Form 497 ALLSPRING FUNDS TRUST

September 30, 2022

Dear Valued Shareholder:

A Special Meeting (the “Meeting”) of Shareholders of the Target Funds listed below, each a series of Investment Managers Series Trust (the “Target Trust”), will be held at the offices of Mutual Fund Administration, LLC, 2220 East Route 66, Ste. 226, Glendora, CA 91740 on November 4, 2022 at 11:00 a.m. Pacific time.

Shareholders of each Target Fund are being asked to approve an Agreement and Plan of Reorganization (the “Plan”) providing for the merger of their Target Fund into the corresponding Acquiring Fund, including the acquisition of all of the assets of the Target Fund by the corresponding Acquiring Fund in exchange for shares of the Acquiring Fund and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund (each a “Merger” and collectively the “Mergers”). The Plan also provides for the prompt distribution of the Acquiring Fund shares to shareholders of the Target Fund in liquidation of the Target Fund.

The Target Fund’s investment advisor, Hamilton Lane Advisors, L.L.C. (“Hamilton Lane”), has recommended that each Target Fund be reconstituted as a series of Allspring Funds Trust (the “Acquiring Trust”). Hamilton Lane has indicated that it no longer considers acting as investment adviser to mutual funds to be part of its long term strategic plan, and that it believes that continuing the Target Funds as new series of the Acquiring Trust may benefit each Target Fund and its shareholders by providing the ability to continue to invest in a mutual fund with a substantially similar investment strategy that is part of a fund family consisting of series advised by Allspring Funds Management, LLC (“Allspring Funds Management”), the proposed investment advisor to each Acquiring Fund. In addition, Hamilton Lane has indicated its belief that a transition of the Target Funds to new series of the Acquiring Trust may result in more customized growth and distribution support for the Acquiring Funds, thereby resulting in the potential for increased assets and decreased operating expenses over the long term. If the Mergers are completed, Allspring Global Investments, LLC (“Allspring Investments”), the current sub-adviser to each Target Fund, and each Target Fund’s current portfolio managers will continue to provide the day-to-day management of the corresponding Acquiring Fund’s portfolio.

If shareholders of a Target Fund approve the Plan and certain other closing conditions are satisfied or waived, each shareholder of that Target Fund will receive after the closing of the Merger (in accordance with the Plan) a number of shares of beneficial interest of the corresponding Acquiring Fund equal in value to the aggregate net asset value of the shares of the Target Fund held by the Target Fund shareholder immediately prior to the Merger, and the Target Fund shareholders will become shareholders of the Acquiring Fund.

Each Acquiring Fund is a newly organized fund that will commence operation upon the closing of the Merger of the corresponding Target Fund. The investment objectives, principal investment strategies, policies, and risks of each Target Fund and the corresponding Acquiring Fund are substantially similar. Each Merger generally is not expected to result in the recognition of gain or loss by the applicable Target Fund or its shareholders for federal income tax purposes. No sales charges or redemption fees will be imposed in connection with the Mergers. If the shareholders of a Target Fund do not approve the applicable Merger, then the Merger of that Target Fund will not be implemented and such Target Fund will continue to operate as a series of the Trust. In addition, the Merger of the 361 Domestic Long/Short Equity Fund is contingent on shareholder approval of the 361 Global Long/Short Equity Fund. If a Merger of a Target Fund is not

completed, the Board of Trustees of the Target Trust (the “Board”) will consider additional actions as it deems to be in the best interests of such Target Fund, including the possible liquidation of the Target Fund.

After careful consideration, for the reasons discussed in the attached Prospectus/Proxy Statement, and based on the recommendation of the Trust’s investment advisor, Hamilton Lane, the Board, including a majority of Trustees who are not “interested persons” of each Target Fund, as that term is defined in the Investment Company Act of 1940, as amended, has approved each Merger and the solicitation of each Target Fund’s shareholders with respect to the applicable Plan. The Board recommends that the shareholders of each Target Fund vote “FOR” approval of the Plan with respect to their Target Fund and the Merger it contemplates.

The attached Prospectus/Proxy Statement is designed to give you more information about the proposal. If you have any questions regarding the proposal to be voted on, please do not hesitate to call the number on the enclosed proxy card. If you were a shareholder of record of a Target Fund as of the close of business on September 9, 2022, the record date for the Special Meeting, you are entitled to vote on the proposal with respect to your Target Fund(s) at the Special Meeting and at any adjournment thereof. While you are, of course, welcome to join us at the Special Meeting, we expect that most shareholders will cast their votes by filling out and signing the enclosed proxy card.

Whether or not you are planning to attend the Special Meeting, we need your vote. Please submit your vote via the options listed on your proxy card. You can mark, sign and date the enclosed proxy card and promptly return it in the enclosed, postage-paid envelope so that the maximum number of shares may be voted. You should follow the enclosed instructions on your proxy card as to how to vote, which includes calling the toll-free number on your proxy card to vote by telephone. You may also vote via the Internet at the website listed on your proxy card. You may revoke your proxy before it is exercised at the Special Meeting, either by writing to the Secretary of the Trust at the address noted in the Prospectus/Proxy Statement or in person at the time of the Special Meeting. A prior proxy vote can also be revoked by voting the proxy at a later date through the toll-free number listed on the proxy card. Thank you for taking the time to consider this important proposal and for your continuing investment in the Investment Managers Series Trust.

Sincerely,

Maureen Quill

Maureen Quill
President

INVESTMENT MANAGERS SERIES TRUST

235 WEST GALENA STREET, MILWAUKEE, WI 53212
1-626-914-4141

September 30, 2022

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS TO BE HELD ON NOVEMBER 4, 2022

A Special Meeting (the “Meeting”) of Shareholders of the Target Funds listed below (each, a “Target Fund” and collectively, the “Target Funds”), each a series of Investment Managers Series Trust (the “Target Trust”) will be held at Mutual Fund Administration, LLC, 2220 East Route 66, Ste. 226, Glendora, CA 91740 on November 4, 2022 at 11:00 a.m. Pacific Time.

With respect to each Target Fund, the Meeting is being held for the following purposes:

Any adjournment(s) of the Meeting will be held at the above address. The Board of Trustees of the Target Trust has fixed the close of business on September 9, 2022 as the record date (the “Record Date”) for the Meeting. Only shareholders of record as of the close of business on the Record Date will be entitled to this notice and to vote at the Meeting or any adjournment(s) thereof. If you have any questions about voting, please call Okapi Partners, our proxy solicitor, at 1-877-285-5990 (toll free).

IT IS IMPORTANT THAT PROXY CARDS BE RETURNED PROMPTLY. ALL SHAREHOLDERS ARE URGED TO COMPLETE, DATE, SIGN AND RETURN WITHOUT DELAY THEIR ENCLOSED PROXY CARD IN THE ENCLOSED POSTAGE-PAID ENVELOPE, OR TO VOTE USING ONE OF THE OTHER METHODS DESCRIBED AT THE END OF THE PROSPECTUS/PROXY STATEMENT SO THAT YOUR SHARES MAY BE REPRESENTED AT THE MEETING. YOUR PROMPT ATTENTION TO THE ENCLOSED PROXY CARD WILL HELP TO AVOID THE EXPENSE OF FURTHER SOLICITATION.

By order of the Board of Trustees,

Diane Drake
Secretary

ALLSPRING FUNDS TRUST

525 MARKET STREET, 12TH FLOOR, SAN FRANCISCO, CA 94105
1-800-222-8222

September 30, 2022

PROSPECTUS/PROXY STATEMENT

This Prospectus/Proxy Statement contains information you should know before voting on the proposed mergers (each a “Merger” and collectively the “Mergers”) of the Target Funds listed below (each, a “Target Fund” and collectively, the “Target Funds”), each of which is a series of Investment Managers Series Trust (the “Target Trust”), a registered open-end management investment company, into the corresponding Acquiring Funds listed below (each, an “Acquiring Fund” and collectively, the “Acquiring Funds”), each of which is a series of Allspring Funds Trust (the “Acquiring Trust”), a registered open-end management investment company. If approved, each Merger will result in shareholders of the respective Target Fund receiving shares of the corresponding Acquiring Fund in exchange for their shares of the Target Fund.

The Target Funds and Acquiring Funds listed above are collectively referred to as the “Funds.”

Please read this Prospectus/Proxy Statement carefully and retain it for future reference. Additional information concerning each Fund and Merger has been filed with the Securities and Exchange Commission (the “SEC”).

The prospectus, statement of additional information (“SAI”), annual reports and semi-annual reports of each Target Fund are incorporated into this document by reference and are legally deemed to be part of this Prospectus/Proxy Statement. Copies of these documents are available upon request without charge by writing to 361 Funds, PO Box 2175, Milwaukee, WI 53201 or by calling 1.888.736.1227 or visiting the Target Funds website at www.361funds.com.

Each Acquiring Fund is a “shell fund” being registered with the SEC in order to receive the assets, assume the liabilities, and continue the business of the corresponding Target Fund. As such, no prospectus, SAI, annual report or semiannual report for the Acquiring Funds are available as of the date of this Prospectus/Proxy Statement. Information about the Acquiring Funds that would otherwise be available in a prospectus can be found in the sections entitled “Merger Summary” and “Account Information” of this Prospectus/Proxy Statement. Additional information is included in the Merger Statement of Additional Information (the “Merger SAI”).

You may also view or obtain available documents from the SEC: by phone at 1.800.SEC.0330 (duplicating fee required); in person or by mail at Public Reference Section, Securities and Exchange Commission, 100 F Street, N.E., Washington, D.C. 20549-0213 (duplicating fee required); by email at [email protected] (duplicating fee required); or by internet at www.sec.gov.

The SEC has not approved or disapproved these securities or determined if this Prospectus/Proxy Statement is truthful or complete. Any representation to the contrary is a criminal offense.

The shares offered by this Prospectus/Proxy Statement are not deposits of a bank, are not insured, endorsed or guaranteed by the FDIC or any government agency and involve investment risk, including possible loss of your original investment.

Table of Contents

OVERVIEW

This section summarizes the primary features and consequences of each Merger. This summary is qualified in its entirety by reference to the information contained elsewhere in this Prospectus/Proxy Statement, in the Merger SAI, in each Target Fund’s prospectus, financial statements contained in its annual report, SAI, and in the related Agreement and Plan of Reorganization (the “Plan”), a form of which is attached as Exhibit A hereto.

KEY FEATURES OF THE MERGER

The Plan sets forth the key features of each Merger and generally provides for the following:

The Mergers are scheduled to take place sometime in late 4th Quarter 2022 or early in 1st Quarter 2023 (the “Closing Date”). For a more complete description of the Mergers, see the section entitled “Merger Information - Agreement and Plan of Reorganization,” as well as Exhibit A. Each Merger must be approved by the shareholders of the respective Target Fund as discussed in this document. In addition, the Merger of the 361 Domestic Long/Short Equity Fund is contingent on shareholder approval of the Merger of the 361 Global Long/Short Equity Fund. The cost of solicitation and any other expenses of the Mergers (other than brokerage and transaction costs associated with the sale or purchase of portfolio securities in connection with the Mergers) will be paid by Hamilton Lane and Allspring Funds Management or one of their affiliates, and so will not be borne by shareholders of the Target Funds. Except as noted above, Hamilton Lane and Allspring Funds Management or one of their affiliates will bear all costs associated with the Mergers even if the Mergers are not approved or completed.

REASONS FOR THE PROPOSAL AND BOARD OF TRUSTEES RECOMMENDATION

Hamilton Lane has recommended that each Target Fund be reconstituted as a series of the Acquiring Trust. Hamilton Lane has indicated that it no longer considers acting as investment adviser to mutual funds to be part of its long term strategic plan, and that it believes that continuing the Target Funds as new series of the Acquiring Trust may benefit each Target Fund and its shareholders by providing the ability to continue to invest in a mutual fund with a substantially similar investment strategy that is part of a fund family consisting of series advised by Allspring Funds Management, the proposed investment manager to each Acquiring Fund. In addition, Hamilton Lane has indicated its belief that a transition of the Target Funds to new series of the Acquiring Trust may result in more customized growth and distribution support for the Acquiring Funds, thereby resulting in the potential for increased assets and decreased operating expenses over the long term.

The Target Trust Board (including all trustees who are not “interested persons” of the Target Funds, Hamilton Lane, Allspring Investments or their affiliates), believes that the terms of each reorganization are in the best interests of each Target Fund and its respective shareholders and will not dilute the interests of the Target Fund’s existing shareholders, and recommends that shareholders of each Target Fund approve the Plan for each Target Fund.

In considering and approving the reorganizations, the Target Trust Board considered, among other things: (1) that each reorganization was recommended by Hamilton Lane as the investment advisor to the Target Funds; (2) the terms and conditions of the reorganizations; (3) the expectation that each reorganization will constitute a “reorganization” within the meaning of Section 368(a) of the Code and that the applicable Target Fund and its shareholders are generally not expected to recognize gain or loss for U.S. federal income tax purposes as a result of the reorganization; (4) that the investment objectives, principal investment strategies policies, and risks of each Target Fund and the corresponding Acquiring Fund are substantially similar; (5) that Allspring Investments and each Target Fund’s current portfolio managers will continue to provide the day-to-day management of the corresponding Acquiring Fund’s portfolio; (6) that the maximum advisory fee for each Acquiring Fund is the same as the current advisory fee for the corresponding Target Fund, and that, unlike each Target Fund’s investment advisory agreement, each Acquiring Fund’s investment advisory agreement provides for breakpoints that reduce the advisory fee to be paid at higher Acquiring Fund asset

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levels; (7) that Allspring Funds Management had agreed to enter into an expense limitation agreement that, for at least a two-year period from the date of the reorganization, would have the economic effect of capping each Acquiring Fund’s net operating expenses at a level lower than the corresponding Target Fund’s current net operating expenses; (8) that Hamilton Lane would waive its contractual right to recoup any fees waived or to seek reimbursement for expenses paid before the reorganization occurs; (9) the waiver of applicable Acquiring Fund sales charges or other class eligibility requirements for shareholders of each Target Fund following the reorganization; (10) that the reorganization would allow Target Fund shareholders who wish to continue to invest in a mutual fund managed in substantially the same manner as the Target Fund to do so; (11) whether the interests of the shareholders of each Target Fund would not be diluted as a result of the reorganizations; (12) Allspring Funds Management’s experience and expertise in providing investment advisory services to mutual funds, and in providing administrative, compliance and other services; (13) that Hamilton Lane believes that Allspring Funds Management has the capacity and ability to sustain long-term growth in the Target Funds; (14) that Hamilton Lane and Allspring Funds Management will bear the costs of each proposed reorganization (except as otherwise noted herein); (15) the satisfactory experience and background of the Acquiring Trust’s independent trustees; (16) the types of services expected to be provided to each Acquiring Fund by Allspring Funds Management, Allspring Investments and the other service providers retained by the Acquiring Trust; (17) that each proposed reorganization will be submitted to the shareholders of the corresponding Target Fund for their approval; and (18) that shareholders of a Target Fund who do not wish to become shareholders of the corresponding Acquiring Fund may redeem their Target Fund shares before the reorganization.

MERGER SUMMARY (OBJECTIVES, STRATEGIES, RISKS, PERFORMANCE, EXPENSE, MANAGEMENT AND TAX INFORMATION)

For each Merger, the following section provides a comparison of the Funds’ investment objectives, principal investment strategies, fundamental investment policies, risks, performance records, and expenses. It also provides information about what the management and share class structure of each Acquiring Fund will be after the Merger. The information below is only a summary; for more detailed information, please see the rest of this Prospectus/Proxy Statement and each Target Fund’s prospectus and SAI. Information about the Acquiring Funds that would otherwise be available in a prospectus can be found in the sections entitled “Merger Summary” and “Account Information” in this Prospectus/Proxy Statement. Additional information is contained in the Merger SAI.

361 DOMESTIC LONG/SHORT EQUITY FUND INTO ALLSPRING U.S. LONG/SHORT EQUITY FUND

SHARE CLASS INFORMATION

The following table illustrates the share class of the Acquiring Fund you will receive in exchange for your Target Fund shares as a result of the Merger. The Acquiring Fund share class to be received in exchange for the applicable Target Fund share class was chosen based on a consideration of expense structure and shareholder eligibility similarities.

The Acquiring Fund Shares you will receive as a result of the Merger will have the same dollar value as your Target Fund shares as of the close of business on the business day immediately prior to the Merger.

The procedures for buying, selling and exchanging shares of the Funds are similar. For additional information on how you can buy, sell or exchange shares of each Acquiring Fund see the section entitled “Account Information.” Additional information on how you can buy, sell or exchange shares of each Target Fund is available in the Target Funds’ prospectus and SAI. Information about the Acquiring Funds that would otherwise be available in a prospectus can be found in the sections entitled “Merger Summary” and “Account Information” in this Prospectus/Proxy Statement. Additional information is contained in the Merger SAI. In addition, the distribution policies for the Funds are the same.

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INVESTMENT OBJECTIVE AND STRATEGY COMPARISON

The following section compares the investment objectives, principal investment strategies and fundamental investment policies of the Funds. The investment objectives of the Funds may be changed without shareholder approval.

Although the Funds use different terminology and descriptions to express their investment objectives and investment strategies, each are substantially similar. The Funds’ investment objectives are substantially similar in that each Fund’s primary objective is to seek long-term capital appreciation. The Funds’ principal investment strategies are substantially similar in that each Fund invests at least 80% of its net assets in equity securities such as common stocks, warrants and rights of U.S. issuers of any market capitalization and both Funds employ a strategy of taking long and short positions in equity securities.

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Although not identical, the fundamental investment policies of the Funds, which may only be changed with shareholder approval, are substantially similar. For a comparative chart of the Funds’ fundamental investment policies, please see Exhibit B.

PRINCIPAL RISK COMPARISON

Because the Target Fund and Acquiring Fund are series of different fund families, the Funds use different terminology and descriptions to describe their principal risks. Nonetheless, due to the substantial similarity of the Funds’ principal investment strategies, the Funds are generally subject to substantially similar types of principal risks. Listed below are

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the principal risks that apply to an investment in the Acquiring Fund. A description of these risks can be found in the section of this Prospectus/Proxy Statement entitled “Risk Descriptions.”

Allspring U.S. Long/Short Equity Fund

Equity Securities Risk
Market Risk
Short Sales Risk
Leverage Risk
Management Risk
Smaller Company Securities Risk

The Funds have other investment policies, practices and restrictions which, together with their related risks, are set forth in the Target Fund’s prospectus and SAI.

FUND PERFORMANCE COMPARISON

The following bar chart and table illustrate how the Target Fund’s returns have varied from year to year and compare the Target Fund’s returns with those of a broad-based securities index. Past performance (before and after taxes) is not necessarily an indication of future results. Current month-end performance information is available for the Target Fund on the Target Fund’s website at www.361funds.com. Since the Acquiring Fund has not yet commenced operations, performance information for the Acquiring Fund is not yet available. The Target Fund is the accounting and performance survivor of the Merger, meaning its accounting and performance results will be attributed to the Acquiring Fund going forward.

Calendar Year Total Returns for Class I Shares (%) for the 361 Domestic Long/Short Equity Fund

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SHAREHOLDER FEE AND FUND EXPENSE COMPARISON

This section compares the fees and expenses you pay if you buy, hold, and sell shares of the Target Fund and the Acquiring Fund. For information about the share class of the Acquiring Fund that you will receive in connection with the Merger, please see the section entitled “Share Class Information” above.

The first table below entitled “Shareholder Fees” allows you to compare the maximum sales charges of the Funds and includes a Pro Forma column that shows you what the sales charges will be assuming the Merger takes place. Following completion of the Merger, former Investor Class shareholders of the Target Fund will be granted a waiver of the front end sales charge applicable to the Class A shares of the Acquiring Fund. The Target Fund shareholders will not pay any front-end or deferred sales charges in connection with the Merger.

The second table below entitled “Annual Fund Operating Expenses” allows you to compare the annual operating expenses of the Funds. The total annual fund operating expenses for the Target Fund set forth in the following table are based on the actual expenses incurred for the Target Fund’s fiscal year ended October 31, 2021. The pro forma expense column shows you what the total annual fund operating expenses (before and after waiver) would have been for the Acquiring Fund for the twelve-month period ended April 30, 2022, assuming the Merger had taken place at the beginning of that period. Since the Acquiring Fund has not yet commenced operations, annual fund operating expenses have not been provided for the Acquiring Fund and the information presented in the pro forma column is based on estimates. While the Target Funds’ expense waivers have been subject to potential recoupment by Hamilton Lane, the Acquiring Funds will not have a recoupment facility. Fees previously waived by the Target Funds will no longer be eligible for recoupment by Hamilton Lane or Allspring Funds Management.

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Examples of Fund Expenses

The examples below are intended to help you compare the costs of investing in the Target Fund with the costs of investing in the Acquiring Fund, both before and after the Merger, and are for illustration only. The examples assume a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same, as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the examples assume that such waivers or reimbursements will only be in place through the one year period for the Target Fund and the two year period for the Acquiring Fund (both pre-merger and pro forma). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

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The Target Fund has a shareholder servicing fee of up to 0.15% for Investor Class and Class I. The Acquiring Fund has a shareholder servicing fee of up to 0.25% for Class A. The Acquiring Fund does not have a shareholder servicing fee for Institutional Class.

FUND MANAGEMENT INFORMATION

The following table identifies the manager, sub-adviser and portfolio managers for the Acquiring Fund. Further information about the management of the Acquiring Fund can be found under the section entitled “Management of the Funds.”

TAX INFORMATION

It is expected that the Merger will constitute a “reorganization” within the meaning of Section 368(a)(1)(f) of the Internal Revenue Code of 1986, as amended. A receipt of an opinion substantially to that effect from Goodwin Procter LLP, tax counsel to the Acquiring Fund, is a condition to the obligation of the Funds to consummate the Merger. Consistent with the opinion, the Merger is not expected to be taxable to the Acquiring Fund, the Target Fund or their shareholders for U.S. federal income tax purposes.

The cost basis and holding period of the Target Fund shares will carry over to the shares of the Acquiring Fund you receive as a result of the Merger, in each case for U.S. federal income tax purposes. At any time prior to the consummation of the Merger, a shareholder may redeem shares, usually resulting in recognition of a gain or loss for U.S. federal income tax purposes to the redeeming shareholder if the shareholder holds the shares in a taxable account.

Certain other U.S. federal income tax consequences are discussed below under “Material U.S. Federal Income Tax Consequences of the Mergers.”

361 GLOBAL LONG/SHORT EQUITY FUND INTO ALLSPRING GLOBAL LONG/SHORT EQUITY FUND

SHARE CLASS INFORMATION

The following table illustrates the share class of the Acquiring Fund you will receive in exchange for your Target Fund shares as a result of the Merger. The Acquiring Fund share class to be received in exchange for the applicable Target Fund share class was chosen based on a consideration of expense structure and shareholder eligibility similarities.

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The Acquiring Fund Shares you will receive as a result of the Merger will have the same dollar value as your Target Fund shares as of the close of business on the business day immediately prior to the Merger.

The procedures for buying, selling and exchanging shares of the Funds are similar. For additional information on how you can buy, sell or exchange shares of each Acquiring Fund see the section entitled “Account Information.” Additional information on how you can buy, sell or exchange shares of each Target Fund is available in the Target Funds’ prospectus and SAI. Information about the Acquiring Funds that would otherwise be available in a prospectus can be found in the sections entitled “Merger Summary” and “Account Information” in this Prospectus/Proxy Statement. Additional information is contained in the Merger SAI. In addition, the distribution policies for the Funds are the same.

INVESTMENT OBJECTIVE AND STRATEGY COMPARISON

The following section compares the investment objectives, principal investment strategies and fundamental investment policies of the Funds. The investment objectives of the Funds may be changed without shareholder approval.

Although the Funds use different terminology and descriptions to express their investment objectives and investment strategies, each are substantially similar. The Funds’ investment objectives are substantially similar in that each Fund’s primary objective is to seek long-term capital appreciation. The Funds’ principal investment strategies are substantially similar in that each Fund invests at least 80% of its net assets in equity securities such as common stocks, warrants and rights of U.S. and foreign issuers of any market capitalization and both Funds employ a strategy of taking long and short positions in equity securities.

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Although not identical, the fundamental investment policies of the Funds, which may only be changed with shareholder approval, are substantially similar. For a comparative chart of the Funds’ fundamental investment policies, please see Exhibit B.

PRINCIPAL RISK COMPARISON

Because the Target Fund and Acquiring Fund are series of different fund families, the Funds use different terminology and descriptions to describe their principal risks. Nonetheless, due to the substantial similarity of the Funds’ principal investment strategies, the Funds are generally subject to substantially similar types of principal risks. Listed below are the principal risks that apply to an investment in the Acquiring Fund. A description of these risks can be found in the section of this Prospectus/Proxy Statement entitled “Risk Descriptions.”

Allspring Global Long/Short Equity Fund

Equity Securities Risk
Market Risk
Foreign Investment Risk
Short Sales Risk
Leverage Risk
Management Risk
Smaller Company Securities Risk

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The Funds have other investment policies, practices and restrictions which, together with their related risks, are set forth in the Target Fund’s prospectus and SAI.

FUND PERFORMANCE COMPARISON

The following bar chart and table illustrate how the Target Fund’s returns have varied from year to year and compare the Target Fund’s returns with those of a broad-based securities index. Past performance (before and after taxes) is not necessarily an indication of future results. Current month-end performance information is available for the Target Fund on the Target Fund’s website at www.361funds.com. Since the Acquiring Fund has not yet commenced operations, performance information for the Acquiring Fund is not yet available. The Target Fund is the accounting and performance survivor of the Merger, meaning its accounting and performance results will be attributed to the Acquiring Fund going forward.

Calendar Year Total Returns for Class I Shares (%) for the 361 Global Long/Short Equity Fund

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SHAREHOLDER FEE AND FUND EXPENSE COMPARISON

This section compares the fees and expenses you pay if you buy, hold, and sell shares of the Target Fund and the Acquiring Fund. For information about the share class of the Acquiring Fund that you will receive in connection with the Merger, please see the section entitled “Share Class Information” above.

The first table below entitled “Shareholder Fees” allows you to compare the maximum sales charges of the Funds and includes a Pro Forma column that shows you what the sales charges will be assuming the Merger takes place. Following completion of the Merger, former Investor Class shareholders of the Target Fund will be granted a waiver of

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the front end sales charge applicable to the Class A shares of the Acquiring Fund. The Target Fund shareholders will not pay any front-end or deferred sales charges in connection with the Merger.

The second table below entitled “Annual Fund Operating Expenses” allows you to compare the annual operating expenses of the Funds. The total annual fund operating expenses for the Target Fund set forth in the following table are based on the actual expenses incurred for the Target Fund’s fiscal year ended October 31, 2021. The pro forma expense column shows you what the total annual fund operating expenses (before and after waiver) would have been for the Acquiring Fund for the twelve-month period ended April 30, 2022, assuming the Merger had taken place at the beginning of that period. Since the Acquiring Fund has not yet commenced operations, annual fund operating expenses have not been provided for the Acquiring Fund and the information presented in the pro forma column is based on estimates. While the Target Funds’ expense waivers have been subject to potential recoupment by Hamilton Lane, the Acquiring Funds will not have a recoupment facility. Fees previously waived by the Target Funds will no longer be eligible for recoupment by Hamilton Lane or Allspring Funds Management.

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Examples of Fund Expenses

The examples below are intended to help you compare the costs of investing in the Target Fund with the costs of investing in the Acquiring Fund, both before and after the Merger, and are for illustration only. The examples assume a $10,000 initial investment, 5% annual total return, and that operating expenses remain the same, as in the tables above. To the extent that the Manager is waiving fees or reimbursing expenses, the examples assume that such waivers or reimbursements will only be in place through the one year period for the Target Fund and the two year period for the

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Acquiring Fund (both pre-merger and pro forma). Although your actual costs may be higher or lower, based on these assumptions, your costs would be:

The Target Fund has a shareholder servicing fee of up to 0.15% for Investor Class and Class I. The Acquiring Fund has a shareholder servicing fee of up to 0.25% for Class A. The Target Fund does not have a shareholder servicing fee for Class Y. The Acquiring Fund does not have a shareholder servicing fee for Institutional Class or Class R6.

FUND MANAGEMENT INFORMATION

The following table identifies the manager, sub-adviser and portfolio managers for the Acquiring Fund. Further information about the management of the Acquiring Fund can be found under the section entitled “Management of the Funds.”

TAX INFORMATION

It is expected that the Merger will constitute a “reorganization” within the meaning of Section 368(a)(1)(f) of the Internal Revenue Code of 1986, as amended. A receipt of an opinion substantially to that effect from Goodwin Procter LLP, tax counsel to the Acquiring Fund, is a condition to the obligation of the Funds to consummate the Merger. Consistent with the opinion, the Merger is not expected to be taxable to the Acquiring Fund, the Target Fund or their shareholders for U.S. federal income tax purposes.

The cost basis and holding period of the Target Fund shares will carry over to the shares of the Acquiring Fund you receive as a result of the Merger, in each case for U.S. federal income tax purposes. At any time prior to the consummation of the Merger, a shareholder may redeem shares, usually resulting in recognition of a gain or loss for U.S. federal income tax purposes to the redeeming shareholder if the shareholder holds the shares in a taxable account.

Certain other U.S. federal income tax consequences are discussed below under “Material U.S. Federal Income Tax Consequences of the Mergers.”

RISK DESCRIPTIONS

An investment in each Acquiring Fund is subject to certain risks. There is no assurance that the return of a Acquiring Fund will be positive or that a Acquiring Fund will meet its investment objective. An investment in a Acquiring Fund is not a deposit of a bank or its affiliates; is not insured, or guaranteed by the Federal Deposit Insurance Corporation or

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any other government agency; and is subject to investment risks, including possible loss of your original investment. Like most investments, your investment in a Acquiring Fund could result in a loss of money. The following provides additional information regarding the various risks (in alphabetical order) of investing in a Acquiring Fund as referenced in the section entitled “Merger Summary - Principal Risk Comparison”.

Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Investing in equity securities poses risks specific to an issuer, as well as to the particular type of company issuing the equity securities. For example, investing in the equity securities of small- or mid-capitalization companies can involve greater risk than is customarily associated with investing in stocks of larger, more-established companies. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments. Negative news or a poor outlook for a particular industry or sector can cause the share prices of securities of companies in that industry or sector to decline. This risk may be heightened for a Fund that invests a substantial portion of its assets in a particular industry or sector.

Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subject to additional risks, such as potentially higher withholding and other taxes, and may also be subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also be characterized by less stringent investor protection and disclosure standards.

Leverage Risk. Certain transactions, such as derivatives, may give rise to a form of leverage (i.e., the Fund’s exposure to underlying securities, assets or currencies exceeds its net asset value). Leverage increases the Fund’s portfolio losses when the value of its investments declines. Because many derivatives have a leverage component (i.e., a notional value in excess of the assets needed to establish and/or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index may result in a loss substantially greater than the amount invested in the derivative itself. Leveraging may cause a Fund to be more volatile than if the Fund had not been leveraged. The use of leverage may cause a Fund to liquidate portfolio positions when it may not be advantageous to do so.

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.

Short Sales Risk. Short selling is generally considered speculative, has the potential for unlimited loss and may involve leverage, which can magnify a Fund’s exposure to assets that decline in value and increase the volatility of the Fund’s net asset value. If the price of a security which the Fund has sold short increases between the time of the short sale and when the position is closed out, the Fund will incur a loss equal to the increase in price from the time of the short sale plus any related interest payments, dividends, transaction or other costs. There can be no assurance that the Fund will be able to close out a short position at any particular time or at an acceptable price. Purchasing a security to cover a short position can itself cause the price of the security to rise, potentially exacerbating a loss or reducing a gain. In

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addition, the Fund is subject to the risk that the lender of a security will terminate the loan at a time when the Fund is unable to borrow the same instrument from another lender. A Fund that uses short sales is subject to the risk that its prime broker will be unwilling or unable to perform its contractual obligations. Regulatory restrictions limit the extent to which the Fund may engage in short sales.

Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies. Smaller companies may have no or relatively short operating histories, limited financial resources or may have recently become public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies.

MANAGEMENT OF THE FUNDS

The following provides additional information regarding the manager and sub-adviser of each Acquiring Fund as referenced in the section entitled “Merger Summary” and also provides expenses related to the operation of the Acquiring Funds.

MANAGER

Allspring Funds Management, headquartered at 525 Market Street, San Francisco, CA 94105, provides advisory and fund-level administrative services to each Acquiring Fund pursuant to an investment 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.

SUB-ADVISER

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.

MANAGEMENT AND SUB-ADVISORY FEES

As compensation for the investment management services Allspring Funds Management provides to each Acquiring Fund, Allspring Funds Management is entitled to receive a monthly fee at the annual rates indicated below, as a percentage of the Acquiring Fund’s average daily net assets.

As compensation for the investment advisory services Hamilton Lane provides to each Target Fund, Hamilton Lane is entitled to receive a monthly fee at the annual rates indicated below, as a percentage of the Target Fund’s average daily net assets.

For providing investment sub-advisory services to each Acquiring Fund, Allspring Investments is entitled to receive monthly fees at the annual rates indicated below, which are stated as a percentage of each Acquiring Fund’s average

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daily net assets. Allspring Investments is compensated for its services by Allspring Funds Management from the fees Allspring Funds Management receives for its services as investment manager to each Acquiring Fund.

For providing investment sub-advisory services to each Target Fund, Allspring Investments is entitled to receive monthly fees at the annual rates indicated below, which are stated as a percentage of each Target Fund’s average daily net assets. Allspring Investments is compensated for its services by Hamilton Lane from the fees Hamilton Lane receives for its services as investment adviser to each Target Fund.

Since the Acquiring Funds have not yet commenced operations a discussion regarding the basis for the approval of the Acquiring Fund’s Management Agreement and Sub-Advisory Agreement by the Board of the Acquiring Funds is not yet available.

MULTI-MANAGER ARRANGEMENT

The Allspring Funds and Allspring Funds Management have obtained an exemptive order from the SEC that permits Allspring Funds Management, subject to the approval of the Board, 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 (“Multi-Manager Sub-Advisers”).

Pursuant to the order, Allspring Funds Management, with the approval of the Allspring Funds Trust Board, may hire or replace Multi-Manager Sub-Advisers for each Fund that is eligible to rely on the order. Allspring Funds Management, subject to the Allspring Funds Trust Board’s 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, 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.

ADDITIONAL INFORMATION REGARDING THE EXPENSES OF THE FUNDS

The Acquiring Funds each pay Allspring Funds Management a class-level administrative fee. The class-level administrative fee is applied on a class-by-class basis and at rates that differ among classes. Allspring Funds Management provides or obtains transfer agency services for the Acquiring Funds as part of its class-level administrative service, and the administrative fee paid on a class-by-class basis is intended in part to compensate Allspring Funds Management for providing or obtaining those transfer agency services. The Merger SAI contains more information regarding the administration and transfer agency service fees borne by the Acquiring Funds.

MERGER INFORMATION

BOARD CONSIDERATIONS

At a meeting of the Target Trust Board held on August 18, 2022, Hamilton Lane recommended that the Target Trust Board approve the reorganization of each Target Fund. At the meeting, the Target Trust Board reviewed detailed information regarding each proposed reorganization from the point of view of the interests of the applicable Target Fund and its shareholders. After careful consideration, the Target Trust Board (including all trustees who are not “interested persons” of the Target Funds, Hamilton Lane, Allspring Investments or their affiliates) determined that the

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reorganization of each Target Fund would be in the best interests of the Target Fund and its shareholders. The Target Trust Board unanimously approved the Plan and recommended that the shareholders of each Target Fund vote in favor of the reorganization of the Target Fund by approving the Plan.

At the August meeting, Hamilton Lane indicated that it no longer considers acting as investment adviser to mutual funds to be part of its long term strategic plan, and that it believes that continuing the Target Funds as new series of the Acquiring Trust may benefit each Target Fund and its shareholders by providing the ability to continue to invest in a mutual fund with a substantially similar investment strategy that is part of a fund family consisting of series advised by Allspring Funds Management, the proposed investment advisor to each Acquiring Fund. In addition, Hamilton Lane noted that it believes a transition of the Target Funds to new series of the Acquiring Trust may result in more customized growth and distribution support for the Acquiring Funds, thereby resulting in the potential for increased assets and decreased operating expenses over the long term.

In recommending each proposed reorganization, the Target Trust Board (with the advice and assistance of independent counsel) also considered, among other things, with respect to each reorganization:

Based on all of the foregoing, the Target Trust Board concluded that each Target Fund’s participation in the applicable proposed reorganization would be in the best interests of the Target Fund and would not dilute the interests of the Target Fund’s existing shareholders. The Target Trust Board, including those Board members who are not “interested

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persons” of the Target Trust, as defined in the 1940 Act, unanimously recommends that shareholders of each Target Fund approve the Plan for each Target Fund.

AGREEMENT AND PLAN OF REORGANIZATION

The following summary of the Plan is qualified in its entirety by reference to Exhibit A attached hereto.

The Plan provides that the relevant Acquiring Fund will acquire all of the assets of the corresponding Target Fund in exchange for shares of equal value of the Acquiring Fund (measured on the business day immediately preceding the Merger) and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund, at 9:00 a.m. Eastern Time on a particular Merger date (the “Effective Time”).

The number of full and fractional shares of each class of the Acquiring Fund to be received by each corresponding class of the Target Fund will be determined by dividing the value of assets net of known liabilities attributable to the Target Fund class by the net asset value (“NAV”) of one share of the applicable Acquiring Fund class. The Plan specifies that the method of determining the value of the assets net of liabilities and the NAV of each class of the Target Fund shall be the same method used in determining the NAV of the Acquiring Fund in the ordinary course. The valuation will be conducted on the business day immediately preceding the Effective Time or upon such other date as the parties may agree, as of the last time that the Acquiring Fund ordinarily calculates its NAV, or as of such other time as the parties may agree (the “Valuation Date”).

Prior to the Closing Date, the Target Fund may declare a distribution which, together with all previous distributions, shall have the effect of distributing to the Target Fund’s shareholders (in shares of the Target Fund, or in cash, as the shareholder has previously elected) substantially all of the Target Fund’s undistributed investment company taxable income (computed without regard to any deduction for dividends paid) for all taxable periods ending on or prior to the Effective Time, and all of its undistributed net capital gain realized in all taxable periods ending on or prior to the Effective Time (after reduction by any available capital loss carryforwards).

At the Effective Time or as soon as reasonably practicable thereafter, the Target Fund will liquidate and distribute pro rata to the Target Fund shareholders of record of each class as of the close of business on the Valuation Date the full and fractional shares of the corresponding class of the Acquiring Fund received by the Target Fund based on the shares of the Target Fund class owned by such shareholders. After these distributions and the winding up of its affairs, the Target Fund will be terminated as a series of the Trust in accordance with applicable law and its Amended and Restated Declaration of Trust (“Declaration of Trust”).

A majority of the Board of the Target Funds and the Board of Trustees of the Acquiring Funds may terminate the Plan on behalf of the Target Fund or Acquiring Fund under certain circumstances. In addition, completion of a Merger is subject to numerous conditions set forth in the Plan, including approval by Target Fund shareholders, the accuracy of various representations and warranties, and receipt of a tax opinion generally to the effect that the Merger will qualify as a tax-free “reorganization” for U.S. federal income tax purposes. The Merger of the 361 Domestic Long/Short Equity Fund is contingent on shareholder approval of the Merger of the 361 Global Long/Short Equity Fund.

Hamilton Lane and Allspring Funds Management or one of their affiliates will bear all expenses incurred in connection with the Mergers even if the Mergers are not approved or completed (other than brokerage or transaction costs associated with the sale or purchase of portfolio securities in connection with the Mergers).

MATERIAL U.S. FEDERAL INCOME TAX CONSEQUENCES OF THE MERGERS

The following discussion summarizes certain material U.S. federal income tax consequences of the Mergers, including an investment in Acquiring Fund shares, that are applicable to you as a Target Fund shareholder. It is based on the Internal Revenue Code of 1986, as amended (the “Internal Revenue Code”), applicable U.S. Treasury regulations, judicial authority and administrative rulings and practice, all as of the date of this Prospectus/Proxy Statement and all of which are subject to change, including changes with retroactive effect. The discussion below does not address any state, local or foreign tax consequences of the Mergers or of holding Acquiring Fund shares. Your tax treatment may vary depending upon your particular situation. You also may be subject to special rules not discussed below if you are a certain kind of Target Fund shareholder, including, but not limited to: an insurance company; a tax-exempt organization; a financial institution or broker-dealer; a person who is neither a citizen nor resident of the United States or an entity that is not organized under the laws of the United States or a political subdivision thereof; a shareholder who holds Target Fund shares as part of a hedge, straddle or conversion transaction; a person who does not hold

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Target Fund shares as capital asset at the time of the Mergers; a holder of Target Fund shares through a tax-deferred account; and an entity taxable as a partnership for U.S. federal income tax purposes; or an investor in such an entity.

We have not requested and will not request a ruling from the Internal Revenue Service (“IRS”) as to the U.S. federal income tax consequences of the Mergers or any related transaction. The IRS could adopt positions contrary to those discussed below and such positions could be sustained. You are urged to consult with your tax advisers and financial planners as to the particular tax consequences to you of the Merger(s) of the Target Fund(s) and of holding of shares of the Acquiring Fund(s), including the applicability and effect of any state, local or foreign laws and the effect of possible changes in applicable tax laws.

Qualification of the Mergers as “Reorganizations” Under the Internal Revenue Code

The obligation of the Funds to consummate the Mergers is contingent upon their receipt of an opinion from Goodwin Procter, LLP, tax counsel to the Funds, generally to the effect that each of the Mergers will constitute a “reorganization” within the meaning of Section 368(a)(1)(F) of the Internal Revenue Code, and therefore generally:

The tax opinion described above will be subject to certain assumptions, qualifications and exclusions and will be based in part on the truth and accuracy of certain representations by each Trust on behalf of each Acquiring Fund or each Target Fund, respectively. The tax opinion is not binding on the Internal Revenue Service and a court or the Internal Revenue Service may disagree with the opinions described above. The tax opinion described above is based upon current provisions of the Internal Revenue Code, the Income Tax Regulations and Procedure and Administration Regulations promulgated thereunder, and existing administrative and judicial interpretations thereof, all of which are subject to change, potentially with retroactive effect. Changes in applicable law could adversely affect the tax opinion described above.

The foregoing discussion is very general. The foregoing consequences may not apply to certain classes of taxpayers who are subject to special circumstances, such as shareholders who are not citizens or residents of the United States, insurance companies, tax-exempt organizations, financial institutions, dealers in securities or foreign currencies, or persons who hold their shares as part of a straddle or conversion transaction. This discussion does not address any state, local or foreign tax consequences of the Mergers. You should consult your tax adviser for the particular tax consequences to you of the transaction, including the applicability of any state, local or foreign tax laws.

Status as a Regulated Investment Company

Since its formation, each Fund has elected and believes it has qualified to be treated as a separate “regulated investment company,” or “RIC,” under Subchapter M of the Internal Revenue Code. Accordingly, each Fund believes

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that it has been, and expects to continue to be, relieved of U.S. federal income tax liability to the extent that it makes distributions of its income and gains to its shareholders.

U.S. Federal Income Taxation of an Investment in each Acquiring Fund

The following discussion regarding federal income taxes is based on laws that were in effect as of the date of this hereof and summarizes only some of the important federal income tax considerations affecting the Acquiring Fund and you as a future shareholder. It does not apply to foreign or tax-exempt shareholders or those holding Acquiring 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.

The Acquiring Fund intends to elect 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 Acquiring 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 an Acquiring Fund’s shareholders substantially all of the Acquiring Fund’s net investment income and realized net capital gains, if any. Distributions from an Acquiring Fund’s ordinary income and net short-term capital gains, if any, generally will be taxable to you as ordinary income. Distributions from an Acquiring Fund’s net long-term capital gains, if any, generally will be taxable to you as long-term capital gains. If you are an individual and meet certain holding period requirements with respect to your Acquiring Fund shares, you may be eligible for reduced tax rates on qualified dividend income, if any, distributed by the Acquiring Fund. Corporate shareholders may be able to deduct a portion of their distributions when determining their taxable income.

Individual taxpayers are subject to a maximum tax rate of 37% on ordinary income and a maximum tax rate on long-term capital gains and qualified dividends of 20%. For U.S. individuals with income exceeding $200,000 ($250,000 if married and filing jointly), a 3.8% Medicare contribution tax will apply on “net investment income,” including interest, dividends, and capital gains. Corporations are subject to tax on all income and gains at a tax rate of 21%. However, a RIC is not subject to tax at the corporate level on income and gains from investments that are distributed in a timely manner to shareholders.

Distributions from an Acquiring Fund normally will be taxable to you when paid, whether you take distributions in cash or automatically reinvest them in additional Acquiring 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 acquire shares of an Acquiring 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 an Acquiring Fund when it holds appreciated securities, you will receive a taxable return of part of your investment if and when the Acquiring Fund sells the appreciated securities and distributes the gain. The Acquiring Fund has built up, or has the potential to build up, high levels of unrealized appreciation.

Your redemptions (including redemptions in-kind) and exchanges of Acquiring 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 Acquiring 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 Acquiring Fund shares may be disallowed. When you receive a distribution from an Acquiring Fund or redeem shares, you may be subject to backup withholding.

Account Information

The following information provides additional details regarding the share classes offered and transaction-related policies followed by the Acquiring Funds. Detailed information regarding the share classes offered and transaction-related policies followed by the Target Funds is available in the Target Funds’ prospectus.

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SHARE CLASS ELIGIBILITY

Class A shares are generally available through an intermediary with a minimum initial purchase amount of $1,000. The minimum investment amount for additional purchases is $100. Certain types of accounts may be subject to lower investment minimums.

Class R6 shares are generally available for employer sponsored retirement and benefit plans and through intermediaries for the accounts of their customers to certain institutional and fee-based investors, and in each case, only if a dealer agreement is in place with Allspring Funds Distributor, LLC to offer Class R6 shares. The following investors may purchase Class R6 shares:

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

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

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SHARE CLASS FEATURES

The following is a summary description of the share classes of the Acquiring Fund involved in the Merger.

Class A Shares Sales Charges

If you choose to buy Class A shares, you will pay the public offering price which is the net asset value (NAV) plus the applicable sales charge. Since sales charges are reduced for Class A share purchases above certain dollar amounts, known as “breakpoint levels,” the public offering price is lower for these purchases. The dollar amount of the sales charge is the difference between the public offering price of the shares purchased (based on the applicable sales charge in the table below) and the NAV of those shares. As described below, existing holdings may count towards meeting the breakpoint level applicable to an additional purchase. Because of rounding in the calculation of the public offering price, the actual sales charge you pay may be more or less than that calculated using the percentages shown below.

REDUCTIONS AND WAIVERS OF SALES CHARGES

Class A Front-End Sales Charge Reductions

You may be eligible for a reduction in the front-end sales charge applicable to purchases of Class A shares under the following circumstances:

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Based on the above chart, if you believe that you own shares in one or more accounts that can be aggregated with your current purchase to reach a sales charge breakpoint level, you must, at the time of your purchase specifically identify those shares to your financial professional or the Fund’s transfer agent. Only balances currently held entirely either in accounts with the Funds or, if held in an account through an intermediary, at the same firm through which you are making your current purchase, will be eligible to be aggregated with your current purchase for determining your Class A sales charge. For an account to qualify for a sales charge reduction, it must be registered in the name of, or held for, the shareholder, his or her spouse or domestic partner, as recognized by applicable state law, or his or her children under the age of 21. Class A shares purchased at NAV will not be aggregated with other shares for purposes of receiving a sales charge reduction.

Class A Front-End Sales Charge Waivers

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

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Class A CDSC Waivers

COMPENSATION TO FINANCIAL PROFESSIONALS AND INTERMEDIARIES

Shareholder Servicing Plan

Each Acquiring Fund has adopted a shareholder servicing plan (“Servicing Plan”). The Servicing Plan authorizes the Acquiring Fund to enter into agreements with the Acquiring 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:

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Additional Payments to Financial Professionals and Intermediaries

In addition to dealer reallowances and payments made by certain classes of each Fund for distribution and shareholder servicing, the Fund’s manager, the distributor or their affiliates make additional payments (“Additional Payments”) to certain financial professionals and intermediaries for selling shares and providing shareholder services, which include broker-dealers and 401(k) service providers and record keepers. These Additional Payments, which may be significant, are paid by the Fund’s manager, the distributor or their affiliates, out of their revenues, which generally come directly or indirectly from Fund fees.

In return for these Additional Payments, each Fund’s manager and distributor expect the Fund to receive certain marketing or servicing considerations that are not generally available to mutual funds whose sponsors do not make such payments. Such considerations are expected to include, without limitation, placement of the Fund on a list of mutual funds offered as investment options to the intermediary’s clients (sometimes referred to as “Shelf Space”); access to the intermediary’s financial professionals; and/or the ability to assist in training and educating the intermediary’s financial professionals.

The Additional Payments may create potential conflicts of interest between an investor and a financial professional or intermediary who is recommending or making available a particular mutual fund over other mutual funds. Before investing, you should consult with your financial professional and review carefully any disclosure by the intermediary as to what compensation the intermediary receives from mutual fund sponsors, as well as how your financial professional is compensated.

The Additional Payments are typically paid in fixed dollar amounts, based on the number of customer accounts maintained by an intermediary, or based on a percentage of sales and/or assets under management, or a combination of the above. The Additional Payments are either up-front or ongoing or both and differ among intermediaries. In a given year, Additional Payments to an intermediary that is compensated based on its customers’ assets typically range between 0.02% and 0.25% of assets invested in a Fund by the intermediary’s customers. Additional Payments to an intermediary that is compensated based on a percentage of sales typically range between 0.10% and 0.25% of the gross sales of a Fund attributable to the financial intermediary.

More information on the FINRA member firms that have received the Additional Payments described in this section is available in the Statement of Additional Information, which is on file with the SEC and is also available on the Allspring Funds website at www.allspringglobal.com.

BUYING AND SELLING FUND SHARES

For more information regarding buying and selling Fund shares, please visit www.allspringglobal.com. You may buy (purchase) and sell (redeem) Fund shares as follows:

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

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.

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

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

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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:

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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:

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

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

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

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

ACCOUNT POLICIES

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

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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:

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

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

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

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

Advance Notice of Large Transactions. We strongly urge you to make all purchases and redemptions of Fund shares as early in the day as possible and to notify us or your intermediary at least one day in advance of transactions in Fund

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shares in excess of $1 million. This will help us manage the Funds most effectively. When you give this advance notice, please provide your name and account number.

DISTRIBUTIONS

The Acquiring Funds generally make distributions of any investment income and any realized net capital gains at least annually. Please contact your financial intermediary for distribution options. Please note, distributions have the effect of reducing the NAV per share by the amount distributed.

PRICING FUND SHARES

A Fund’s NAV is the value of a single share. The NAV is calculated as of the close of regular trading on the New York Stock Exchange (“NYSE”) (generally 4:00 p.m. Eastern time) on each day that the NYSE is open, although a Fund may deviate from this calculation time under unusual or unexpected circumstances. The NAV is calculated separately for each class of shares of a multiple-class Fund. The most recent NAV for each class of a Fund is available at allspringglobal.com. To calculate the NAV of a Fund’s shares, the Fund’s assets are valued and totaled, liabilities are subtracted, and the balance, called net assets, is divided by the number of shares outstanding. The price at which a purchase or redemption request is processed is based on the next NAV calculated after the request is received in good order. Generally, NAV is not calculated, and purchase and redemption requests are not processed, on days that the NYSE is closed for trading; however, under unusual or unexpected circumstances, a Fund may elect to remain open even on days that the NYSE is closed or closes early. To the extent that a Fund’s assets are traded in various markets on days when the Fund is closed, the value of the Fund’s assets may be affected on days when you are unable to buy or sell Fund shares. Conversely, trading in some of a Fund’s assets may not occur on days when the Fund is open.

With respect to any portion of a Fund’s assets that may be invested in other mutual funds, the value of the Fund’s shares is based on the NAV of the shares of the other mutual funds in which the Fund invests. The valuation methods used by mutual funds in pricing their shares, including the circumstances under which they will use fair value pricing and the effects of using fair value pricing, are included in the prospectuses of such funds. To the extent a Fund invests a portion of its assets in non-registered investment vehicles, the Fund’s interests in the non-registered vehicles are fair valued at NAV.

With respect to a Fund’s assets invested directly in securities, the Fund’s investments are generally valued at current market prices. Equity securities, options and futures are generally valued at the official closing price or, if none, the last reported sales price on the primary exchange or market on which they are listed (closing price). Equity securities that are not traded primarily on an exchange are generally valued at the quoted bid price obtained from a broker-dealer.

Debt securities are valued at the evaluated bid price provided by an independent pricing service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

We are required to depart from these general valuation methods and use fair value pricing methods to determine the values of certain investments if we believe that the closing price or the quoted bid price of a security, including a security that trades primarily on a foreign exchange, does not accurately reflect its current market value as of the time a Fund calculates its NAV. The closing price or the quoted bid price of a security may not reflect its current market value if, among other things, a significant event occurs after the closing price or quoted bid price are made available, but before the time as of which a Fund calculates its NAV, that materially affects the value of the security. We use various criteria, including a systemic evaluation of U.S. market moves after the close of foreign markets, in deciding whether a foreign security’s market price is still reliable and, if not, what fair market value to assign to the security. In addition, we use fair value pricing to determine the value of investments in securities and other assets, including illiquid securities, for which current market quotations or evaluated prices from a pricing service or broker-dealer are not readily available.

The fair value of a Fund’s securities and other assets is determined in good faith pursuant to policies and procedures adopted by the Fund’s Board of Trustees. In light of the judgment involved in making fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate or that it reflects the price that the Fund could obtain for such security if it were to sell the security at the time as of which fair value pricing is determined. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or quoted bid price. See the Statement of Additional Information for additional details regarding the determination of NAVs.

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INFORMATION ON SHAREHOLDERS’ RIGHTS

FORM OF ORGANIZATION

The Target Funds and Acquiring Funds are series of the Target Trust and Acquiring Trust, respectively. Each Trust is an open-end management investment company registered with the SEC under the 1940 Act, which continuously offers shares to the public. Each Trust is organized as a Delaware statutory trust and is governed by its respective governing trust document—for the Acquiring Trust, the Amended and Restated Declaration of Trust (the “Declaration of Trust”), and for the Target Trust, the Amended and Restated Agreement and Declaration of Trust (the “Target Trust Declaration of Trust”)—and applicable state and federal law.

CAPITALIZATION

The beneficial interests in the Target Funds and the Acquiring Funds are represented by an unlimited number of transferable shares of beneficial interest. Each Trust’s governing documents permit the respective Board to allocate shares into an unlimited number of series, and classes thereof, with rights determined by the Board, all without shareholder approval. Fractional shares may be issued by both the Target Funds and Acquiring Funds. Each Target Fund’s and Acquiring Fund’s shares represent equal proportionate interests in the assets belonging to the shares of the same class of that Fund. Except as otherwise required by the 1940 Act or other applicable law, shareholders of each Fund are entitled to receive dividends and other amounts as determined by the Board. Shareholders of each Target Fund and Acquiring Fund vote separately, by class, as to matters that affect only their particular class and, by Fund, as to matters, such as approval of or amendments to advisory or investment management agreements or proposed mergers, that affect only their particular Fund.

SHAREHOLDER LIABILITY

Under Delaware law, shareholders of a Delaware statutory trust are entitled to the same limitation of personal liability extended to stockholders of a Delaware corporation. Other than in a limited number of states, no such similar statutory or other authority limiting business trust shareholder liability exists. As a result, to the extent that the Trust or shareholders of the Trust are subject to the jurisdiction of a court that does not apply Delaware law, shareholders of the Trust may be subject to liability. To guard against this risk, the Declaration of Trust (a) provides that any written obligation of the Trust may contain a statement that such obligation may only be enforced against the assets of the Trust or the particular series in question and the obligation is not binding upon the shareholders of the Trust; however, the omission of such a disclaimer will not operate to create personal liability for any shareholder; and (b) provides for indemnification out of the Trust property of any shareholder held personally liable for the obligations of the Trust. Accordingly, the risk of a shareholder of the Trust incurring financial loss beyond that shareholder’s investment because of shareholder liability should be limited to circumstances in which: (i) the court refuses to apply Delaware law; (ii) no contractual limitation of liability was in effect; and (iii) the Trust itself is unable to meet its obligations.

The Target Trust Declaration of Trust disclaims shareholder liability for the debts, liabilities, obligations and expenses of the Target Trust or any of its respective series and provide indemnification for all losses and expenses of any shareholder held liable for the obligations of the Target Funds. Shareholders of the Target Trust have the same limitation of personal liability as is extended to shareholders of a Delaware for-profit corporation.

SHAREHOLDER MEETING AND VOTING RIGHTS

The Trusts are not required to hold annual meetings of shareholders and do not currently intend to hold regular shareholder meetings.

With respect to the Acquiring Trust, a meeting of shareholders for the purpose of voting upon the question of removal of a Trustee must be called when requested in writing by the holder(s) of at least 10% of the outstanding shares of the relevant Trust. With respect to the Acquiring Trust, any Trustee may be removed by action of at least 2/3 of the outstanding shares or if required by Section 16(c) of the 1940 Act, as interpreted by the staff of the SEC.

The Acquiring Trust is required to call a meeting of shareholders for the purpose of electing Trustees if, at any time, less than a majority of the Trustees then holding office were elected by shareholders. Cumulative voting is not permitted in the election of Trustees. Except when a larger quorum is required by applicable law, 33 1/3% of the issued and outstanding shares of each Acquiring Fund entitled to vote constitutes a quorum for consideration of a matter. For each Acquiring Fund, when a quorum is present a majority (greater than 50%) of the votes cast is sufficient to act on a

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matter (unless otherwise specifically required by the applicable governing documents or other law, including the 1940 Act).

The Declaration of Trust of the Acquiring Trust provides that each share is entitled to one vote, and each fractional share to a proportionate fraction of a vote. For further information, please see the section entitled “Capital Stock” in the Acquiring Fund’s SAI.

The Target Trust Declaration of Trust provides that shareholders have the power to vote only for the following: (i) for the election and removal of Trustees, (ii) with respect to the approval of termination in accordance with the 1940 Act of any contract with any one or more corporations, trusts, associations, partnerships, limited partnerships, limited liability companies or other types of organizations or individuals who provide services for or on behalf of the Target Trust and its series, including investment advisory services, as to which shareholder approval is required by the 1940 Act, (iii) with respect to any reorganization of the Target Trust or any series of the Target Trust; (iv) with respect to any amendment of the Target Trust Declaration of Trust; (v) to the same extent as the stockholders of a Delaware business corporation as to whether or not a court action, proceeding or claim should or should not be brought or maintained derivatively or as to a class action on behalf of the Target Trust or any series of the Target Trust, or the shareholders of any of them, and (vi) with respect to such additional matters relating to the Target Trust as may be required by the 1940 Act, the Target Trust Declaration of Trust, the By-Laws or any registration of the Target Trust with the SEC or any State, or as the Trustees may consider necessary or desirable.

The presence in person or by proxy of one-third of the holder of shares of the Target Trust entitled to vote shall be a quorum for the transaction of business at a shareholder meeting. A majority shareholder vote at a meeting at which a quorum is present shall decide any question, except when a different vote is required or permitted by any provision of the 1940 Act or other applicable law or by the Target Trust Declaration of Trust or the By-Laws, and only when the Trustees shall in their discretion require a larger vote or the vote of a majority or larger fraction of the shares of one or more particular series.

The Target Trust Declaration of Trust provides that on each matter submitted to a vote of shareholders, each shareholder is entitled to one vote for each whole share and each fractional share is entitled to a fractional vote. There is no cumulative voting in the election or removal of Trustees. Subject to the provisions of the 1940 Act and other applicable law, any action taken by shareholders may be taken without a meeting if a majority of shareholders entitled to vote on the matter (or such larger proportion thereof or of the shares of any particular series as shall be required by the 1940 Act or by any express provision of the Target Trust Declaration of Trust and By-Laws or as shall be permitted by the Trustees) consent to the action in writing and if the writings in which such consent is given are filed with the records of the meetings of shareholders.

LIQUIDATION

In the event of the liquidation of any of the Acquiring or Target Funds, the shareholders would be entitled to receive, when and as declared by the applicable Board of Trustees, the excess of the assets belonging to such Fund and attributable to the class over the liabilities belonging to the Fund and attributable to the class. In either case, the assets so distributable to shareholders of the Fund will be distributed among the shareholders in proportion to the number of shares of the class of the Fund held by them and recorded on the books of the Fund.

LIABILITY AND INDEMNIFICATION OF TRUSTEES

The Target Trust indemnifies trustees against all liabilities and expenses incurred by reason of being a trustee to the fullest extent permitted by law, except that the Target Trust does not provide indemnification for liabilities due to a trustee’s willful misconduct, bad faith, gross negligence or reckless disregard of such trustee’s duties.

Under the Acquiring Trust’s Declaration of Trust, all persons contracting with or having any claim against the Trust or a particular series shall look only to the assets of the Trust or such series, respectively, for payment under such contract or claim; and the Trustees shall not be personally liable therefor. No Trustee shall be liable to the Trust or to any shareholder for any loss, damage or claim incurred by reason of any act performed or omitted by such Trustee in good faith on behalf of the Trust, a series or a class, and in a manner reasonably believed to be within the scope of authority conferred on such Trustee by the Declaration of Trust, except that a Trustee shall be liable for any loss, damage or claim incurred by reason of such Trustee’s willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of his or her office. Subject only to the express limitations in the 1940 Act, other applicable laws, and the Declaration of Trust, the Trust or the appropriate series shall indemnify each of its Trustees to

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the fullest extent permitted under the 1940 Act and other applicable laws. The Trust may also advance money for such litigation provided that the Trustee undertakes to repay the relevant Fund if his or her conduct is later determined to preclude indemnification and certain other conditions are met.

The foregoing is only a summary of certain characteristics of the operations of the Declaration of Trust and Delaware law and is not a complete description of those documents or law. Shareholders should refer to the provisions of the Trust Instrument and Delaware law directly for more complete information.

VOTING INFORMATION CONCERNING THE MEETING

SHAREHOLDER INFORMATION

This Prospectus/Proxy Statement is being sent to shareholders of each Target Fund in connection with the solicitation of proxies by the Trustees of the Target Trust, to be used at the Meeting to be held at 11:00 a.m. Pacific Time, on November 4, 2022 and at any adjournments thereof. This Prospectus/Proxy Statement, along with a Notice of the Meeting and a proxy card, is first being mailed to shareholders of the Target Fund on September 30, 2022. Only shareholders of record as of the close of business on September 9, 2022, (the “Record Date”) are entitled to notice, and to vote at the Meeting or any adjournment(s) thereof. If you wish to participate in the Meeting, you may submit the proxy card included with this Prospectus/Proxy Statement by mail, vote by other means, such as by telephone, or attend the Meeting in person. (See the back of this Prospectus/Proxy Statement and the proxy card for voting instructions.) If you wish to attend the Meeting in person, please call 1-800-207-3156 for instructions.

You can vote by returning your properly executed proxy card in the envelope provided. When you complete and sign your proxy card, the proxies named will vote on your behalf at the Meeting (or any adjournments thereof) as you have indicated. If you return a properly executed proxy card, but no choice is specified, your shares will be voted FOR approval of the Plan. If any other matters are properly presented at the Meeting for action, the persons named as proxies will vote in accordance with the views of management of the Target Fund. If any other matters about which the Target Fund did not have timely notice properly come before the Meeting, authorization is given to the proxy holders to vote in accordance with the views of management of the Target Fund. Abstentions and “broker non-votes” (i.e., shares held by brokers or nominees as to which (i) instructions have not been received from the beneficial owners or the persons entitled to vote and (ii) the broker or nominee does not have discretionary voting power on a particular matter) will be counted as shares that are present and entitled to vote for purposes of determining the presence of a quorum, and will have the effect of a vote against the Plan. Any proposal for which sufficient favorable votes have been received by the time of the Meeting may be acted upon and considered final regardless of whether the Meeting is adjourned to permit additional solicitation with respect to any other proposal. In certain circumstances in which the Target Fund has received sufficient votes to approve a matter being recommended for approval by the Board, the Target Fund may request that brokers and nominees, in their discretion, withhold submission of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the matter.

Shareholders may revoke a proxy prior to the Meeting by giving timely written notice of such revocation to the Trust at the address above, stating that the proxy is revoked, by submitting a subsequent proxy timely and in accordance with the methods prescribed by this Prospectus/Proxy Statement, or by attending the Meeting and voting in person. Any shareholder who has returned a properly executed proxy card, including a broker who may hold shares on your behalf, has the right to revoke it at any time prior to its exercise by attending the Meeting and voting his or her shares in person, by submitting a letter of revocation to the Trust prior to the date of the Meeting, by submitting a later dated and properly executed proxy card to the Trust prior to the date of the Meeting, in accordance with the methods prescribed in this Prospectus/Proxy Statement. Unless revoked, all valid proxies will be voted in accordance with the specifications thereon or, in the absence of such specifications, FOR approval of the Plan.

The Declaration of Trust states that one-third of the issued and outstanding shares of the Target Fund entitled to vote in person or by proxy at the Meeting shall constitute a quorum for the transaction of business at the Meeting. Approval of a Merger requires the affirmative vote of the holders of a “majority of the outstanding voting securities” (as defined in the 1940 Act) of the Target Fund. A vote of the majority of the outstanding voting securities is defined in the 1940 Act as the lesser of (i) 67% or more of the voting securities present at the Meeting, if the holders of more than 50% of the outstanding voting securities of your Target Fund are present or represented by proxy, or (ii) more than 50% of the outstanding voting securities of your Target Fund. The Merger of the 361 Domestic Long/Short Equity Fund is contingent on shareholder approval of the Merger of the 361 Global Long/Short Equity Fund.

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In voting on the Plan, each share of the Target Fund will be entitled to one vote, and each fractional share will be entitled to a proportionate fractional vote.

Proxy solicitations will be made primarily by mail, but proxy solicitations may also be made by telephone, through the Internet or personal solicitations conducted by officers and employees of Okapi Partners, its affiliates or other representatives of the Target Fund (who will not be paid for their soliciting activities). In addition, Okapi Partners, the Funds’ proxy solicitor, may make proxy solicitations and will receive compensation for seeking shareholder votes and answering shareholder questions in an amount estimated to be $54,000 with respect to the proposals covered by this Prospectus/Proxy Statement. The cost of solicitation and any other expenses of the Mergers (other than brokerage and transaction costs associated with the sale or purchase of portfolio securities in connection with the Mergers) will be paid by Hamilton Lane and Allspring Funds Management or one of their affiliates, and so will not be borne by shareholders of the Target Funds. Hamilton Lane and Allspring Funds Management or one of their affiliates will bear all costs associated with the Mergers even if the Mergers are not approved or completed.

In the event a quorum is not present at the Meeting or in the event that a quorum is present but sufficient votes to approve a proposal are not received, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation of proxies. The persons named as proxies will vote in favor of adjournment those proxies that they are entitled to vote in favor of the relevant proposal. They will vote against any such adjournment those proxies required to be voted against such proposal. The Meeting, whether or not a quorum is present, may be adjourned from time to time by the vote of a majority of the shares of the Target Fund represented at the Meeting, either in person or by proxy. Abstentions and broker non-votes will not be voted on a motion to adjourn.

A shareholder who objects to the proposed Merger will not be entitled under either Delaware law or the Declaration of Trust to demand payment for, or an appraisal of, his or her shares. However, shareholders should be aware that the Merger as proposed is not expected to result directly in recognition of gain or loss to shareholders for U.S. federal income tax purposes and that, if the Merger is consummated, shareholders will be free to redeem the shares of the Acquiring Fund which they receive in the transaction at their then-current net asset value. Shares of the Target Fund may be redeemed at any time prior to the consummation of its Merger. Shareholders of the Target Fund may wish to consult their own tax advisers and financial planners as to any differing consequences of redeeming Target Fund shares prior to the Merger or exchanging such shares in the Merger.

If a Target Fund’s shareholders do not vote to approve the applicable Merger, the Board may consider other possible courses of action for the Target Fund, including liquidation.

NOTICE TO BANKS, BROKER-DEALERS AND VOTING TRUSTEES AND THEIR NOMINEES. Please advise the Target Fund whether other persons are beneficial owners of shares for which proxies are being solicited and, if so, the number of copies of this Prospectus/Proxy Statement needed to supply copies to the beneficial owners of the respective shares.

The number of shares of each Target Fund outstanding as of the Record Date was as follows:

PRINCIPAL HOLDERS OF FUND SHARES

As of Record Date, the officers and Trustees of the Target Trust owned as a group less than 1% of the outstanding shares of any class of each Target Fund and the officers and Trustees of the Acquiring Trust owned as a group less than 1% of the outstanding shares of any class of each Acquiring Fund. Except as noted below in the table, to each Fund’s knowledge, no persons owned of record 5% or more of any class of shares of the respective Fund. No person is reflected on the books and records of the Funds as owning beneficially 5% or more of any shares of the Funds as of Record Date. Any shareholder who holds beneficially 25% or more of the outstanding common shares of a Fund may be deemed to control the Fund until such time as it holds beneficially less than 25% of the outstanding common shares

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of the Fund. Any shareholder controlling a Fund may be able to determine the outcome of issues that are submitted to shareholders for vote, including the vote to approve the Plan, and may be able to take action regarding the Fund without the consent or approval of the other shareholders.

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FINANCIAL STATEMENTS

The audited financial highlights of each Target Fund for the last five fiscal years are incorporated by reference from the applicable Fund’s prospectus. Since the Acquiring Funds have not yet commenced operations, financial statements for these Funds are not yet available.

The SAI incorporates by reference the following financial statements, including the financial highlights for the periods indicated therein and the reports thereon of Tait, Weller & Baker LLP, independent registered public accounting firm to the Target Funds.

PRO FORMA CAPITALIZATION

The following tables set forth the capitalizations of each Target Fund as of April 30, 2022, and the capitalization of each Acquiring Fund on a pro forma basis as of that date after giving effect to the proposed acquisition of assets at net asset value. Since each Acquiring Fund is a “Shell Fund”, no capitalization figures have been provided with respect to the Acquiring Funds. The pro forma data reflects an exchange ratio of approximately 1.00 for all share class shares of each Acquiring Fund issued for the corresponding share class shares of each Target Fund.

361 DOMESTIC LONG/SHORT EQUITY FUND INTO ALLSPRING U.S. LONG/SHORT EQUITY FUND

361 GLOBAL LONG/SHORT EQUITY FUND INTO ALLSPRING GLOBAL LONG/SHORT EQUITY FUND

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ADDITIONAL INFORMATION

Each Target Fund and Acquiring Fund are subject to the informational requirements of the Securities Exchange Act of 1934 and the 1940 Act, and in accordance therewith files reports and other information with the SEC.

These items can be inspected and copies may be obtained at prescribed rates at the Public Reference Facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549. Copies of such filings may be available at the following Commission regional offices: 3 World Financial Center, Suite 400, New York, NY 10281-1022; 33 Arch Street, 23rd Floor, Boston, MA 02110-1424; 701 Market Street, Philadelphia, PA 19106-1532; 801 Brickell Ave., Suite 1800, Miami, FL 33131; 3475 Lenox Road, N.E., Suite 1000, Atlanta, GA 30326-1232; 175 W. Jackson Boulevard, Suite 900, Chicago, IL 60604; 1801 California Street, Suite 1500, Denver, CO 80202-2656; Burnett Plaza, Suite 1900, 801 Cherry Street, Unit 18, Fort Worth, TX 76102; 15 W. South Temple Street, Suite 1800, Salt Lake City, UT 84101; 5670 Wilshire Boulevard, 11th Floor, Los Angeles, CA 90036-3648; and 44 Montgomery Street, Suite 2600, San Francisco, CA 94104.

Copies of such materials can also be obtained by mail from the Public Reference Branch, Office of Consumer Affairs and Informational Services, SEC, Washington, D.C. 20549 at prescribed rates or by calling 1-202-551-8090.

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INSTRUCTIONS FOR EXECUTING PROXY CARD

The following general rules for signing proxy cards may be of assistance to you and may help to avoid the time and expense involved in validating your vote if you fail to sign your proxy card properly.

1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the Registration on the proxy card.

2. JOINT ACCOUNTS: Either party may sign, but the name of the party signing should conform exactly to a name shown in the Registration on the proxy card.

3. ALL OTHER ACCOUNTS: The capacity of the individual signing the proxy card should be indicated unless it is reflected in the form of Registration. For example: