonably believes that the intermediary’s policies
and
procedures effectively discourage disruptive trading activity. If you purchase
Fund shares through a financial intermediary,
you should contact the intermediary for more information about whether and how
restrictions or limitations
on trading activity will be applied to your account.
Account
Policies
Advance
Notice of Large Transactions.
We strongly urge you to make all purchases and redemptions of Fund shares
as
early in the day as possible and to notify us or your intermediary at least one
day in advance of transactions in Fund shares
in excess of $1 million. This will help us to manage the Funds most effectively.
When you give this advance notice,
please provide your name and account number.
Householding.
To help keep Fund expenses low, a single copy of a Prospectus or shareholder
report may be sent to shareholders
of the same household. If your household currently receives a single copy of a
Prospectus or shareholder report
and you would prefer to receive multiple copies, please call Investor Services
at 1-800-222-8222 or contact your financial
professional.
Retirement
Accounts.
We offer a variety of retirement account types for individuals and small
businesses. There may be
special distribution requirements for a retirement account, such as required
distributions or mandatory Federal income
tax withholdings. For more information about the retirement accounts listed
below, including any distribution requirements,
call Investor Services at 1-800-222-8222. For retirement accounts held directly
with a Fund, certain fees may
apply including an annual account maintenance fee.
The
retirement accounts available for individuals and small businesses
are:
|
■ |
Individual
Retirement Accounts, including Traditional IRAs and Roth
IRAs. |
|
■ |
Small
business retirement accounts, including Simple IRAs and SEP
IRAs. |
Small
Account Redemptions.
We reserve the right to redeem accounts that have values that fall below a
Fund’s minimum
initial investment amount due to shareholder redemptions (as opposed to market
movement). Before doing so,
we will give you approximately 60 days to bring your account value above the
Fund’s minimum initial investment amount.
Please call Investor Services at 1-800-222-8222 or contact your financial
professional for further details.
Transaction
Authorizations.
We may accept telephone, electronic, and clearing agency transaction
instructions from anyone
who represents that he or she is a shareholder and provides reasonable
confirmation of his or her identity.
| 70 |
|
Taxable
Fixed Income Funds |
Neither
we nor Allspring
Funds will be liable for any losses incurred if we follow such instructions we
reasonably believe to
be genuine. For transactions through our website, we may assign personal
identification numbers (PINs) and you will need
to create a login ID and password for account access. To safeguard your account,
please keep these credentials confidential.
Contact us immediately if you believe there is a discrepancy on your
confirmation statement or if you believe
someone has obtained unauthorized access to your online access
credentials.
Identity
Verification.
We are required by law to obtain from you certain personal information that will
be used to verify your
identity. If you do not provide the information, we will not be able to open
your account. In the rare event that we are
unable to verify your identity as required by law, we reserve the right to
redeem your account at the current NAV of the
Fund’s shares. You will be responsible for any losses, taxes, expenses, fees, or
other results of such a redemption.
Right
to Freeze Accounts, Suspend Account Services or Reject or Terminate an
Investment.
We reserve the right, to the
extent permitted by law and/or regulations, to freeze any account or suspend
account services when we have received
reasonable notice (written or otherwise) of a dispute between registered or
beneficial account owners or when
we believe a fraudulent transaction may occur or has occurred. Additionally, we
reserve the right to reject any purchase
or exchange request and to terminate a shareholder’s investment, including
closing the shareholder’s account.
Distributions
The
Funds, except Core Plus Bond Fund and Short-Term Bond Plus Fund, generally
declare distributions of any net investment
income daily, and pay such distributions monthly. Core Plus Bond Fund and
Short-Term Bond Plus Fund generally
declare distributions of any net investment income monthly, and pay such
distributions monthly. For Core Plus
Bond Fund and Short-Term Bond Plus Fund, the amount distributed in any given
period may be less than the amount
earned in that period or more than the amount earned in that period if it
includes amounts earned in a previous period
but retained for later distribution. The Funds generally make distributions of
any realized net capital gains annually.
Please note that distributions have the effect of reducing the NAV per share by
the amount distributed.
We
offer the following distribution options. To change your current option for
payment of distributions, please call Investor
Services at 1-800-222-8222.
|
■ |
Automatic
Reinvestment Option—Allows you to use distributions to buy new shares of
the same class of the Fund that
generated the distributions. The new shares are purchased at NAV generally
on the day the distribution is paid. This
option is automatically assigned to your account unless you specify
another option. |
|
■ |
Check
Payment Option—Allows you to receive distributions via checks mailed to
your address of record or to another
name and address which you have specified in written instructions. A
Medallion Guarantee may also be required.
If checks remain uncashed for six months or are undeliverable by the Post
Office, we will reinvest the distributions
at the earliest date possible, and future distributions will be
automatically reinvested. |
|
■ |
Bank
Account Payment Option—Allows you to receive distributions directly in a
checking or savings account through
EFT. The bank account must be linked to your Allspring
Fund account. Any distribution returned to us due to an
invalid banking instruction will be sent to your address of record by
check at the earliest date possible, and future distributions
will be automatically reinvested. |
|
■ |
Directed
Distribution Purchase Option—Allows you to buy shares of a different
Allspring
Fund of the same share class.
The new shares are purchased at NAV generally on the day the distribution
is paid. In order to use this option, you
need to identify the Fund and account the distributions are coming from,
and the Fund and account to which the
distributions are being directed. You must meet any required minimum
investment amounts in both Funds prior to
using this option. |
You
are eligible to earn distributions beginning on the business day after the
Fund’s transfer agent or an authorized intermediary
receives your purchase request in good order.
| Taxable
Fixed Income Funds
|
|
71 |
Other
Information
Taxes
The
following discussion regarding federal income taxes is based on laws that were
in effect as of the date of this Prospectus
and summarizes only some of the important federal income tax considerations
affecting the Fund and you as
a shareholder. It does not apply to foreign or tax-exempt shareholders or those
holding Fund shares through a tax-advantaged
account, such as a 401(k) Plan or IRA. This discussion is not intended as a
substitute for careful tax planning.
You should consult your tax adviser about your specific tax situation. Please
see the Statement of Additional Information
for additional federal income tax information.
The
Fund elected to be treated, and intends to qualify each year, as a regulated
investment company (“RIC”) under the Internal
Revenue Code of 1986, as amended. A RIC is not subject to tax at the corporate
level on income and gains from
investments that are distributed in a timely manner to shareholders. However,
the Fund’s failure to qualify as a RIC would
result in corporate level taxation, and consequently, a reduction in income
available for distribution to you as a shareholder.
We
will pass on to a Fund’s shareholders substantially all of the Fund’s net
investment income and realized net capital gains,
if any. Distributions from a Fund’s ordinary income and net short-term capital
gains, if any, generally will be taxable
to you as ordinary income. Distributions from a Fund’s net long-term capital
gains, if any, generally will be taxable
to you as long-term capital gains. If you are an individual and meet certain
holding period requirements with respect
to your Fund shares, you may be eligible for reduced tax rates on qualified
dividend income, if any, distributed by
the Fund.
Corporate
shareholders may be able to deduct a portion of their distributions when
determining their taxable income.
Individual
taxpayers are subject to a maximum tax rate of 37% on ordinary income and a
maximum tax rate on long-term
capital gains and qualified dividends of 20%. For U.S. individuals with income
exceeding $200,000 ($250,000
if married and filing jointly), a 3.8% Medicare contribution tax will apply on
“net investment income,” including
interest, dividends, and capital gains. Corporations are subject to tax on all
income and gains at a tax rate of 21%.
However, a RIC is not subject to tax at the corporate level on income and gains
from investments that are distributed
in a timely manner to shareholders.
Distributions
from a Fund normally will be taxable to you when paid, whether you take
distributions in cash or automatically
reinvest them in additional Fund shares. Following the end of each year, we will
notify you of the federal income
tax status of your distributions for the year.
If
you buy shares of a Fund shortly before it makes a taxable distribution, your
distribution will, in effect, be a taxable return
of part of your investment. Similarly, if you buy shares of a Fund when it holds
appreciated securities, you will receive
a taxable return of part of your investment if and when the Fund sells the
appreciated securities and distributes the
gain. The Fund has built up, or has the potential to build up, high levels of
unrealized appreciation.
Your
redemptions (including redemptions in-kind) and exchanges of Fund shares
ordinarily will result in a taxable capital
gain or loss, depending on the amount you receive for your shares (or are deemed
to receive in the case of exchanges)
and the amount you paid (or are deemed to have paid) for them. Such capital gain
or loss generally will be long-term
capital gain or loss if you have held your redeemed or exchanged Fund shares for
more than one year at the time
of redemption or exchange. In certain circumstances, losses realized on the
redemption or exchange of Fund shares
may be disallowed.
When
you receive a distribution from a Fund or redeem shares, you may be subject to
backup withholding.
| 72 |
|
Taxable
Fixed Income Funds |
Financial
Highlights
The
following tables are intended
to help you understand a Fund’s financial performance for the past five years
(or since inception,
if shorter). Certain information reflects financial results for a single Fund
share. Total returns represent the rate
you would have earned (or lost) on an investment in each
Fund (assuming reinvestment of all distributions). The information
in the following tables has
been derived from the Funds’
financial statements
which have
been audited by KPMG
LLP, the Fund’s
independent registered public accounting firm, whose report, along
with each
Fund’s financial statements,
is also included in each
Fund’s annual report, a copy of which is available upon request.
Adjustable
Rate Government Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
| 2 |
Amount
is less than $0.005. |
| Taxable
Fixed Income Funds
|
|
73 |
Conservative
Income Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Tax
basis return of capital |
|
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Amount
is less than $0.005. |
Core
Plus Bond Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
| 74 |
|
Taxable
Fixed Income Funds |
Government
Securities Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Tax
basis return of capital |
|
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
High
Yield Bond Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
| Taxable
Fixed Income Funds
|
|
75 |
Short
Duration Government Bond Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
Short-Term
Bond Plus Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized gains |
|
|
|
|
|
|
|
|
|
|
|
Total
distributions to shareholders |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 76 |
|
Taxable
Fixed Income Funds |
Short-Term
High Income Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| 1 |
Calculated
based upon average shares outstanding |
Ultra
Short-Term Income Fund
For
a share outstanding throughout each period
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Year
ended August 31 |
|
Institutional
Class |
|
2023 |
|
2022 |
|
2021 |
|
2020 |
|
2019 |
|
Net
asset value, beginning of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
realized and unrealized gains (losses) on investments
|
|
|
|
|
|
|
|
|
|
|
|
Total
from investment operations |
|
|
|
|
|
|
|
|
|
|
|
Distributions
to shareholders from |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Net
asset value, end of period |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
|
Total
return |
|
|
|
|
|
|
|
|
|
|
|
Ratios
to average net assets (annualized) |
|
|
|
|
|
|
|
|
|
|
|
Gross
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
expenses |
|
|
|
|
|
|
|
|
|
|
|
Net
investment income |
|
|
|
|
|
|
|
|
|
|
|
Supplemental
data |
|
|
|
|
|
|
|
|
|
|
|
Portfolio
turnover rate |
|
|
|
|
|
|
|
|
|
|
|
Net
assets, end of period (000s omitted) |
$ |
|
$ |
|
$ |
|
$ |
|
$ |
|
| Taxable
Fixed Income Funds
|
|
77 |
| 78 |
|
Taxable
Fixed Income Funds |
|
|
|
FOR
MORE INFORMATION
More
information on a Fund is available free upon request,
including
the following documents:
Statement
of Additional Information (“SAI”)
Supplements
the disclosures made by this Prospectus.
The
SAI, which has been filed with the SEC, is
incorporated
by reference into this Prospectus and
therefore
is legally part of this Prospectus.
Annual/Semi-Annual
Reports
Provide
financial and other important information,
including
a discussion of the market conditions
and
investment strategies that significantly affected
Fund
performance over the reporting period.
To
obtain copies of the above documents or for more
information
about Allspring
Funds, contact us:
By
telephone:
Individual
Investors: 1-800-222-8222
Retail
Investment Professionals: 1-888-877-9275
Institutional
Investment Professionals: 1-800-260-5969 |
By
mail:
Allspring
Funds
P.O.
Box 219967
Kansas
City, MO 64121-9967
Online:
allspringglobal.com
From
the SEC:
Visit
the SEC’s Public Reference Room in Washington,
DC
(phone 1-202-551-8090 for operational
information
for the SEC’s Public Reference Room) or
the
SEC’s website at sec.gov.
To
obtain information for a fee, write or email:SEC’s
Public Reference Section100
“F” Street, NEWashington,
DC 20549-0102[email protected]The
Allspring
Funds are distributed byAllspring
Funds Distributor, LLC, a member of
FINRA. |
|
|
|
©
2024
Allspring Global Investments Holdings, LLC. All rights
reserved. |
PRO4118
01-24
ICA
Reg. No. 811-09253 |
