ALLSPRING STRATEGIC MUNICIPAL BOND FUND (USD) ASTM.US

The fund's objective is to generate current income that is exempt from regular U.S. federal income tax. It pursues this by actively managing a diversified portfolio of municipal securities, rather than passively tracking an index.

The strategy normally requires at least 80 percent of net assets to be invested in municipal securities whose interest is federally tax-exempt (though not always exempt from the alternative minimum tax).

The fund may invest up to 35 percent of its total assets in below investment-grade (i.e., high yield) municipal securities, and up to 10 percent in inverse floaters, which are derivative instruments with interest rates that move inversely with certain short-term rates.

Duration is managed under the expectation that the overall dollar-weighted average effective duration will generally be six years or less. The fund covers the municipal bond asset class at a national U.S. scale, focusing on securities issued by states, territories, and U.S. possessions.

It uses a research approach combining top-down macroeconomic and sector analysis with bottom-up evaluation of individual issuers, to inform decisions on sector allocation, credit quality, yield curve positioning, and security selection.

The provider is Allspring Global (through Allspring Funds Management, LLC as manager and Allspring Global Investments, LLC as sub-advisor). The vehicle is a U.S. registered fund offering both an ETF class (listed on a U.S. national securities exchange) and multiple mutual fund share classes under the Allspring Strategic Municipal Bond Fund umbrella.