2022-07-27MunicipalFixedIncomeFunds-A2

California Limited-Term Tax-Free Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.40%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.39%
Total Annual Fund Operating Expenses	0.79%
Fee Waivers	(0.19)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.60%

The Manager has contractually committed through October 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.60% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses

The example below is intended to help you compare the costs of investing in the Fund with the costs of investing in other funds. The example assumes a $10,000 initial investment, 5% annual total return, and that fees and expenses remain the same as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the example assumes that such waiver or reimbursement will only be in place through the date noted above. Although your actual costs may be higher or lower, based on these assumptions, your costs would be:


After:
1 Year	$61
3 Years	$233
5 Years	$420
10 Years	$960

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 32% of the average value of its portfolio.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities whose interest is exempt from federal income tax, including federal AMT, and California individual income tax. Our investment holdings may include municipal securities issued by the state of California and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 2 and 7 years.

We may invest up to 10% of the Fund’s total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund’s investment in inverse floaters to an amount equal to 10% of the Fund’s total assets.

We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, and specific demographic trends. Securities may be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit characteristics or outlook, as well as changes in portfolio strategy or cash flow needs.

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.

State Emphasis Risk. Securities issued by a particular state and its subdivisions, authorities, instrumentalities and corporations are subject to the risk of unfavorable developments occurring in such state. Such developments may adversely impact the liquidity and value of the municipal securities in which a Fund invests and, in turn, adversely impact the value of the Fund’s shares.

Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, can lead to losses, including those magnified by leverage, particularly when derivatives are used to enhance return rather than mitigate risk. Certain derivative instruments may be difficult to sell when the portfolio manager believes it would be appropriate to do so, or the other party to a derivative contract may be unwilling or unable to fulfill its contractual obligations.

Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are considered speculative and have a much greater risk of default or of not returning principal and their values tend to be more volatile than higher-rated securities with similar maturities.

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund’s manager or sub-adviser in seeking to achieve the Fund’s investment objective may not produce expected returns, may cause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.

Performance

The following information provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance from year to year. The Fund’s average annual total returns are compared to the performance of one or more indices. Past performance before and after taxes is no guarantee of future results. Current month-end performance is available on the Fund’s website at allspringglobal.com.


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: June 30, 2020	+1.94%
	Lowest Quarter: December 31, 2016	-2.41%
	Year-to-date total return as of September 30, 2022 is -6.75%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	9/6/1996	0.41%	1.88%	1.96%
Administrator Class (after taxes on distributions)	9/6/1996	0.36%	1.85%	1.95%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	9/6/1996	0.86%	1.86%	1.94%
Bloomberg Municipal Bond 1-5 Year Blend Index (reflects no deduction for fees, expenses, or taxes)		0.35%	2.23%	1.74%
Bloomberg California Municipal 1-5 Year Blend Index (reflects no deduction for fees, expenses, or taxes)		0.05%	1.97%	1.65%

After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state, local or foreign taxes. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown, and after-tax returns shown are not relevant to tax-exempt investors or investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) Plans or Individual Retirement Accounts.

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Terry J. Goode, Portfolio Manager / 2011 Kim Nakahara, Portfolio Manager / 2020 Adrian Van Poppel, Portfolio Manager / 2009

Purchase and Sale of Fund Shares

Administrator Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks and trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by Allspring Funds Management. In general, you can buy or sell shares of the Fund online or by mail, phone or wire, on any day the New York Stock Exchange (“NYSE”) 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 Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

The Fund’s distributions normally consist of exempt-interest dividends, which are generally not taxable to you for federal income tax purposes, but may be subject to federal AMT. A portion of the Fund’s distributions may not qualify as exempt-interest dividends; such distributions will generally be taxable to you as ordinary income or capital gains, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. 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 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.

California Tax-Free Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax and California individual income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.38%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.37%
Total Annual Fund Operating Expenses	0.75%
Fee Waivers	(0.20)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.55%

The Manager has contractually committed through October 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.55% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses


After:
1 Year	$56
3 Years	$220
5 Years	$397
10 Years	$912

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

The Fund is considered to be non-diversified.

Principal Investment Risks

Non-Diversification Risk. A Fund that is considered “non-diversified” under the 1940 Act is more vulnerable to market or economic events impacting issuers of individual portfolio securities than a “diversified” fund. Default by the issuer of an individual security in such a Fund’s portfolio may have a greater negative effect on the Fund’s return or net asset value than it would on the return or net asset value of a “diversified” fund.

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: March 31, 2014	+4.15%
	Lowest Quarter: December 31, 2016	-4.43%
	Year-to-date total return as of September 30, 2022 is -12.92%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	12/15/1997	1.93%	3.86%	4.30%
Administrator Class (after taxes on distributions)	12/15/1997	1.84%	3.82%	4.28%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	12/15/1997	2.18%	3.67%	4.11%
Bloomberg California Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.22%	4.12%	3.98%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.52%	4.17%	3.72%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Terry J. Goode, Portfolio Manager / 2011 Kim Nakahara, Portfolio Manager / 2020 Adrian Van Poppel, Portfolio Manager / 2009

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

High Yield Municipal Bond Fund Summary

Investment Objective

The Fund seeks high current income exempt from federal income tax, and capital appreciation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)¹
Management Fees	0.50%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.55%
Total Annual Fund Operating Expenses	1.05%
Fee Waivers	(0.35)%
Total Annual Fund Operating Expenses After Fee Waivers²	0.70%

1.	Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.

The Manager has contractually committed through October 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.70% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses


After:
1 Year	$72
3 Years	$299
5 Years	$545
10 Years	$1,251

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	at least 50% of the Fund’s total assets in municipal securities rated BBB and below or comparable unrated municipal securities; and

■	up to 20% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. A substantial portion of the securities will be rated BBB and below or unrated and deemed by us to be of comparable quality. Securities rated BB and below are often called “high yield” securities or “junk bonds”. We may invest in municipal debt of any credit quality. We may also invest a portion of the Fund’s total assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years. “Dollar-weighted average effective maturity” is a measure of the average time until the final payment of principal and interest is due on fixed income securities in the Fund’s portfolio.

We may invest up to 20% of the Fund’s total assets in inverse floaters to seek enhanced returns. Inverse floaters are derivative debt instruments created by depositing a municipal security in a trust. Inverse floaters pay interest at rates that generally vary inversely with specified short-term interest rates and involve leverage. We intend to limit leverage created by the Fund’s investments in inverse floaters to an amount equal to 20% of the Fund’s total assets.

Principal Investment Risks

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: March 31, 2014	+5.78%
	Lowest Quarter: March 31, 2020	-6.70%
	Year-to-date total return as of September 30, 2022 is -14.13%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	Since Inception
Administrator Class (before taxes)	1/31/2013	5.20%	5.79%	5.21%
Administrator Class (after taxes on distributions)	1/31/2013	4.92%	5.70%	5.05%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	1/31/2013	4.47%	5.34%	4.84%
High Yield Municipal Bond Blended Index (reflects no deduction for fees, expenses, or taxes)¹		5.23%	6.20%	4.63%
Bloomberg High Yield Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		7.77%	7.53%	5.44%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.52%	4.17%	3.37%

1.	Source: Allspring Funds Management, LLC. The High Yield Municipal Bond Blended Index is composed 60% of the Bloomberg High Yield Municipal Bond Index and 40% of the Bloomberg Municipal Bond Index. You cannot invest directly in an index.

Fund Management


Manager	Sub-Adviser	Portfolio Managers, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Dennis Derby, Portfolio Manager / 2013 Terry J. Goode, Portfolio Manager / 2013 Kerry Laurin, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Intermediate Tax/AMT-Free Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)¹
Management Fees	0.37%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.38%
Total Annual Fund Operating Expenses	0.75%
Fee Waivers	(0.15)%
Total Annual Fund Operating Expenses After Fee Waivers²	0.60%

1.	Expenses have been adjusted as necessary from amounts incurred during the Fund’s most recent fiscal year to reflect current fees and expenses.

Example of Expenses


After:
1 Year	$61
3 Years	$225
5 Years	$402
10 Years	$916

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT);

■	up to 15% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, including federal AMT. Some of the securities may be below investment grade or unrated and deemed by us to be of comparable quality. Under normal circumstances, we do not invest in securities whose interest is subject to federal income tax, including federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 10 years.

Principal Investment Risks

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: March 31, 2014	+2.69%
	Lowest Quarter: December 31, 2016	-3.67%
	Year-to-date total return as of September 30, 2022 is -9.21%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	3/31/2008	1.31%	3.36%	3.03%
Administrator Class (after taxes on distributions)	3/31/2008	1.23%	2.93%	2.78%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	3/31/2008	1.61%	2.72%	2.69%
Bloomberg Municipal Bond 1-15 Year Blend Index (reflects no deduction for fees, expenses, or taxes)		0.86%	3.57%	3.05%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Bruce R. Johns, Portfolio Manager / 2019 Robert J. Miller, Portfolio Manager / 2008 Adrian Van Poppel, Portfolio Manager / 2019 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Minnesota Tax-Free Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax and Minnesota individual income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.40%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.45%
Total Annual Fund Operating Expenses	0.85%
Fee Waivers	(0.25)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.60%

Example of Expenses


After:
1 Year	$61
3 Years	$246
5 Years	$447
10 Years	$1,026

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and Minnesota individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities whose interest is exempt from federal income tax, including federal AMT, and Minnesota individual income tax. Our investment holdings may include municipal securities issued by the state of Minnesota and its subdivisions, authorities, instrumentalities and corporations, as well as municipal securities issued by the territories and possessions of the United States. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT. While the Fund is required, under normal circumstances, to invest at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from Minnesota individual income tax, we currently intend to manage the portfolio so that at least 95% of the income generated by the Fund is exempt from Minnesota individual income tax. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.

Principal Investment Risks

way that political, economic or business developments affecting one obligation could affect other municipal securities held by a Fund.

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: March 31, 2014	+2.62%
	Lowest Quarter: June 30, 2013	-2.73%
	Year-to-date total return as of September 30, 2022 is -8.76%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	8/2/1993	1.06%	3.25%	3.16%
Administrator Class (after taxes on distributions)	8/2/1993	0.95%	3.20%	3.09%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	8/2/1993	1.36%	3.05%	3.08%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.52%	4.17%	3.72%
Bloomberg Minnesota Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		0.85%	3.68%	3.18%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Bruce R. Johns, Portfolio Manager / 2012 Kerry Laurin, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Municipal Bond Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.34%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.37%
Total Annual Fund Operating Expenses	0.71%
Fee Waivers	(0.11)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.60%

Example of Expenses


After:
1 Year	$61
3 Years	$216
5 Years	$384
10 Years	$872

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 20% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.

Principal Investment Risks

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: March 31, 2014	+4.72%
	Lowest Quarter: December 31, 2016	-3.64%
	Year-to-date total return as of September 30, 2022 is -11.39%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	4/8/2005	1.94%	4.26%	4.42%
Administrator Class (after taxes on distributions)	4/8/2005	1.86%	4.20%	4.28%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	4/8/2005	2.01%	3.91%	4.09%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.52%	4.17%	3.72%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Terry J. Goode, Portfolio Manager / 2019 Robert J. Miller, Portfolio Manager / 2008 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Municipal Sustainability Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.40%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.88%
Total Annual Fund Operating Expenses	1.28%
Fee Waivers	(0.68)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.60%

Example of Expenses


After:
1 Year	$61
3 Years	$339
5 Years	$637
10 Years	$1,485

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 20% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.

We evaluate each security in which the Fund invests using both a traditional municipal bond credit analysis and a consideration of the security’s environmental, social and governance (“ESG”) impacts. Using our ESG impact framework, securities that we determine to have a positive ESG impact are generally deemed eligible for purchase. In making this determination, we consider the following, where available: an issuer’s history of positive ESG practices, a security’s use-of-proceeds information, an issuer’s impact on underserved populations (such as low socio-economic communities), and a third-party issuer/security ESG rating. A security’s positive ESG impact can be determined under any of the four factors described above. Our ESG impact framework is conducted on an industry sector basis and includes the use of key ESG indicators that vary by sector. In assessing a security’s use of proceeds and an issuer’s history of positive ESG practices, we consider factors such as energy efficiency, pollution control, and environmentally sustainable management. In assessing a security’s use of proceeds and an issuer’s impact on underserved populations, we consider factors such as access to essential services and affordable housing. Municipal securities that we have determined to have a positive ESG impact may include securities issued to fund education (K-12, post-secondary), affordable housing, water treatment, public transportation, healthcare, and energy efficiency projects, among many others.

We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, specific demographic trends, the degree of a security’s positive ESG impact and consideration of ESG risks. Securities may be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit characteristics, outlook, change in our evaluation of ESG impact or ESG risk, as well as changes in portfolio strategy or cash flow needs.

Principal Investment Risks

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.

ESG/Sustainable Investment Style Risk. A Fund that uses ESG or sustainability criteria to select investments may forgo opportunities in individual securities and/or sectors of securities for non-investment reasons, which could cause the Fund to underperform funds that do not use ESG or sustainability criteria. ESG-focused investments and strategies may, at times, be subject to a higher degree of volatility than non-ESG-focused investments and strategies. ESG information and data, including that provided by third parties, may be incomplete, inaccurate or unavailable, which could adversely affect the analysis of the ESG factors relevant to a particular investment. Our assessment of an investment’s ESG impact may change over time, which may cause the Fund to hold a security that does not meet our ESG criteria or sell a security when it might otherwise be disadvantageous to do so. Views on ESG, sustainability and positive social and environmental outcomes may differ by fund, adviser and investor. Certain bonds in which the Fund invests may be dependent on government incentives and subsidies, and lack of political support for the financing of projects with a positive environmental or social impact could negatively impact the performance of the Fund. There is no guarantee that our efforts to select investments based on ESG practices will be successful.

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

New Fund Risk. The Fund is a new fund, with a limited or no operating history and a small asset base. There can be no assurance that the Fund will grow to or maintain a viable size. Due to the Fund’s small asset base, certain of the Fund’s expenses and its portfolio transaction costs may be higher than those of a fund with a larger asset base. To the extent that the Fund does not grow to or maintain a viable size, it may be liquidated, and the expenses, timing and tax consequences of such liquidation may not be favorable to some shareholders.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: June 30, 2021	+2.11%
	Lowest Quarter: September 30, 2021	-0.37%
	Year-to-date total return as of September 30, 2022 is -12.42%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	Since Inception
Administrator Class (before taxes)	2/28/2020	2.19%	--	4.19%
Administrator Class (after taxes on distributions)	2/28/2020	2.13%	--	4.13%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	2/28/2020	1.97%	--	3.56%
Bloomberg Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		1.52%	--	1.93%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Terry J. Goode, Portfolio Manager / 2020 Robert J. Miller, Portfolio Manager / 2020 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Short-Term Municipal Bond Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax consistent with capital preservation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.34%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.36%
Total Annual Fund Operating Expenses	0.70%
Fee Waivers	(0.10)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.60%

Example of Expenses


After:
1 Year	$61
3 Years	$214
5 Years	$380
10 Years	$861

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 15% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in short-term municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be 3 years or less.

Principal Investment Risks

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: June 30, 2020	+1.46%
	Lowest Quarter: December 31, 2016	-1.11%
	Year-to-date total return as of September 30, 2022 is -4.12%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	7/30/2010	0.16%	1.58%	1.27%
Administrator Class (after taxes on distributions)	7/30/2010	0.12%	1.42%	1.17%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	7/30/2010	0.53%	1.39%	1.19%
Bloomberg 1-3 Year Composite Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		0.36%	1.75%	1.31%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Bruce R. Johns, Portfolio Manager / 2019 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Strategic Municipal Bond Fund Summary

Investment Objective

The Fund seeks current income exempt from regular federal income tax.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.36%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.37%
Total Annual Fund Operating Expenses	0.73%
Fee Waivers	(0.05)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.68%

The Manager has contractually committed through October 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.68% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses


After:
1 Year	$69
3 Years	$228
5 Years	$401
10 Years	$902

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from regular federal income tax, but not necessarily the federal alternative minimum tax (AMT);

■	up to 35% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We may also invest:

■	any amount in securities whose interest is subject to federal AMT.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from regular federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest any amount of the Fund’s total assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management.

While we may purchase securities of any maturity or duration, under normal circumstances, we expect the Fund’s overall dollar-weighted average effective duration to be 6 years or less.

Principal Investment Risks

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income and may decline in value when market rates and the rate payable on the floater rises. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity.

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: June 30, 2020	+2.49%
	Lowest Quarter: March 31, 2020	-1.60%
	Year-to-date total return as of September 30, 2022 is -7.33%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	10/6/1997	1.01%	2.88%	2.63%
Administrator Class (after taxes on distributions)	10/6/1997	0.95%	2.82%	2.47%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	10/6/1997	1.13%	2.60%	2.36%
Bloomberg Short-Intermediate Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		0.43%	2.86%	2.32%

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Terry J. Goode, Portfolio Manager / 2019 Robert J. Miller, Portfolio Manager / 2010 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Ultra Short-Term Municipal Income Fund Summary

Investment Objective

The Fund seeks current income exempt from federal income tax, consistent with capital preservation.

Fees and Expenses

These tables are intended to help you understand the various costs and expenses you will pay if you buy, hold and sell shares of the Fund.


Shareholder Fees (fees paid directly from your investment)
Maximum sales charge (load) imposed on purchases (as a percentage of offering price)	None
Maximum deferred sales charge (load) (as a percentage of offering price)	None


Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)
Management Fees	0.24%
Distribution (12b-1) Fees	0.00%
Other Expenses	0.36%
Total Annual Fund Operating Expenses	0.60%
Fee Waivers	(0.10)%
Total Annual Fund Operating Expenses After Fee Waivers¹	0.50%

The Manager has contractually committed through October 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.50% for Administrator Class. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

Example of Expenses


After:
1 Year	$51
3 Years	$182
5 Years	$325
10 Years	$740

Portfolio Turnover

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT; and

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities.

Principal Investment Risks

Performance


Calendar Year Total Returns for Administrator Class as of 12/31 each year
	Highest Quarter: June 30, 2020	+0.61%
	Lowest Quarter: December 31, 2016	-0.47%
	Year-to-date total return as of September 30, 2022 is -1.75%


Average Annual Total Returns for the periods ended 12/31/2021
	Inception Date of Share Class	1 Year	5 Year	10 Year
Administrator Class (before taxes)	7/30/2010	0.02%	0.98%	0.64%
Administrator Class (after taxes on distributions)	7/30/2010	0.01%	0.85%	0.57%
Administrator Class (after taxes on distributions and the sale of Fund Shares)	7/30/2010	0.10%	0.83%	0.58%
Ultra Short-Term Municipal Income Blended Index (reflects no deduction for fees, expenses, or taxes)¹		0.16%	1.11%	0.73%
Bloomberg 1 Year Municipal Bond Index (reflects no deduction for fees, expenses, or taxes)		0.31%	1.44%	1.03%
iMoneyNet Tax-Free National Institutional Money Market Funds Average (reflects no deduction for fees, expenses, or taxes)		0.01%	0.79%	0.42%

1.	Source: Allspring Funds Management, LLC. The Ultra Short-Term Municipal Income Blended Index is composed 50% of the Bloomberg 1 Year Municipal Bond Index and 50% of the iMoneyNet Tax-Free National Institutional Money Market Funds Average. You cannot invest directly in an index.

Fund Management


Manager	Sub-Adviser	Portfolio Manager, Title/Managed Since
Allspring Funds Management, LLC	Allspring Global Investments, LLC	Bruce R. Johns, Portfolio Manager / 2017 James Randazzo, Portfolio Manager / 2019 Nicholos Venditti, Portfolio Manager / 2020

Purchase and Sale of Fund Shares


Minimum Investments	To Buy or Sell Shares
Minimum Initial Investment Administrator Class: $1 million (this amount may be reduced or eliminated for certain eligible investors) Minimum Additional Investment Administrator Class: None	Mail: Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Online: allspringglobal.com Phone or Wire: 1-800-222-8222 Contact your financial professional.

Tax Information

Payments to Intermediaries

Details About the Funds

California Limited-Term Tax-Free Fund

Investment Objective

The Fund seeks current income exempt from federal income tax and California individual income tax, consistent with capital preservation.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We may actively trade portfolio securities, which may lead to higher transaction costs that may affect the Fund’s performance. In addition, active trading of portfolio securities may lead to higher taxes if your shares are held in a taxable account.

The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other funds and repurchase agreements, or make other short-term investments for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During such periods, the Fund may not achieve its objective.

California Tax-Free Fund

Investment Objective

The Fund seeks current income exempt from federal income tax and California individual income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and California individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

The Fund is considered to be non-diversified.

High Yield Municipal Bond Fund

Investment Objective

The Fund seeks high current income exempt from federal income tax, and capital appreciation.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (“AMT”);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	at least 50% of the Fund’s total assets in municipal securities rated BBB and below or comparable unrated municipal securities; and

■	up to 20% of the Fund’s total assets in inverse floaters.

Intermediate Tax/AMT-Free Fund

Investment Objective

The Fund seeks current income exempt from federal income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT);

■	up to 15% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

Principal Investment Risks

The Fund is primarily subject to the risks mentioned below.


Market Risk Debt Securities Risk Municipal Securities Risk Derivatives Risk	Futures Contracts Risk High Yield Securities Risk Inverse Floater Risk Management 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.

Minnesota Tax-Free Fund

Investment Objective

The Fund seeks current income exempt from federal income tax and Minnesota individual income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, including federal alternative minimum tax (AMT), and Minnesota individual income tax;

■	up to 20% of the Fund’s net assets in securities whose interest is subject to federal income tax, including federal AMT;

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

Municipal Bond Fund

Investment Objective

The Fund seeks current income exempt from federal income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 20% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.

Principal Investment Risks

The Fund is primarily subject to the risks mentioned below.


Market Risk Debt Securities Risk Municipal Securities Risk Derivatives Risk	Futures Contracts Risk High Yield Securities Risk Inverse Floater Risk Management Risk

Municipal Sustainability Fund

Investment Objective

The Fund seeks current income exempt from federal income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 20% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We invest principally in municipal securities of states, territories and possessions of the United States whose interest is exempt from federal income tax, but not necessarily federal AMT. Some of the securities may be below investment grade or may be unrated and deemed by us to be of comparable quality. We may also invest a portion of the Fund’s assets in securities whose interest is subject to federal AMT. We may use futures for duration and yield curve management. While we may purchase securities of any maturity, under normal circumstances, we expect the Fund’s dollar-weighted average effective maturity to be between 3 and 20 years.

We use a combination of top-down and bottom-up research to cover the four main elements of total return: duration management, yield curve positioning, sector and credit quality allocation, and security selection. Our top-down analysis involves an evaluation of macroeconomic factors that may include, among others, the pace of economic growth, employment conditions, inflation, and monetary and fiscal policy. Our bottom-up analysis, which involves intensive research into the credit fundamentals of individual issuers and the relative value of individual issues, is used to uncover solid investment opportunities. Securities are selected based on several factors, including, among others, improving financial trends, positive industry and sector dynamics, improving economic conditions, specific demographic trends, the degree of a security’s positive ESG impact and consideration of ESG risks. Securities may be sold based on relative value considerations and could be replaced with a security that presents a better value or risk/reward profile. A security may also be sold due to changes in credit characteristics, outlook, change in our evaluation of ESG impact or ESG risk, as well as changes in portfolio strategy or cash flow needs.

The Fund may temporarily hold a greater portion of assets in uninvested cash for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interest of shareholders to do so. During these periods, the Fund may not achieve its objective.

Short-Term Municipal Bond Fund

Investment Objective

The Fund seeks current income exempt from federal income tax consistent with capital preservation.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT;

■	up to 15% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

Principal Investment Risks

The Fund is primarily subject to the risks mentioned below.


Market Risk Debt Securities Risk Municipal Securities Risk Derivatives Risk	Futures Contracts Risk High Yield Securities Risk Inverse Floater Risk Management Risk

Strategic Municipal Bond Fund

Investment Objective

The Fund seeks current income exempt from regular federal income tax.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from regular federal income tax, but not necessarily the federal alternative minimum tax (AMT);

■	up to 35% of the Fund’s total assets in below investment-grade municipal securities; and

■	up to 10% of the Fund’s total assets in inverse floaters.

We may also invest:

■	any amount in securities whose interest is subject to federal AMT.

While we may purchase securities of any maturity or duration, under normal circumstances, we expect the Fund’s overall dollar-weighted average effective duration to be 6 years or less.

Ultra Short-Term Municipal Income Fund

Investment Objective

The Fund seeks current income exempt from federal income tax, consistent with capital preservation.

The Fund’s Board of Trustees can change this investment objective without a shareholder vote.

Principal Investment Strategies

Under normal circumstances, we invest:

■	at least 80% of the Fund’s net assets in municipal securities whose interest is exempt from federal income tax, but not necessarily federal alternative minimum tax (AMT);

■	up to 20% of the Fund’s total assets in securities whose interest is subject to federal AMT; and

■	up to 10% of the Fund’s total assets in below investment-grade municipal securities.

Principal Investment Risks

The Fund is primarily subject to the risks mentioned below.


Market Risk Debt Securities Risk Municipal Securities Risk Derivatives Risk	Futures Contracts Risk High Yield Securities Risk Management Risk

Description of Principal Investment Risks

Understanding the risks involved in fund investing will help you make an informed decision that takes into account your risk tolerance and preferences. The risks that are most likely to have a material effect on a particular Fund as a whole are called “principal risks.” The principal risks for each Fund have been previously identified and are described below (in alphabetical order). Additional information about the principal risks is included in the Statement of Additional Information.

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.

movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) are considered speculative and have a much greater risk of default (or 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.

Inverse Floater Risk. The holder of an inverse floater, which is a type of derivative, could lose more than its principal investment. An inverse floater produces less income (and may produce no income) and may decline in value when market rates and the rate payable on the floater rises, and produces more income and may increase in value when market rates and the rate payable on the floater falls. An inverse floater typically involves leverage, which may magnify a Fund’s losses, and exhibits greater price and income volatility than an unleveraged bond with a similar maturity. The tender of a floater, the failure of a remarketing agent to sell a floater or certain other events may require the dissolution of the trust or the liquidation of the underlying municipal security. In that event, the Fund, as a holder of an inverse floater, and thus a residual interest in the underlying municipal security, may lose some or all of its investment.

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.

Municipal Securities Risk. Municipal securities may be fully or partially backed or enhanced by the taxing authority of a local government, by the current or anticipated revenues from a specific project or specific assets, or by the credit of, or liquidity enhancement provided by, a private issuer. Municipal securities may be difficult to obtain because of limited supply, which may increase the cost to a Fund of purchasing such securities and effectively reduce the Fund’s yield. Typically, less information is available about a municipal issuer than is available about other types of issuers. Various types of municipal securities are often related in such a way that political, economic or business developments affecting one obligation could affect other municipal securities held by the Fund. The value and liquidity of municipal securities backed by the revenue from a particular project or other source may decline if the project or other source fails to generate expected revenue. Although the Fund may strive to invest in municipal securities and other securities that pay interest that is exempt from certain taxes (such as federal taxes, federal alternative minimum tax and/or state taxes as applicable), some income earned by Fund investments may be subject to such taxes. Certain issuers of municipal securities may have the ability to call or redeem a security prior to its maturity date, which could impair Fund performance.

Non-Diversification Risk. A Fund that is considered “non-diversified” under the 1940 Act may invest a greater percentage of its assets in the securities of a single issuer than a fund that is considered “diversified” (a “diversified” investment company, with respect to 75% of its total assets, is not generally permitted to invest more than 5% of such assets in the securities of a single issuer or own more than 10% of an issuer’s outstanding voting securities). A non-diversified fund is therefore more vulnerable to market or economic events impacting issuers of individual portfolio securities than a “diversified” fund. Default by the issuer of an individual security in such a Fund’s portfolio may have a greater negative effect on the Fund’s returns or net asset value than a similar default in a diversified

portfolio. A non-diversified fund’s performance may be disproportionately impacted by the performance of relatively few securities.

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

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 annual report for the period ended June 30.

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
California Limited-Term Tax-Free Fund	0.38%
California Tax-Free Fund	0.38%
High Yield Municipal Bond Fund	0.28%
Intermediate Tax/AMT-Free Fund	0.35%
Minnesota Tax-Free Fund	0.34%
Municipal Bond Fund	0.34%
Municipal Sustainability Fund	0.00%
Short-Term Municipal Bond Fund	0.30%
Strategic Municipal Bond Fund	0.36%
Ultra Short-Term Municipal Income Fund	0.16%

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.


Dennis Derby High Yield Municipal Bond Fund	Mr. Derby joined Allspring Investments or one of its predecessor firms in 1995, where he currently serves as a Senior Research Analyst and Portfolio Manager for the Municipal Fixed Income team.
Terry J. Goode California Limited-Term Tax-Free Fund California Tax-Free Fund High Yield Municipal Bond Fund Municipal Bond Fund Municipal Sustainability Fund Strategic Municipal Bond Fund	Mr. Goode joined Allspring Investments or one of its predecessor firms in 2002, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team.
Bruce R. Johns Intermediate Tax/AMT-Free Fund Minnesota Tax-Free Fund Short-Term Municipal Bond Fund Ultra Short-Term Municipal Income Fund	Mr. Johns joined Allspring Investments or one of its predecessor firms in 1998, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team.
Kerry Laurin High Yield Municipal Bond Fund Minnesota Tax-Free Fund	Ms. Laurin joined Allspring Investments or one of its predecessor firms in 2016, where she currently serves as a Senior Research Analyst and Portfolio Manager for the Municipal Fixed Income team. Prior to joining Allspring, she was as a research analyst for Heartland Advisors where she covered taxable fixed income, consumer, and utility equity sectors.
Robert J. Miller Intermediate Tax/AMT-Free Fund Municipal Bond Fund Municipal Sustainability Fund Strategic Municipal Bond Fund	Mr. Miller joined Allspring Investments or one of its predecessor firms in 2008, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team.
Kim Nakahara California Limited-Term Tax-Free Fund California Tax-Free Fund	Ms. Nakahara joined Allspring Investments or one of its predecessor firms in 2014, where she currently serves as a Senior Research Analyst and Portfolio Manager for the Municipal Fixed Income team.
James Randazzo Ultra Short-Term Municipal Income Fund	Mr. Randazzo joined Allspring Investments or one of its predecessor firms in 2000, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team.
Adrian Van Poppel California Limited-Term Tax-Free Fund California Tax-Free Fund Intermediate Tax/AMT-Free Fund	Mr. Van Poppel joined Allspring Investments or one of its predecessor firms in 1997, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team.
Nicholos Venditti Intermediate Tax/AMT-Free Fund Municipal Bond Fund Municipal Sustainability Fund Short-Term Municipal Bond Fund Strategic Municipal Bond Fund Ultra Short-Term Municipal Income Fund	Mr. Venditti joined Allspring Investments or one of its predecessor firms in 2020, where he currently serves as a Senior Portfolio Manager for the Municipal Fixed Income team. Prior to joining Allspring, Nick spent 10 years at Thornburg Investment Management, most recently as a Senior Portfolio Manager and Head of the Municipal Bond Group.

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.

Account Information

Share Class Eligibility

Administrator Class shares are generally available through intermediaries for the accounts of their customers and directly to institutional investors and individuals. Institutional investors may include corporations; private banks; trust companies; endowments and foundations; defined contribution, defined benefit and other employer sponsored retirement plans; institutional retirement plan platforms; insurance companies; registered investment advisor firms; bank trusts; 529 college savings plans; family offices; and funds of funds, including those managed by Allspring Funds Management. The following investors may purchase Administrator Class shares and are not subject to a minimum initial investment amount except, as noted below:

■	Employee benefit plan programs;

■	Broker-dealer managed account or wrap programs that charge an asset-based fee;

■	Registered investment adviser mutual fund wrap programs or other accounts that charge a fee for advisory, investment, consulting or similar services;

■	Private bank and trust company managed accounts or wrap programs that charge an asset-based fee;

■	Internal Revenue Code Section 529 college savings plan accounts;

■	Funds of funds, including those advised by Allspring Funds Management;

■	Endowments, non-profits, and charitable organizations who invest a minimum initial investment amount of $500,000 in a Fund;

■	Any other institutions or customers of intermediaries who invest a minimum initial investment amount of $1 million in a Fund;

■	Individual investors who invest a minimum initial investment amount of $1 million directly in a Fund;

■	Certain investors and related accounts as detailed in the Statement of Additional Information; and

■	Individual investors who purchase through an intermediary-sponsored self-directed brokerage account program that may or may not charge transaction fees.

Eligibility requirements for Administrator Class shares may be modified or discontinued at any time.

Your Fund may offer other classes of shares in addition to those offered through this Prospectus. You may be eligible to invest in one or more of these other classes of shares. Each share class bears varying expenses and may differ in other features. Consult your financial professional for more information regarding a Fund’s available share classes.

The information in this Prospectus is not intended for distribution to, or use by, any person or entity in any non-U.S. jurisdiction or country where such distribution or use would be contrary to any law or regulation, or which would subject Fund shares to any registration requirement within such jurisdiction or country.

Share Class Features

The table below summarizes the key features of the share class offered through this Prospectus.


	Administrator Class
Front-End Sales Charge		None
Contingent Deferred Sales Charge (“CDSC”)		None
Ongoing Distribution (“12b-1”) Fees		None
Shareholder Servicing Fee		0.25%

Information regarding sales charges, breakpoint levels, reductions and waivers is also available free of charge on our website at allspringglobal.com. You may wish to discuss your choice of share class with your financial professional.

Compensation to Financial Professionals and Intermediaries

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	Administrator Class
California Limited-Term Tax-Free Fund		0.25%
California Tax-Free Fund		0.25%
High Yield Municipal Bond Fund		0.25%
Intermediate Tax/AMT-Free Fund		0.25%
Minnesota Tax-Free Fund		0.25%
Municipal Bond Fund		0.25%
Municipal Sustainability Fund		0.25%
Short-Term Municipal Bond Fund		0.25%
Strategic Municipal Bond Fund		0.25%
Ultra Short-Term Municipal Income Fund		0.25%

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.
By Telephone	Call Investor Services at 1-800-222-8222. Available only if you have another Allspring Fund account with your bank information on file.	Call Investor Services at 1-800-222-8222. Redemption requests may not be made by phone if the address on your account was changed in the last 15 days. In this event, you must request your redemption by mail. For joint accounts, telephone requests generally require only one of the account owners to call unless you have instructed us otherwise.
By Mail	Complete an account application and submit it according to the instructions on the application. Account applications are available online at allspringglobal.com or by calling Investor Services at 1-800-222-8222.	Send the items required under “Requests in Good Order” below to: Regular Mail Allspring Funds P.O. Box 219967 Kansas City, MO 64121-9967 Overnight Only Allspring Funds 430 W 7th Street STE 219967 Kansas City, MO 64105-1407

Requests in “Good Order”. All purchase and redemption requests must be received in “good order.” This means that a request generally must include:

■	The Fund name(s), share class(es) and account number(s);

■	The amount (in dollars or shares) and type (purchase or redemption) of the request;

■	If by mail, the signature of each registered owner as it appears in the account application;

■	For purchase requests, payment of the full amount of the purchase request (see “Payment” below); and

■	Any supporting legal documentation that may be required.

Purchase and redemption requests in good order will be processed at the next NAV calculated after the Fund’s transfer agent or an authorized intermediary¹ receives your request. If your request is not received in good order, additional documentation may be required to process your transaction. We reserve the right to waive any of the above requirements.

The Fund’s shares may be purchased through an intermediary that has entered into a dealer agreement with the Fund’s distributor. The Fund has approved the acceptance of a purchase or redemption request effective as of the time of its receipt by such an authorized intermediary or its designee, as long as the request is received by one of those entities prior to the Fund’s closing time. These intermediaries may charge transaction fees. We reserve the right to adjust the closing time in certain circumstances.

Payment. Payment for Fund shares may be made as follows:


By Wire	Purchases into a new or existing account may be funded by using the following wire instructions: State Street Bank & Trust Boston, MA Bank Routing Number: ABA 011000028 Wire Purchase Account: 9905-437-1 Attention: Allspring Funds (Name of Fund, Account Number and any applicable share class) Account Name: Provide your name as registered on the Fund account or as included in your account application.
By Check	Make checks payable to Allspring Funds.
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 initial investment amount for the new fund, unless your balance has fallen below that amount due to investment performance.

■	If you are making an additional investment into a fund that you already own through an exchange, you must exchange at least the minimum subsequent investment amount for the fund you are exchanging into.

■	Class A and Class C share exchanges will not trigger a CDSC. The new shares received in the exchange will continue to age according to the original shares’ CDSC schedule and will be charged the CDSC applicable to the original shares upon redemption.

Generally, we will notify you at least 60 days in advance of any changes in the above exchange policies.

Frequent Purchases and Redemptions of Fund Shares

Allspring Funds reserves the right to reject any purchase or exchange order for any reason. If a shareholder redeems $20,000 or more (including redemptions that are part of an exchange transaction) from a Covered Fund (as defined below), that shareholder is “blocked” from purchasing shares of that Covered Fund (including purchases that are part of an exchange transaction) for 30 calendar days after the redemption.

Excessive trading by Fund shareholders can negatively impact a Fund and its long-term shareholders in several ways, including disrupting Fund investment strategies, increasing transaction costs, decreasing tax efficiency, and diluting the value of shares held by long-term shareholders. Excessive trading in Fund shares can negatively impact a Fund’s long-term performance by requiring it to maintain more assets in cash or to liquidate portfolio holdings at a disadvantageous time. Certain Funds may be more susceptible than others to these negative effects. For example, Funds that have a greater percentage of their investments in non-U.S. securities may be more susceptible than other Funds to arbitrage opportunities resulting from pricing variations due to time zone differences across international financial markets. Similarly, Funds that have a greater percentage of their investments in small company securities may be more susceptible than other Funds to arbitrage opportunities due to the less liquid nature of small company securities. Both types of Funds also may incur higher transaction costs in liquidating portfolio holdings to meet excessive redemption levels. Fair value pricing may reduce these arbitrage opportunities, thereby reducing some of the negative effects of excessive trading.

Allspring Funds, other than the Adjustable Rate Government Fund, Conservative Income Fund, Ultra Short-Term Income Fund and Ultra Short-Term Municipal Income Fund (“Ultra-Short Funds”) and the money market funds, (the “Covered Funds”). The Covered Funds are not designed to serve as vehicles for frequent trading. The Covered Funds actively discourage and take steps to prevent the portfolio disruption and negative effects on long-term shareholders that can result from excessive trading activity by Covered Fund shareholders. The Board has approved the Covered Funds’ policies and procedures, which provide, among other things, that Allspring Funds Management may deem trading activity to be excessive if it determines that such trading activity would likely be disruptive to a Covered Fund by increasing expenses or lowering returns. In this regard, the Covered Funds take steps to avoid accommodating frequent purchases and redemptions of shares by Covered Fund shareholders. Allspring Funds Management monitors available shareholder trading information across all Covered Funds on a daily basis. If a shareholder redeems $20,000 or more (including redemptions that are part of an exchange transaction) from a Covered Fund, that shareholder is “blocked” from purchasing shares of that Covered Fund (including purchases that are part of an exchange transaction) for 30 calendar days after the redemption. This policy does not apply to:

■	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

■	Purchases below $20,000 (including purchases that are part of an exchange transaction).

The money market funds and the Ultra-Short Funds. Because the money market funds and Ultra-Short Funds are often used for short-term investments, they are designed to accommodate more frequent purchases and redemptions than the Covered Funds. As a result, the money market funds and Ultra-Short Funds do not anticipate that frequent purchases and redemptions, under normal circumstances, will have significant adverse consequences to the money market funds or Ultra-Short Funds or their shareholders. Although the money market funds and Ultra-Short Funds do not prohibit frequent trading, Allspring Funds Management will seek to prevent an investor from utilizing the money market funds and Ultra-Short Funds to facilitate frequent purchases and redemptions of shares in the Covered Funds in contravention of the policies and procedures adopted by the Covered Funds.

All Allspring Funds. In addition, Allspring Funds Management reserves the right to accept purchases, redemptions and exchanges made in excess of applicable trading restrictions in designated accounts held by Allspring Funds Management or its affiliate that are used at all times exclusively for addressing operational matters related to shareholder accounts, such as testing of account functions, and are maintained at low balances that do not exceed specified dollar amount limitations.

In the event that an asset allocation or “wrap” program is unable to implement the policy outlined above, Allspring Funds Management may grant a program-level exception to this policy. A financial intermediary relying on the exception is required to provide Allspring Funds Management with specific information regarding its program and ongoing information about its program upon request.

A financial intermediary through whom you may purchase shares of the Fund may independently attempt to identify excessive trading and take steps to deter such activity. As a result, a financial intermediary may on its own limit or permit trading activity of its customers who invest in Fund shares using standards different from the standards used by Allspring Funds Management and discussed in this Prospectus. Allspring Funds Management may permit a financial intermediary to enforce its own internal policies and procedures concerning frequent trading rather than the policies set forth above in instances where Allspring Funds Management reasonably believes that the intermediary’s policies and procedures effectively discourage disruptive trading activity. If you purchase Fund shares through a financial intermediary, you should contact the intermediary for more information about whether and how restrictions or limitations on trading activity will be applied to your account.

Account Policies

Advance Notice of Large Transactions. We strongly urge you to make all purchases and redemptions of Fund shares as early in the day as possible and to notify us or your intermediary at least one day in advance of transactions in Fund shares in excess of $1 million. This will help us to manage the Funds most effectively. When you give this advance notice, please provide your name and account number.

Householding. To help keep Fund expenses low, a single copy of a Prospectus or shareholder report may be sent to shareholders of the same household. If your household currently receives a single copy of a Prospectus or shareholder report and you would prefer to receive multiple copies, please call Investor Services at 1-800-222-8222 or contact your financial professional.

Retirement Accounts. We offer a variety of retirement account types for individuals and small businesses. There may be special distribution requirements for a retirement account, such as required distributions or mandatory Federal income tax withholdings. For more information about the retirement accounts listed below, including any distribution requirements, call Investor Services at 1-800-222-8222. For retirement accounts held directly with a Fund, certain fees may apply including an annual account maintenance fee.

The retirement accounts available for individuals and small businesses are:

■	Individual Retirement Accounts, including Traditional IRAs and Roth IRAs.

■	Small business retirement accounts, including Simple IRAs and SEP IRAs.

Small Account Redemptions. We reserve the right to redeem accounts that have values that fall below a Fund’s minimum initial investment amount due to shareholder redemptions (as opposed to market movement). Before doing so, we will give you approximately 60 days to bring your account value above the Fund’s minimum initial investment amount. Please call Investor Services at 1-800-222-8222 or contact your financial professional for further details.

Transaction Authorizations. We may accept telephone, electronic, and clearing agency transaction instructions from anyone who represents that he or she is a shareholder and provides reasonable confirmation of his or her identity. Neither we nor Allspring Funds will be liable for any losses incurred if we follow such instructions we reasonably believe to be genuine. For transactions through our website, we may assign personal identification numbers (PINs) and you will need to create a login ID and password for account access. To safeguard your account, please keep these credentials confidential. Contact us immediately if you believe there is a discrepancy on your confirmation statement or if you believe someone has obtained unauthorized access to your online access credentials.

Identity Verification. We are required by law to obtain from you certain personal information that will be used to verify your identity. If you do not provide the information, we will not be able to open your account. In the rare event that we are unable to verify your identity as required by law, we reserve the right to redeem your account at the current NAV of the Fund’s shares. You will be responsible for any losses, taxes, expenses, fees, or other results of such a redemption.

Right to Freeze Accounts, Suspend Account Services or Reject or Terminate an Investment. We reserve the right, to the extent permitted by law and/or regulations, to freeze any account or suspend account services when we have received reasonable notice (written or otherwise) of a dispute between registered or beneficial account owners or when we believe a fraudulent transaction may occur or has occurred. Additionally, we reserve the right to reject any purchase or exchange request and to terminate a shareholder’s investment, including closing the shareholder’s account.

Distributions

The Funds declare distributions of any net investment income daily, and pay such distributions monthly. The Funds generally make distributions of any realized net capital gains annually. 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.

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 Funds 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. It is intended that distributions from the Fund’s net interest income from municipal obligations generally will not be subject to federal income tax, although a portion of such distributions could be subject to federal AMT for individual shareholders. Individual shareholders should consult their tax advisers regarding their specific tax situation. For the state-specific Funds, it is intended that distributions attributable to tax-exempt securities of a state and its subdivisions will also not be subject to that particular state’s individual income taxes if the Fund primarily invests in such securities. Distributions from a Fund’s ordinary income and net short-term capital gain, if any, generally will be taxable to you as ordinary income. Distributions from a Fund’s net long-term capital gain, if any, generally will be taxable to you as long-term capital gain.

Corporate shareholders should not expect 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%.

To the extent a distribution from a Fund is taxable, such distribution generally 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 Funds have built up, or have 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.

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.

California Limited-Term Tax-Free Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	10.60	$	10.55	$	10.60	$	10.45	$	10.63
Net investment income		0.17 ¹		0.18 ¹		0.21 ¹		0.22		0.20 ¹
Net realized and unrealized gains (losses) on investments		(0.72 )		0.05		(0.05 )		0.15		(0.18 )
Total from investment operations		(0.55 )		0.23		0.16		0.37		0.02
Distributions to shareholders from
Net investment income		(0.17 )		(0.18 )		(0.21 )		(0.22 )		(0.20 )
Net asset value, end of period	$	9.88	$	10.60	$	10.55	$	10.60	$	10.45
Total return		(5.24 )%		2.21 %		1.50 %		3.56 %		0.23 %
Ratios to average net assets (annualized)
Gross expenses		0.79 %		0.79 %		0.78 %		0.79 %		0.78 %
Net expenses		0.60 %		0.60 %		0.60 %		0.60 %		0.60 %
Net investment income		1.65 %		1.71 %		1.95 %		2.07 %		1.93 %
Supplemental data
Portfolio turnover rate		32 %		18 %		27 %		11 %		45 %
Net assets, end of period (000s omitted)	$	31,947	$	32,294	$	36,591	$	108,484	$	133,581

1	Calculated based upon average shares outstanding

California Tax-Free Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	12.16	$	11.93	$	11.94	$	11.66	$	11.86
Net investment income		0.32		0.34		0.37		0.40		0.39
Net realized and unrealized gains (losses) on investments		(1.49 )		0.24		(0.01 )		0.28		(0.20 )
Total from investment operations		(1.17 )		0.58		0.36		0.68		0.19
Distributions to shareholders from
Net investment income		(0.32 )		(0.35 )		(0.37 )		(0.40 )		(0.39 )
Net asset value, end of period	$	10.67	$	12.16	$	11.93	$	11.94	$	11.66
Total return		(9.77 )%		4.89 %		3.05 %		5.99 %		1.67 %
Ratios to average net assets (annualized)
Gross expenses		0.75 %		0.75 %		0.75 %		0.77 %		0.77 %
Net expenses		0.55 %		0.55 %		0.55 %		0.55 %		0.55 %
Net investment income		2.78 %		2.86 %		3.13 %		3.43 %		3.34 %
Supplemental data
Portfolio turnover rate		17 %		9 %		23 %		9 %		33 %
Net assets, end of period (000s omitted)	$	343,154	$	382,093	$	301,919	$	231,252	$	186,626

High Yield Municipal Bond Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	11.16	$	10.44	$	10.98	$	10.59	$	10.37
Net investment income		0.40		0.42		0.45		0.40		0.41
Net realized and unrealized gains (losses) on investments		(1.55 )		0.72		(0.54 )		0.39		0.22
Total from investment operations		(1.15 )		1.14		(0.09 )		0.79		0.63
Distributions to shareholders from
Net investment income		(0.40 )		(0.42 )		(0.45 )		(0.40 )		(0.41 )
Net realized gains		(0.04 )		0.00		0.00		0.00		0.00
Total distributions to shareholders		(0.44 )		(0.42 )		(0.45 )		(0.40 )		(0.41 )
Net asset value, end of period	$	9.57	$	11.16	$	10.44	$	10.98	$	10.59
Total return		(10.65 )%		11.10 %		(0.87 )%		7.64 %		6.21 %
Ratios to average net assets (annualized)
Gross expenses		1.05 %		1.08 %		1.05 %		1.03 %		1.01 %
Net expenses		0.68 %		0.69 %		0.70 %		0.71 %		0.75 %
Net investment income		3.73 %		3.88 %		4.12 %		3.69 %		3.93 %
Supplemental data
Portfolio turnover rate		30 %		55 %		14 %		20 %		50 %
Net assets, end of period (000s omitted)	$	8,587	$	9,692	$	11,115	$	15,704	$	24,627

Intermediate Tax/AMT-Free Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	11.93	$	11.73	$	11.67	$	11.32	$	11.47
Net investment income		0.27		0.27		0.27		0.29		0.28
Net realized and unrealized gains (losses) on investments		(1.09 )		0.20		0.06		0.35		(0.15 )
Total from investment operations		(0.82 )		0.47		0.33		0.64		0.13
Distributions to shareholders from
Net investment income		(0.27 )		(0.27 )		(0.27 )		(0.29 )		(0.28 )
Net asset value, end of period	$	10.84	$	11.93	$	11.73	$	11.67	$	11.32
Total return		(6.99 )%		4.02 %		2.82 %		5.77 %		1.18 %
Ratios to average net assets (annualized)
Gross expenses		0.74 %		0.73 %		0.73 %		0.74 %		0.73 %
Net expenses		0.60 %		0.60 %		0.60 %		0.60 %		0.60 %
Net investment income		2.31 %		2.25 %		2.28 %		2.57 %		2.48 %
Supplemental data
Portfolio turnover rate		7 %		12 %		24 %		14 %		14 %
Net assets, end of period (000s omitted)	$	29,202	$	47,552	$	60,435	$	177,742	$	183,624

Minnesota Tax-Free Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	11.02	$	10.86	$	10.76	$	10.51	$	10.68
Net investment income		0.21		0.23 ¹		0.26 ¹		0.30 ¹		0.31 ¹
Net realized and unrealized gains (losses) on investments		(0.90 )		0.16		0.10		0.25		(0.16 )
Total from investment operations		(0.69 )		0.39		0.36		0.55		0.15
Distributions to shareholders from
Net investment income		(0.21 )		(0.23 )		(0.26 )		(0.30 )		(0.31 )
Net realized gains		(0.01 )		0.00		0.00		0.00		(0.01 )
Total distributions to shareholders		(0.22 )		(0.23 )		(0.26 )		(0.30 )		(0.32 )
Net asset value, end of period	$	10.11	$	11.02	$	10.86	$	10.76	$	10.51
Total return		(6.35 )%		3.58 %		3.34 %		5.29 %		1.34 %
Ratios to average net assets (annualized)
Gross expenses		0.85 %		0.86 %		0.87 %		0.88 %		0.78 %
Net expenses		0.60 %		0.60 %		0.60 %		0.60 %		0.60 %
Net investment income		1.92 %		2.06 %		2.38 %		2.81 %		2.89 %
Supplemental data
Portfolio turnover rate		11 %		9 %		16 %		18 %		15 %
Net assets, end of period (000s omitted)	$	53,578	$	60,727	$	69,954	$	95,072	$	85,259

1	Calculated based upon average shares outstanding

Municipal Bond Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	10.84	$	10.56	$	10.55	$	10.21	$	10.25
Net investment income		0.24		0.25		0.27		0.31 ¹		0.33 ¹
Net realized and unrealized gains (losses) on investments		(1.14 )		0.28		0.02		0.34		(0.02 )
Total from investment operations		(0.90 )		0.53		0.29		0.65		0.31
Distributions to shareholders from
Net investment income		(0.24 )		(0.25 )		(0.27 )		(0.31 )		(0.33 )
Net realized gains		0.00		0.00		(0.01 )		0.00		(0.02 )
Total distributions to shareholders		(0.24 )		(0.25 )		(0.28 )		(0.31 )		(0.35 )
Net asset value, end of period	$	9.70	$	10.84	$	10.56	$	10.55	$	10.21
Total return		(8.42 )%		5.10 %		2.78 %		6.51 %		3.13 %
Ratios to average net assets (annualized)
Gross expenses		0.71 %		0.71 %		0.71 %		0.72 %		0.73 %
Net expenses		0.60 %		0.60 %		0.60 %		0.60 %		0.60 %
Net investment income		2.31 %		2.37 %		2.54 %		3.02 %		3.27 %
Supplemental data
Portfolio turnover rate		18 %		16 %		24 %		20 %		19 %
Net assets, end of period (000s omitted)	$	1,034,623	$	1,000,652	$	1,017,781	$	832,318	$	227,116

1	Calculated based upon average shares outstanding

Municipal Sustainability Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020¹
Net asset value, beginning of period	$	21.03	$	20.35	$	20.00
Net investment income		0.35		0.37		0.11
Net realized and unrealized gains (losses) on investments		(2.29 )		0.68		0.35
Total from investment operations		(1.94 )		1.05		0.46
Distributions to shareholders from
Net investment income		(0.36 )		(0.37 )		(0.11 )
Net asset value, end of period	$	18.73	$	21.03	$	20.35
Total return²		(9.34 )%		5.20 %		2.32 %
Ratios to average net assets (annualized)
Gross expenses		1.28 %		1.77 %		2.20 %
Net expenses		0.60 %		0.60 %		0.60 %
Net investment income		1.75 %		1.80 %		1.67 %
Supplemental data
Portfolio turnover rate		31 %		77 %		32 %
Net assets, end of period (000s omitted)	$	1,089	$	1,192	$	1,017

1	For the period from February 28, 2020 (commencement of class operations) to June 30, 2020

2	Returns for periods of less than one year are not annualized.

Short-Term Municipal Bond Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	9.96	$	9.92	$	9.93	$	9.84	$	9.86
Net investment income		0.12		0.12 ¹		0.16		0.16		0.14
Net realized and unrealized gains (losses) on investments		(0.42 )		0.04		(0.02 )		0.09		(0.02 )
Total from investment operations		(0.30 )		0.16		0.14		0.25		0.12
Distributions to shareholders from
Net investment income		(0.12 )		(0.12 )		(0.15 )		(0.16 )		(0.14 )
Tax basis return of capital		0.00		0.00		0.00		(0.00 ) ²		0.00
Total distributions to shareholders		(0.12 )		(0.12 )		(0.15 )		(0.16 )		(0.14 )
Net asset value, end of period	$	9.54	$	9.96	$	9.92	$	9.93	$	9.84
Total return		(3.08 )%		1.65 %		1.39 %		2.60 %		1.18 %
Ratios to average net assets (annualized)
Gross expenses		0.70 %		0.71 %		0.69 %		0.70 %		0.71 %
Net expenses		0.60 %		0.60 %		0.60 %		0.60 %		0.60 %
Net investment income		1.07 %		1.23 %		1.55 %		1.62 %		1.36 %
Supplemental data
Portfolio turnover rate		28 %		20 %		35 %		33 %		31 %
Net assets, end of period (000s omitted)	$	6,372	$	12,906	$	18,560	$	35,517	$	44,186

1	Calculated based upon average shares outstanding

2	Amount is less than $0.005.

Strategic Municipal Bond Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	9.32	$	9.17	$	9.14	$	8.93	$	8.93
Net investment income		0.13		0.15		0.17		0.19		0.16
Net realized and unrealized gains (losses) on investments		(0.63 )		0.15		0.04		0.21		0.02
Total from investment operations		(0.50 )		0.30		0.21		0.40		0.18
Distributions to shareholders from
Net investment income		(0.14 )		(0.15 )		(0.17 )		(0.19 )		(0.16 )
Net realized gains		0.00		0.00		(0.01 )		0.00		(0.02 )
Total distributions to shareholders		(0.14 )		(0.15 )		(0.18 )		(0.19 )		(0.18 )
Net asset value, end of period	$	8.68	$	9.32	$	9.17	$	9.14	$	8.93
Total return		(5.46 )%		3.27 %		2.34 %		4.53 %		2.07 %
Ratios to average net assets (annualized)
Gross expenses		0.73 %		0.73 %		0.73 %		0.73 %		0.76 %
Net expenses		0.68 %		0.68 %		0.68 %		0.68 %		0.68 %
Net investment income		1.48 %		1.58 %		1.92 %		2.10 %		1.80 %
Supplemental data
Portfolio turnover rate		24 %		11 %		26 %		29 %		33 %
Net assets, end of period (000s omitted)	$	76,816	$	111,200	$	115,889	$	149,097	$	191,723

Ultra Short-Term Municipal Income Fund

For a share outstanding throughout each period


		Year ended June 30
Administrator Class		2022		2021		2020		2019		2018
Net asset value, beginning of period	$	9.61	$	9.59	$	9.60	$	9.57	$	9.57
Net investment income		0.03 ¹		0.04		0.12 ¹		0.13 ¹		0.08 ¹
Net realized and unrealized gains (losses) on investments		(0.16 )		0.02		(0.01 )		0.03		0.01
Total from investment operations		(0.13 )		0.06		0.11		0.16		0.09
Distributions to shareholders from
Net investment income		(0.03 )		(0.04 )		(0.12 )		(0.13 )		(0.09 )
Net asset value, end of period	$	9.45	$	9.61	$	9.59	$	9.60	$	9.57
Total return		(1.39 )%		0.62 %		1.19 %		1.70 %		0.95 %
Ratios to average net assets (annualized)
Gross expenses		0.60 %		0.60 %		0.70 %		0.70 %		0.70 %
Net expenses		0.50 %		0.50 %		0.59 %		0.60 %		0.60 %
Net investment income		0.27 %		0.42 %		1.28 %		1.34 %		0.82 %
Supplemental data
Portfolio turnover rate		46 %		30 %		55 %		55 %		50 %
Net assets, end of period (000s omitted)	$	10,929	$	15,157	$	18,243	$	25,649	$	53,746

1	Calculated based upon average shares outstanding

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
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To obtain information for a fee, write or email:
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The Allspring Funds are distributed by
Allspring Funds Distributor, LLC, a member of FINRA.


Fund	Administrator Class
Allspring California Limited-Term Tax-Free Fund	SCTIX
Allspring California Tax-Free Fund	SGCAX
Allspring High Yield Municipal Bond Fund	WHYDX
Allspring Intermediate Tax/AMT-Free Fund	WFITX
Allspring Minnesota Tax-Free Fund	NWMIX
Allspring Municipal Bond Fund	WMFDX
Allspring Municipal Sustainability Fund	WMSDX
Allspring Short-Term Municipal Bond Fund	WSTMX
Allspring Strategic Municipal Bond Fund	VMPYX
Allspring Ultra Short-Term Municipal Income Fund	WUSMX


Fund Summaries
California Limited-Term Tax-Free Fund Summary................................................................................	2
California Tax-Free Fund Summary.....................................................................................................	6
High Yield Municipal Bond Fund Summary.........................................................................................	11
Intermediate Tax-AMT-Free Fund Summary........................................................................................	16
Minnesota Tax-Free Fund Summary....................................................................................................	20
Municipal Bond Fund Summary..........................................................................................................	24
Municipal Sustainability Fund Summary.............................................................................................	28
Short-Term Municipal Bond Fund Summary........................................................................................	33
Strategic Municipal Bond Fund Summary...........................................................................................	37
Ultra Short-Term Municipal Income Fund Summary............................................................................	41
Details About the Funds
California Limited-Term Tax-Free Fund................................................................................................	45
California Tax-Free Fund.....................................................................................................................	47
High Yield Municipal Bond Fund.........................................................................................................	49
Intermediate Tax-AMT-Free Fund........................................................................................................	51
Minnesota Tax-Free Fund....................................................................................................................	52
Municipal Bond Fund..........................................................................................................................	54
Municipal Sustainability Fund.............................................................................................................	55
Short-Term Municipal Bond Fund........................................................................................................	57
Strategic Municipal Bond Fund...........................................................................................................	58
Ultra Short-Term Municipal Income Fund............................................................................................	60
Description of Principal Investment Risks...........................................................................................	61
Portfolio Holdings Information............................................................................................................	63
Pricing Fund Shares............................................................................................................................	63
Management of the Funds
The Manager......................................................................................................................................	65
The Sub-Adviser and Portfolio Managers............................................................................................	65
Multi-Manager Arrangement...............................................................................................................	66
Account Information
Share Class Eligibility.........................................................................................................................	68
Share Class Features..........................................................................................................................	68
Compensation to Financial Professionals and Intermediaries.............................................................	68
Buying and Selling Fund Shares.........................................................................................................	69
Exchanging Fund Shares....................................................................................................................	71
Frequent Purchases and Redemptions of Fund Shares.......................................................................	72
Account Policies.................................................................................................................................	73
Distributions.......................................................................................................................................	74


Other Information
Taxes..................................................................................................................................................	75
Financial Highlights............................................................................................................................	76


Market Risk Debt Securities Risk Municipal Securities Risk State Emphasis Risk Non-Diversification Risk	Derivatives Risk Futures Contracts Risk High Yield Securities Risk Inverse Floater Risk Management Risk


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