2022-04-13DynamicTargetFunds-Ac

 

Explanatory Note: This Post-Effective Amendment No. 751 to the Registration Statement of Allspring Funds Trust (the “Trust”) is being filed primarily to add the audited financial statements and certain related financial information for the fiscal period ended February 28, 2022, for the Allspring Target Date Funds, and to make certain other non-material changes to the Registration Statement.


ALLSPRING FUNDS TRUST
PART A
ALLSPRING TARGET DATE RETIREMENT FUNDS
PROSPECTUS

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Prospectus

July 1, 2022
Target Date Retirement Funds

Fund
Class A
Class C
Allspring Dynamic Target Today Fund
WDYAX
WDYCX
Allspring Dynamic Target 2015 Fund
WDTAX
WDTCX
Allspring Dynamic Target 2020 Fund
WDTDX
WDTEX
Allspring Dynamic Target 2025 Fund
WDTIX
WDTJX
Allspring Dynamic Target 2030 Fund
WDTNX
WDTOX
Allspring Dynamic Target 2035 Fund
WDTTX
WDCTX
Allspring Dynamic Target 2040 Fund
WTDAX
WTDCX
Allspring Dynamic Target 2045 Fund
WTDGX
WTDHX
Allspring Dynamic Target 2050 Fund
WTDLX
WTDMX
Allspring Dynamic Target 2055 Fund
WTDQX
WTDRX
Allspring Dynamic Target 2060 Fund
WTDVX
WTDWX
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.  

 

 
Table of Contents
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Dynamic Target Today Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
2.08%
2.08%
Acquired Fund Fees and Expenses
0.10%
0.10%
Total Annual Fund Operating Expenses
2.28%
3.03%
Fee Waivers
(1.68)%
(1.68)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$931
$609
$609
5 Years
$1,425
$1,286
$1,286
10 Years
$2,783
$3,098
$3,098

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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 101% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to get exposure to the following asset classes: equity and fixed income (including money market securities). The Fund’s investment strategy is to diversify the Fund’s investments among these asset classes.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The “Today” designation in the Fund’s name is meant to indicate that the Fund is primarily designed for investors either in retirement and/or currently withdrawing funds from their investments. The Fund does not decrease its equity holdings in an attempt to become increasingly conservative over time, but rather maintains a strategic target allocation to equity and fixed income securities (including money market instruments) in the weights of 40% and 60%, respectively.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market

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volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
At their discretion, the Fund’s portfolio managers may make changes to the Fund’s asset allocation.
Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
40.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
19.1%
Allspring Factor Enhanced International Equity Portfolio
9.9%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
4.8%
Allspring U.S. REIT Portfolio
3.3%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
3.0%
Fixed Income Securities
60.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
29.6%
Allspring Investment Grade Corporate Bond Portfolio
15.4%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
10.0%
Allspring Emerging Markets Bond Portfolio
2.5%
Allspring High Yield Corporate Bond Portfolio
2.5%
1. Target allocations may total more or less than 100% due to rounding.

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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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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, 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.
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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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”) 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.

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Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.
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.
Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
7.97%
Lowest Quarter:
March 31, 2020
-6.78%
Year-to-date total return as of March 31, 2022 is -7.03%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
1.75%
6.66%
5.99%
Class A (after taxes on distributions)
11/30/2015
-0.83%
4.93%
4.44%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
1.84%
4.69%
4.21%
Class C (before taxes)
11/30/2015
6.13%
7.45%
6.49%
S&P Target Date Retirement Income Index (reflects no deduction for fees, expenses, or taxes)1
5.11%
6.52%
6.01%
Dynamic Target Today Blended Index (reflects no deduction for fees, expenses, or taxes)2
7.63%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2015 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
2.21%
2.21%
Acquired Fund Fees and Expenses
0.10%
0.10%
Total Annual Fund Operating Expenses
2.41%
3.16%
Fee Waivers
(1.81)%
(1.81)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$944
$623
$623
5 Years
$1,465
$1,327
$1,327
10 Years
$2,891
$3,204
$3,204

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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 97% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2015. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2015 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short

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positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
46.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
21.9%
Allspring Factor Enhanced International Equity Portfolio
11.4%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
5.5%
Allspring U.S. REIT Portfolio
3.8%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
3.4%
Fixed Income Securities
54.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
26.6%
Allspring Investment Grade Corporate Bond Portfolio
13.8%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
9.0%
Allspring Emerging Markets Bond Portfolio
2.3%
Allspring High Yield Corporate Bond Portfolio
2.3%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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, 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.
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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.
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.
Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
8.62%
Lowest Quarter:
March 31, 2020
-8.80%
Year-to-date total return as of March 31, 2022 is -7.50%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
3.45%
7.58%
6.81%
Class A (after taxes on distributions)
11/30/2015
0.64%
5.70%
5.12%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
2.97%
5.41%
4.85%
Class C (before taxes)
11/30/2015
7.94%
8.40%
7.31%
S&P Target Date 2015 Index (reflects no deduction for fees, expenses, or taxes)1
8.01%
8.08%
7.48%
Dynamic Target 2015 Blended Index (reflects no deduction for fees, expenses, or taxes)2
9.25%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2020 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.89%
1.89%
Acquired Fund Fees and Expenses
0.10%
0.10%
Total Annual Fund Operating Expenses
2.09%
2.84%
Fee Waivers
(1.49)%
(1.49)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$911
$588
$588
5 Years
$1,366
$1,225
$1,225
10 Years
$2,624
$2,942
$2,942

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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 92% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2020. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2020 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short

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positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
53.5%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
25.5%
Allspring Factor Enhanced International Equity Portfolio
13.2%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
6.4%
Allspring U.S. REIT Portfolio
4.5%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
4.0%
Fixed Income Securities
46.5%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
22.9%
Allspring Investment Grade Corporate Bond Portfolio
11.9%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
7.8%
Allspring Emerging Markets Bond Portfolio
2.0%
Allspring High Yield Corporate Bond Portfolio
2.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.
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.
Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
8.98%
Lowest Quarter:
March 31, 2020
-10.30%
Year-to-date total return as of March 31, 2022 is -7.64%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
5.01%
8.44%
7.59%
Class A (after taxes on distributions)
11/30/2015
1.99%
6.48%
5.80%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
4.03%
6.09%
5.46%
Class C (before taxes)
11/30/2015
9.55%
9.16%
8.04%
S&P Target Date 2020 Index (reflects no deduction for fees, expenses, or taxes)1
8.76%
8.60%
7.98%
Dynamic Target 2020 Blended Index (reflects no deduction for fees, expenses, or taxes)2
10.87%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2025 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.25%
1.25%
Acquired Fund Fees and Expenses
0.11%
0.11%
Total Annual Fund Operating Expenses
1.46%
2.21%
Fee Waivers
(0.86)%
(0.86)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$846
$521
$521
5 Years
$1,168
$1,023
$1,023
10 Years
$2,077
$2,405
$2,405

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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 89% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2025. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2025 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short

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positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
63.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
30.5%
Allspring Factor Enhanced International Equity Portfolio
16.4%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
7.7%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
4.9%
Allspring U.S. REIT Portfolio
3.5%
Fixed Income Securities
37.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
19.4%
Allspring Investment Grade Corporate Bond Portfolio
10.1%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
4.3%
Allspring Emerging Markets Bond Portfolio
1.6%
Allspring High Yield Corporate Bond Portfolio
1.6%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.
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.
Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
10.81%
Lowest Quarter:
March 31, 2020
-11.82%
Year-to-date total return as of March 31, 2022 is -7.89%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
6.79%
9.52%
8.47%
Class A (after taxes on distributions)
11/30/2015
3.73%
7.61%
6.73%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
5.16%
6.99%
6.20%
Class C (before taxes)
11/30/2015
11.45%
10.28%
8.95%
S&P Target Date 2025 Index (reflects no deduction for fees, expenses, or taxes)1
10.67%
9.65%
8.91%
Dynamic Target 2025 Blended Index (reflects no deduction for fees, expenses, or taxes)2
12.33%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2030 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.31%
1.31%
Acquired Fund Fees and Expenses
0.12%
0.12%
Total Annual Fund Operating Expenses
1.53%
2.28%
Fee Waivers
(0.93)%
(0.93)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$853
$528
$528
5 Years
$1,190
$1,045
$1,045
10 Years
$2,139
$2,466
$2,466

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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 84% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2030. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2030 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short

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positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
73.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
36.1%
Allspring Factor Enhanced International Equity Portfolio
20.2%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
9.0%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
6.1%
Allspring U.S. REIT Portfolio
1.6%
Fixed Income Securities
27.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
15.2%
Allspring Investment Grade Corporate Bond Portfolio
7.9%
Allspring Emerging Markets Bond Portfolio
1.3%
Allspring High Yield Corporate Bond Portfolio
1.3%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
1.3%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, the value of a Fund’s yield and return will be affected by changes in the rate of inflation.
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.
Real Estate Securities Risk. Real estate securities are subject to risks from decreases in the values of underlying real estate assets and the income derived from such assets, changes in interest rates, issuer management, macroeconomic developments, government regulation and social and economic trends. The value of certain real estate securities may also be affected by local and regional market conditions.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
11.98%
Lowest Quarter:
March 31, 2020
-13.18%
Year-to-date total return as of March 31, 2022 is -8.00%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
7.79%
10.51%
9.31%
Class A (after taxes on distributions)
11/30/2015
4.58%
8.43%
7.41%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
5.84%
7.75%
6.83%
Class C (before taxes)
11/30/2015
12.57%
11.23%
9.75%
S&P Target Date 2030 Index (reflects no deduction for fees, expenses, or taxes)1
12.61%
10.63%
9.77%
Dynamic Target 2030 Blended Index (reflects no deduction for fees, expenses, or taxes)2
13.65%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2035 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.39%
1.39%
Acquired Fund Fees and Expenses
0.12%
0.12%
Total Annual Fund Operating Expenses
1.61%
2.36%
Fee Waivers
(1.01)%
(1.01)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$861
$537
$537
5 Years
$1,215
$1,071
$1,071
10 Years
$2,210
$2,535
$2,535

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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 81% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2035. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2035 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
79.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
39.2%
Allspring Factor Enhanced International Equity Portfolio
23.0%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
9.8%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
6.8%
Allspring U.S. REIT Portfolio
0.2%
Fixed Income Securities
21.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
12.3%
Allspring Investment Grade Corporate Bond Portfolio
6.4%
Allspring High Yield Corporate Bond Portfolio
1.0%
Allspring Emerging Markets Bond Portfolio
1.0%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.2%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
12.60%
Lowest Quarter:
March 31, 2020
-13.76%
Year-to-date total return as of March 31, 2022 is -8.30%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
8.43%
11.16%
9.84%
Class A (after taxes on distributions)
11/30/2015
5.08%
8.95%
7.84%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
6.30%
8.24%
7.24%
Class C (before taxes)
11/30/2015
13.09%
11.95%
10.34%
S&P Target Date 2035 Index (reflects no deduction for fees, expenses, or taxes)1
14.93%
11.67%
10.68%
Dynamic Target 2035 Blended Index (reflects no deduction for fees, expenses, or taxes)2
14.20%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2040 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.47%
1.47%
Acquired Fund Fees and Expenses
0.12%
0.12%
Total Annual Fund Operating Expenses
1.69%
2.44%
Fee Waivers
(1.09)%
(1.09)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$870
$546
$546
5 Years
$1,241
$1,098
$1,098
10 Years
$2,283
$2,607
$2,607

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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 77% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2040. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2040 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
84.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
41.1%
Allspring Factor Enhanced International Equity Portfolio
25.1%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
10.3%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
7.5%
Allspring U.S. REIT Portfolio
0.0%
Fixed Income Securities
16.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
9.5%
Allspring Investment Grade Corporate Bond Portfolio
4.9%
Allspring Emerging Markets Bond Portfolio
0.8%
Allspring High Yield Corporate Bond Portfolio
0.8%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
12.76%
Lowest Quarter:
March 31, 2020
-15.00%
Year-to-date total return as of March 31, 2022 is -8.56%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
9.29%
11.33%
9.98%
Class A (after taxes on distributions)
11/30/2015
5.76%
9.04%
7.91%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
6.88%
8.37%
7.34%
Class C (before taxes)
11/30/2015
14.02%
12.13%
10.49%
S&P Target Date 2040 Index (reflects no deduction for fees, expenses, or taxes)1
16.55%
12.40%
11.32%
Dynamic Target 2040 Blended Index (reflects no deduction for fees, expenses, or taxes)2
15.07%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2045 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.62%
1.62%
Acquired Fund Fees and Expenses
0.13%
0.13%
Total Annual Fund Operating Expenses
1.85%
2.60%
Fee Waivers
(1.25)%
(1.25)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$886
$563
$563
5 Years
$1,291
$1,148
$1,148
10 Years
$2,419
$2,741
$2,741

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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 73% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2045. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2045 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
89.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
43.1%
Allspring Factor Enhanced International Equity Portfolio
27.0%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
10.8%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
8.1%
Allspring U.S. REIT Portfolio
0.0%
Fixed Income Securities
11.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
6.5%
Allspring Investment Grade Corporate Bond Portfolio
3.4%
Allspring Emerging Markets Bond Portfolio
0.6%
Allspring High Yield Corporate Bond Portfolio
0.6%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
June 30, 2020
13.46%
Lowest Quarter:
March 31, 2020
-16.45%
Year-to-date total return as of March 31, 2022 is -8.51%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
10.44%
11.66%
10.29%
Class A (after taxes on distributions)
11/30/2015
6.77%
9.32%
8.18%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
7.63%
8.62%
7.59%
Class C (before taxes)
11/30/2015
15.26%
12.46%
10.79%
S&P Target Date 2045 Index (reflects no deduction for fees, expenses, or taxes)1
17.51%
12.81%
11.69%
Dynamic Target 2045 Blended Index (reflects no deduction for fees, expenses, or taxes)2
16.01%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2050 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.93%
1.93%
Acquired Fund Fees and Expenses
0.13%
0.13%
Total Annual Fund Operating Expenses
2.16%
2.91%
Fee Waivers
(1.56)%
(1.56)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$918
$596
$596
5 Years
$1,388
$1,248
$1,248
10 Years
$2,683
$3,000
$3,000

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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 68% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2050. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2050 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
94.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
45.2%
Allspring Factor Enhanced International Equity Portfolio
28.9%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
11.3%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
8.6%
Allspring U.S. REIT Portfolio
0.0%
Fixed Income Securities
6.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
3.6%
Allspring Investment Grade Corporate Bond Portfolio
1.8%
Allspring Emerging Markets Bond Portfolio
0.3%
Allspring High Yield Corporate Bond Portfolio
0.3%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
December 31, 2020
14.20%
Lowest Quarter:
March 31, 2020
-17.12%
Year-to-date total return as of March 31, 2022 is -8.64%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
11.32%
11.84%
10.44%
Class A (after taxes on distributions)
11/30/2015
7.76%
9.53%
8.35%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
8.09%
8.77%
7.72%
Class C (before taxes)
11/30/2015
16.25%
12.65%
10.95%
S&P Target Date 2050 Index (reflects no deduction for fees, expenses, or taxes)1
17.99%
13.07%
11.92%
Dynamic Target 2050 Blended Index (reflects no deduction for fees, expenses, or taxes)2
16.94%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2055 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.86%
1.86%
Acquired Fund Fees and Expenses
0.13%
0.13%
Total Annual Fund Operating Expenses
2.09%
2.84%
Fee Waivers
(1.49)%
(1.49)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$911
$588
$588
5 Years
$1,366
$1,225
$1,225
10 Years
$2,624
$2,942
$2,942

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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 68% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2055. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2055 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
95.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
45.6%
Allspring Factor Enhanced International Equity Portfolio
29.3%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
11.4%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
8.7%
Allspring U.S. REIT Portfolio
0.0%
Fixed Income Securities
5.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
3.0%
Allspring Investment Grade Corporate Bond Portfolio
1.5%
Allspring Emerging Markets Bond Portfolio
0.3%
Allspring High Yield Corporate Bond Portfolio
0.3%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
December 31, 2020
14.18%
Lowest Quarter:
March 31, 2020
-17.03%
Year-to-date total return as of March 31, 2022 is -8.48%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
11.29%
11.91%
10.49%
Class A (after taxes on distributions)
11/30/2015
7.64%
9.58%
8.39%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
8.13%
8.83%
7.75%
Class C (before taxes)
11/30/2015
16.18%
12.71%
11.00%
S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes)1
18.19%
13.18%
12.03%
Dynamic Target 2055 Blended Index (reflects no deduction for fees, expenses, or taxes)2
16.94%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Dynamic Target 2060 Fund  Summary
Investment Objective
The Fund seeks total return over time, consistent with its strategic target allocation.
Fees and Expenses
These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least  $50,000 in the aggregate in specified classes of certain Allspring Funds. More information about these and other discounts is available from your financial professional and in “Share Class Features” and “Reductions and Waivers of Sales Charges” on pages  88 and 89 of the Prospectus and “Additional Purchase and Redemption Information” on page  90 of the Statement of Additional Information. Investors who purchase through certain intermediaries may be subject to different sales charge discounts than those outlined shares in these sections. Please see Appendix A on page 125  for further information.
Shareholder Fees (fees paid directly from your investment)
Class A
Class C
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)
5.75%
None
Maximum deferred sales charge (load) (as a percentage of offering price)
None1
1.00%
1.
Investments of $1 million or more are not subject to a front-end sales charge but generally will be subject to a deferred sales charge of 1.00% if redeemed within 18 months from the date of purchase.
Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)1
Class A
Class C
Management Fees
0.10%
0.10%
Distribution (12b-1) Fees
0.00%
0.75%
Other Expenses
1.98%
1.98%
Acquired Fund Fees and Expenses
0.13%
0.13%
Total Annual Fund Operating Expenses
2.21%
2.96%
Fee Waivers
(1.61)%
(1.61)%
Total Annual Fund Operating Expenses After Fee Waivers2
0.60%
1.35%
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 June 30, 2024, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waivers at 0.60% for Class A and 1.35% for Class C. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any) from funds in which the underlying affiliated master portfolios and funds invest and from money market funds, and extraordinary expenses are excluded from the expense cap. All other acquired fund fees and expenses from the affiliated master portfolios and funds are included in the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.
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:
Assuming Redemption at End of Period
Assuming No Redemption
After:
Class A
Class C
Class C
1 Year
$633
$237
$137
3 Years
$923
$601
$601
5 Years
$1,403
$1,263
$1,263
10 Years
$2,725
$3,041
$3,041

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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 68% of the average value of its portfolio.
Principal Investment Strategies
The Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. The Fund gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, and international (non-U.S.) developed and emerging markets. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations, investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
The Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around its target date of 2060. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year of 2060 serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
The Fund will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Allspring Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Allspring Dynamic Target Today Fund.
The Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM). Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

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2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long-term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.
The glide path (as of the date of this prospectus) is detailed in the chart below. The glide path visual depicts the strategic equity allocation of the Allspring Dynamic Target Date Funds over time. At their discretion, the Fund’s portfolio managers may make changes to the Fund’s glide path and asset allocation.
image 

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Portfolio Asset Allocation
The following table provides the Fund’s target allocations to various underlying portfolios as of July 1, 2022.
Portfolio
Target Allocation1
Equity Securities
95.0%
Allspring Factor Enhanced U.S. Large Cap Equity Portfolio
45.6%
Allspring Factor Enhanced International Equity Portfolio
29.3%
Allspring Factor Enhanced U.S. Small Cap Equity Portfolio
11.4%
Allspring Factor Enhanced Emerging Markets Equity Portfolio
8.7%
Allspring U.S. REIT Portfolio
0.0%
Fixed Income Securities
5.0%
Allspring Bloomberg US Aggregate ex-Corporate Portfolio
3.0%
Allspring Investment Grade Corporate Bond Portfolio
1.5%
Allspring Emerging Markets Bond Portfolio
0.3%
Allspring High Yield Corporate Bond Portfolio
0.3%
Allspring Strategic Retirement Bond Portfolio (includes both TIPs & Intermediate Government Bond allocations)
0.0%
1. Target allocations may total more or less than 100% due to rounding.
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.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
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.
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, 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.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests.
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.

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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”) 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.
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.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies.
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.

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Performance
The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. 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 Class A as of 12/31 each year
(Returns do not reflect sales charges and would be lower if they did)
image 
Highest Quarter:
December 31, 2020
14.11%
Lowest Quarter:
March 31, 2020
-17.22%
Year-to-date total return as of March 31, 2022 is -8.40%
Average Annual Total Returns for the periods ended 12/31/2021 (returns reflect applicable sales charges)
Inception Date of Share Class
1 Year
5 Year
Since inception
Class A (before taxes)
11/30/2015
11.38%
11.81%
10.45%
Class A (after taxes on distributions)
11/30/2015
7.84%
9.50%
8.35%
Class A (after taxes on distributions and the sale of Fund Shares)
11/30/2015
8.14%
8.75%
7.72%
Class C (before taxes)
11/30/2015
16.33%
12.64%
10.96%
S&P Target Date 2055 Index (reflects no deduction for fees, expenses, or taxes)1
18.19%
13.18%
12.03%
S&P Target Date 2060+ Index (reflects no deduction for fees, expenses, or taxes)1,2
18.05%
13.28%
--
Dynamic Target 2060 Blended Index (reflects no deduction for fees, expenses, or taxes)3
16.94%
--
--
1. The S&P Target Date Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. This index is representative of the investment opportunity available to investors for the target date horizon, with asset class exposures driven by a survey of available target date funds for that horizon. You cannot invest directly in an index.
2. The inception date of the index is May 31, 2016.
3. Source: Allspring Funds Management, LLC. The Dynamic Target Blended Index is designed as a benchmark for multi-asset class portfolios with risk profiles that become more conservative over time, corresponding to the target retirement date. The index weightings among the major asset classes are adjusted annually. The inception date of the index is September 21, 2018. You cannot invest directly in an index.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts. After-tax returns are shown for only one class of shares. After-tax returns for any other class will vary.

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Fund Management
Manager
Sub-Adviser
Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC
Allspring Global Investments, LLC
Kandarp R. Acharya, CFA, FRM, Portfolio Manager / 2015
Petros N. Bocray, CFA, FRM, Portfolio Manager / 2016
Travis L. Keshemberg, CFA, CIPM, FRM, Portfolio Manager / 2022
Purchase and Sale of Fund Shares
In general, you can buy or sell shares of the Fund online or by mail, phone or  wire on any day the New York Stock Exchange is open for regular trading. You also may buy and sell shares through a financial professional.
Minimum Investments
To Buy or Sell Shares
Minimum Initial Investment
Regular Accounts: $1,000
IRAs, IRA Rollovers, Roth IRAs: $250
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
Minimum Additional Investment
Regular Accounts, IRAs, IRA Rollovers, Roth IRAs: $100
UGMA/UTMA Accounts: $50
Employer Sponsored Retirement Plans: No Minimum
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.

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Details About the Funds
Dynamic Target Date Funds
Investment Objective
Each Fund seeks total return over time, consistent with its strategic target allocation.
Each Fund’s Board of Trustees can change these investment objectives without a shareholder vote.
Principal Investment Strategies
Each Fund is a fund of funds that invests in various master portfolios (“Underlying Funds”), which in turn, invest in a combination of securities to gain exposure to equity and fixed income asset classes. Each Fund, except the Dynamic Target Today Fund, gradually reduces its potential market risk exposures over time by generally re-allocating its assets among these asset classes, consistent with increasingly conservative strategic target allocations. The Dynamic Target Today Fund does not decrease its equity holdings in an attempt to become increasingly conservative over time, but rather maintains a strategic target allocation to equity and fixed income securities (including money market instruments) in the weights of 40% and 60%, respectively.
The equity Underlying Funds are each intended to provide exposure to a specific market segment. Those segments include U.S. large- and small-capitalization companies, international (non-U.S.) developed and emerging markets, and real estate. The U.S. large- and small-capitalization companies, international developed markets and emerging markets allocations each seek to add value above their respective broad market index, by employing a systematic, rules based methodology designed to build a portfolio of stocks that provides exposure to factors (or characteristics) commonly tied to a stock’s potential for enhanced risk-adjusted returns relative to the market. Those factors include, but are not limited to, value, quality, momentum, size, and low volatility. The real estate allocation invests in real estate investment trusts (REITs) and is managed to replicate the performance of the Dow Jones U.S. Select REIT index, a float-adjusted market-capitalization weighted index designed to serve as a proxy for direct real estate investment. Currently, only the Dynamic Target Today Fund, the Dynamic Target 2015 Fund, the Dynamic Target 2020 Fund, the Dynamic Target 2025 Fund and the Dynamic Target 2030 Fund have an allocation to real estate. Each remaining Fund is expected to add a real estate allocation as it moves along the glide path.
The fixed income Underlying Funds provide diversified exposure across a wide range of market sectors, including U.S. Government obligations (including Treasury inflation-protected securities, or TIPS), investment grade corporate bonds, below investment grade bonds (commonly known as “high yield bonds” or “junk bonds”), other U.S. bond sectors (including mortgage- and asset-backed securities), and emerging markets foreign issues. The inflation-protected Treasury and intermediate-term government allocations will be managed to replicate the performance of the Bloomberg U.S. Treasury Inflation-Linked 1-10 Year Bond Index and the Bloomberg U.S. Government Intermediate Bond Index, respectively, each a traditional market-capitalization weighted index designed to provide diversified exposure to their respective allocation. Currently, only the Dynamic Target Today Fund, the Dynamic Target 2015 Fund, the Dynamic Target 2020 Fund, the Dynamic Target 2025 Fund and the Dynamic Target 2030 Fund have inflation-protected Treasury and intermediate-term government allocations. Each remaining Fund is expected to add such allocations as it moves along the glide path.
The investment grade corporate bond allocation will be managed to replicate the performance of the Bloomberg U.S. Corporate Bond Index. The below investment grade bond allocation will be managed to replicate the performance of the Bloomberg U.S. High Yield 2% Issuer Capped Bond Index. The U.S. aggregate bond ex-corporate allocation, which includes mortgage- and asset-backed securities, will be managed to replicate the performance of the Bloomberg U.S. Aggregate ex- Corporate Index, a traditional market-capitalization weighted index designed to provide diversified exposure to the allocation. The emerging markets bond allocation will be managed to replicate the performance of the JP Morgan EMBI Global Diversified Index, an index that deviates from a traditional market capitalization weighting to provide more robust diversification across its constituent countries.
With respect to the Dynamic Target Today Fund, the “Today” designation in the Fund’s name is meant to indicate that the Fund is primarily designed for investors either in retirement and/or currently withdrawing funds from their investments. Each other Fund is primarily designed for investors expecting to retire and/or begin withdrawing funds around the target year designated in the Fund’s name. As the Fund’s time horizon to its target date shortens, it generally replaces some of its equity holdings with fixed income holdings in an attempt to reduce market risk and thereby become more conservative in its asset allocation. This reallocation occurs according to a predetermined “glide path,” which was developed based on long-term capital market return expectations, actuarial assumptions about life

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expectancy and retirement, and assumptions about investors’ risk tolerance. The reallocation continues as the Fund’s target year approaches and for the first ten years afterward. The Fund’s target year serves as a guide to the risk profile of the Fund, and your decision to invest in a Allspring Dynamic Target Date Fund with a particular target year and risk profile depends on your individual risk tolerance, among other factors.
Each Fund, except the Dynamic Target Today Fund, will not reach its lowest strategic target allocation to equities until ten years past the Fund’s target year. During the ten-year period after the Fund’s target year, the Fund’s asset allocation will increasingly resemble that of the Dynamic Target Today Fund and at the end of the ten-year period, we will likely combine it with the Dynamic Target Today Fund.
Each Fund will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Volatility Management Overlay (VMO), and 3.) Tail Risk Management (TRM).
Together these strategies will allow the Fund to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Fund invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, and currencies.
1. The TAA Overlay seeks to improve the Fund’s risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Fund. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
2. The VMO seeks to keep the Fund’s short-term volatility in-line with its strategic long term target. The VMO uses quantitative inputs and strives to decrease the portfolio’s effective equity exposure when projected equity market volatility is higher than average, and increasing the portfolio’s effective equity exposure when projected equity market volatility is lower than average. The VMO may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.
3. TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.
At any point, as a result of the utilization of the futures overlay and changes otherwise implemented by the portfolio managers, there may be significant divergences between the effective asset allocation of the Fund and its strategic target allocation.

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Principal Investment Risks
The principal value of an investor’s investment in a Fund is not guaranteed at any time, including in the target year designated in the Fund’s name. In addition, each Fund is primarily subject to the risks mentioned below to the extent that each Fund is exposed to these risks depending on its asset allocation and target year:
  • Market Risk

  • Target Date Fund Risk

  • Debt Securities Risk

  • Equity Securities Risk

  • Underlying Funds Risk

  • Derivatives Risk

  • Emerging Markets Risk

  • Foreign Currency Contracts Risk

  • Foreign Investment Risk

  • Futures Contracts Risk

  • High Yield Securities Risk

  • Inflation-Indexed Debt Securities Risk (Dynamic Target Today Fund - Dynamic Target 2030 Fund)

  • Management Risk

  • Mortgage- and Asset-Backed Securities Risk

  • Real Estate Securities Risk (Dynamic Target Today Fund - Dynamic Target 2030 Fund)

  • Smaller Company Securities Risk

  • U.S. Government Obligations Risk

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.

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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 and indirectly, the principal risk factors for the master portfolio(s) in which the Fund invests, 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.
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, 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 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

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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.
High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) 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.
Inflation-Indexed Debt Securities Risk. The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, a Fund’s yield and return will be affected by changes in the rate of inflation. If the reference inflation index rate falls, the principal value of an inflation-indexed debt security will decline, which will cause the value of the Fund’s shares and the amount of interest payable on such security to be reduced.
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, 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

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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.
Real Estate Securities Risk. Investments in real estate securities are subject to factors affecting the real estate industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries. Factors affecting real estate values include the supply of real property in particular markets, overbuilding, changes in zoning laws, casualty or condemnation losses, delays in completion of construction, changes in real estate values, changes in operations costs and property taxes, levels of occupancy, adequacy of rent to cover operating costs, possible environmental liabilities, regulatory limitations on rent, fluctuations in rental income, increased competition and other risks related to local and regional market conditions. The value of real-estate related investments also may be affected by changes in interest rates, macroeconomic developments, and social and economic trends. For instance, during periods of declining interest rates, certain REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may reduce the yield on securities issued by those REITs. Some REITs have relatively small market capitalizations, which can tend to increase the volatility of the market price of their securities. REITs are subject to the risk of fluctuations in income from underlying real estate assets, their inability to manage effectively the cash flows generated by those assets, prepayments and defaults by borrowers, and their failure to qualify for the special tax treatment granted to REITs under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from investment company status under the 1940 Act.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies. Smaller companies may have no or relatively short operating histories, limited financial resources or may have recently become public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies.
Target Date Fund Risk. A Target Date Fund cannot provide assurance that an investor’s investment in the Fund will provide income at, and through the years following, the target year in the Fund’s name in amounts adequate to meet the investor’s financial goals. This risk is greater for an investor who begins to withdraw a portion or all of his or her investment in the Fund significantly before or after the Fund’s target year. In addition, the Fund is subject to the risk that its strategy will not eliminate investment volatility that could reduce the amount of funds available for an investor who begins to withdraw funds or expects to retire close to or in the Fund’s target year.
Underlying Funds Risk. The risks associated with a Fund include the risks related to each Underlying Fund in which the Fund invests. To the extent that an Underlying Fund actively trades its securities, the Fund will experience the consequences of a higher-than-average portfolio turnover rate, such as increased trading expenses and higher short-term capital gains. Investments in the Fund result in your incurring higher expenses than if you were to invest directly in the Underlying Funds in which the Fund invests.
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.

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Portfolio Holdings Information
A description of the Allspring Funds’ policies and procedures with respect to disclosure of the Allspring Funds’ portfolio holdings is available in the Funds’ Statement of Additional Information.
Pricing  Fund Shares
A  Fund’s  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. 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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Management of the Funds
The Manager
Allspring Funds Management, LLC (“Allspring Funds Management”), headquartered at 525 Market Street, San Francisco, CA 94105, 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  semi-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
Dynamic Target Today Fund
0.00%
Dynamic Target 2015 Fund
0.00%
Dynamic Target 2020 Fund
0.00%
Dynamic Target 2025 Fund
0.00%
Dynamic Target 2030 Fund
0.00%
Dynamic Target 2035 Fund
0.00%
Dynamic Target 2040 Fund
0.00%
Dynamic Target 2045 Fund
0.00%
Dynamic Target 2050 Fund
0.00%
Dynamic Target 2055 Fund
0.00%
Dynamic Target 2060 Fund
0.00%

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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 investment  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 525 Market Street, San Francisco, CA 94105. 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.
Kandarp R. Acharya, CFA, FRM
Mr. Acharya joined Allspring Investments or one of its predecessor firms in 2013, where he currently serves as a Senior Portfolio Manager for the Multi-Asset Solutions team. Prior to joining Allspring Investments, Mr. Acharya led the Advanced Analytics and Quantitative Research Group at Wells Fargo Wealth Management, where he also led the development and implementation of quantitative tactical allocation models as a member of the firm’s Asset Allocation Committee.
Petros N. Bocray, CFA, FRM
Mr. Bocray joined Allspring Investments or one of its predecessor firms in 2006, where he currently serves as a Portfolio Manager for the Multi-Asset Solutions team. Prior to joining the Multi-Asset Solutions team, he held a similar role with the Quantitative Strategies group at Allspring Investments where he co-managed several of the team’s portfolios.
Travis L. Keshemberg, CFA, CIPM, FRM
Mr. Keshemberg joined Allspring Investments in 2016, where he currently serves as a Portfolio Manager for the Multi-Asset Solutions team. Prior to joining Allspring Investments, Mr. Keshemberg was a Director of Research at Allspring Funds Management, LLC.
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
Please see the section entitled “Purchase and Sale of Fund Shares” in the Fund Summary for a schedule of minimum investment amounts. Purchases made through a customer account at an intermediary may be subject to different minimum investment amounts. Please contact your financial professional for additional information.
We allow reduced minimum initial and subsequent investment amounts if you sign up for an automatic investment plan. For additional information regarding available automatic plans, please see the section entitled “Account Policies” below.
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 classes offered through this Prospectus. You should review the “Reductions and Waivers of Sales Charges” section of the Prospectus before choosing which share class to buy. You also should review your Fund’s table of Annual Fund Operating Expenses, as other fees and expenses may vary by class.
Class A
Class C
Front-End Sales Charge
5.75%
None
Contingent Deferred Sales Charge (CDSC)
None (except that if you redeem Class A shares purchased at or above the $1,000,000 breakpoint level within eighteen months from the date of purchase, you will pay a CDSC of 1.00%)
1% if shares are sold within one year after purchase
Ongoing Distribution (12b-1) Fees
None
0.75%
Shareholder Servicing Fee
0.25%
0.25%
Purchase Maximum
None
Not to equal or exceed $1,000,000
Annual Expenses
Lower ongoing expenses than Class C
Higher ongoing expenses than Class A because of 12b-1 fees
Conversion Feature
None
Yes. Converts to Class A shares after 8 years
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.
Class A Shares Sales Charges   
If you choose to buy Class A shares, you will pay the public offering price which is the net asset value (NAV) plus the applicable sales charge. Since sales charges are reduced for Class A share purchases above certain dollar amounts, known as “breakpoint levels,” the  public offering price is lower for these purchases. The dollar amount of the sales charge is the difference between the  public offering price of the shares purchased (based on the applicable sales charge in the table below) and the NAV of those shares. As described below, existing holdings may count towards meeting the breakpoint level applicable to an additional purchase. Because of rounding in the calculation of the public offering price, the actual sales charge you pay may be more or less than that calculated using the percentages shown below.

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Class A Shares Sales Charge Schedule
Amount of Purchase
Front-end Sales Charge As %
of Public Offering Price
Front-end Sales Charge As %
of Net Amount Invested
Commission Paid to Intermediary
As % of Public Offering Price
Less than $50,000
5.75%
6.10%
5.00%
$50,000 but less than $100,000
4.75%
4.99%
4.00%
$100,000 but less than $250,000
3.75%
3.90%
3.00%
$250,000 but less than $500,000
2.75%
2.83%
2.25%
$500,000 but less than $1,000,000
2.00%
2.04%
1.75%
$1,000,000 and over
0.00%1
0.00%
1.00%2
1. If you redeem Class A shares purchased at or above the $1,000,000 breakpoint level within eighteen months from the date of purchase, you will pay a CDSC of 1.00% of the NAV of the shares on the date of original purchase. Certain exceptions apply (see “CDSC Waivers”).
2. The commission paid to an Intermediary on purchases above the $1,000,000 breakpoint level is inclusive of the first year’s shareholder servicing fee.
Class C Shares Sales Charges
If you choose Class C shares, you buy them at NAV and the Fund’s distributor pays sales commissions of up to 1.00% of the purchase price to the intermediary. These commissions include an advance of the first year’s distribution and shareholder servicing fee. If you redeem your shares within one year from the date of purchase, you will pay a CDSC of 1.00%. The CDSC percentage you pay is applied to the NAV of the shares on the date of original purchase. To determine whether the CDSC applies to a redemption, the Fund will first redeem shares acquired by reinvestment of any distributions and then will redeem shares in the order in which they were purchased (such that shares held the longest are redeemed first). You will not be assessed a CDSC on Class C shares you redeem that were purchased with reinvested distributions. Class C share exchanges will not trigger a CDSC and 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.
Class C Shares Conversion Feature
Class C shares will convert automatically into Class A shares 8 years after the initial date of purchase or, if you acquired your Class C shares through an exchange or conversion from another share class, 8 years after the date you acquired your Class C shares. When Class C shares that you acquired through a purchase or exchange convert, any other Class C shares that you purchased with reinvested dividends and distributions also will convert into Class A shares on a pro rata basis. A shorter holding period may apply depending on your intermediary.
Reductions and Waivers of Sales Charges
You should consider whether you are eligible for any of the reductions or waivers of sales charges discussed below when you are deciding which share class to buy. The availability of certain sales charge waivers and discounts will depend on whether you purchase your shares directly from the Fund or through an intermediary. Intermediaries may have different policies and procedures regarding the availability of front-end sales load waivers or contingent deferred (back-end) sales load (“CDSC”) waivers, which are discussed below. In all instances, it is the purchaser’s responsibility to notify the Fund or the purchaser’s financial professional at the time of purchase of any relationship or other facts qualifying the purchaser for sales charge waivers or discounts. For waivers and discounts not available through a particular intermediary, shareholders will have to purchase Fund shares directly from the Fund or through another intermediary to receive these waivers or discounts. Please see Appendix A for information on intermediaries that currently have different policies and procedures regarding the availability of sales charge reductions and waivers.
In addition, consult the section entitled “Additional Purchase and Redemption Information” in the Statement of Additional Information for further details regarding reductions and waivers of sales charges, which we may change from time to time.
We also reserve the right to enter into agreements that reduce or eliminate sales charges for groups or classes of shareholders. If you own Fund shares as part of another account, such as an IRA or a sweep account, you should read

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the terms and conditions that apply for that account, which may supersede the terms described here. Contact your financial professional for further information.
Front-End Sales Charge Reductions
You may be eligible for a reduction in the front-end sales charge applicable to purchases of Class A shares under the following circumstances:

You pay a lower sales charge if you are investing an amount over a breakpoint level. See “Class A Shares Sales Charges” above.

 

By signing a Letter of Intent (LOI) prior to purchase, you pay a lower sales charge now in exchange for promising to invest an amount over a specified breakpoint level within the next 13 months in one or more Allspring Funds. Purchases made prior to signing the LOI as well as reinvested dividends and capital gains do not count as purchases made during this period. We will hold in escrow shares equal to approximately 5% of the amount you say you intend to buy. If you do not invest the amount specified in the LOI before the expiration date, we will redeem enough escrowed shares to pay the difference between the reduced sales charge you paid and the sales charge you should have paid. Otherwise, we will release the escrowed shares to you when you have invested the agreed upon amount.

 

Rights of Accumulation (ROA) allow you to aggregate Class A, Class A2, and Class C shares of any Allspring Fund already owned (excluding Allspring money market fund shares, unless you notify us that you previously paid a sales charge on those assets) in order to reach breakpoint levels and to qualify for sales charge reductions  on subsequent purchases of Class A shares. The purchase amount used in determining the sales charge on  your purchase will be calculated by multiplying the maximum public offering price by the number of Class A, Class A2 and Class C shares of any Allspring Fund already owned and adding the dollar amount of your current purchase. The following table provides information about the types of accounts that can and cannot be aggregated to  qualify for sales charge reductions:
 
Can this type of account be aggregated?
Yes
No
Individual accounts
Joint accounts
UGMA/UTMA accounts
Trust accounts over which the shareholder has individual or shared authority
Solely owned business accounts
Traditional and Roth IRAs
SEP IRAs
SIMPLE IRAs1
Group Retirement Plans
1. SIMPLE IRAs established using Allspring Funds plan agreements may aggregate at the plan level for purposes of establishing eligibility for sales charge reductions. When plan assets in a Fund’s Class A and Class C shares (excluding Allspring money market fund shares) reach a breakpoint level, all plan participants benefit from the reduced sales charge on subsequent purchases in the plan. However, participant accounts in these plans cannot be aggregated with personal accounts to further reduce sales charges. Other types of SIMPLE IRAs may not aggregate at the plan level for purposes of establishing eligibility for sales charge reductions on subsequent purchases in the plan but plan participants may aggregate their SIMPLE IRA accounts with other personal accounts in order to benefit from sales charge reductions.
Based on the above chart, if you believe that you own shares in one or more accounts that can be aggregated with your current purchase to reach a sales charge breakpoint level, you must, at the time of your purchase specifically identify those shares to your financial professional or the Fund’s transfer agent. Only balances currently held entirely either in accounts with the Funds or, if held in an account through an intermediary, at the same firm through which you are making your current purchase, will be eligible to be aggregated with your current purchase for determining your Class A sales charge. For an account to qualify for a sales charge reduction, it must be registered in the name of, or held for, the shareholder, his or her spouse or domestic partner, as recognized by applicable state law, or his or her children under the age of 21. Class A shares purchased at NAV will not be aggregated with other shares for purposes of receiving a sales charge reduction.

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Front-End Sales Charge Waivers
If you fall into any of the following categories, you can buy Class A shares without a front-end sales charge:

You pay no sales charges on Fund shares you buy with reinvested distributions.

 

You pay no sales charges on Fund shares you purchase with the proceeds of a redemption of Class A shares of the same Fund within 90 days of the date of redemption. The purchase must be made back into the same account. Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to exercise this provision for the first 30 days after your redemption. Systematic transactions through the automatic investment plan, the automatic exchange plan and the systematic withdrawal plan are excluded from these provisions.

 

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.

 

Current employees of:

the Fund’s transfer agent;

broker-dealers who act as selling agents;

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.

 

Qualified registered investment advisers who buy through an intermediary who has entered into an agreement with the Fund’s distributor that allows for load-waived Class A purchases.

 

Insurance company separate accounts.

 

Funds of Funds, subject to review and approval by Allspring Funds Management.

 

Group employer-sponsored retirement and deferred compensation plans and group employer-sponsored employee benefit plans (including health savings accounts) and trusts used to fund those plans. Traditional IRAs, Roth IRAs, SEPs, SARSEPs, SIMPLE IRAs, Keogh plans, individual 401(k) plans, individual 403(b) plans as well as shares held in commission-based broker-dealer accounts do not qualify under this waiver.

 

Investors who purchase shares that are to be included in certain “wrap accounts,” including such specified investors who trade through an omnibus account maintained with a Fund by an intermediary.

 

Investors who purchase shares through a self-directed brokerage account program offered by an intermediary that has entered into an agreement with the Fund’s distributor. Intermediaries offering such programs may or may not charge transaction fees.
 
CDSC Waivers

You will not be assessed a CDSC on Fund shares you redeem that were purchased with reinvested distributions.

 

We waive the CDSC for all redemptions made because of scheduled (Internal Revenue Code Section 72(t)(2) withdrawal schedule) or required minimum distributions (withdrawals generally made after age 70½ for shareholders that reached age 70½ on or before December 31, 2019 and withdrawals generally made after age 72 for shareholders that reach age 70½ after December 31, 2019 according to Internal Revenue Service (IRS) guidelines) from traditional IRAs and certain other retirement plans. (See your retirement plan information for details or contact your retirement plan administrator.)

 

We waive the CDSC for redemptions made in the event of the last surviving shareholder’s death or for a disability suffered after purchasing shares. (“Disabled” is defined in Internal Revenue Code Section 72(m)(7).)

 

We waive the CDSC for redemptions made at the direction of Allspring Funds Management  in order to, for example, complete a merger or effect a Fund liquidation.

 

We waive the CDSC for Class C shares redeemed by employer-sponsored retirement plans where the dealer of record waived its commission at the time of purchase.
 

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Compensation to Financial Professionals and Intermediaries
Distribution Plan
Each  Fund has adopted a distribution plan (12b-1 Plan) pursuant to Rule 12b-1 under the Investment Company Act of 1940 (the “1940 Act”), for the classes indicated below. The 12b-1 Plan authorizes the Fund to make payments for services and activities that are primarily intended to result in the sale of Fund shares and to reimburse expenses incurred in connection with such services and activities. The 12b-1 Plan provides that, to the extent any shareholder servicing payments are deemed to be payments for the financing of any activity primarily intended to result in the sale of Fund shares, such payments are deemed to have been approved under the 12b-1 Plan. Under the 12b-1 Plan, fees are paid up to the following amounts:
Fund
Class C
Dynamic Target Today Fund
0.75%
Dynamic Target 2015 Fund
0.75%
Dynamic Target 2020 Fund
0.75%
Dynamic Target 2025 Fund
0.75%
Dynamic Target 2030 Fund
0.75%
Dynamic Target 2035 Fund
0.75%
Dynamic Target 2040 Fund
0.75%
Dynamic Target 2045 Fund
0.75%
Dynamic Target 2050 Fund
0.75%
Dynamic Target 2055 Fund
0.75%
Dynamic Target 2060 Fund
0.75%
These fees are paid out of the relevant Class’s assets on an ongoing basis. Over time, these fees will increase the cost of your investment and may cost you more than other types of sales charges.
Shareholder Servicing Plan
Each  Fund has adopted a shareholder servicing plan (“Servicing Plan”). The Servicing Plan authorizes the Fund to enter into agreements with the Fund’s distributor, manager, or any of their affiliates to provide or engage other entities to provide certain shareholder services, including establishing and maintaining shareholder accounts, processing and verifying purchase, redemption and exchange transactions, and providing such other shareholder liaison or related services as may reasonably be requested. Under the Servicing Plan, fees are paid up to the following amounts:
Fund
Class A
Class C
Dynamic Target Today Fund
0.25%
0.25%
Dynamic Target 2015 Fund
0.25%
0.25%
Dynamic Target 2020 Fund
0.25%
0.25%
Dynamic Target 2025 Fund
0.25%
0.25%
Dynamic Target 2030 Fund
0.25%
0.25%
Dynamic Target 2035 Fund
0.25%
0.25%
Dynamic Target 2040 Fund
0.25%
0.25%
Dynamic Target 2045 Fund
0.25%
0.25%
Dynamic Target 2050 Fund
0.25%
0.25%
Dynamic Target 2055 Fund
0.25%
0.25%
Dynamic Target 2060 Fund
0.25%
0.25%

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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.
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.

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Opening an Account
Adding to an Account or Selling Fund Shares
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);

 

For redemption requests, a Medallion Guarantee if required (see “Medallion Guarantee” 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.
Medallion Guarantee. A Medallion Guarantee is only required for a mailed redemption request under the following circumstances: (1) if the address on your account was changed within the last 15 days; (2) if the amount of the redemption request exceeds $100,000 and is to be paid to a bank account that is not currently on file with Allspring Funds or if all of the owners of your Allspring Fund  account are not included in the registration of the bank account provided; or (3) if the redemption request proceeds are to be paid to a third party. You can get a Medallion Guarantee at a financial institution such as a bank or brokerage house. We do not accept notarized signatures.
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.

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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
 

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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 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, 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:

Money market funds;

 

Ultra-Short Funds;

 

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
 

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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
Automatic Plans. These plans help you conveniently purchase and/or redeem shares each month. Once you select a plan, tell us the day of the month you would like the transaction to occur. If you do not specify a date, we will process the transaction on or about the 25th day of the month. It generally takes about ten business days to establish a plan once we have received your instructions and it generally takes about five business days to change or cancel participation in a plan. We may automatically cancel your plan if the linked bank account you specified is closed, or for other reasons. Call Investor Services at 1-800-222-8222 for more information.

Automatic Investment Plan — With this plan, you can regularly purchase shares of a Allspring Fund with money automatically transferred from a linked bank account.

 

Automatic Exchange Plan — With this plan, you can regularly exchange shares of a Allspring Fund you own for shares of another Allspring Fund. See the section “Exchanging Fund Shares” of this Prospectus for the policies that apply to exchanges. In addition, each transaction in an Automatic Exchange Plan must be for a minimum of $100. This feature may not be available for certain types of accounts.

 

Systematic Withdrawal Plan — With this plan, you can regularly redeem shares and receive the proceeds by check or by transfer to a linked bank account. To participate in this plan, you:

must have a Fund account valued at $10,000 or more;

must request a minimum redemption of $100;

must have your distributions reinvested; and

may not simultaneously participate in the Automatic Investment Plan, except for investments in a Money Market Fund or an Ultra Short-Term Bond Fund (Ultra Short-Term Income Fund or Ultra Short-Term Municipal Income Fund).

 

Payroll Direct Deposit Plan — With this plan, you may regularly transfer all or a portion of your paycheck, social security check, military allotment, or annuity payment for investment into the Fund of your choice.
 
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

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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. 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.
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.

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Distributions
The Funds generally make distributions of any investment income, and any realized net capital gains at least annually. Please contact your institution for distribution options. Please note, 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.

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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.

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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 Funds’ 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.
Dynamic Target  Today Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.38
$
10.60
$
10.11
$
10.82
$
10.65
$
10.06
Net investment income
0.16
0.13
0.21
3
0.13
0.15
0.12
3
Net realized and unrealized gains (losses) on
investments
0.06
1.09
0.50
0.16
0.38
0.65
Total from investment operations
0.22
1.22
0.71
0.29
0.53
0.77
Distributions to shareholders from
Net investment income
(0.17
)
(0.18
)
(0.22
)
(0.15
)
(0.19
)
(0.09
)
Net realized gains
(0.82
)
(0.26
)
0.00
(0.85
)
(0.17
)
(0.09
)
Total distributions to shareholders
(0.99
)
(0.44
)
(0.22
)
(1.00
)
(0.36
)
(0.18
)
Net asset value, end of period
$
10.61
$
11.38
$
10.60
$
10.11
$
10.82
$
10.65
Total return4
1.53
%
11.47
%
6.95
%
3.16
%
4.96
%
7.97
%
Ratios to average net assets (annualized)
Gross expenses
2.32
%
*
2.98
%
*
3.37
%
*
4.39
%
*
4.39
%
^
4.67
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.59
%
*
0.48
%
^
0.53
%
^
Net investment income
1.46
%
*
1.58
%
*
1.95
%
*
1.75
%
*
1.37
%
1.16
%
Supplemental data
Portfolio turnover rate5
101
%
87
%
39
%
48
%
94
%
97
%
Net assets, end of period (000s omitted)
$
667
$
662
$
1,022
$
400
$
384
$
238
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.10%
                        Year ended February 28, 2021                                                            0.10%
                        Year ended February 29, 2020                                                            0.12%
                        Year ended February 28, 20192                                      0.12%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 101

 

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Dynamic Target  Today Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.45
$
10.56
$
10.08
$
10.76
$
10.58
$
10.03
Net investment income
0.08
0.08
0.14
0.08
0.07
0.05
Payment from affiliate
0.00
0.16
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.05
1.05
0.48
0.15
0.38
0.64
Total from investment operations
0.13
1.29
0.62
0.23
0.45
0.69
Distributions to shareholders from
Net investment income
(0.14
)
(0.14
)
(0.14
)
(0.06
)
(0.10
)
(0.05
)
Net realized gains
(0.82
)
(0.26
)
0.00
(0.85
)
(0.17
)
(0.09
)
Total distributions to shareholders
(0.96
)
(0.40
)
(0.14
)
(0.91
)
(0.27
)
(0.14
)
Net asset value, end of period
$
10.62
$
11.45
$
10.56
$
10.08
$
10.76
$
10.58
Total return3
0.78
%
12.31
%
4
6.11
%
2.60
%
4.25
%
7.12
%
Ratios to average net assets (annualized)
Gross expenses
2.52
%
*
3.30
%
*
4.02
%
*
5.14
%
*
5.14
%
^
5.45
%
^
Net expenses
1.42
%
*
1.43
%
*
1.41
%
*
1.34
%
*
1.24
%
^
1.28
%
^
Net investment income
0.69
%
*
0.74
%
*
1.33
%
*
0.99
%
*
0.65
%
0.45
%
Supplemental data
Portfolio turnover rate5
101
%
87
%
39
%
48
%
94
%
97
%
Net assets, end of period (000s omitted)
$
129
$
120
$
107
$
102
$
109
$
108
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.08%
                        Year ended February 28, 2021                                                            0.11%
                        Year ended February 29, 2020                                                            0.11%
                        Year ended February 28, 20192                                      0.11%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.55% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

102 Target Date Retirement Funds

 

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Dynamic Target  2015 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.41
$
10.40
$
9.99
$
11.06
$
10.76
$
9.99
Net investment income
0.17
0.17
0.22
0.12
0.15
3
0.11
Net realized and unrealized gains (losses) on
investments
0.16
1.17
0.41
0.15
0.56
0.86
Total from investment operations
0.33
1.34
0.63
0.27
0.71
0.97
Distributions to shareholders from
Net investment income
(0.16
)
(0.18
)
(0.22
)
(0.13
)
(0.19
)
(0.09
)
Net realized gains
(0.93
)
(0.15
)
0.00
(1.21
)
(0.22
)
(0.11
)
Total distributions to shareholders
(1.09
)
(0.33
)
(0.22
)
(1.34
)
(0.41
)
(0.20
)
Net asset value, end of period
$
10.65
$
11.41
$
10.40
$
9.99
$
11.06
$
10.76
Total return4
2.44
%
12.95
%
6.22
%
3.09
%
6.62
%
9.95
%
Ratios to average net assets (annualized)
Gross expenses
2.45
%
*
3.39
%
*
3.63
%
*
4.23
%
*
4.14
%
^
4.42
%
^
Net expenses
0.65
%
*
0.66
%
*
0.65
%
*
0.61
%
*
0.51
%
^
0.51
%
^
Net investment income
1.44
%
*
1.49
%
*
2.00
%
*
1.50
%
*
1.33
%
1.14
%
Supplemental data
Portfolio turnover rate5
97
%
87
%
38
%
45
%
82
%
81
%
Net assets, end of period (000s omitted)
$
733
$
578
$
460
$
390
$
456
$
363
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.10%
                        Year ended February 28, 2021                                                            0.10%
                        Year ended February 29, 2020                                                            0.13%
                        Year ended February 28, 20192                                      0.12%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.11%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 103

 

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Dynamic Target  2015 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.48
$
10.35
$
9.96
$
11.01
$
10.71
$
9.97
Net investment income
0.08
0.08
0.13
0.06
0.06
0.04
Payment from affiliate
0.00
0.17
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.15
1.17
0.42
0.15
0.56
0.85
Total from investment operations
0.23
1.42
0.55
0.21
0.62
0.89
Distributions to shareholders from
Net investment income
(0.13
)
(0.14
)
(0.16
)
(0.05
)
(0.10
)
(0.04
)
Net realized gains
(0.93
)
(0.15
)
0.00
(1.21
)
(0.22
)
(0.11
)
Total distributions to shareholders
(1.06
)
(0.29
)
(0.16
)
(1.26
)
(0.32
)
(0.15
)
Net asset value, end of period
$
10.65
$
11.48
$
10.35
$
9.96
$
11.01
$
10.71
Total return3
1.60
%
13.78
%
4
5.49
%
2.46
%
5.80
%
9.18
%
Ratios to average net assets (annualized)
Gross expenses
2.63
%
*
3.74
%
*
4.19
%
*
4.97
%
*
4.89
%
^
5.18
%
^
Net expenses
1.42
%
*
1.43
%
*
1.42
%
*
1.36
%
*
1.27
%
^
1.27
%
^
Net investment income
0.67
%
*
0.73
%
*
1.26
%
*
0.76
%
*
0.52
%
0.40
%
Supplemental data
Portfolio turnover rate5
97
%
87
%
38
%
45
%
82
%
81
%
Net assets, end of period (000s omitted)
$
119
$
117
$
105
$
101
$
112
$
109
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.10%
                        Year ended February 28, 2021                                                            0.10%
                        Year ended February 29, 2020                                                            0.12%
                        Year ended February 28, 20192                                      0.11%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

104 Target Date Retirement Funds

 

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Dynamic Target  2020 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.57
$
10.28
$
9.95
$
11.18
$
10.78
$
9.99
Net investment income
0.17
0.14
0.19
3
0.11
0.14
0.11
3
Net realized and unrealized gains (losses) on
investments
0.24
1.40
0.35
0.18
0.70
0.97
Total from investment operations
0.41
1.54
0.54
0.29
0.84
1.08
Distributions to shareholders from
Net investment income
(0.16
)
(0.18
)
(0.21
)
(0.12
)
(0.19
)
(0.12
)
Net realized gains
(1.04
)
(0.07
)
0.00
(1.40
)
(0.25
)
(0.17
)
Total distributions to shareholders
(1.20
)
(0.25
)
(0.21
)
(1.52
)
(0.44
)
(0.29
)
Net asset value, end of period
$
10.78
$
11.57
$
10.28
$
9.95
$
11.18
$
10.78
Total return4
3.02
%
15.03
%
5.31
%
3.33
%
7.80
%
11.18
%
Ratios to average net assets (annualized)
Gross expenses
2.13
%
*
2.89
%
*
3.27
%
*
4.04
%
*
3.96
%
^
4.32
%
^
Net expenses
0.65
%
*
0.67
%
*
0.67
%
*
0.61
%
*
0.52
%
^
0.51
%
^
Net investment income
1.40
%
*
1.45
%
*
1.81
%
*
1.38
%
*
1.15
%
1.09
%
Supplemental data
Portfolio turnover rate5
92
%
87
%
38
%
42
%
72
%
69
%
Net assets, end of period (000s omitted)
$
1,577
$
1,448
$
1,435
$
623
$
540
$
380
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.10%
                        Year ended February 28, 2021                                                            0.11%
                        Year ended February 29, 2020                                                            0.14%
                        Year ended February 28, 20192                                      0.12%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 105

 

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Dynamic Target  2020 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
11.66
$
10.28
$
9.95
$
11.15
$
10.76
$
9.96
Net investment income
0.08
3
0.07
0.13
0.06
0.05
0.03
Payment from affiliate
0.00
0.13
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.24
1.39
0.33
0.17
0.69
0.98
Total from investment operations
0.32
1.59
0.46
0.23
0.74
1.01
Distributions to shareholders from
Net investment income
(0.12
)
(0.14
)
(0.13
)
(0.03
)
(0.10
)
(0.04
)
Net realized gains
(1.04
)
(0.07
)
0.00
(1.40
)
(0.25
)
(0.17
)
Total distributions to shareholders
(1.16
)
(0.21
)
(0.13
)
(1.43
)
(0.35
)
(0.21
)
Net asset value, end of period
$
10.82
$
11.66
$
10.28
$
9.95
$
11.15
$
10.76
Total return4
2.23
%
15.52
%
5
4.61
%
2.72
%
6.89
%
10.39
%
Ratios to average net assets (annualized)
Gross expenses
2.46
%
*
3.30
%
*
3.88
%
*
4.79
%
*
4.71
%
^
5.09
%
^
Net expenses
1.43
%
*
1.43
%
*
1.42
%
*
1.37
%
*
1.28
%
^
1.28
%
^
Net investment income
0.66
%
*
0.62
%
*
1.21
%
*
0.66
%
*
0.43
%
0.33
%
Supplemental data
Portfolio turnover rate6
92
%
87
%
38
%
42
%
72
%
69
%
Net assets, end of period (000s omitted)
$
122
$
154
$
105
$
102
$
114
$
110
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.10%
                        Year ended February 29, 2020                                                            0.12%
                        Year ended February 28, 20192                                      0.11%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.33% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
6 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

106 Target Date Retirement Funds

 

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Dynamic Target  2025 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.08
$
10.36
$
10.10
$
11.38
$
10.87
$
9.94
Net investment income
0.17
3
0.18
0.19
0.10
0.11
3
0.09
Net realized and unrealized gains (losses) on
investments
0.35
1.77
0.25
0.12
0.87
1.13
Total from investment operations
0.52
1.95
0.44
0.22
0.98
1.22
Distributions to shareholders from
Net investment income
(0.16
)
(0.18
)
(0.18
)
(0.10
)
(0.19
)
(0.12
)
Net realized gains
(1.12
)
(0.05
)
0.00
(1.40
)
(0.28
)
(0.17
)
Total distributions to shareholders
(1.28
)
(0.23
)
(0.18
)
(1.50
)
(0.47
)
(0.29
)
Net asset value, end of period
$
11.32
$
12.08
$
10.36
$
10.10
$
11.38
$
10.87
Total return4
3.77
%
18.83
%
4.29
%
2.76
%
9.07
%
12.62
%
Ratios to average net assets (annualized)
Gross expenses
1.50
%
*
2.21
%
*
2.72
%
*
3.81
%
*
4.06
%
^
4.75
%
^
Net expenses
0.64
%
*
0.66
%
*
0.66
%
*
0.60
%
*
0.52
%
^
0.49
%
^
Net investment income
1.31
%
*
1.44
%
*
1.88
%
*
1.31
%
*
1.00
%
1.07
%
Supplemental data
Portfolio turnover rate5
89
%
85
%
37
%
41
%
62
%
58
%
Net assets, end of period (000s omitted)
$
5,354
$
3,744
$
2,856
$
1,929
$
1,497
$
510
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.11%
                        Year ended February 28, 2021                                                            0.12%
                        Year ended February 29, 2020                                                            0.14%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 107

 

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Dynamic Target  2025 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.19
$
10.35
$
10.10
$
11.35
$
10.84
$
9.91
Net investment income
0.07
0.08
0.12
0.05
0.04
0.03
Payment from affiliate
0.00
0.16
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.35
1.78
0.24
0.12
0.85
1.10
Total from investment operations
0.42
2.02
0.36
0.17
0.89
1.13
Distributions to shareholders from
Net investment income
(0.12
)
(0.13
)
(0.11
)
(0.02
)
(0.10
)
(0.03
)
Net realized gains
(1.12
)
(0.05
)
0.00
(1.40
)
(0.28
)
(0.17
)
Total distributions to shareholders
(1.24
)
(0.18
)
(0.11
)
(1.42
)
(0.38
)
(0.20
)
Net asset value, end of period
$
11.37
$
12.19
$
10.35
$
10.10
$
11.35
$
10.84
Total return3
2.92
%
19.55
%
4
3.55
%
2.17
%
8.24
%
11.77
%
Ratios to average net assets (annualized)
Gross expenses
1.74
%
*
2.60
%
*
3.34
%
*
4.56
%
*
4.88
%
^
5.55
%
^
Net expenses
1.43
%
*
1.43
%
*
1.42
%
*
1.36
%
*
1.28
%
^
1.29
%
^
Net investment income
0.57
%
*
0.70
%
*
1.17
%
*
0.56
%
*
0.36
%
0.29
%
Supplemental data
Portfolio turnover rate5
89
%
85
%
37
%
41
%
62
%
58
%
Net assets, end of period (000s omitted)
$
132
$
137
$
125
$
130
$
130
$
124
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.10%
                        Year ended February 29, 2020                                                            0.13%
                        Year ended February 28, 20192                                      0.12%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.56% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

108 Target Date Retirement Funds

 

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Dynamic Target  2030 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.15
$
10.11
$
9.94
$
11.54
$
10.92
$
9.91
Net investment income
0.16
3
0.15
0.18
0.11
0.13
0.09
Net realized and unrealized gains (losses) on
investments
0.41
2.09
0.17
0.12
0.98
1.22
Total from investment operations
0.57
2.24
0.35
0.23
1.11
1.31
Distributions to shareholders from
Net investment income
(0.16
)
(0.16
)
(0.18
)
(0.09
)
(0.19
)
(0.11
)
Net realized gains
(1.20
)
(0.04
)
0.00
(1.74
)
(0.30
)
(0.19
)
Total distributions to shareholders
(1.36
)
(0.20
)
(0.18
)
(1.83
)
(0.49
)
(0.30
)
Net asset value, end of period
$
11.36
$
12.15
$
10.11
$
9.94
$
11.54
$
10.92
Total return4
4.07
%
22.30
%
3.40
%
2.99
%
10.30
%
13.72
%
Ratios to average net assets (annualized)
Gross expenses
1.57
%
*
2.32
%
*
2.94
%
*
4.08
%
*
4.20
%
^
4.76
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.60
%
*
0.53
%
^
0.48
%
^
Net investment income
1.26
%
*
1.37
%
*
1.77
%
*
1.23
%
*
1.08
%
1.04
%
Supplemental data
Portfolio turnover rate5
84
%
85
%
36
%
37
%
53
%
46
%
Net assets, end of period (000s omitted)
$
4,472
$
3,340
$
2,317
$
1,010
$
917
$
543
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.12%
                        Year ended February 29, 2020                                                            0.15%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.10%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 109

 

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Dynamic Target  2030 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.24
$
10.10
$
9.88
$
11.52
$
10.90
$
9.88
Net investment income
0.06
0.07
0.12
0.05
0.03
0.02
Payment from affiliate
0.00
0.13
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.40
2.10
0.15
0.11
0.99
1.21
Total from investment operations
0.46
2.30
0.27
0.16
1.02
1.23
Distributions to shareholders from
Net investment income
(0.12
)
(0.12
)
(0.05
)
(0.06
)
(0.10
)
(0.02
)
Net realized gains
(1.20
)
(0.04
)
0.00
(1.74
)
(0.30
)
(0.19
)
Total distributions to shareholders
(1.32
)
(0.16
)
(0.05
)
(1.80
)
(0.40
)
(0.21
)
Net asset value, end of period
$
11.38
$
12.24
$
10.10
$
9.88
$
11.52
$
10.90
Total return3
3.19
%
22.95
%
4
2.74
%
2.32
%
9.43
%
12.86
%
Ratios to average net assets (annualized)
Gross expenses
1.80
%
*
2.69
%
*
3.62
%
*
4.81
%
*
4.95
%
^
5.59
%
^
Net expenses
1.43
%
*
1.43
%
*
1.42
%
*
1.35
%
*
1.29
%
^
1.29
%
^
Net investment income
0.50
%
*
0.65
%
*
1.17
%
*
0.49
%
*
0.27
%
0.24
%
Supplemental data
Portfolio turnover rate5
84
%
85
%
36
%
37
%
53
%
46
%
Net assets, end of period (000s omitted)
$
139
$
126
$
104
$
153
$
119
$
112
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.11%
                        Year ended February 29, 2020                                                            0.14%
                        Year ended February 28, 20192                                      0.12%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.34% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

110 Target Date Retirement Funds

 

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Dynamic Target  2035 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.22
$
9.95
$
9.84
$
11.66
$
10.97
$
9.88
Net investment income
0.15
0.14
0.18
0.09
0.11
0.09
Net realized and unrealized gains (losses) on
investments
0.41
2.30
0.09
0.14
1.11
1.32
Total from investment operations
0.56
2.44
0.27
0.23
1.22
1.41
Distributions to shareholders from
Net investment income
(0.15
)
(0.17
)
(0.16
)
(0.08
)
(0.19
)
(0.11
)
Net realized gains
(1.27
)
0.00
0.00
(1.97
)
(0.34
)
(0.21
)
Total distributions to shareholders
(1.42
)
(0.17
)
(0.16
)
(2.05
)
(0.53
)
(0.32
)
Net asset value, end of period
$
11.36
$
12.22
$
9.95
$
9.84
$
11.66
$
10.97
Total return3
4.00
%
24.45
%
2.65
%
3.13
%
11.24
%
14.74
%
Ratios to average net assets (annualized)
Gross expenses
1.65
%
*
2.41
%
*
3.12
%
*
4.34
%
*
4.32
%
^
4.86
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.60
%
*
0.53
%
^
0.49
%
^
Net investment income
1.25
%
*
1.30
%
*
1.81
%
*
1.16
%
*
0.99
%
1.05
%
Supplemental data
Portfolio turnover rate4
81
%
85
%
36
%
34
%
44
%
39
%
Net assets, end of period (000s omitted)
$
1,860
$
1,464
$
733
$
521
$
453
$
338
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.12%
                        Year ended February 29, 2020                                                            0.15%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 111

 

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Dynamic Target  2035 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.33
$
9.93
$
9.83
$
11.63
$
10.95
$
9.84
Net investment income (loss)
0.08
0.07
0.11
0.03
0.02
0.02
Payment from affiliate
0.00
0.16
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.40
2.29
0.09
0.14
1.10
1.32
Total from investment operations
0.48
2.52
0.20
0.17
1.12
1.34
Distributions to shareholders from
Net investment income
(0.12
)
(0.12
)
(0.10
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.27
)
0.00
0.00
(1.97
)
(0.34
)
(0.21
)
Total distributions to shareholders
(1.39
)
(0.12
)
(0.10
)
(1.97
)
(0.44
)
(0.23
)
Net asset value, end of period
$
11.42
$
12.33
$
9.93
$
9.83
$
11.63
$
10.95
Total return3
3.27
%
25.39
%
4
1.99
%
2.55
%
10.30
%
14.02
%
Ratios to average net assets (annualized)
Gross expenses
1.92
%
*
2.78
%
*
3.71
%
*
5.08
%
*
5.07
%
^
5.67
%
^
Net expenses
1.43
%
*
1.43
%
*
1.42
%
*
1.36
%
*
1.29
%
^
1.29
%
^
Net investment income
0.48
%
*
0.62
%
*
1.09
%
*
0.37
%
*
0.21
%
0.21
%
Supplemental data
Portfolio turnover rate5
81
%
85
%
36
%
34
%
44
%
39
%
Net assets, end of period (000s omitted)
$
165
$
135
$
107
$
102
$
120
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.14%
                        Year ended February 28, 2021                                                            0.11%
                        Year ended February 29, 2020                                                            0.14%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.66% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

112 Target Date Retirement Funds

 

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Dynamic Target  2040 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.08
$
9.83
$
9.77
$
11.74
$
11.00
$
9.85
Net investment income
0.13
0.15
0.16
0.08
0.09
0.09
Net realized and unrealized gains (losses) on
investments
0.48
2.27
0.08
0.11
1.20
1.37
Total from investment operations
0.61
2.42
0.24
0.19
1.29
1.46
Distributions to shareholders from
Net investment income
(0.16
)
(0.17
)
(0.18
)
(0.06
)
(0.20
)
(0.11
)
Net realized gains
(1.32
)
0.00
0.00
(2.10
)
(0.35
)
(0.20
)
Total distributions to shareholders
(1.48
)
(0.17
)
(0.18
)
(2.16
)
(0.55
)
(0.31
)
Net asset value, end of period
$
11.21
$
12.08
$
9.83
$
9.77
$
11.74
$
11.00
Total return3
4.42
%
24.64
%
2.33
%
2.80
%
11.79
%
15.34
%
Ratios to average net assets (annualized)
Gross expenses
1.74
%
*
2.63
%
*
3.57
%
*
4.11
%
*
3.93
%
^
4.46
%
^
Net expenses
0.66
%
*
0.68
%
*
0.67
%
*
0.63
%
*
0.54
%
^
0.51
%
^
Net investment income
1.24
%
*
1.30
%
*
1.62
%
*
0.99
%
*
1.02
%
1.01
%
Supplemental data
Portfolio turnover rate4
77
%
87
%
36
%
32
%
40
%
33
%
Net assets, end of period (000s omitted)
$
2,490
$
3,279
$
1,858
$
454
$
472
$
307
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 113

 

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Dynamic Target  2040 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.19
$
9.81
$
9.76
$
11.72
$
10.98
$
9.82
Net investment income
0.07
0.06
0.11
0.02
0.02
0.02
Payment from affiliate
0.00
0.16
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.45
2.28
0.05
0.12
1.17
1.36
Total from investment operations
0.52
2.50
0.16
0.14
1.19
1.38
Distributions to shareholders from
Net investment income
(0.13
)
(0.12
)
(0.11
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.32
)
0.00
0.00
(2.10
)
(0.35
)
(0.20
)
Total distributions to shareholders
(1.45
)
(0.12
)
(0.11
)
(2.10
)
(0.45
)
(0.22
)
Net asset value, end of period
$
11.26
$
12.19
$
9.81
$
9.76
$
11.72
$
10.98
Total return3
3.64
%
25.52
%
4
1.53
%
2.30
%
10.88
%
14.52
%
Ratios to average net assets (annualized)
Gross expenses
1.97
%
*
3.00
%
*
4.35
%
*
4.85
%
*
4.70
%
^
5.25
%
^
Net expenses
1.42
%
*
1.43
%
*
1.42
%
*
1.38
%
*
1.29
%
^
1.30
%
^
Net investment income
0.49
%
*
0.59
%
*
1.05
%
*
0.25
%
*
0.16
%
0.18
%
Supplemental data
Portfolio turnover rate5
77
%
87
%
36
%
32
%
40
%
33
%
Net assets, end of period (000s omitted)
$
141
$
130
$
101
$
100
$
120
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.12%
                        Year ended February 29, 2020                                                            0.14%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.64% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

114 Target Date Retirement Funds

 

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Dynamic Target  2045 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.11
$
9.72
$
9.73
$
11.79
$
11.02
$
9.86
Net investment income
0.16
0.15
0.16
0.08
0.12
0.08
Net realized and unrealized gains (losses) on
investments
0.51
2.41
0.00
3
0.08
1.20
1.41
Total from investment operations
0.67
2.56
0.16
0.16
1.32
1.49
Distributions to shareholders from
Net investment income
(0.16
)
(0.17
)
(0.17
)
(0.07
)
(0.19
)
(0.10
)
Net realized gains
(1.38
)
0.00
0.00
(2.15
)
(0.36
)
(0.23
)
Total distributions to shareholders
(1.54
)
(0.17
)
(0.17
)
(2.22
)
(0.55
)
(0.33
)
Net asset value, end of period
$
11.24
$
12.11
$
9.72
$
9.73
$
11.79
$
11.02
Total return4
4.86
%
26.37
%
1.53
%
2.62
%
12.06
%
15.64
%
Ratios to average net assets (annualized)
Gross expenses
1.89
%
*
2.96
%
*
3.61
%
*
4.18
%
*
4.09
%
^
4.58
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.61
%
*
0.54
%
^
0.51
%
^
Net investment income
1.28
%
*
1.26
%
*
1.72
%
*
0.97
%
*
0.90
%
0.98
%
Supplemental data
Portfolio turnover rate5
73
%
86
%
36
%
31
%
35
%
31
%
Net assets, end of period (000s omitted)
$
779
$
794
$
414
$
329
$
327
$
221
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.14%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Amount is less than $0.005.
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 115

 

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Dynamic Target  2045 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.19
$
9.68
$
9.71
$
11.75
$
10.99
$
9.83
Net investment income
0.07
0.06
0.10
0.02
0.02
0.02
Payment from affiliate
0.00
0.15
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.52
2.42
(0.01
)
0.09
1.20
1.39
Total from investment operations
0.59
2.63
0.09
0.11
1.22
1.41
Distributions to shareholders from
Net investment income
(0.13
)
(0.12
)
(0.12
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.38
)
0.00
0.00
(2.15
)
(0.36
)
(0.23
)
Total distributions to shareholders
(1.51
)
(0.12
)
(0.12
)
(2.15
)
(0.46
)
(0.25
)
Net asset value, end of period
$
11.27
$
12.19
$
9.68
$
9.71
$
11.75
$
10.99
Total return3
4.15
%
27.23
%
4
0.78
%
2.06
%
11.18
%
14.74
%
Ratios to average net assets (annualized)
Gross expenses
2.19
%
*
3.38
%
*
4.19
%
*
4.92
%
*
4.84
%
^
5.37
%
^
Net expenses
1.42
%
*
1.43
%
*
1.42
%
*
1.36
%
*
1.29
%
^
1.30
%
^
Net investment income
0.49
%
*
0.56
%
*
1.00
%
*
0.21
%
*
0.15
%
0.17
%
Supplemental data
Portfolio turnover rate5
73
%
86
%
36
%
31
%
35
%
31
%
Net assets, end of period (000s omitted)
$
157
$
145
$
109
$
102
$
121
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.15%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had an impact of 1.60% on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

116 Target Date Retirement Funds

 

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Dynamic Target  2050 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.14
$
9.66
$
9.73
$
11.80
$
11.03
$
9.86
Net investment income
0.16
0.13
0.17
0.07
0.11
0.09
Net realized and unrealized gains (losses) on
investments
0.57
2.52
(0.06
)
0.06
1.22
1.40
Total from investment operations
0.73
2.65
0.11
0.13
1.33
1.49
Distributions to shareholders from
Net investment income
(0.16
)
(0.17
)
(0.18
)
(0.05
)
(0.20
)
(0.09
)
Net realized gains
(1.33
)
0.00
0.00
(2.15
)
(0.36
)
(0.23
)
Total distributions to shareholders
(1.49
)
(0.17
)
(0.18
)
(2.20
)
(0.56
)
(0.32
)
Net asset value, end of period
$
11.38
$
12.14
$
9.66
$
9.73
$
11.80
$
11.03
Total return3
5.36
%
27.59
%
1.01
%
2.37
%
12.16
%
15.65
%
Ratios to average net assets (annualized)
Gross expenses
2.19
%
*
3.27
%
*
3.67
%
*
4.34
%
*
4.26
%
^
4.80
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.60
%
*
0.54
%
^
0.53
%
^
Net investment income
1.20
%
*
1.28
%
*
1.72
%
*
0.96
%
*
0.83
%
0.91
%
Supplemental data
Portfolio turnover rate4
68
%
85
%
36
%
31
%
35
%
31
%
Net assets, end of period (000s omitted)
$
495
$
382
$
254
$
198
$
256
$
134
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 117

 

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Dynamic Target  2050 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.19
$
9.59
$
9.68
$
11.76
$
10.99
$
9.83
Net investment income
0.07
0.06
0.10
0.02
0.02
0.02
Payment from affiliate
0.00
0.15
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.56
2.51
(0.06
)
0.05
1.21
1.39
Total from investment operations
0.63
2.72
0.04
0.07
1.23
1.41
Distributions to shareholders from
Net investment income
(0.12
)
(0.12
)
(0.13
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.33
)
0.00
0.00
(2.15
)
(0.36
)
(0.23
)
Total distributions to shareholders
(1.45
)
(0.12
)
(0.13
)
(2.15
)
(0.46
)
(0.25
)
Net asset value, end of period
$
11.37
$
12.19
$
9.59
$
9.68
$
11.76
$
10.99
Total return3
4.51
%
28.40
%
4
0.26
%
1.77
%
11.33
%
14.77
%
Ratios to average net assets (annualized)
Gross expenses
2.46
%
*
3.67
%
*
4.42
%
*
5.09
%
*
5.02
%
^
5.56
%
^
Net expenses
1.42
%
*
1.43
%
*
1.42
%
*
1.35
%
*
1.29
%
^
1.29
%
^
Net investment income
0.46
%
*
0.54
%
*
0.99
%
*
0.21
%
*
0.15
%
0.18
%
Supplemental data
Portfolio turnover rate5
68
%
85
%
36
%
31
%
35
%
31
%
Net assets, end of period (000s omitted)
$
144
$
138
$
106
$
102
$
121
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.12%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.62% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

118 Target Date Retirement Funds

 

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Dynamic Target 2055 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.19
$
9.66
$
9.73
$
11.80
$
11.03
$
9.87
Net investment income
0.15
0.12
0.15
0.08
0.11
0.09
Net realized and unrealized gains (losses) on
investments
0.57
2.58
(0.04
)
0.05
1.22
1.39
Total from investment operations
0.72
2.70
0.11
0.13
1.33
1.48
Distributions to shareholders from
Net investment income
(0.16
)
(0.17
)
(0.18
)
(0.05
)
(0.19
)
(0.09
)
Net realized gains
(1.38
)
0.00
0.00
(2.15
)
(0.37
)
(0.23
)
Total distributions to shareholders
(1.54
)
(0.17
)
(0.18
)
(2.20
)
(0.56
)
(0.32
)
Net asset value, end of period
$
11.37
$
12.19
$
9.66
$
9.73
$
11.80
$
11.03
Total return3
5.23
%
28.00
%
0.95
%
2.37
%
12.10
%
15.56
%
Ratios to average net assets (annualized)
Gross expenses
2.13
%
*
3.28
%
*
3.82
%
*
4.31
%
*
4.18
%
^
4.67
%
^
Net expenses
0.65
%
*
0.68
%
*
0.67
%
*
0.61
%
*
0.54
%
^
0.54
%
^
Net investment income
1.20
%
*
1.23
%
*
1.68
%
*
0.95
%
*
0.89
%
0.90
%
Supplemental data
Portfolio turnover rate4
68
%
85
%
36
%
31
%
34
%
31
%
Net assets, end of period (000s omitted)
$
495
$
422
$
239
$
161
$
170
$
134
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

Target Date Retirement Funds 119

 

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Dynamic Target 2055 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.24
$
9.59
$
9.67
$
11.75
$
10.99
$
9.84
Net investment income
0.07
0.06
0.10
0.02
0.02
0.02
Payment from affiliate
0.00
0.15
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.56
2.56
(0.06
)
0.05
1.21
1.38
Total from investment operations
0.63
2.77
0.04
0.07
1.23
1.40
Distributions to shareholders from
Net investment income
(0.13
)
(0.12
)
(0.12
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.38
)
0.00
0.00
(2.15
)
(0.37
)
(0.23
)
Total distributions to shareholders
(1.51
)
(0.12
)
(0.12
)
(2.15
)
(0.47
)
(0.25
)
Net asset value, end of period
$
11.36
$
12.24
$
9.59
$
9.67
$
11.75
$
10.99
Total return3
4.45
%
28.94
%
4
0.26
%
1.77
%
11.25
%
14.68
%
Ratios to average net assets (annualized)
Gross expenses
2.42
%
*
3.67
%
*
4.40
%
*
5.04
%
*
4.93
%
^
5.42
%
^
Net expenses
1.42
%
*
1.43
%
*
1.42
%
*
1.36
%
*
1.29
%
^
1.30
%
^
Net investment income
0.45
%
*
0.53
%
*
0.99
%
*
0.18
%
*
0.15
%
0.17
%
Supplemental data
Portfolio turnover rate5
68
%
85
%
36
%
31
%
34
%
31
%
Net assets, end of period (000s omitted)
$
161
$
139
$
100
$
100
$
121
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.15%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.15%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.56% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

120 Target Date Retirement Funds

 

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Dynamic Target 2060 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class A
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.13
$
9.66
$
9.74
$
11.79
$
11.03
$
9.88
Net investment income
0.17
0.12
0.17
3
0.08
0.09
0.09
Net realized and unrealized gains (losses) on
investments
0.54
2.51
(0.05
)
0.06
1.23
1.39
Total from investment operations
0.71
2.63
0.12
0.14
1.32
1.48
Distributions to shareholders from
Net investment income
(0.16
)
(0.16
)
(0.20
)
(0.06
)
(0.20
)
(0.09
)
Net realized gains
(1.32
)
0.00
0.00
(2.13
)
(0.36
)
(0.24
)
Total distributions to shareholders
(1.48
)
(0.16
)
(0.20
)
(2.19
)
(0.56
)
(0.33
)
Net asset value, end of period
$
11.36
$
12.13
$
9.66
$
9.74
$
11.79
$
11.03
Total return4
5.24
%
27.34
%
1.01
%
2.40
%
12.12
%
15.57
%
Ratios to average net assets (annualized)
Gross expenses
2.25
%
*
3.37
%
*
3.64
%
*
4.30
%
*
4.22
%
^
4.80
%
^
Net expenses
0.65
%
*
0.67
%
*
0.66
%
*
0.59
%
*
0.53
%
^
0.55
%
^
Net investment income
1.21
%
*
1.29
%
*
1.67
%
*
0.97
%
*
1.03
%
0.92
%
Supplemental data
Portfolio turnover rate5
68
%
85
%
36
%
31
%
36
%
30
%
Net assets, end of period (000s omitted)
$
498
$
407
$
345
$
290
$
261
$
127
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.13%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.16%
                        Year ended February 28, 20192                                      0.14%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Calculated based upon average shares outstanding
4 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

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Dynamic Target 2060 Fund
For a share outstanding throughout each period
Year ended February 28
Year ended May 31
Class C
2022
2021
20201
20192
2018
2017
Net asset value, beginning of period
$
12.22
$
9.62
$
9.72
$
11.76
$
10.99
$
9.85
Net investment income
0.07
0.06
0.10
0.02
0.02
0.02
Payment from affiliate
0.00
0.16
0.00
0.00
0.00
0.00
Net realized and unrealized gains (losses) on
investments
0.55
2.50
(0.07
)
0.07
1.21
1.38
Total from investment operations
0.62
2.72
0.03
0.09
1.23
1.40
Distributions to shareholders from
Net investment income
(0.13
)
(0.12
)
(0.13
)
0.00
(0.10
)
(0.02
)
Net realized gains
(1.32
)
0.00
0.00
(2.13
)
(0.36
)
(0.24
)
Total distributions to shareholders
(1.45
)
(0.12
)
(0.13
)
(2.13
)
(0.46
)
(0.26
)
Net asset value, end of period
$
11.39
$
12.22
$
9.62
$
9.72
$
11.76
$
10.99
Total return3
4.44
%
28.36
%
4
0.16
%
1.89
%
11.28
%
14.69
%
Ratios to average net assets (annualized)
Gross expenses
2.50
%
*
3.75
%
*
4.22
%
*
5.04
%
*
4.99
%
^
5.55
%
^
Net expenses
1.43
%
*
1.43
%
*
1.42
%
*
1.35
%
*
1.29
%
^
1.30
%
^
Net investment income
0.46
%
*
0.55
%
*
0.99
%
*
0.20
%
*
0.15
%
0.17
%
Supplemental data
Portfolio turnover rate5
68
%
85
%
36
%
31
%
36
%
30
%
Net assets, end of period (000s omitted)
$
132
$
126
$
99
$
100
$
121
$
113
* Ratios include net expenses allocated from the affiliated Master Portfolios which were as follows:
                        Year ended February 28, 2022                                                            0.15%
                        Year ended February 28, 2021                                                            0.13%
                        Year ended February 29, 2020                                                            0.15%
                        Year ended February 28, 20192                                      0.13%
^ Ratios do not include net expenses allocated from the affiliated Master Portfolios. Including annualized net expenses allocated from the affiliated Master Portfolios, the expense ratios would be increased by the following amounts:
                        Year ended May 31, 2018                                                        0.09%
                        Year ended May 31, 2017                                                        0.10%
1 Year ended February 29
2 For the nine months ended February 28, 2019. The Fund changed its fiscal year end from May 31 to February 28, effective February 28, 2019.
3 Total return calculations do not include any sales charges. Returns for periods of less than one year are not annualized.
4 During the year ended February 28, 2021, the Fund received a payment from an affiliate which had a 1.66% impact on the total return. See Note 4 in the Notes to Financial Statements for additional information.
5 Portfolio turnover rate is calculated by multiplying the Fund’s ownership percentage in each respective affiliated Master Portfolio by the corresponding affiliated Master Portfolio’s purchases and sales. These purchase and sale amounts are aggregated with any direct purchases and sales and included in the portfolio turnover calculation.

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Index Providers
Bloomberg Index Services Limited (“BISL”), an unaffiliated third-party service provider, serves as index provider for the Bloomberg U.S. Aggregate ex-Corporate Index, Bloomberg U.S. Corporate Bond Index, Bloomberg U.S. High Yield 2% Issuer Capped Bond Index, Bloomberg U.S. Treasury Inflation-Linked 1-10 Year index, and Bloomberg  U.S. Government  Intermediate Bond Index.
J.P. Morgan Securities, LLC, an unaffiliated third-party service provider, serves as index provider for the JP Morgan EMBI Global Diversified Index.
S&P Dow Jones Indices LLC, an unaffiliated third-party service provider, serves as index provider for the Dow Jones U.S. Select REIT Index.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. Bloomberg Finance L.P. and its affiliates, including BISL (collectively, “Bloomberg”), or Bloomberg’s licensors own all proprietary rights in the “Bloomberg US Aggregate ex-Corporate Index.”
Bloomberg is not the issuer or producer of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio and Bloomberg has no responsibilities, obligations or duties to investors in the Allspring Bloomberg US Aggregate ex-Corporate Portfolio. The Bloomberg U.S. Aggregate ex-Corporate Index is licensed for use by Allspring Funds Management, LLC as the investment adviser of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio. The only relationship of Bloomberg with Allspring Funds Management, LLC in respect of the Bloomberg U.S. Aggregate ex-Corporate Index is the licensing of the Bloomberg U.S. Aggregate ex- Corporate Index, which is determined, composed and calculated by BISL, or any successor thereto, without regard to Allspring Funds Management, LLC or the Allspring Bloomberg US Aggregate ex-Corporate Portfolio or the shareholders of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio.
Investors acquire the Allspring Bloomberg US Aggregate ex-Corporate Portfolio from Allspring Funds Distributor, LLC and investors neither acquire any interest in the Bloomberg U.S. Aggregate ex-Corporate Index nor enter into any relationship of any kind whatsoever with Bloomberg upon making an investment in the Allspring Bloomberg US Aggregate ex-Corporate Portfolio. The Allspring Bloomberg US Aggregate ex-Corporate Portfolio is not sponsored, endorsed, sold or promoted by Bloomberg. Bloomberg makes no representation or warranty, express or implied, regarding the advisability of investing in the Allspring Bloomberg US Aggregate ex-Corporate Portfolio or the advisability of investing in securities generally or the ability of the Bloomberg U.S. Aggregate ex-Corporate Index to track corresponding or relative market performance. Bloomberg has not passed on the legality or suitability of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio with respect to any person or entity. Bloomberg is not responsible for and has not participated in the determination of the timing of, prices at, or quantities of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio to be issued. Bloomberg has no obligation to take the needs of Allspring Funds Management, LLC or the shareholders of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio or any other third party into consideration in determining, composing or calculating the Bloomberg US Aggregate ex-Corporate Index. Bloomberg has no obligation or liability in connection with administration, marketing or trading of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio.
The licensing agreement between Allspring Funds Management, LLC and Bloomberg is solely for the benefit of Allspring Funds Management, LLC and Bloomberg and not for the benefit of the shareholders of the Allspring Bloomberg US Aggregate ex-Corporate Portfolio, investors or other third parties.
BLOOMBERG SHALL HAVE NO LIABILITY TO THE ISSUER, INVESTORS OR OTHER THIRD PARTIES FOR THE QUALITY, ACCURACY AND/OR COMPLETENESS OF THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN OR FOR INTERRUPTIONS IN THE DELIVERY OF THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX. BLOOMBERG MAKES NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ISSUER, THE INVESTORS OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE BLOOMBERG US AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG MAKES NO EXPRESS OR IMPLIED WARRANTIES, AND EACH HEREBY EXPRESSLY DISCLAIMS ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE WITH RESPECT TO THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN. BLOOMBERG RESERVES THE RIGHT TO CHANGE THE METHODS OF CALCULATION OR PUBLICATION, OR TO CEASE THE CALCULATION OR PUBLICATION OF THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX, AND BLOOMBERG SHALL NOT BE LIABLE FOR ANY MISCALCULATION OF OR ANY INCORRECT, DELAYED OR INTERRUPTED PUBLICATION WITH RESPECT TO THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX. BLOOMBERG SHALL NOT BE LIABLE FOR ANY DAMAGES, INCLUDING, WITHOUT LIMITATION, ANY SPECIAL, INDIRECT OR CONSEQUENTIAL DAMAGES, OR ANY LOST PROFITS, EVEN IF ADVISED OF THE POSSIBILITY OF SUCH,

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RESULTING FROM THE USE OF THE BLOOMBERG U.S. AGGREGATE EX-CORPORATE INDEX OR ANY DATA INCLUDED THEREIN OR WITH RESPECT TO THE ALLSPRING BLOOMBERG US AGGREGATE EX-CORPORATE PORTFOLIO.
None of the information supplied by Bloomberg and used in this publication may be reproduced in any manner without the prior written permission of Bloomberg.

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Appendix A - Sales Charge Reductions and Waivers for Certain Intermediaries
Merrill Lynch
Shareholders purchasing Fund shares through a Merrill Lynch platform or account will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-end Sales Load Waivers on Class A Shares available at Merrill Lynch
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan
Shares purchased by a 529 Plan (does not include 529 Plan units or 529-specific share classes or equivalents)
Shares purchased through a Merrill Lynch affiliated investment advisory program
Shares exchanged due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
Shares purchased by third party investment advisors on behalf of their advisory clients through Merrill Lynch’s platform
Shares of funds purchased through the Merrill Edge Self-Directed platform (if applicable)
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family)
Shares exchanged from Class C (i.e. level-load) shares of the same fund pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
Employees and registered representatives of Merrill Lynch or its affiliates and their family members, as defined by Merrill Lynch, which may differ from the definition of family member in the Fund prospectus
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this prospectus
Eligible shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill Lynch’s account maintenance fees are not eligible for reinstatement
CDSC Waivers on A, B and C Shares available at Merrill Lynch
Death or disability of the shareholder
Shares sold as part of a systematic withdrawal plan as described in the Fund’s prospectus
Return of excess contributions from an IRA Account
Shares sold as part of a required minimum distribution for IRA and retirement accounts pursuant to the Internal Revenue Code
Shares sold to pay Merrill Lynch fees but only if the transaction is initiated by Merrill Lynch
Shares acquired through a right of reinstatement
Shares held in retirement brokerage accounts, that are exchanged for a lower cost share class due to transfer to certain fee based accounts or platforms (applicable to A and C shares only)
Shares received through an exchange due to the holdings moving from a Merrill Lynch affiliated investment advisory program to a Merrill Lynch brokerage (non-advisory) account pursuant to Merrill Lynch’s policies relating to sales load discounts and waivers
Front-end load Discounts Available at Merrill Lynch: Breakpoints, Rights of Accumulation & Letters of Intent
Breakpoints as described in this prospectus.

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Rights of Accumulation (ROA) which entitle shareholders to breakpoint discounts as described in the Fund’s prospectus will be automatically calculated based on the aggregated holding of fund family assets held by accounts (including 529 program holdings, where applicable) within the purchaser’s household at Merrill Lynch.    Eligible fund family assets not held at Merrill Lynch may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets
Letters of Intent (LOI) which allow for breakpoint discounts based on anticipated purchases within a fund family, through Merrill Lynch, over a 13-month period of time (if applicable).
Ameriprise Financial
Shareholders purchasing Fund shares through an Ameriprise Financial platform or account are eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from those disclosed elsewhere in this prospectus or the SAI.
Front-end Sales Load Waivers on Class A Shares Available at Ameriprise Financial
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
Shares purchased through reinvestment of distributions and dividend reinvestment when purchasing shares of the same Fund (but not any other fund within the same fund family).
Shares exchanged from Class C shares of the same fund in the month of or following the 7-year anniversary of the purchase date. To the extent that this prospectus elsewhere provides for a waiver with respect to exchanges of Class C shares or conversion of Class C shares following a shorter holding period, that waiver will apply.
Employees and registered representatives of Ameriprise Financial or its affiliates and their immediate family members.
Shares purchased by or through qualified accounts (including IRAs, Coverdell Education Savings Accounts,    401(k)s, 403(b) TSCAs subject to ERISA and defined benefit plans) that are held by a covered family member, defined as an Ameriprise financial advisor and/or the advisor’s spouse, advisor’s lineal ascendant (mother, father, grandmother, grandfather, great grandmother, great grandfather), advisor’s lineal descendant (son, step-son, daughter, step-daughter, grandson, granddaughter, great grandson, great granddaughter) or any spouse of a covered family member who is a lineal descendant.
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e. Rights of Reinstatement). Subject to the Fund’s policy regarding frequent purchases and redemptions of Fund shares, you may not be able to repurchase shares for the first 30 days after your redemption.

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Morgan Stanley
Shareholders purchasing Fund shares through a Morgan Stanley Wealth Management transactional brokerage account are eligible only for the following Class A load waivers (front-end sales charge waivers), which may differ from and be more limited than those disclosed elsewhere in this prospectus or the SAI.
Front-end Sales Charge Waivers on Class A Shares Available at Morgan Stanley Wealth Management
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing  and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
Morgan Stanley employee and employee-related accounts according to Morgan Stanley’s account linking rules.
Shares purchased through reinvestment of dividends and capital gains distributions when purchasing shares of the same fund.
Shares purchased through a Morgan Stanley self-directed brokerage account.
Class C (i.e., level-load) shares that are no longer subject to a contingent deferred sales charge and are exchanged to Class A shares or Class A2 shares, as applicable, of the same fund pursuant to Morgan Stanley Wealth Management’s share class exchange program.
Shares purchased from the proceeds of redemptions within the same fund family, provided (i) the repurchase occurs within 90 days following the redemption, (ii) the redemption and purchase occur in the same account, and (iii) redeemed shares were subject to a front-end or deferred sales charge.
Morgan Stanley, on your behalf, can convert Class A shares of the Allspring Ultra Short-Term Income Fund and the Allspring Ultra Short-Term Municipal Income Fund to Class A2 shares of the same funds, without a sales charge and on a tax free basis.
Raymond James
Shareholders purchasing Fund shares through a Raymond James & Associates, Inc., Raymond James Financial Services, Inc. and each entity’s affiliates (“Raymond James”) platform or account, or through an introducing broker-dealer or independent registered adviser for which Raymond James provides trade execution, clearance, and/or custody services, will be eligible only for the following load waivers (front-end sales charge waivers and contingent deferred, or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.
Front-end Sales Load Waivers on Class A shares Available at Raymond James
Shares purchased in an investment advisory program.
Shares purchased within the same fund family through a systematic reinvestment of capital gains and dividend distributions.
Employees and registered representatives of Raymond James or its affiliates and their family members as designated by Raymond James.
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Reinstatement).
A shareholder in the fund’s Class C shares will have their shares automatically exchanged at net asset value to Class A shares (or the appropriate share class) of the fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Raymond James.
CDSC Waivers on Class A and C Shares Available at Raymond James
Death or disability of the shareholder.
Shares sold as part of a systematic withdrawal plan as described in this Prospectus.
Return of excess contributions from an IRA Account.
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in this Prospectus.
Shares sold to pay Raymond James fees but only if the transaction is initiated by Raymond James.
Shares acquired through a right of reinstatement.

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Front-end Load Discounts Available at Raymond James: Breakpoints, Rights of Accumulation, and/or Letters of Intent
Breakpoints as described in this Prospectus.
Rights of accumulation which entitle shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Raymond James. Eligible fund family assets not held at Raymond James may be included in the calculation of rights of accumulation only if the shareholder notifies his or her financial advisor about such assets.
Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Raymond James may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
Janney Montgomery Scott, LLC
Shareholders purchasing  Fund shares through a Janney Montgomery Scott LLC (“Janney”) brokerage account will be eligible for the following load waivers (front-end sales charge waivers and contingent deferred sales charge, or back-end sales charge, waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or SAI.
Front-end sales charge1 waivers on Class A shares available at Janney
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
Shares purchased by employees and registered representatives of Janney or its affiliates and their family members as designated by Janney.
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within ninety (90) days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (i.e., right of reinstatement).
Employer-sponsored retirement plans (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans). For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs, SAR-SEPs or Keogh plans.
Shares acquired through a right of reinstatement.
Class C shares that are no longer subject to a contingent deferred sales charge and are converted to Class A shares of the same fund pursuant to Janney’s policies and procedures.
CDSC waivers on Class A and C shares available at Janney
Shares sold upon the death or disability of the shareholder.
Shares sold as part of a systematic withdrawal plan as described in the fund’s Prospectus.
Shares purchased in connection with a return of excess contributions from an IRA account.
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulations.
Shares sold to pay Janney fees but only if the transaction is initiated by Janney.
Shares acquired through a right of reinstatement.
Shares exchanged into the same share class of a different fund.
Front-end sales charge1 discounts available at Janney; breakpoints, rights of accumulation and/or letters of intent
Breakpoints as described in this Prospectus.
Rights of accumulation (“ROA”), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Janney. Eligible fund family assets not held at Janney may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
Letters of intent which allow for breakpoint discounts based on anticipated purchases within a fund family, over a 13-month time period. Eligible fund family assets not held at Janney Montgomery Scott may be included in the calculation of letters of intent only if the shareholder notifies his or her financial advisor about such assets.
1. Also referred to as an “initial sales charge.”

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Edward Jones
Clients of Edward Jones (also referred to as “shareholders”) purchasing Fund shares on the Edward Jones commission and fee-based platforms are eligible only for the following sales charge discounts (also referred to as “breakpoints”) and waivers, which can differ from discounts and waivers described elsewhere in this Prospectus or statement of additional information (“SAI”) or through another broker-dealer. In all instances, it is the shareholder’s responsibility to inform Edward Jones at the time of purchase of any relationship, holdings of Allspring Funds, or other facts qualifying the purchaser for discounts or waivers. Edward Jones can ask for documentation of such circumstance. Shareholders should contact Edward Jones if they have questions regarding their eligibility for these discounts and waivers.
Breakpoints available at Edward Jones
Breakpoint pricing, otherwise known as volume pricing, at dollar thresholds as described in the prospectus.
Rights of Accumulation (“ROA”)
The applicable sales charge on a purchase of Class A shares is determined by taking into account all share classes (except certain money market funds and any assets held in group retirement plans) of Allspring Funds held by the shareholder or in an account grouped by Edward Jones with other accounts for the purpose of providing certain pricing considerations (“pricing groups”). If grouping assets as a shareholder, this includes all share classes held on the Edward Jones platform and/or held on another platform. The inclusion of eligible fund family assets in the ROA calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Money market funds are included only if such shares were sold with a sales charge at the time of purchase or acquired in exchange for shares purchased with a sales charge.
The employer maintaining a SEP IRA plan and/or SIMPLE IRA plan may elect to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping as opposed to including all share classes at a shareholder or pricing group level.
ROA is determined by calculating the higher of cost minus redemptions or market value (current shares x NAV).
Letter of Intent (“LOI”)
Through a LOI, shareholders can receive the sales charge and breakpoint discounts for purchases shareholders intend to make over a 13-month period from the date Edward Jones receives the LOI. The LOI is determined by calculating the higher of cost or market value of qualifying holdings at LOI initiation in combination with the value that the shareholder intends to buy over a 13-month period to calculate the front- end sales charge and any breakpoint discounts. Each purchase the shareholder makes during that 13- month period will receive the sales charge and breakpoint discount that applies to the total amount. The inclusion of eligible fund family assets in the LOI calculation is dependent on the shareholder notifying Edward Jones of such assets at the time of calculation. Purchases made before the LOI is received by Edward Jones are not adjusted under the LOI and will not reduce the sales charge previously paid. Sales charges will be adjusted if LOI is not met.
If the employer maintaining a SEP IRA plan and/or SIMPLE IRA plan has elected to establish or change ROA for the IRA accounts associated with the plan to a plan-level grouping, LOIs will also be at the plan-level and may only be established by the employer.
Sales charges are waived for the following shareholders and in the following situations at Edward Jones:
Associates of Edward Jones and its affiliates and their family members who are in the same pricing group (as determined by Edward Jones under its policies and procedures) as the associate. This waiver will continue for the remainder of the associate’s life if the associate retires from Edward Jones in good-standing and remains in good standing pursuant to Edward Jones’ policies and procedures.
Shares purchased in an Edward Jones fee-based program.
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment.
Shares purchased from the proceeds of redeemed shares of the same fund family so long as the following conditions are met: 1) the proceeds are from the sale of shares within 60 days of the purchase, and 2) the sale and purchase are made in the same share class and the same account or the purchase is made in an individual retirement account with proceeds from liquidations in a non-retirement account.
Shares exchanged into Class A shares from another share class so long as the exchange is into the same fund and was initiated at the discretion of Edward Jones. Edward Jones is responsible for any remaining CDSC due to the fund company, if applicable. Any future purchases are subject to the applicable sales charge as disclosed in the prospectus.
Exchanges from Class C shares to Class A shares of the same fund, generally, in the 84th month following the anniversary of the purchase date or earlier at the discretion of Edward Jones.
If the shareholder purchases shares that are subject to a CDSC and those shares are redeemed before the CDSC is expired, the shareholder is responsible to pay the CDSC except in the following conditions available at Edward Jones:
The death or disability of the shareholder.

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Systematic withdrawals with up to 10% per year of the account value.
Return of excess contributions from an Individual Retirement Account (IRA).
Shares sold as part of a required minimum distribution for IRA and retirement accounts if the redemption is taken in or after the year the shareholder reaches qualified age based on applicable IRS regulation.
Shares sold to pay Edward Jones fees or costs in such cases where the transaction is initiated by Edward Jones.
Shares exchanged in an Edward Jones fee-based program.
Shares acquired through NAV reinstatement.
Shares redeemed at the discretion of Edward Jones for Minimum Balances, as described below.
Other Important Information Regarding Transactions Through Edward Jones:
Minimum Purchase Amounts
• Initial purchase minimum: $250
• Subsequent purchase minimum: none
Minimum Balances
• Edward Jones has the right to redeem at its discretion fund holdings with a balance of $250 or less. The following are examples of accounts that are not included in this policy:
o A fee-based account held on an Edward Jones platform
o A 529 account held on an Edward Jones platform
o An account with an active systematic investment plan or LOI
Exchanging Share Classes
• At any time it deems necessary, Edward Jones has the authority to exchange at NAV a shareholder’s holdings in a fund to Class A shares of the same fund.
Oppenheimer & Co., Inc.
Shareholders purchasing Fund shares through an Oppenheimer & Co. Inc. (“Oppenheimer”) platform or account are eligible only for the following load waivers (front-end sales charge waivers and contingent deferred or back-end, sales charge waivers) and discounts, which may differ from those disclosed elsewhere in this prospectus or SAI.
Front-end Sales Load Waivers on Class A Shares available at Oppenheimer
Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans, provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan.
Shares purchased by or through a 529 Plan.
Shares purchased through an Oppenheimer affiliated investment advisory program.
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same fund (but not any other fund within the fund family).
Shares purchased from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same account, and (3) redeemed shares were subject to a front-end or deferred sales load (known as Rights of Restatement).
A shareholder in the Fund’s Class C shares will have their shares exchanged at net asset value to Class A shares (or the appropriate share class) of the Fund if the shares are no longer subject to a CDSC and the exchange is in line with the policies and procedures of Oppenheimer.
Employees and registered representatives of Oppenheimer or its affiliates and their family members.
Directors or Trustees of the Fund, and employees of the Fund’s investment adviser or any of its affiliates, as described in this Prospectus.
CDSC Waivers on A and C Shares available at Oppenheimer
Death or disability of the shareholder.
Shares sold as part of a systematic withdrawal plan as described in this Prospectus.
Return of excess contributions from an IRA Account.
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in this Prospectus.
Shares sold to pay Oppenheimer fees but only if the transaction is initiated by Oppenheimer.

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Shares acquired through a right of reinstatement.
Front-end load Discounts Available at Oppenheimer: Breakpoints, Rights of Accumulation & Letters of Intent
Breakpoints as described in this Prospectus.
Rights of Accumulation (ROA), which entitle shareholders to breakpoint discounts, will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Oppenheimer. Eligible fund family assets not held at Oppenheimer may be included in the ROA calculation only if the shareholder notifies his or her financial advisor about such assets.
Robert W. Baird & Co.
Shareholders purchasing fund shares through a Robert W. Baird & Co. (“Baird”) platform or account will only be eligible for the following sales charge waivers (front-end sales charge waivers and CDSC waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the SAI.
Front-end Sales Load Waivers on Class A Shares available at Baird
Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing share of the same fund.
Share purchase by employees and registers representatives of Baird or its affiliate and their family members as designated by Baird.
Shares purchase from the proceeds of redemptions within the same fund family, provided (1) the repurchase occurs within 90 days following the redemption, (2) the redemption and purchase occur in the same accounts, and (3) redeemed shares were subject to a front-end or deferred sales charge (known as rights of reinstatement).
A shareholder in the Funds Investor C Shares will have their share exchanged at net asset value to Investor A shares of the fund if the shares are no longer subject to CDSC and the exchange is in line with the policies and procedures of Baird.
Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.
CDSC Waivers on A and C Shares available at Baird
Shares sold due to death or disability of the shareholder.
Shares sold as part of a systematic withdrawal plan as described in the Fund’s Prospectus.
Shares bought due to returns of excess contributions from an IRA Account.
Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching age 72 as described in the Fund’s Prospectus.
Shares sold to pay Baird fees but only if the transaction is initiated by Baird.
Shares acquired through a right of reinstatement.
Front-end load Discounts Available at Baird: Breakpoint and/or Rights of Accumulation
Breakpoints as described in this Prospectus.
Rights of accumulations which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of fund family assets held by accounts within the purchaser’s household at Baird.    Eligible fund family assets not held at Baird may be included in the rights of accumulations calculation only if the shareholder notifies his or her financial advisor about such assets.
Letters of Intent (LOI) allow for breakpoint discounts based on anticipated purchases within a fund family through Baird, over a 13-month period of time.

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132 Target Date Retirement Funds

 

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Target Date Retirement Funds 133

 

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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 Section
100 “F” Street, NE
Washington, DC 20549-0102
[email protected]

The Allspring Funds are distributed by
Allspring Funds Distributor, LLC, a member of FINRA.
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