# EDGAR Filing Document

**Accession Number:** 0001087961
**File Stem:** 0001087961-25-000013
**Filing Date:** 2025-8
**Character Count:** 947116
**Document Hash:** 51127e5dd3a71c2caa76f3ec1351978b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001087961-25-000013.hdr.sgml**: 20250828

**ACCESSION NUMBER**: 0001087961-25-000013

**CONFORMED SUBMISSION TYPE**: POS AMI

**PUBLIC DOCUMENT COUNT**: 32

**FILED AS OF DATE**: 20250828

**DATE AS OF CHANGE**: 20250828

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING MASTER TRUST
- **CENTRAL INDEX KEY:** 0001087961

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE

**FILING VALUES:**
- **FORM TYPE:** POS AMI
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-09689
- **FILM NUMBER:** 251269788

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 833-568-4225

**MAIL ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO MASTER TRUST
- **DATE OF NAME CHANGE:** 20021209

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO CORE TRUST
- **DATE OF NAME CHANGE:** 19990604

## Series and Classes Contracts Data

### Allspring Disciplined International Developed Markets Portfolio (Series ID: S000007547)

| Class ID   | Class Name                                            | Ticker Symbol   |
|:---|:---|:---|
| C000020605 | Disciplined International Developed Markets Portfolio |  |

### Allspring Real Return Portfolio (Series ID: S000007549)

| Class ID   | Class Name            | Ticker Symbol   |
|:---|:---|:---|
| C000020607 | Real Return Portfolio |  |

### Allspring Small Company Growth Portfolio (Series ID: S000007552)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000020610 | Small Company Growth Portfolio |  |

### Allspring Small Company Value Portfolio (Series ID: S000007553)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000020611 | Small Company Value Portfolio |  |

### Allspring Core Bond Portfolio (Series ID: S000007564)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000020629 | Core Bond Portfolio |  |

### Allspring Disciplined Large Cap Portfolio (Series ID: S000061896)

| Class ID   | Class Name                      | Ticker Symbol   |
|:---|:---|:---|
| C000200587 | Disciplined Large Cap Portfolio |  |

### Allspring Macro Strategies Portfolio (Series ID: S000083918)

| Class ID   | Class Name                           | Ticker Symbol   |
|:---|:---|:---|
| C000248008 | Allspring Macro Strategies Portfolio |  |

AS FILED WITH THE SECURITIES AND EXCHANGE COMMISSION ON AUGUST 28, 2025<br>Registration No. 811-09689

UNITED STATES SECURITIES AND EXCHANGE COMMISSION<br>Washington, D.C. 20549

**FORM N-1A**<br>AMENDMENT NO. 131 TO THE REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940 [x]

**ALLSPRING MASTER TRUST**<br>(Exact Name of Registrant as Specified in Charter)

1415 Vantage Park Drive, 3rd Floor<br>Charlotte, NC 28203<br>(Address of Principal Executive Offices, Including ZIP Code)

Registrant's Telephone Number, Including Area Code: (800) 222-8222<br>Matthew Prasse<br>Allspring Funds Management, LLC<br>1415 Vantage Park Drive, 3rd Floor<br>Charlotte, NC 28203<br>(Name and Address of Agent For Service)

With a copy to:

Jason F. Monfort<br>Kirkland & Ellis LLP<br>1301 Pennsylvania Avenue, N.W.<br>Washington, D.C. 20004

Explanatory Note: This Registration Statement has been filed by the Registrant pursuant to Section 8(b) of the Investment Company Act of 1940, as amended, to make certain non-material changes to the Registration Statement. Beneficial interests in the Registrant have not been registered under the Securities Act of 1933, as amended (the "1933 Act"), since such interests are issued solely in private placement transactions which do not involve any "public offering" within the meaning of Section 4(2) of the 1933 Act. Investments in the Registrant may only be made by investment companies or certain other entities which are "accredited investors" within the meaning of Regulation D under the 1933 Act. This Registration Statement does not constitute an offer to sell, or the solicitation of an offer to buy, any beneficial interests in the Registrant.

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**ALLSPRING MASTER TRUST<br>PART A**

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| | |
|:---|:---|
| ![](pr12234img001.jpg)  | Prospectus<br>August 28, 2025 |

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Allspring Master Trust

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---

| |
|:---|
| **Portfolio** |
| Allspring Core Bond Portfolio |
| Allspring Disciplined International Developed Markets Portfolio |
| Allspring Disciplined Large Cap Portfolio |
| Allspring Macro Strategies Portfolio |
| Allspring Real Return Portfolio |
| Allspring Small Company Growth Portfolio<sup>1</sup> |
| Allspring Small Company Value Portfolio |

---

1. At a meeting held August 19-20, 2025, the Boards of Trustees of the Allspring Small Company Growth Fund and Small Company Growth Portfolio approved a proposal to collapse the master-feeder structure under which the Allspring Small Company Growth Fund invests 100% of its assets in the Allspring Small Company Growth Portfolio. On or about October 17, 2025, the Fund will no longer invest its assets in Allspring Small Company Growth Portfolio, and will instead invest directly in securities.

NOTE: Responses to Form N-1A Items 1, 2, 3, 4 and 13 have been omitted pursuant to Paragraph (B)(2)(b) of the General Instructions to Form N-1A.

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**Table of Contents**

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| | |
|:---|:---|
| [ITEMS 5-7: Summary of Fund Management, Transaction Policies and Tax Information](#chapter_2_12234) |  |
| [Core Bond Portfolio Summary............................................................................................................](#chapter_2-sect1_1_12234) | [2](#chapter_2-sect1_1_12234) |
| [Disciplined International Developed Markets Portfolio Summary........................................................](#chapter_2-sect1_2_12234) | [3](#chapter_2-sect1_2_12234) |
| [Disciplined Large Cap Portfolio Summary...........................................................................................](#chapter_2-sect1_3_12234) | [4](#chapter_2-sect1_3_12234) |
| [Macro Strategies Portfolio Summary..................................................................................................](#chapter_2-sect1_4_12234) | [5](#chapter_2-sect1_4_12234) |
| [Real Return Portfolio Summary...........................................................................................................](#chapter_2-sect1_5_12234) | [6](#chapter_2-sect1_5_12234) |
| [Small Company Growth Portfolio Summary........................................................................................](#chapter_2-sect1_6_12234) | [7](#chapter_2-sect1_6_12234) |
| [Small Company Value Portfolio Summary...........................................................................................](#chapter_2-sect1_7_12234) | [8](#chapter_2-sect1_7_12234) |
| [Summary of Important Information Regarding Purchase and Sale of Portfolio Interests.....................](#chapter_2-sect1_8_12234) | [9](#chapter_2-sect1_8_12234) |
| [Tax Information..................................................................................................................................](#chapter_2-sect1_9_12234) | [9](#chapter_2-sect1_9_12234) |
| &nbsp;&nbsp;&nbsp;[ITEM 9: Investment Objectives, Principal Investment Strategies, Related Risks and <br>Disclosure of Portfolio Holdings](#chapter_3_12234) |  |
| [Core Bond Portfolio............................................................................................................................](#chapter_3-sect1_2_12234) | [11](#chapter_3-sect1_2_12234) |
| [Disciplined International Developed Markets Portfolio........................................................................](#chapter_3-sect1_3_12234) | [12](#chapter_3-sect1_3_12234) |
| [Disciplined Large Cap Portfolio..........................................................................................................](#chapter_3-sect1_4_12234) | [13](#chapter_3-sect1_4_12234) |
| [Macro Strategies Portfolio..................................................................................................................](#chapter_3-sect1_5_12234) | [14](#chapter_3-sect1_5_12234) |
| [Real Return Portfolio...........................................................................................................................](#chapter_3-sect1_6_12234) | [16](#chapter_3-sect1_6_12234) |
| [Small Company Growth Portfolio........................................................................................................](#chapter_3-sect1_7_12234) | [18](#chapter_3-sect1_7_12234) |
| [Small Company Value Portfolio...........................................................................................................](#chapter_3-sect1_8_12234) | [19](#chapter_3-sect1_8_12234) |
| [Description of Principal Investment Risks...........................................................................................](#chapter_3-sect1_9_12234) | [20](#chapter_3-sect1_9_12234) |
| [Portfolio Holdings Information............................................................................................................](#chapter_3-sect1_10_12234) | [23](#chapter_3-sect1_10_12234) |
| [ITEM 10: Management, Organization and Capital Structure](#chapter_4_12234) |  |
| [The Adviser........................................................................................................................................](#chapter_4-sect1_1_12234) | [24](#chapter_4-sect1_1_12234) |
| [The Sub-Advisers and Portfolio Managers...........................................................................................](#chapter_4-sect1_2_12234) | [25](#chapter_4-sect1_2_12234) |
| [ITEMS 11 AND 12: Interestholder Information and Distribution Arrangements](#chapter_5_12234) |  |
| [Purchasing Portfolio Interests; Valuing Portfolio Interests...................................................................](#chapter_5-sect1_2_12234) | [26](#chapter_5-sect1_2_12234) |
| [Valuation of Portfolio Assets...............................................................................................................](#chapter_5-sect1_3_12234) | [27](#chapter_5-sect1_3_12234) |
| [Redeeming or Repurchasing Portfolio Interests..................................................................................](#chapter_5-sect1_4_12234) | [27](#chapter_5-sect1_4_12234) |
| [Distributions.......................................................................................................................................](#chapter_5-sect1_5_12234) | [28](#chapter_5-sect1_5_12234) |
| [Taxes..................................................................................................................................................](#chapter_5-sect1_6_12234) | [28](#chapter_5-sect1_6_12234) |

---

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**Core Bond Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Maulik Bhansali, CFA**, Portfolio Manager / 2017<br>**Jarad Vasquez,** Portfolio Manager / 2017 |

---

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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2 Allspring Master Trust

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**Disciplined International Developed Markets Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Justin P. Carr, CFA**, Portfolio Manager / 2020<br>**Vince Fioramonti, CFA**, Portfolio Manager / 2020 |

---

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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Allspring Master Trust 3

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**Disciplined Large Cap Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Justin P. Carr, CFA**, Portfolio Manager / 2018<br>**Robert M. Wicentowski, CFA**, Portfolio Manager / 2019 |

---

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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**Macro Strategies Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Global Investments (UK) Limited | &nbsp;&nbsp;**Rushabh Amin,** Portfolio Manager /2024<br>**Matthias Scheiber, Ph.D., CFA,** Portfolio Manager /2024 |
|  | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Petros N. Bocray, CFA, FRM,** Portfolio Manager / 2024<br>**Travis L. Keshemberg, CFA, CIPM, FRM,** Portfolio Manager / 2024<sup>1</sup><br>**David Kowalske, Jr.,** Portfolio Manager / 2025 |

---

1. As of September 1, 2025, Mr. Keshemberg will no longer serve as a portfolio manager of the Portfolio.

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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**Real Return Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Investments (UK) Limited | &nbsp;&nbsp;**Rushabh Amin,** Portfolio Manager /2023<br>**Matthias Scheiber, Ph.D., CFA**, Portfolio Manager /2024 |
|  | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Petros N. Bocray, CFA, FRM**, Portfolio Manager / 2016<br>**Travis L. Keshemberg, CFA, CIPM, FRM,** Portfolio Manager / 2022<sup>1</sup><br>**David Kowalske, Jr.,** Portfolio Manager / 2025 |

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1. As of September 1, 2025, Mr. Keshemberg will no longer serve as a portfolio manager of the Portfolio.

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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6 Allspring Master Trust

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**Small Company Growth Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Peregrine Capital Management, LLC | &nbsp;&nbsp;**Paul E. von Kuster, CFA**, Portfolio Manager / 1984<br>**Allison Lewis, CFA**, Portfolio Manager / 2023<br>**Ryan H. Smith, CFA,** Portfolio Manager / 2021<br>**Samuel D. Smith, CFA,** Portfolio Manager / 2021 |

---

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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Allspring Master Trust 7

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**Small Company Value Portfolio Summary**

**Item 5: Fund Management**

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Adviser** | &nbsp;&nbsp;**Sub-Adviser** | &nbsp;&nbsp;**Portfolio Manager, Title/Managed Since** |
| &nbsp;&nbsp;Allspring Funds Management, LLC | &nbsp;&nbsp;Allspring Global Investments, LLC | &nbsp;&nbsp;**Jeff Goverman**, Portfolio Manager / 2018<br>**Gustaf Little,** Portfolio Manager / 2022<br>**Garth R. Nisbet, CFA**, Portfolio Manager / 2018 |

---

For important information about purchase and sale of Portfolio interests and tax information, please turn to "Redeeming or Purchasing Portfolio Interests" beginning on page 27.

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**Summary of Important Information Regarding Purchase and Sale of Portfolio Shares and Tax Information**

**Item 6: Transaction Policies**

Investments in the portfolios may only be made by certain institutional investors, whether organized within or outside the United States (excluding individuals, S corporations, partnerships, and grantor trusts beneficially owned by any individuals, S corporations, or partnerships). An investor in a Portfolio must also be an "accredited investor," as that term is defined under Rule 501(a) of Regulation D under the Securities Act of 1933, as amended ("1933 Act").

There is no minimum initial or subsequent investment amount in a Portfolio. However, because each Portfolio intends to be as fully invested at all times as is reasonably practicable in order to enhance the return on its assets, investments must be made in federal funds (i.e., monies credited to the account of the Allspring Master Trust's (the "Trust") custodian by a Federal Reserve Bank).

An investor in a Portfolio may withdraw all or any portion of its investment in the Portfolio based on the value of the Portfolio's assets next determined after a withdrawal request in proper form is furnished by the investor to the Trust.

**Item 7: Tax Information**

Each investor in the Portfolio will be taxable on its distributive share of the Portfolio's taxable income in determining its federal income tax liability. As a non-publicly traded partnership, the Portfolio will be deemed to have "passed through" to shareholders any interest, dividends, gains and losses which may be taxable as ordinary income or capital gains.

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**Item 9: Investment Objectives, Principal Investment Strategies, Related Risks and Disclosure of Portfolio Holdings**

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Percentages of the "Portfolio's net assets" are measured as percentages of net assets plus borrowings for investment purposes. The investment policy of the Core Bond Portfolio, Disciplined International Developed Markets Portfolio, Disciplined Large Cap Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio concerning "80% of the Portfolio's net assets" may be changed by the Board without interestholder approval, but interestholders would be given 60 days' notice. The following pages contain the investment objectives, principal investment strategies, and related risks for each of the Portfolios.

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**Core Bond Portfolio**

**Investment Objective**

The Portfolio seeks total return, consisting of income and capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Portfolio's net assets in bonds;

■ at least 80% of the Portfolio's total assets in investment-grade debt securities;

■ up to 25% of the Portfolio's total assets in asset-backed securities, other than mortgage-backed securities; and

■ up to 20% of the Portfolio's total assets in U.S. dollar-denominated debt securities of foreign issuers.

We invest principally in investment-grade debt securities, including U.S. Government obligations, corporate bonds and mortgage- and asset-backed securities. As part of our investment strategy, we may enter into mortgage dollar rolls and reverse repurchase agreements, as well as invest in U.S. dollar-denominated debt securities of foreign issuers. We may also use futures, options or swap agreements to manage risk or to enhance return or as a substitute for purchasing the underlying security. While we may purchase securities of any maturity or duration, under normal circumstances, we expect to maintain an overall portfolio dollar-weighted average effective duration that is within 10% of that of the Fund's benchmark. (The Fund's benchmark, the Bloomberg U.S. Aggregate Bond Index, had a duration of 6.03 years, as of July 31, 2025.) "Dollar-Weighted Average Effective Duration" is an aggregate measure of the sensitivity of a fund's fixed income portfolio securities to changes in interest rates. As a general matter, the price of a fixed income security with a longer effective duration will fluctuate more in response to changes in interest rates than the price of a fixed income security with a shorter effective duration.

We invest in debt securities that we believe offer competitive returns and are undervalued, offering additional income and/or price appreciation potential relative to other debt securities of similar credit quality and interest rate sensitivity. From time to time, we may also invest in unrated bonds that we believe are comparable to investment-grade debt securities. We may sell a security that has achieved its desired return or if we believe the security or its sector has become overvalued. We may also sell a security if a more attractive opportunity becomes available or if the security is no longer attractive due to its risk profile or as a result of changes in the overall market environment. We may actively trade portfolio securities.

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

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

<br> ■<br>Market Risk■<br>Debt Securities Risk■<br>Derivatives Risk■<br>Foreign Investment Risk■<br>Futures Contracts Risk ■Management Risk■Mortgage- and Asset-Backed Securities Risk■Options Risk■Swaps Risk■U.S. Government Obligations Risk

These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Disciplined International Developed Markets Portfolio** 

**Investment Objective**

The Portfolio seeks long-term capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Portfolio's total assets in equity securities of foreign issuers; and

■ up to 20% of the Portfolio's total assets in emerging markets equity securities.

We invest principally in the equity securities of foreign issuers that are constituents of the MSCI EAFE Index. We invest primarily in developed countries but may invest in emerging markets. We consider equity securities of foreign issuers (or foreign securities) to be equity securities: (1) issued by companies with their principal place of business or principal office, or both, as determined in our reasonable discretion, in a country other than the U.S.; or (2) issued by companies for which the principal securities trading market is a country other than the U.S. We may use futures contracts in order to equitize cash and participation notes to enhance return.

We employ a risk-controlled investment approach in seeking to construct a broadly diversified portfolio of companies with characteristics similar to the MSCI EAFE Index with a superior valuation and earnings profile. Our research, which utilizes a combination of quantitative methods and fundamental analysis, identifies companies based on valuation, quality and momentum characteristics that give a comprehensive view of each company's relative valuation, operational and financial performance, and stock price behavior. Our approach seeks to achieve positive excess returns relative to the MSCI EAFE Index (which may include both value and growth stocks) by deriving the primary source of alpha via stock selection while explicitly managing active risk exposures in a portfolio that highly reflects benchmark-like characteristics. We regularly review the investments of the Portfolio and may sell a portfolio holding when, among other reasons, we believe there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

We reserve the right to hedge the Portfolio's foreign currency exposure by purchasing or selling currency futures and foreign currency forward contracts. However, under normal circumstances, we will not engage in extensive foreign currency hedging. We may actively trade portfolio securities.

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

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

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| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Market Risk<br>■<br>Equity Securities Risk<br>■<br>Foreign Investment Risk<br>■<br>Derivatives Risk<br>■<br>Emerging Markets Risk<br>■<br>Foreign Currency Contracts Risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Futures Contracts Risk<br>■<br>Growth/Value Investing Risk<br>■<br>Management Risk<br>■<br>Participation Notes Risk<br>■<br>Smaller Company Securities Risk |

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These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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12 Allspring Master Trust

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**Disciplined Large Cap Portfolio**

**Investment Objective**

The Portfolio seeks long-term capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Portfolio's net assets in equity securities of U.S. large-capitalization companies.

We invest principally in equity securities of large-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 1000® Index at the time of purchase. The market capitalization range of the Russell 1000® Index was approximately $807.14 million to $4.34 trillion, as of July 31, 2025, and is expected to change frequently. We may use futures contracts in order to equitize cash.

We employ a risk controlled investment approach in seeking to construct a broadly diversified portfolio of companies with a superior valuation and earnings profile. Our research, which utilizes a combination of quantitative methods and fundamental analysis, identifies companies based on valuation, earnings and trading momentum characteristics that give a comprehensive view of each company's relative valuation, operational and financial performance, and stock price behavior. We regularly review the investments of the portfolio and may sell a portfolio holding when, among other reasons, we believe there is deterioration in the underlying fundamentals of the business, or we have identified a more attractive investment opportunity.

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

We may use futures contracts in order to equitize cash.

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

<br> ■<br>Market Risk■<br>Equity Securities Risk■<br>Futures Contracts Risk ■Growth/Value Investing Risk■Management Risk

These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Macro Strategies Portfolio**

**Investment Objective**

The Portfolio seeks long-term capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

The Portfolio seeks to provide investors with exposure to macro strategies. Macro strategies involve investing in equity, fixed-income, currencies, or commodity markets around the world based on qualitatively and quantitatively analyzing underlying macroeconomic fundamentals. Monetary policy shifts, fiscal policy shifts, gross domestic product growth or inflation all may be considered in developing a market view. Macro strategies establish opportunistic long or short market positions to seek to benefit from anticipated market moves and tend to make significant use of derivatives and leverage.

The macro strategies employed by the Portfolio will primarily be systematic-based and will involve the quantitative trading of listed financial or commodity futures and currencies in markets around the world. These systematic strategies use sophisticated technical models to analyze price and market data to identify trends or price reversals across a broad range of markets. These strategies also rely upon constructing long and short market positions around fundamental macro-economic or technical views.

The Portfolio will establish both long and short positions in equities, fixed income and currencies directly or indirectly through derivatives. The Portfolio will gain exposure to commodities indirectly through investment in a subsidiary as described below. The equity exposures will be diversified across global developed and emerging markets and may be of any market capitalization. While the Portfolio's primary fixed income investment positions will be established through treasury and interest rate futures, the Portfolio may directly hold inflation-indexed debt securities (TIPS) for investment purposes and also hold other fixed income securities for the purpose of maintaining collateral, as described below. The Portfolio's fixed income investments are not managed to any particular maturity, duration or credit quality. The Portfolio's currency exposure will be achieved primarily through currency forwards. The Portfolio's derivative holdings will include futures, forwards, and swaps. For purposes of maintaining collateral for derivative positions, a significant portion of the Portfolio's assets may be held in cash or cash equivalent investments, including, but not limited to, short-term investment funds and/or U.S. Government securities.

Under normal market conditions, the Portfolio may invest up to 25% of its net assets in the common or preferred stock of a subsidiary of the Portfolio that typically invests directly or indirectly in commodity-linked derivatives such as commodity forwards, commodity futures, commodity swaps, swaps on commodity futures and other commodity-linked derivative securities; it may also invest in all other securities allowed in the Portfolio. These holdings may contribute more than 25% of the Portfolio's risk allocation.

The investment techniques employed by the Portfolio create leverage. As a result, the sum of the Portfolio's investment exposures will typically exceed the amount of the Portfolio's net assets. These exposures may vary over time. We expect gross notional exposure of the Portfolio to be in a range of 200% to 1200% of the net asset value of the Portfolio under normal market conditions; leverage may be significantly different (higher or lower) as deemed necessary by the Investment Manager. We expect net notional exposure of the Portfolio to be in a range of -500% to 800% of the net asset value of the Portfolio under normal market conditions.

The positions within the Portfolio are determined using proprietary models and their implementation weights are determined using an approach to balance the risks in the Portfolio. The investment methods used by the team are dynamic and can change over time.

The Portfolio will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Tail Risk Management (TRM) and 3) Absolute Return Overlay (ARO). Together these strategies will allow the Portfolio to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Portfolio (either directly or through its subsidiary in the case of commodity exposure) invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, commodities, and currencies.

**1.** TAA Overlay seeks to improve the Portfolio's risk/return profile through the tactical use of futures contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Portfolio. Dependent upon market conditions, the TAA Overlay may increase or decrease exposures to a given asset class.

**2.** TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during

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severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When the equity holdings breach a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.

**3.** The ARO seeks to improve the Portfolio's risk return profile using derivative (futures, forwards, swaps, and options) strategies. ARO uses multiple components that focus on qualitative and quantitative signals that rely upon both secular trend and mean reversion components. The goal is to provide upside returns and downside protection dynamically scaled according to changing market environments.

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

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

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

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| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Market Risk<br>■<br>Derivatives Risk<br>■<br>Leverage Risk<br>■<br>Debt Securities Risk<br>■<br>Equity Securities Risk<br>■<br>Commodities Risk<br>■<br>Emerging Markets Risk<br>■<br>Foreign Currency Contracts Risk<br>■<br>Foreign Investment Risk<br>■<br>Futures Contracts Risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Inflation-Indexed Debt Securities Risk<br>■<br>Management Risk<br>■<br>New Fund Risk<br>■<br>Options Risk<br>■<br>Short Sales Risk<br>■<br>Smaller Company Securities Risk<br>■<br>Subsidiary Risk<br>■<br>Swaps Risk<br>■<br>U.S. Government Obligations Risk |

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These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Real Return Portfolio**

**Investment Objective**

The Portfolio seeks returns that exceed the rate of inflation over the long-term.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ up to 70% of the Fund's total assets in debt securities;

■ up to 70% of the Fund's total assets in equity securities; and

■ up to 25% of the Fund's net assets in commodities.

We utilize an active allocation strategy to diversify the portfolio across various investments, assets and sectors, in an attempt to generate a real return (a return in excess of the rate of inflation) over an economic cycle, consistent with an appropriate level of risk. We dynamically allocate investments to various broad asset classes across debt, equity and commodities based on our assessment of changing economic, global market, industry, and issuer conditions.

We may invest up to 70% of the Portfolio's total assets in debt securities including but not limited to, inflation-indexed debt securities, corporate-issued debt, mortgage- and asset-backed securities, bank loans and government obligations. These securities may have fixed, floating or variable rates. We may invest up to 20% of the Portfolio's total assets in below investment-grade debt securities, often called "high yield securities" or "junk bonds". We do not manage the portfolio to a specific maturity or duration. We may use futures contracts to manage or adjust duration and yield curve exposure, as well as to manage risk or to enhance return.

We may invest up to 70% of the Portfolio's total assets in equity securities, including but not limited to, common stock, preferred stock and real estate investment trusts ("REITs"), of domestic and foreign issuers of any market capitalization. We may invest in derivatives, such as futures and swaps, that have similar economic or financial characteristics of any security described above.

We may invest up to 25% of the Portfolio's net assets in the common or preferred stock of a subsidiary of the Portfolio that typically invests directly or indirectly in commodity-linked derivatives such as commodity forwards, commodity futures, commodity swaps, swaps on commodity futures and other commodity-linked derivative securities; it may also invest in all other securities allowed in the Portfolio. These holdings may contribute more than 25% of the Portfolio's risk allocation.

The Portfolio will incorporate a derivatives overlay strategy that contains three specific risk management components: 1.) Tactical Asset Allocation (TAA) Overlay, 2.) Tail Risk Management (TRM) and 3) Real Return Overlay (RRO). Together these strategies will allow the Portfolio to attempt to manage short-term volatility, mitigate risk and/or improve returns under certain market conditions. To execute this overlay strategy, the Portfolio (either directly or through its subsidiary in the case of commodity exposure) invests in long and/or short positions in exchange-traded futures and/or currency forward contracts across a variety of asset classes, which include, but are not limited to, stocks, bonds, commodities, and currencies.

**1.** The TAA Overlay seeks to improve the Portfolio's risk return profile through the tactical use of futures and/or currency forward contracts. The TAA Overlay uses qualitative and quantitative inputs to guide equity and fixed income exposures in the Portfolio. The TAA Overlay may increase exposures to a given asset class under certain market conditions while decreasing exposure during others.

**2.** TRM is a quantitatively driven, structured hedging component developed to help reduce portfolio losses during severe market downturns. TRM will only seek to decrease market exposure under certain market conditions. When a portfolio breaches a certain value on the downside, downside protection (or hedge) may be added to decrease market exposure using futures. This component also systematically takes hedge profit by reducing downside protection after a severe portfolio decline.

**3.** The RRO seeks to improve the Portfolio's risk return profile using derivative (futures, forwards, swaps, and options). RRO uses multiple components that focuses on qualitative and quantitative signals that capture the level, breath and persistence of inflation and will look to provide upside returns in inflationary environments while providing downside protection when market shocks increase correlation amongst diversified assets.

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**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

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|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Market Risk<br>■<br>Debt Securities Risk<br>■<br>Equity Securities Risk<br>■<br>Commodities Risk<br>■<br>Derivatives Risk<br>■<br>Emerging Markets Risk<br>■<br>Foreign Currency Contracts Risk<br>■<br>Foreign Investment Risk<br>■<br>Futures Contracts Risk<br>■<br>High Yield Securities Risk | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;■<br>Inflation-Indexed Debt Securities Risk<br>■<br>Loan Risk<br>■<br>Management Risk<br>■<br>Mortgage- and Asset - Backed Securities<br>■<br>Real Estate Securities Risk<br>■<br>Smaller Company Securities Risk<br>■<br>Subsidiary Risk<br>■<br>Swaps Risk<br>■<br>U.S. Government Obligations Risk |

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These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Small Company Growth Portfolio**

**Investment Objective**

The Portfolio seeks long-term capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Portfolio's net assets in equity securities of small-capitalization companies.

We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was approximately $2.13 million to $19.09 billion, as of July 31, 2025, and is expected to change frequently.

In selecting securities for the Portfolio, we conduct rigorous research to identify companies where the prospects for rapid earnings growth (Discovery phase) or significant change (Rediscovery phase) have yet to be well understood, and are therefore not reflected in the current stock price. This research includes meeting with the management of several hundred companies each year and conducting independent external research. Companies that fit into the Discovery phase are those with rapid long-term (3-5 year) earnings growth prospects. Companies that fit into the Rediscovery phase, are those that have the prospect for sharply accelerating near-term earnings (next 12-18 months), or companies selling at a meaningful discount to their underlying asset value. We may decrease certain stock holdings when their positions rise relative to the overall portfolio. We may sell a stock in its entirety when it reaches its sell target price, which is set at the time of purchase. We may also sell stocks that experience adverse fundamental news, have significant short-term price declines, or in order to provide funds for new stock purchases. We may actively trade portfolio securities.

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

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

<br> ■<br>Market Risk■<br>Equity Securities Risk■<br>Smaller Company Securities Risk ■Foreign Investment Risk■Growth/Value Investing Risk■Management Risk

These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Small Company Value Portfolio**

**Investment Objective**

The Portfolio seeks long-term capital appreciation.

The Portfolio's Board of Trustees can change this investment objective without a shareholder vote.

**Principal Investment Strategies**

Under normal circumstances, we invest:

■ at least 80% of the Portfolio's net assets in equity securities of small-capitalization companies.

We invest principally in equity securities of small-capitalization companies, which we define as companies with market capitalizations within the range of the Russell 2000® Index at the time of purchase. The market capitalization range of the Russell 2000® Index was approximately $2.13 million to $19.09 billion, as of July 31, 2025, and is expected to change frequently.

Our team's strategy is designed to provide exposure to small public companies with current stock prices that we believe do not accurately reflect their intrinsic values. We use bottom-up fundamental analysis (i.e., focusing on company-specific factors rather than broader market factors) to execute our investment philosophy which focuses on identifying three core alpha (i.e., excess returns relative to an index) drivers: value, quality partner, and contrarian. First and foremost, we believe a prospective company should possess attractive value characteristics such as being priced at a discount relative to peers and the company's own historic valuation metrics. We also seek companies that are shareholder-friendly quality partner firms demonstrating favorable cash flow generating capabilities and that have the management, business model, products and resources to drive organic growth. Lastly, the investment should exhibit what we believe are contrarian characteristics and be in a unique position for value creation, yet, overlooked by the investment community. As part of our investment process, environmental, social, and governance (ESG) factors are evaluated within our three-core alpha driver stock selection criteria. Within the quality partner framework, we seek to identify companies with high-quality characteristics who can outperform their peers over the long term. Our fundamental analysis process utilizes ESG analytics and data provided by leading third party vendors to assess ESG considerations that could impact value creation over time. Material ESG risks, as well as opportunities, are evaluated within the context of the specific sector or industry in which the company resides. We may sell a stock when it becomes fairly valued or when signs of fundamental deterioration surface.

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

**Principal Investment Risks**

The Portfolio is primarily subject to the risks mentioned below.

<br> ■<br>Market Risk■<br>Equity Securities Risk■<br>Smaller Company Securities Risk ■Growth/Value Investing Risk■Management Risk

These and other risks could cause you to lose money in your investment in the Portfolio and could adversely affect the Portfolio's net asset value, yield and total return. These risks are described in the "Description of Principal Investment Risks" section.

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**Description of Principal Investment Risks**

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

**Commodities Risk.** The value of commodities and commodity-linked derivative investments will generally be affected by overall market movements, foreign currency exchange rates, commodity index volatility and changes in interest rates, as well as factors specific to a particular industry or commodity, which may include weather, embargoes, tariffs, and health, political, international and regulatory developments. Investments in commodities may subject a Fund to greater volatility than investments in traditional securities. Such investments can also present risks associated with transportation and delivery, custody, and storage and maintenance. Commodities investments may also be less liquid than other types of investments.

**Debt Securities Risk.** Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable or unwilling, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer's credit quality or financial strength declines. The credit quality of a debt security may deteriorate rapidly and cause significant deterioration in the Fund's net asset value. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Some debt securities give the issuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeems or prepays a debt security during a time of declining interest rates, the Fund might have to reinvest the proceeds in a security offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Changes in market conditions and government policies may lead to periods of heightened volatility in the debt securities market, reduced liquidity Fund investments and an increase in Fund redemptions.

**Derivatives Risk.** The use of derivatives, such as futures, options and swap agreements, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the derivatives' underlying assets, indexes or rates and the derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightened when derivatives are used to enhance a Fund's return or as a substitute for a position or security, rather than solely to hedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affected by the portfolio manager's ability to assess and predict market or economic developments and their impact on the derivatives' underlying assets, indexes or reference rates, as well as the derivatives themselves. Certain derivative instruments may become illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate to do so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlying assets, indexes or reference rates, and increase the volatility of the Fund's net asset value. Certain derivatives (e.g., over-the-counter swaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill its contractual obligations, which may cause a Fund to lose money, suffer delays or incur costs arising from holding or selling an underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives.

**Emerging Markets Risk.** Emerging market securities typically present even greater exposure to the risks described under "Foreign Investment Risk" and may be particularly sensitive to global economic conditions. For example, emerging market countries are typically more dependent on exports and are, therefore, more vulnerable to recessions in other countries. Emerging markets tend to have less developed legal and financial systems and a smaller market capitalization than markets in developed countries. Some emerging markets are subject to greater political instability. Additionally, emerging markets may have more volatile currencies and be more sensitive than developed markets to a variety of economic factors, including inflation. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.

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

**Foreign Currency Contracts Risk.** A Fund that enters into forwards or other foreign currency contracts, which are a type of derivative, is subject to the risk that the portfolio manager may be incorrect in his or her judgment of future exchange rate changes. The Fund's gains from positions in foreign currency contracts may accelerate and/or lead to recharacterization of the Fund's income or gains and its distributions to shareholders. The Fund's losses from such positions may also lead to recharacterization of the Fund's income and its distributions to shareholders and may cause a return of capital to Fund shareholders.

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

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

**Growth/Value Investing Risk.** Securities that exhibit certain characteristics, such as growth characteristics or value characteristics, tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund's performance may at times be worse than the performance of other mutual funds that invest more broadly or in securities that exhibit different characteristics.

**High Yield Securities Risk.** High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are considered speculative and have a much greater risk of default (or in the case of bonds currently in default, of not returning principal) and their values tend to be more volatile than higher-rated securities with similar maturities. Additionally, these securities tend to be less liquid and more difficult to value than higher-rated securities.

**Inflation-Indexed Debt Securities Risk.** The principal value of an inflation-indexed debt security is periodically adjusted according to the rate of inflation and, as a result, a Fund's yield and return will be affected by changes in the rate of inflation. If the reference inflation index rate falls, the principal value of an inflation-indexed debt security will decline, which will cause the value of the Fund's shares and the amount of interest payable on such security to be reduced.

**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.

**Loan Risk.** Loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, a Fund may be unable to sell loans at a desired time or price. If the

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Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender.

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

**Market Risk.** The values of, and/or the income generated by, securities held by a Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Securities markets are volatile and may decline significantly in response to adverse issuer, regulatory, political, or economic developments. Different sectors of the market and different security types may react differently to such developments. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, inflation, natural and environmental disasters, epidemics, pandemics and other public health crises and related events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. In addition, economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.

**Mortgage- and Asset-Backed Securities Risk.** Mortgage- and asset-backed securities are subject to risk of default on the underlying mortgages or assets, particularly during periods of economic downturn. Defaults on the underlying mortgages or assets may cause such securities to decline in value and become less liquid. Rising interest rates tend to extend the duration of these securities, making them more sensitive to changes in interest rates than instruments with fixed payment schedules. As a result, in a period of rising interest rates, these securities may exhibit additional volatility. When interest rates decline or are low, borrowers may pay off their mortgage or other debts sooner than expected, which can reduce the returns of a Fund. Funds that may enter into mortgage dollar roll transactions are subject to the risk that the market value of the securities that are required to be repurchased in the future may decline below the agreed upon repurchase price. They also involve the risk that the party to whom the securities are sold may become insolvent, limiting a Fund's ability to repurchase securities at the agreed upon price.

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

**Options Risk.** A Fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A Fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect. Options may be more volatile than the underlying instruments. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities, and there may at times not be a liquid secondary market for certain options.

**Participation Notes Risk.** The performance results of participation notes, which are a type of derivative, will not replicate exactly the performance of the securities of the foreign companies or foreign securities markets that they seek to replicate due to various factors, including transaction and other expenses. The transaction price of participation notes may not equal the underlying value of the securities of the foreign companies or foreign securities markets whose performance they seek to replicate. Moreover, a Fund has no rights under a participation note against the issuer of the underlying security.

**Real Estate Securities Risk.** Investments in real estate securities are subject to factors affecting the real estate industry and may fluctuate more than the value of a portfolio that consists of securities of companies in a broader range of industries. Factors affecting real estate values include the supply of real property in particular markets, overbuilding, changes in zoning laws, casualty or condemnation losses, delays in completion of construction, changes in real estate values, changes in operations costs and property taxes, levels of occupancy, adequacy of rent to cover operating costs, possible environmental liabilities, regulatory limitations on rent, fluctuations in rental income, increased competition and other risks related to local and regional market conditions. The value of real-estate related investments also may be affected by changes in interest rates, macroeconomic developments, and social and

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economic trends. For instance, during periods of declining interest rates, certain REITs may hold mortgages that the mortgagors elect to prepay, which prepayment may reduce the yield on securities issued by those REITs. Some REITs have relatively small market capitalizations, which can tend to increase the volatility of the market price of their securities. REITs are subject to the risk of fluctuations in income from underlying real estate assets, their inability to manage effectively the cash flows generated by those assets, prepayments and defaults by borrowers, and their failure to qualify for the special tax treatment granted to REITs under the Internal Revenue Code of 1986, as amended, or to maintain their exemption from investment company status under the 1940 Act.

**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 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.

**Subsidiary Risk.** The value of a Fund's investment in its Cayman Islands subsidiary may be adversely impacted by the risks associated with the underlying derivatives investments of the subsidiary. In addition, changes in the laws or regulations of the United States or the Cayman Islands, under which the Fund and the subsidiary, respectively, are organized, could result in the inability of the Fund or the subsidiary to continue to operate as described in the prospectus and could negatively affect the Fund and its shareholders.

**Swaps Risk.** Depending on their structure, swap agreements and options to enter into swap agreements ("swaptions"), both of which are types of derivatives, may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage-backed securities, corporate borrowing rates, or credit events or other reference points such as security prices or inflation rates.

**U.S. Government Obligations Risk.** U.S. Government obligations may be adversely impacted by changes in interest rates, and securities issued or guaranteed by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government. If a government-sponsored entity is unable to meet its obligations or its creditworthiness declines, the performance of a Fund that holds securities issued or guaranteed by the entity will be adversely impacted. U.S. Government obligations may be adversely affected by a default by, or decline in the credit quality, of the U.S. Government.

**Portfolio Holdings Information**

The Statement of Additional Information (Part B) contains a description of the Portfolios' policies and procedures with respect to the disclosure of the portfolio holdings of securities for each Portfolio.

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**ITEM 10: Management, Organization and Capital Structure**

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**The Adviser**

Allspring Funds Management, LLC ("Allspring Funds Management"), headquartered at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203, provides advisory services to the portfolios pursuant to an advisory agreement (the "Advisory Agreement"). Allspring Funds Management is a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. Allspring Funds Management is a registered investment adviser that provides advisory services for registered mutual funds, closed-end funds and other funds and accounts.

Allspring Funds Management is responsible for implementing the investment objectives and strategies of the portfolios. Allspring Funds Management's investment professionals review and analyze the Portfolios' performance, including relative to peer funds, and monitor the Portfolios' compliance with its investment objectives and strategies. Allspring Funds Management is responsible for reporting to the Board on investment performance and other matters affecting the portfolios. When appropriate, Allspring Funds Management recommends to the Board enhancements to Portfolio features, including changes to Portfolio investment objectives, strategies and policies. Allspring Funds Management also communicates with stakeholders and intermediaries about Portfolio performance and features.

To assist Allspring Funds Management in implementing the investment objectives and strategies of the portfolios, Allspring Funds Management may contract with one or more sub-advisers to provide day-to-day portfolio management services to the portfolios. Allspring Funds Management employs a team of investment professionals who identify and recommend the initial hiring of any sub-adviser and oversee and monitor the activities of any sub-adviser on an ongoing basis. Allspring Funds Management retains overall responsibility for the investment activities of the portfolios.

A discussion regarding the basis for the Board's approval of the Advisory Agreement and any applicable sub-advisory agreements for the portfolios is available in each Portfolio's Form N-CSR filing for the period ended October 31st.

For the Portfolios' most recent fiscal year end, the advisory fee paid to Allspring Funds Management pursuant to the Advisory Agreement, net of any applicable waivers and reimbursements, was as follows:

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| | |
|:---|:---|
| **Advisory Fees Paid** | **Advisory Fees Paid** |
|  | &nbsp;&nbsp;**As a % of average daily net assets** |
| &nbsp;&nbsp;Core Bond Portfolio | &nbsp;&nbsp;0.33% |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | &nbsp;&nbsp;0.25% |
| &nbsp;&nbsp;Macro Strategies Portfolio | &nbsp;&nbsp;0.35% |
| &nbsp;&nbsp;Real Return Portfolio | &nbsp;&nbsp;0.32% |
| &nbsp;&nbsp;Small Company Growth Portfolio | &nbsp;&nbsp;0.80% |
| &nbsp;&nbsp;Small Company Value Portfolio | &nbsp;&nbsp;0.72% |

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**The Sub-Advisers and Portfolio Managers**

The following sub-advisers and portfolio managers provide day-to-day portfolio management services to the Portfolios. These services include making purchases and sales of securities and other investment assets for the Portfolios, selecting broker-dealers, negotiating brokerage commission rates and maintaining portfolio transaction records. With respect to the Real Return Portfolio, the portfolio managers named below are the members of the Multi-Asset Solutions team who are primarily responsible for the oversight of the Portfolio. These portfolio managers establish and monitor the strategic and tactical allocations for the Portfolio and focus on cash flow management, portfolio construction, investment strategy selection, and risk management. The sub-advisers are compensated for their services by Allspring Funds Management from the fees Allspring Funds Management receives for its services as adviser to the Portfolios. The Statement of Additional Information provides additional information about the portfolio managers' compensation, other accounts managed by the portfolio managers and the portfolio managers' ownership of securities in the Portfolios.

**Peregrine Capital Management, LLC.** (Peregrine), a registered investment adviser located at 800 LaSalle Avenue, Suite 1750, Minneapolis, MN 55402, serves as a sub-adviser and provides portfolio management services to one or more Portfolios. Accordingly, Peregrine is responsible for the day-to-day investment management activities of these Portfolios. Peregrine is a registered investment adviser that provides investment advisory services to corporate and public pension plans, profit sharing plans, savings investment plans, 401(k) Plans, foundations and endowments.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Paul E. von Kuster, CFA**<br>Small Company Growth Portfolio | &nbsp;&nbsp;Mr. von Kuster joined Peregrine in 1984, where he currently serves as a Principal and Portfolio Manager for the Peregrine Small Cap Growth team. |
| &nbsp;&nbsp;**Allison Lewis, CFA**<br>Small Company Growth Portfolio | &nbsp;&nbsp;Ms. Lewis joined Peregrine in 2022 where she currently serves as a Portfolio Manager for the Peregrine Small Cap Growth team. Prior to joining Peregrine, Ms. Lewis was a Vice President and Senior Equity Analyst at Oppenheimer Funds and an Equity Research Analyst at Marsico Capital Management. |
| &nbsp;&nbsp;**Ryan H. Smith, CFA**<br>Small Company Growth Portfolio | &nbsp;&nbsp;Mr. Smith joined Peregrine in 2018, where he currently serves as a Principal and Portfolio Manager for the Peregrine Small Cap Growth team. Prior to 2018, Mr. Smith was a portfolio manager and an analyst on the small, SMID and mid cap growth strategies at RBC Global Asset Management (U.S.). |
| &nbsp;&nbsp;**Samuel D. Smith, CFA**<br>Small Company Growth Portfolio | &nbsp;&nbsp;Mr. Smith joined Peregrine in 2006, where he currently serves as a Principal and Portfolio Manager for the Peregrine Small Cap Growth team. |

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**Allspring Global Investments (UK) Limited** ("Allspring (UK)"), is a registered investment adviser located at 30 Cannon Street, Third Floor, London, EC4M 6XH. Allspring (UK), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC, provides investment advisory services to banking or thrift institutions, investment companies, pension and profit sharing plans, corporations, and state or municipal government entities.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Rushabh Amin**<br>Macro Strategies Portfolio<br>Real Return Portfolio | &nbsp;&nbsp;Mr. Amin joined Allspring (UK) or one of its predecessor firms in 2019, where he currently serves as a Senior Portfolio Manager for the Multi-Asset Solutions team. Prior to joining Allspring (UK), Mr. Amin was an Analyst in the Multi-Asset and Marco team at Aviva Investors. |
| &nbsp;&nbsp;**Matthias Scheiber, Ph.D., CFA**<br>Macro Strategies Portfolio<br>Real Return Portfolio | &nbsp;&nbsp;Mr. Scheiber joined Allspring (UK) or one of its predecessor firms in 2018, where he currently serves as the Head of the Multi-Asset Solutions team. |

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**Allspring Global Investments, LLC** ("Allspring Investments"), is a registered investment adviser located at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Allspring Investments, an affiliate of Allspring Funds Management and a 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 investment companies.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Maulik Bhansali, CFA**<br>Core Bond Portfolio | &nbsp;&nbsp;Mr. Bhansali joined Allspring Investments or one of its predecessor firms in 2001, where he currently serves as a Senior Portfolio Manager and co-head of the Core Fixed Income team. |
| &nbsp;&nbsp;**Petros N. Bocray, CFA, FRM**<br>Macro Strategies Portfolio<br>Real Return Portfolio | &nbsp;&nbsp;Mr. Bocray joined Allspring Investments in 2006, where he currently serves as a Portfolio Manager for the Multi-Asset Solutions team. |

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|:---|:---|
| &nbsp;&nbsp;**Justin P. Carr, CFA**<br>Disciplined International Developed Markets Portfolio<br>Disciplined Large Cap Portfolio | &nbsp;&nbsp;Mr. Carr joined Allspring Investments or one of its predecessor firms in 2001, where he currently serves as a Portfolio Manager and Analyst for the Systematic Core Equity team. |
| &nbsp;&nbsp;**Vince Fioramonti, CFA**<br>Disciplined International Developed Markets Portfolio | &nbsp;&nbsp;Mr. Fioramonti joined Allspring Investments or one of its predecessor firms in 2012, where he currently serves as Portfolio Manager for the Systematic Core Equity team. |
| &nbsp;&nbsp;**Jeff Goverman**<br>Small Company Value Portfolio | &nbsp;&nbsp;Mr. Goverman joined Allspring Investments or one of its predecessor firms in 2006, where he currently serves as a Portfolio Manager for the Essential Value Equity team. |
| &nbsp;&nbsp;**Travis L. Keshemberg, CFA, CIPM, FRM<sup>1</sup>**<br>Macro Strategies Portfolio<br>Real Return Portfolio | &nbsp;&nbsp;Mr. Keshemberg joined Allspring Investments in 2016, where he currently serves as a Portfolio Manager for the Multi-Asset Solutions team. Prior to joining Allspring Investments, Mr. Keshemberg was a Director of Research at Allspring Funds Management, LLC. |
| &nbsp;&nbsp;**David Kowalske, Jr.**<br>Macro Strategies Portfolio<br>Real Return Portfolio | &nbsp;&nbsp;Mr. Kowalske joined Allspring Investments or one of its predecessor firms in 2014, where he currently serves as a Portfolio Manager for the Multi-Asset Solutions team. Prior to joining Allspring Investments, Mr. Kowalske worked as an Investment Analyst at Fidelity's Global Asset Allocation Division. |
| &nbsp;&nbsp;**Gustaf Little**<br>Small Company Value Portfolio | &nbsp;&nbsp;Mr. Little joined Allspring Investments or one of its predecessor firms in 2006, where he currently serves as a Senior Portfolio Manager. Prior to this, he served as an Associate Portfolio Manager for the Essential Value Equity team. |
| &nbsp;&nbsp;**Garth R. Nisbet, CFA**<br>Small Company Value Portfolio | &nbsp;&nbsp;Mr. Nisbet joined Allspring Investments or one of its predecessor firms in 2011, where he currently serves as a Senior Portfolio Manager for the Essential Value Equity team. |
| &nbsp;&nbsp;**Jarad Vasquez**<br>Core Bond Portfolio | &nbsp;&nbsp;Mr. Vasquez joined Allspring Investments or one of its predecessor firms in 2007, where he currently serves as a Senior Portfolio Manager and co-head of the Core Fixed Income team. |
| &nbsp;&nbsp;**Robert M. Wicentowski, CFA**<br>Disciplined Large Cap Growth Portfolio | &nbsp;&nbsp;Mr. Wicentowski joined Allspring Investments or one of its predecessor firms in 2016, where he currently serves as a Portfolio Manager and Analyst for the Systematic Core Equity team. |

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1. As of September 1, 2025, Mr. Keshemberg will no longer serve as a portfolio manager of the Portfolio.

**ITEMS 11 AND 12: Shareholder Information and Distribution Arrangements**

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The following pages provide information regarding how Portfolio shares are priced, how shares can be purchased and redeemed and how distributions are paid from the portfolios.

**Purchasing Portfolio Interests; Valuing Portfolio Interests**

Interests in the portfolios are available solely through private placement transactions that do not involve any "public offering" within the meaning of Section 4(2) of the 1933 Act. All investments in the portfolios are made without a sales load. Investments in a Portfolio may only be made by certain institutional investors, whether organized within or outside the United States (excluding individuals, S corporations, partnerships, and grantor trusts beneficially owned by any individuals, S corporations, or partnerships). An investor in a Portfolio must also be an "accredited investor," as that term is defined under Rule 501(a) of Regulation D under the 1933 Act.

The Trust reserves the right to reject purchase orders for any reason. Each investor's interest in a Portfolio will be determined daily based on the investor's ownership percentage of the Portfolio's net assets, which are valued daily at the Valuation Time (as defined in the following section). Any additions to an investor's investment in a Portfolio or withdrawals of all or a portion of an investor's investment in a Portfolio which are to be effected on that day will then be effected. Each investor's interest in a Portfolio then will be computed using a percentage equal to the fraction (1) the numerator of which is the value of the investor's investment in the Portfolio as of the Valuation Time on that day plus or minus, as the case may be, the amount of any additions to or redemptions from such investment effected on that day and (2) the denominator of which is the value of the Portfolio's total net assets as of the Valuation Time on that day plus or minus, as the case may be, the amount of the net additions to or redemptions from the aggregate investments in the

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Portfolio by all investors. The percentages so determined then will be applied to determine the value of each investor's respective interest in the Portfolio as of the Valuation Time on the following Business Day.

There is no minimum initial or subsequent investment amount in a Portfolio. However, because each Portfolio intends to be as fully invested at all times as is reasonably practicable in order to enhance the return on its assets, investments must be made in federal funds (i.e., monies credited to the account of the Trust's custodian by a Federal Reserve Bank).

**Valuation of Portfolio Assets**

The securities held by a Portfolio are valued 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances (the "Valuation Time"). Portfolio interest purchase and redemption requests are processed based on the value of a Portfolio's net assets next determined after the request is received in good order. Generally, a Portfolio is not valued, and purchase and redemption requests are not processed, on days that the NYSE is closed for trading; however, under unusual or unexpected circumstances, a Portfolio may elect to remain open even on days that the NYSE is closed or closes early. To the extent that a Portfolio's assets are traded in various markets on days when the Portfolio is closed, the value of the Portfolio's assets may be affected on days when you are unable to buy or sell Portfolio shares. Conversely, trading in some of a Portfolio's assets may not occur on days when the Portfolio is open.

With respect to any portion of a Portfolio's assets that may be invested in other mutual funds, the value of the Portfolio's shares is based on the NAV of the shares of the other mutual funds in which the Portfolio 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 Portfolio invests a portion of its assets in non-registered investment vehicles, the Portfolio's interests in the non-registered vehicles are fair valued at net asset value.

With respect to a Portfolio's assets invested directly in securities, the Portfolio'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 Valuation Time. 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 Valuation Time, 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 Portfolio's securities and other assets is determined in good faith pursuant to policies and procedures adopted by the Portfolio'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 Portfolio 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 security values that are higher or lower than values based on the closing price or quoted bid price and may result in the value of Portfolio interests being higher or lower than if the security were valued based on the closing or quoted bid price. See the Statement of Additional Information for additional details regarding the valuation of securities.

**Redeeming or Repurchasing Portfolio Interests**

If a Portfolio investor's redemption request is received in proper form on a business day prior to the close of the NYSE, proceeds are typically sent on either that same day, but in any event within seven days. Investments in a Portfolio may

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not be transferred. The right of redemption may not be suspended nor the payment dates postponed for more than seven days except when the New York Stock Exchange is closed (or when trading thereon is restricted) for any reason other than its customary weekend or holiday closings or under any emergency or other circumstances as determined by the SEC.

Under normal circumstances, the Portfolios 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 Portfolios may also borrow through a bank line of credit for the purpose of meeting redemption requests, although it is not expected that funds will be drawn from this source on a regular basis. In lieu of making cash payments, the Portfolios reserve the right to determine in their sole discretion, including under stressed market conditions, whether to satisfy redemption requests by making payments wholly or partially in securities. In such cases, the Portfolios 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 the shareholder. The Trust has filed an election with the SEC pursuant to which each Portfolio will only consider effecting a redemption in portfolio securities if the particular shareholder is redeeming more than the lesser of $250,000 or 1% of the value of the Portfolio's total net assets over a 90-day period.

The Portfolios reserve the right to reject any purchase for any reason. Purchases or exchanges that a Portfolio determines could harm the Portfolio may be rejected.

Excessive trading by Portfolio shareholders can negatively impact a Portfolio and its long-term shareholders in several ways, including by disrupting Portfolio investment strategies, increasing transaction costs, decreasing tax efficiency and diluting the value of shares held by long-term shareholders. Excessive trading in Portfolio shares can negatively impact a Portfolio's long-term performance by requiring it to maintain more assets in cash or to liquidate portfolio holdings at a disadvantageous time. Certain Portfolios may be more susceptible than others to these negative effects. For example, Portfolios that have a greater percentage of their investments in securities of foreign issuers may be more susceptible than other Portfolios to arbitrage opportunities resulting from pricing variations due to time zone differences across international financial markets. Similarly, Portfolios that have a greater percentage of their investments in small company securities may be more susceptible than other Portfolios to arbitrage opportunities due to the less liquid nature of small company securities. Both types of Portfolios 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 the additional risk of the negative effects of excessive trading.

The Portfolios are offered for investment only to certain other mutual funds for which Allspring Funds Management serves as investment adviser. These mutual funds, in turn, have implemented Allspring Funds' policies and procedures concerning frequent purchases and redemptions of fund shares. In light of these factors, the potential for excessive trading is reduced. Accordingly, the Portfolios do not have policies and procedures designed to discourage excessive trading of Portfolio interests and the Portfolios accommodate frequent trading.

Each Portfolio may in its discretion restrict, reject, or cancel, or impose other conditions on, any purchases that, in Allspring Funds Management's opinion, may be disruptive to the management of a Portfolio or otherwise not be in the Portfolio's interests.

**Distributions**

A Portfolio's net income consists of (1) all dividends, interest (including earned discount, both original issue and market discount), and other income, including any net realized gains on the Portfolio's assets, less (2) all actual and accrued expenses of the Portfolio, amortization of any premium, and net realized losses on the Portfolio's assets, all as determined in accordance with generally accepted accounting principles. In general, all of a Portfolio's net income is allocated pro rata among the investors in the Portfolio. However, allocations of a Portfolio's taxable income, gain, loss and deduction as determined for federal income tax purposes shall be made in a different manner. A Portfolio's net income generally is not distributed to the investors in the Portfolio, except as determined by the Board from time to time, but instead is included in the value of the investors' respective interests in the Portfolio.

**Taxes**

A Portfolio will be operated in a manner so as to qualify it as a non-publicly traded partnership for federal income tax purposes. Provided that a Portfolio so qualifies, it will not be subject to any federal income tax on its income and gain (if any). However, each investor in the Portfolio will be taxable on its distributive share of the Portfolio's taxable income in determining its federal income tax liability. As a non-publicly traded partnership, the Portfolio will be deemed to have

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"passed through" to shareholders any interest, dividends, gains and losses. The determination of such share will be made in accordance with the Internal Revenue Code of 1986, as amended (the "Code"), and regulations promulgated thereunder. The Portfolio will have fewer than 100 investors. The Portfolio has a taxable year-end of the last day of May.

It is intended that each Portfolio's assets, income and distribution will be managed in such a way that an entity electing and qualifying as a "regulated investment company" under the Code can continue to so qualify by investing substantially all of its assets through a Portfolio, provided that the regulated investment company meets other requirements for such qualification not within the control of the Portfolio (e.g., distributing at least 90% of the regulated investment company's "investment company taxable income" annually).

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**ALLSPRING MASTER TRUST<br>PART B**

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| | |
|:---|:---|
| ![](sa12233img001.jpg) | Statement of Additional Information<br>August 28, 2025  |

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Allspring Master Trust

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|:---|
| <u>**Portfolio**</u> |
| Allspring Core Bond Portfolio |
| Allspring Disciplined International Developed Markets Portfolio |
| Allspring Disciplined Large Cap Portfolio |
| Allspring Macro Strategies Portfolio |
| Allspring Real Return Portfolio |
| Allspring Small Company Growth Portfolio<sup>1</sup> |
| Allspring Small Company Value Portfolio |

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1. At a meeting held August 19-20, 2025, the Boards of Trustees of the Allspring Small Company Growth Fund and Small Company Growth Portfolio approved a proposal to collapse the master-feeder structure under which the Allspring Small Company Growth Fund invests 100% of its assets in the Allspring Small Company Growth Portfolio. On or about October 17, 2025, the Fund will no longer invest its assets in Allspring Small Company Growth Portfolio, and will instead invest directly in securities.

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This Part B is intended to provide additional information regarding the Portfolios of Allspring Master Trust (the "Trust") listed above and should be read in conjunction with the Trust's Part A dated August 28, 2025. All terms used in Part B that are defined in Part A will have the same meanings assigned in Part A. The audited financial statements for the Portfolios, which include the portfolios of investments and independent registered public accounting firm's report for each Portfolio with the fiscal year ended April 30, 2025, are hereby incorporated by reference to the Portfolios' [Annual Reports](https://www.sec.gov/ix?doc=/Archives/edgar/data/1087961/000119312525154942/d46179dncsr.htm). Copies of Part A, Annual Reports and Semi-Annual Report may be obtained without charge by calling 1-800-222-8222 or writing to Allspring Funds, P.O. Box 219967, Kansas City, MO 64121-9967.

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**Table of Contents**

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|:---|:---|
| [**Historical Fund Information** ................................................................................................](#chapter_2_12233) | [2](#chapter_2_12233)<br>|
| [**Fund Investment Policies and Risks** .......................................................................................](#chapter_3_12233) | [2](#chapter_3_12233)<br>|
| [Fundamental Investment Policies ..........................................................................................](#chapter_3-sect1_1_12233) | [2](#chapter_3-sect1_1_12233) |
| [Non-Fundamental Investment Policies ....................................................................................](#chapter_3-sect1_2_12233) | [3](#chapter_3-sect1_2_12233) |
| [Additional Approved Investment Strategies and Certain Associated Risks ............................................](#chapter_3-sect1_3_12233) | [4](#chapter_3-sect1_3_12233) |
| [Permitted Investment Activities and Certain Associated Risks ..........................................................](#chapter_3-sect1_4_12233) | [18](#chapter_3-sect1_4_12233) |
| [Other Risks ...................................................................................................................](#chapter_3-sect1_5_12233) | [50](#chapter_3-sect1_5_12233)<br>|
| [**Trustees and Officers** .......................................................................................................](#chapter_4_12233) | [52](#chapter_4_12233)<br>|
| [**Manager and Other Service Providers** ....................................................................................](#chapter_5_12233) | [61](#chapter_5_12233)<br>|
| [Adviser and Administrator ..................................................................................................](#chapter_5-sect1_1_12233) | [61](#chapter_5-sect1_1_12233) |
| [Sub-Advisers .................................................................................................................](#chapter_5-sect1_2_12233) | [63](#chapter_5-sect1_2_12233) |
| [Portfolio Managers ...........................................................................................................](#chapter_5-sect1_3_12233) | [63](#chapter_5-sect1_3_12233) |
| [Custodian and Fund Accountant ...........................................................................................](#chapter_5-sect1_4_12233) | [72](#chapter_5-sect1_4_12233) |
| [Independent Registered Public Accounting Firm ........................................................................](#chapter_5-sect1_5_12233) | [73](#chapter_5-sect1_5_12233) |
| [Code of Ethics ...............................................................................................................](#chapter_5-sect1_6_12233) | [73](#chapter_5-sect1_6_12233) |
| [Proxy Voting Policies and Procedures .....................................................................................](#chapter_5-sect1_7_12233) | [73](#chapter_5-sect1_7_12233) |
| [Policies and Procedures for Disclosure of Fund Portfolio Holdings .....................................................](#chapter_5-sect1_8_12233) | [77](#chapter_5-sect1_8_12233)<br>|
| [**Brokerage** ....................................................................................................................](#chapter_6_12233) | [81](#chapter_6_12233)<br>|
| [**Valuation of Portfolio Assets** ...............................................................................................](#chapter_7_12233) | [84](#chapter_7_12233)<br>|
| [**Additional Purchase and Redemption Information** .....................................................................](#chapter_8_12233) | [85](#chapter_8_12233)<br>|
| [**U.S. Federal Income Taxes** .................................................................................................](#chapter_9_12233) | [86](#chapter_9_12233)<br>|
| [**Control Persons and Principal Fund Holders** ............................................................................](#chapter_10_12233) | [87](#chapter_10_12233)<br>|

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**HISTORICAL FUND INFORMATION**

In November 1998, the parent holding company of Wells Fargo Bank, N.A. ("Wells Fargo Bank"), adviser to the Stagecoach funds, merged with the parent holding company of Norwest Investment Management, Inc. ("NIM"), the adviser to the Norwest Advantage funds. Management and shareholders of both the Stagecoach Funds Family and the Norwest Advantage Funds Family approved a merger of the existing funds from both fund families into successor funds that are series of three newly formed investment companies registered under the 1940 Act. These newly formed investment companies included a trust established to continue the operations of certain existing portfolios of Wells Fargo Core Trust (Delaware) ("Core Trust"). The Core Trust's Board of Trustees approved the change of the name of the Core Trust from "Wells Fargo Core Trust" to "Wells Fargo Master Trust" (the "Trust") on November 5, 2002. At this time, the Core Trust's Board of Trustees established fourteen portfolios, each having a direct correlation to one predecessor Core Trust portfolio available at that time. On December 15, 2015, the Wells Fargo Advantage Funds changed its name to the Wells Fargo Funds. On December 6, 2021, the name of the Trust was changed to Allspring Master Trust and the Wells Fargo Funds changed its name to the Allspring Funds.

Currently, the Trust offers the following portfolios:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Date Portfolio Commenced Operations** |
| &nbsp;&nbsp;Core Bond Portfolio | July 25, 2005 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | October 6, 2004 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | June 12, 2018 |
| &nbsp;&nbsp;Macro Strategies Portfolio | March 11, 2024 |
| &nbsp;&nbsp;Real Return Portfolio | July 25, 2005 |
| &nbsp;&nbsp;Small Company Growth Portfolio | June 1, 1997 |
| &nbsp;&nbsp;Small Company Value Portfolio | June 1, 1997 |

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**Fundamental Investment Policies**

**<u>Fundamental Investment Policies</u>**

Each Portfolio has adopted the following fundamental investment policies; that is, they may not be changed without approval by the holders of a majority (as defined under the 1940 Act) of the outstanding voting securities of each Portfolio.

*The Portfolios may not:*

(1) purchase the securities of issuers conducting their principal business activity in the same industry if, immediately after the purchase and as a result thereof, the value of a Portfolio's investments in that industry would equal or exceed 25% of the current value of the Portfolio's total assets, provided that this restriction does not limit a Portfolio's investments in (i) securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities, (ii) securities of other investment companies, (iii) municipal securities and (iv) repurchase agreements, and provided further;

(2) purchase securities of any issuer if, as a result, with respect to 75% of a Portfolio's total assets, more than 5% of the value of its total assets would be invested in the securities of any one issuer or the Portfolio's ownership would be more than 10% of the outstanding voting securities of such issuer, provided that this restriction does not limit a Portfolio's investments in securities issued or guaranteed by the U.S. Government, its agencies and instrumentalities, or investments in securities of other investment companies;

(3) borrow money, except to the extent permitted under the 1940 Act, including the rules, regulations and any exemptive orders obtained thereunder;

(4) issue senior securities, except to the extent permitted under the 1940 Act, including the rules, regulations and any exemptive orders obtained thereunder;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(5) make loans to other parties if, as a result, the aggregate value of such loans would exceed one-third of a Portfolio's total assets. For the purposes of this limitation, entering into repurchase agreements, lending securities and acquiring any debt securities are not deemed to be the making of loans;

(6) underwrite securities of other issuers, except to the extent that the purchase of permitted investments directly from the issuer thereof or from an underwriter for an issuer and the later disposition of such securities in accordance with a Portfolio's investment program may be deemed to be an underwriting;

(7) purchase or sell real estate unless acquired as a result of ownership of securities or other instruments (but this shall not prevent a Portfolio from investing in securities or other instruments backed by real estate or securities of companies engaged in the real estate business);

(8) purchase or sell commodities, provided that (i) currency will not be deemed to be a commodity for purposes of this restriction, (ii) this restriction does not limit the purchase or sale of futures contracts, forward contracts or options, and (iii) this restriction does not limit the purchase or sale of securities or other instruments backed by commodities or the purchase or sale of commodities acquired as a result of ownership of securities or other instruments.

**<u>Non-Fundamental Investment Policies</u>**

Each Portfolio has adopted the following non-fundamental policies; that is, they may be changed by the Board of Trustees of the Trust (the "Board," each member thereof, a "Trustee," and collectively, the "Trustees") at any time without approval of such Portfolio's Shareholders.

(1) Each Portfolio may invest in shares of other investment companies to the extent permitted under the 1940 Act, including the rules, regulations and any exemptive orders obtained thereunder, provided however, that no Portfolio that has knowledge that its Interests are purchased by another investment company investor pursuant to Section 12(d)(1)(G) of the 1940 Act will acquire any securities of registered open-end management investment companies or registered unit investment trusts in reliance on Section 12(d)(1)(F) or 12(d)(1)(G) of the 1940 Act.

(2) Each Portfolio may not acquire any illiquid investment if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets.

(3) Each Portfolio, except the Real Return Portfolio, may invest in financial instruments subject to the Commodity Exchange Act of 1936, as amended ("CEA"), including futures, options on futures, and swaps ("commodity interests"), consistent with its investment policies and the 1940 Act, including the rules, regulations and interpretations of the Securities and Exchange Commission ("SEC") thereunder or any exemptive orders obtained thereunder, and consistent with investment in commodity interests that would allow the Fund's investment adviser to claim an exclusion from being a "commodity pool operator" as defined by the CEA.

(4) Each Portfolio may lend securities from its portfolio to approved brokers, dealers and financial institutions, to the extent permitted under the 1940 Act, including the rules, regulations and exemptions thereunder, which currently limit such activities to one-third of the value of a Portfolio's total assets (including the value of the collateral received). Any such loans of portfolio securities will be fully collateralized based on values that are marked-to-market daily.

(5) Each Portfolio may not make investments for the purpose of exercising control or management, provided that this restriction does not limit a Portfolio's investments in securities of other investment companies or investments in entities created under the laws of foreign countries to facilitate investment in securities of that country.

(6) Each Portfolio may not purchase securities on margin (except for short-term credits necessary for the clearance of transactions).

(7) Each Portfolio may not sell securities short, unless it owns or has the right to obtain securities equivalent in kind and amount to the securities sold short (short sales "against the box"), and provided that transactions in futures contracts and options are not deemed to constitute selling securities short.

(8) Each Portfolio that is subject to Rule 35d-1 (the "Names Rule") under the 1940 Act, and that has a non-fundamental policy or policies in place to comply with the Names Rule, has adopted the following policy:

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Shareholders will receive at least 60 days' notice of any change to a Portfolio's non-fundamental policy complying with the Names Rule. The notice will be provided in Plain English in a separate written document, and will contain the following prominent statement or similar statement in bold-face type: "Important Notice Regarding Change in Investment Policy." This statement will appear on both the notice and the envelope in which it is delivered, unless it is delivered separately from other communications to investors, in which case the statement will appear either on the notice or the envelope in which the notice is delivered.

The investment policy of the Core Bond Portfolio, Disciplined Large Cap Portfolio, Small Company Growth Portfolio and Small Company Value Portfolio concerning "80% of the Fund's net assets" may be changed by the Board of Trustees without shareholder approval, but shareholders would be given at least 60 days' notice.

**<u>Further Explanation of Investment Policies</u>**

With respect to repurchase agreements, the Portfolio invests only in repurchase agreements that are fully collateralized by either cash or cash equivalents, or securities issued or guaranteed by the U.S. Government, its agencies or instrumentalities. For purposes of the Portfolio's fundamental investment policy with respect to concentration, the Portfolio does not consider such repurchase agreements to constitute an industry or group of industries because the Portfolio chooses to look through such securities to the underlying collateral, which is itself excepted from the Portfolio's concentration policy.

Notwithstanding the foregoing policies, any other investment companies in which the Portfolios may invest have adopted their own investment policies, which may be more or less restrictive than those listed above, thereby allowing a Portfolio to participate in certain investment strategies indirectly that are prohibited under the fundamental and non-fundamental investment policies listed above.

With respect to the exclusion of investments in other investment companies from the fundamental investment policy regarding concentration, Allspring Funds Management will use reasonable efforts to consider the amount of any one industry represented by the investments held in other investment companies when monitoring a Fund's compliance with its fundamental investment policy regarding industry concentration.

The Real Return Portfolio is a commodity pool under the CEA. The Portfolio's investment manager is registered as a commodity pool operator and the Portfolio's sub-adviser is registered as a commodity trading adviser under the CEA with respect to the Portfolio. As a result, additional Commodity Futures Trading Commission ("CFTC") disclosure, reporting and recording-keeping obligations apply to the Portfolio. These registrations relate to the Portfolio's commodities strategy.

**<u>Additional Approved Investment Strategies and Certain Associated Risks</u>**

In addition to the principal investment strategies set forth in Part A, the Portfolios may also use futures, options or swap agreements, as well as other derivatives, to manage risk or to enhance return. Such use of derivatives has been approved by the Board of Trustees as a principal investment strategy of the Portfolios, although any particular Portfolio may not necessarily be using derivatives at this time. Please refer to Part A for information regarding the Portfolio's anticipated use of derivatives, if any, as a principal investment strategy. Please note that even if Part A does not currently include information for a certain Portfolio regarding derivatives, or only includes information regarding certain derivative instruments, the Portfolio may use any of the derivative described below, at any time, and to any extent consistent with the Portfolio's other principal investment strategies.

DERIVATIVE SECURITIES

Derivatives are financial instruments that derive their value, at least in part, from the value of another security or asset, the level of an index (e.g., the S&P 500 Index) or a rate (e.g., the Euro Interbank Offered Rate ("Euribor")), or the relative change in two or more reference assets, indices or rates. The most common types of derivatives are forward contracts, futures, options and swap agreements. Some forms of derivative instruments, such as exchange-traded futures and options on securities, commodities, or indices, are traded on regulated exchanges, like the Chicago Board of Trade and the Chicago Mercantile Exchange. These types of derivative instruments are standardized contracts that can easily be bought and sold, and whose market values are determined and published daily. Non-standardized derivative instruments, on the other hand, tend to be more specialized or complex, and may be harder to value. Other common types of derivative instruments include forward foreign currency contracts, linked

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securities and structured products, participation notes and agreements, collateralized mortgage obligations, inverse floaters, stripped securities, warrants, and swaptions.

A Fund may take advantage of opportunities to invest in a type of derivative that is not presently contemplated for use by the Fund, or that is not currently available, but that may be developed in the future, to the extent such opportunities are both consistent with the Fund's investment objective and legally permissible. The trading markets for less traditional and/or newer types of derivative instruments are less developed than the markets for traditional types of derivative instruments and provide less certainty with respect to how such instruments will perform in various economic scenarios.

A Fund may use derivative instruments for a variety of reasons, including: i) to employ leverage to enhance returns; ii) to increase or decrease exposure to particular securities or markets; iii) to protect against possible unfavorable changes in the market value of securities held in, or to be purchased for, its portfolio (i.e., to hedge); iv) to protect its unrealized gains reflected in the value of its portfolio; v) to facilitate the sale of portfolio securities for investment purposes; vi) to reduce transaction costs; vii) to manage the effective maturity or duration of its portfolio; and/or viii) to maintain cash reserves while remaining fully invested.

The risks associated with the use of derivative instruments are different from, and potentially much greater than, the risks associated with investing directly in the underlying instruments on which the derivatives are based. The value of some derivative instruments in which a Fund may invest may be particularly sensitive to changes in prevailing interest rates, and, like the other investments of the Fund, the ability of the Fund to successfully utilize derivative instruments may depend, in part, upon the ability of the sub-adviser to forecast interest rates and other economic factors correctly. If the sub-adviser incorrectly forecasts such factors and has taken positions in derivatives contrary to prevailing market trends, the Fund could be exposed to additional, unforeseen risks, including the risk of loss.

Because certain derivatives have a leverage component, adverse changes in the value or level of the underlying asset, reference rate, or index can result in a loss substantially greater than the amount invested in the derivative itself. The risk of loss is heightened when a Fund uses derivative instruments to enhance its returns or as a substitute for a position or security, rather than solely to hedge or offset the risk of a position or security held by a Fund. Certain derivatives have the potential for unlimited loss, regardless of the size of the initial investment.

Additional risks of derivative instruments include, but are not limited to: i) the risk of disruption of a Fund's ability to trade in derivative instruments because of regulatory compliance problems or regulatory changes; ii) credit risk of counterparties to derivative contracts; and iii) market risk (i.e., exposure to adverse price changes). The possibility of default by the issuer or the issuer's credit provider may be greater for derivative instruments than for other types of instruments. The sub-adviser utilizes a variety of internal risk management procedures to ensure that derivatives are closely monitored, and that their use is consistent with a particular Fund's investment objective, policies, restrictions and quality standards, and does not expose such Fund to undue risk.

A hedging strategy may fail if the correlation between the value of the derivative instruments and the other investments in a Fund's portfolio is not consistent with the sub-adviser's expectations. If the sub-adviser's expectations are not met, it is possible that the hedging strategy will not only fail to protect the value of a Fund's portfolio, but the Fund may also lose money on the derivative instrument itself.

In the case of credit derivatives, which are a form of derivative that includes credit default swaps and total return swaps, payments of principal and interest are tied to the performance of one or more reference obligations or assets. The same general risks inherent in derivative transactions are present. However, credit derivative transactions also carry with them greater risks of imperfect correlation between the performance and price of the underlying reference security or asset, and the general performance of the designated interest rate or index which is the basis for the periodic payment.

Certain derivative transactions may be modified or terminated only by mutual consent of a Fund and its counterparty and certain derivative transactions may be terminated by the counterparty or the Fund, as the case may be, upon the occurrence of certain Fund-related or counterparty-related events, which may result in losses or gains to the Fund based on the market value of the derivative transactions entered into between the Fund and the counterparty. In addition, such early terminations may result in taxable events and accelerate gain or loss recognition for tax purposes. It may not be possible for a Fund to modify, terminate, or offset the Fund's obligations

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or the Fund's exposure to the risks associated with a derivative transaction prior to its termination or maturity date, which may create a possibility of increased volatility and/or decreased liquidity to the Fund. Upon the expiration or termination of a particular contract, a Fund may wish to retain a Fund's position in the derivative instrument by entering into a similar contract, but may be unable to do so if the counterparty to the original contract is unwilling to enter into the new contract and no other appropriate counterparty can be found, which could cause the Fund not to be able to maintain certain desired investment exposures or not to be able to hedge other investment positions or risks, which could cause losses to the Fund. Furthermore, after such an expiration or termination of a particular contract, a Fund may have fewer counterparties with which to engage in additional derivative transactions, which could lead to potentially greater exposure to one or more counterparties and which could increase the cost of entering into certain derivatives. In such cases, the Fund may lose money.

The Funds might not employ any of the strategies described herein, and no assurance can be given that any strategy used will succeed. Also, with some derivative strategies, there is the risk that a Fund may not be able to find a suitable counterparty for a derivative transaction. In addition, some over-the-counter ("OTC") derivative instruments may be illiquid. Derivative instruments traded in the OTC market are also subject to the risk that the other party will not meet its obligations. The use of derivative instruments may also increase the amount and accelerate the timing of taxes payable by shareholders.

A Fund's use of derivative instruments also is subject to broadly applicable investment policies. For example, a Fund may not invest more than a specified percentage of its assets in "illiquid securities," including those derivative instruments that are not transferable or that do not have active secondary markets.

When a Fund buys or sells a derivative that is cleared through a central clearing party, an initial margin deposit with a future commission merchant ("FCM") is typically required subject to certain exceptions for uncleared swaps under applicable rules. If the value of a Fund's derivatives that are cleared through a central clearing party decline, the Fund will be required to make additional "variation margin" payments to the FCM. If the value of a Fund's derivatives that are cleared through a central clearing party increases, the FCM will be required to make additional "variation margin" payments to the Fund. This process is known as "marking-to-market" and is calculated on a daily basis.

Central clearing arrangements with respect to derivative instruments may be less favorable to the Funds than bilateral arrangements, because the Funds may be required to provide greater amounts of margin for cleared transactions than for bilateral transactions. Also, in contrast to bilateral derivatives transactions, following a period of notice to a Fund, a central clearing party generally can require termination of existing cleared transactions at any time or increase margin requirements.

While some strategies involving derivative instruments can reduce the risk of loss, they can also reduce the opportunity for gain, or even result in losses by offsetting favorable price movements in related investments or otherwise. This is due, in part, to: i) the possible inability of a Fund to purchase or sell a portfolio security at a time that otherwise would be favorable; ii) the possible need to sell a portfolio security at a disadvantageous time because the Fund is required to maintain asset coverage or offsetting positions in connection with transactions in derivative instruments; and/or iii) the possible inability of a Fund to close out or liquidate its derivatives positions. Accordingly, there is the risk that such strategies may fail to serve their intended purposes, and may reduce returns or increase volatility. These strategies also entail transactional expenses.

It is possible that current and/or future legislation and regulation with respect to derivative instruments may limit or prevent a Fund from using such instruments as a part of its investment strategy, and could ultimately prevent a Fund from being able to achieve its investment objective. For example, Title VII of the Dodd-Frank Act made broad changes to the OTC derivatives market and granted significant authority to the SEC and the CFTC to regulate OTC derivatives and market participants. Other provisions of the Dodd-Frank Act include: i) position limits that may impact a Fund's ability to invest in futures, options and swaps in a manner that efficiently meets its investment objective; ii) capital and margin requirements; and iii) the mandatory use of clearinghouse mechanisms for many OTC derivative transactions. In addition, the SEC, CFTC and exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures, options and swaps transactions in the United States is subject to modification by government and judicial action. Changes to U.S. tax laws may affect the use of derivatives by the Funds. It is

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impossible to fully predict the effects of past, present or future legislation and regulation in this area, but the effects could be substantial and adverse. Rule 18f-4 under the 1940 Act permits the Fund to enter into derivatives transactions and certain other transactions notwithstanding restrictions on the issuance of "senior securities" in the 1940 Act.

Under Rule 18f-4, derivative transactions include the following: (1) any swap, security-based swap (including a contract for differences), futures contract, forward contract, option (excluding purchased options), any combination of the foregoing, or any similar instrument, under which the Fund is or may be required to make any payment or delivery of cash or other assets during the life of the instrument or at maturity or early termination, whether as margin or settlement payment or otherwise; (2) any short sale borrowing; (3) reverse repurchase agreements and similar financing transactions (e.g., recourse and non-recourse tender option bonds, and borrowed bonds), if the Fund elects to treat these transactions as derivatives transactions under Rule 18f-4; and (4) when-issued or forward-settling securities (e.g., firm and standby commitments, including to-be-announced commitments, and dollar rolls) and non-standard settlement cycle securities, unless the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date. Unless the Fund is a Limited Derivatives User (as defined in Rule 18f-4), the Fund must comply with the full requirements of Rule 18f-4 with respect to its derivatives transactions. Rule 18f-4, among other things, requires the Fund to adopt and implement a comprehensive written derivatives risk management program ("DRMP") and comply with a relative or absolute limit on Fund leverage risk calculated based on value-at-risk ("VaR"). The DRMP is administered by a "derivatives risk manager," who is appointed by the Board, including a majority of Independent Trustees, and periodically reviews the DRMP and reports to the Board.

Rule 18f-4 provides an exception from the DRMP, VaR limit and certain other requirements if the Fund's "derivatives exposure" (as defined in Rule 18f-4) is limited to 10% of its net assets (as calculated in accordance with Rule 18f-4) and the Fund adopts and implements written policies and procedures reasonably designed to manage its derivatives risks.

The regulation of derivatives is a rapidly changing area of law and is subject to modification by government and judicial action. In addition, the SEC, CFTC and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. It is not possible to predict fully the effects of current or future regulation. Changing regulation may, among various possible effects, increase the cost of entering into derivatives transactions, require more assets of the Fund to be used for collateral in support of those derivatives than is currently the case, restrict the ability of the Fund to enter into certain types of derivative transactions, or could limit the Fund's ability to pursue its investment strategies. New requirements, even if not directly applicable to the Fund, may increase the cost of the Fund's investments and cost of doing business.

<u>Futures Contracts.</u> A futures contract is an agreement to buy or sell a security or other asset at a set price on a future date. An option on a future gives the holder of the option the right, which may or may not be exercised, to buy or sell a position in a futures contract from or to the writer of the option, at a specified price on or before a specified expiration date. Futures contracts and options on futures are standardized and exchange-traded, where the exchange serves as the ultimate counterparty for all contracts. Consequently, the primary credit risk on such contracts is the creditworthiness of the exchange. In addition, futures contracts and options on futures are subject to market risk (i.e., exposure to adverse price changes).

An interest rate, commodity, foreign currency or index futures contract provides for the future sale or purchase of a specified quantity of a financial instrument, commodity, foreign currency or the cash value of an index at a specified price and time. A futures contract on an index is an agreement pursuant to which a party agrees to pay or receive an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Although the value of an index might be a function of the value of certain specified securities, no physical delivery of these securities is made. A public market exists in futures contracts covering a number of indexes as well as financial instruments and foreign currencies. To the extent that a Fund may invest in foreign currency-denominated securities, it also may invest in foreign currency futures contracts and options thereon. Certain of the Funds also may invest in commodity futures contracts and options thereon. A commodity futures contract is an agreement to buy or sell a commodity, such as an energy,

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agricultural or metal commodity at a later date at a price and quantity agreed-upon when the contract is bought or sold.

Futures contracts often call for making or taking delivery of an underlying asset; however, futures are exchange-traded, so that a party can close out its position on the exchange for cash, without ever having to make or take delivery of an asset. Closing out a futures position is affected by purchasing or selling an offsetting contract for the same aggregate amount with the same delivery date; however, there can be no assurance that a liquid market will exist at a time a Fund seeks to close out an exchange-traded position, including options positions.

A Fund may purchase and write call and put options on futures contracts. The holder of an option on a futures contract has the right, in return for the premium paid, to assume a long position (call) or short position (put) in a futures contract at a specified exercise price at any time during the period of the option. Upon exercise of a call option, the holder acquires a long position in the futures contract and the writer is assigned the opposite short position. In the case of a put option, the opposite is true. A call option is "in the money" if the value of the futures contract that is the subject of the option exceeds the exercise price. A put option is "in the money" if the exercise price exceeds the value of the futures contract that is the subject of the option. The potential loss related to the purchase of futures options is limited to the premium paid for the option (plus transaction costs). Because the value of the option is fixed at the time of sale, there are no daily cash payments to reflect changes in the value of the underlying contract; however, the value of the option may change daily, and that change would be reflected in the net asset value ("NAV") of a Fund.

There are several risks associated with the use of futures contracts and options on futures as hedging instruments. A purchase or sale of a futures contract may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in a hedging vehicle and the securities being hedged. In addition, there are significant differences between securities and futures markets that could result in an imperfect correlation between the markets, causing a given hedge not to achieve its objectives. The degree of imperfection of correlation depends on circumstances such as variations in speculative market demand for futures and options on futures contracts for securities, including technical influences in futures and options trading, and differences between the financial instruments being hedged and the instruments underlying the standard contracts available for trading in such respects as interest rate levels, maturities, and creditworthiness of issuers. A decision as to whether, when and how to hedge involves the exercise of skill and judgment, and even a well-conceived hedge may be unsuccessful to some degree because of market behavior or unexpected interest rate trends.

Futures contracts on U.S. Government securities have historically been highly correlated to their respective underlying U.S. Government securities. However, to the extent a Fund enters into such futures contracts, the value of the futures will not fluctuate in direct proportion to the value of the Fund's holdings of U.S. Government securities. Thus, the anticipated spread between the price of a futures contract and its respective underlying security may be affected by differences in the nature of their respective markets. The spread may also be affected by differences in initial and variation margin requirements, the liquidity of such markets and the participation of speculators in such markets.

There are several additional risks associated with transactions in commodity futures contracts, including but not limited to:

■ Storage: Unlike the financial futures markets, in the commodity futures markets there are costs of physical storage associated with purchasing the underlying commodity. The price of the commodity futures contract will reflect the storage costs of purchasing the physical commodity, including the time value of money invested in the physical commodity. To the extent that the storage costs for an underlying commodity change while a Fund is invested in futures contracts on that commodity, the value of the futures contract may change proportionately.

■ Reinvestment: In the commodity futures markets, producers of the underlying commodity may decide to hedge the price risk of selling the commodity by selling futures contracts today to lock in the price of the commodity at delivery tomorrow. In order to induce speculators to purchase the other side of the same futures contract, the commodity producer generally must sell the futures contract at a lower price than the expected future spot price. Conversely, if most hedgers in the futures market are purchasing futures contracts to hedge against a rise in prices, then speculators will only sell the other side of the futures contract at a higher futures price than the

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expected future spot price of the commodity. The changing nature of the hedgers and speculators in the commodity markets will influence whether futures prices are above or below the expected future spot price, which can have significant implications for a Fund. If the nature of hedgers and speculators in futures markets has shifted when it is time for a Fund to reinvest the proceeds of a maturing contract in a new futures contract, the Fund might reinvest at higher or lower futures prices, or choose to pursue other investments.

■ Other Economic Factors: The commodities which underlie commodity futures contracts may be subject to additional economic and non-economic variables, such as drought, floods, weather, livestock disease, embargoes, tariffs, and international economic, political and regulatory developments. These factors may have a larger impact on commodity prices and commodity-linked instruments, including futures contracts, than on traditional securities. Certain commodities are also subject to limited pricing flexibility because of supply and demand factors. Others are subject to broad price fluctuations as a result of the volatility of the prices for certain raw materials and the instability of supplies of other materials. These additional variables may create additional investment risks which subject a Fund's investments to greater volatility than investments in traditional securities.

The requirements for qualification as a regulated investment company may limit the extent to which a Fund may enter into futures and options on futures positions. Unless otherwise noted in the section entitled "Non-Fundamental Investment Policies," each of the Funds has claimed an exclusion from the definition of "Commodity Pool Operator" ("CPO") found in Rule 4.5 of the Commodity Exchange Act ("CEA"). Accordingly, the manager of each such Fund, as well as each sub-adviser, is not subject to registration or regulation as a CPO with respect to the Funds under the CEA.

<u>Options.</u> A Fund may purchase and sell both put and call options on various instruments, including, but not limited to, fixed-income or other securities or indices in standardized contracts traded on foreign or domestic securities exchanges, boards of trade, or similar entities, or quoted on NASDAQ or on an OTC market, and agreements, sometimes called cash puts, which may accompany the purchase of a new issue of bonds from a dealer. A Fund may also write covered straddles consisting of a combination of calls and puts written on the same underlying securities or indices.

An option on a security (or index) is a contract that gives the holder of the option, in return for a premium, the right to buy from (in the case of a call) or sell to (in the case of a put) the writer of the option the security underlying the option (or the cash value of the index) at a specified exercise price often at any time during the term of the option for American options or only at expiration for European options. The writer of an option on a security has the obligation upon exercise of the option to deliver the underlying security upon payment of the exercise price (in the case of a call) or to pay the exercise price upon delivery of the underlying security (in the case of a put). Certain put options written by a Fund may be structured to have an exercise price that is less than the market value of the underlying securities that would be received by the Fund. Upon exercise, the writer of an option on an index is obligated to pay the difference between the cash value of the index and the exercise price multiplied by the specified multiplier for the index option. An index is designed to reflect features of a particular financial or securities market, a specific group of financial instruments or securities, or certain economic indicators.

If an option written by a Fund expires unexercised, the Fund realizes a capital gain equal to the premium received at the time the option was written. If an option purchased by a Fund expires unexercised, the Fund realizes a capital loss equal to the premium paid. Prior to the earlier of exercise or expiration, an exchange-traded option may be closed out by an offsetting purchase or sale of an option of the same series (type, exchange, underlying security or index, exercise price, and expiration). There can be no assurance, however, that a closing purchase or sale transaction can be effected when a Fund desires.

A Fund may sell put or call options it has previously purchased, which could result in a net gain or loss depending on whether the amount realized on the sale is more or less than the premium and other transaction costs paid on the put or call option which is sold. Prior to exercise or expiration, an option may be closed out by an offsetting purchase or sale of an option of the same series. A Fund will realize a capital gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or, if it is more, the Fund will realize a capital loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a capital gain or, if it is less, the Fund will realize a capital loss. The principal factors affecting the market value of a put or a call option include supply and demand, interest

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rates, the current market price of the underlying security or index in relation to the exercise price of the option, the volatility of the underlying security or index, and the time remaining until the expiration date.

The value of an option purchased or written is marked to market daily and is valued at the closing price on the exchange on which it is traded or, if not traded on an exchange or no closing price is available, at the mean between the last bid and ask prices.

There are several risks associated with transactions in options on securities and on indexes. For example, there are significant differences between the securities and options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objectives. A decision as to whether, when and how to use options involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events.

The writer of an American option typically has no control over the time when it may be required to fulfill its obligation as a writer of the option. Once an option writer has received an exercise notice, it cannot effect a closing purchase transaction in order to terminate its obligation under the option and must deliver the underlying security at the exercise price. To the extent a Fund writes a put option, the Fund has assumed the obligation during the option period to purchase the underlying investment from the put buyer at the option's exercise price if the put buyer exercises its option, regardless of whether the value of the underlying investment falls below the exercise price. This means that a Fund that writes a put option may be required to take delivery of the underlying investment and make payment for such investment at the exercise price. This may result in losses to the Fund and may result in the Fund holding the underlying investment for some period of time when it is disadvantageous to do so.

If a put or call option purchased by a Fund is not sold when it has remaining value, and if the market price of the underlying security remains equal to or greater than the exercise price (in the case of a put), or remains less than or equal to the exercise price (in the case of a call), the Fund will lose its entire investment in the option. Also, where a put or call option on a particular security is purchased to hedge against price movements in a related security, the price of the put or call option may move more or less than the price of the related security.

If trading were suspended in an option purchased by a Fund, the Fund would not be able to close out the option. If restrictions on exercise were imposed, the Fund might be unable to exercise an option it has purchased. Except to the extent that a call option on an index written by a Fund is covered by an option on the same index purchased by the Fund, movements in the index may result in a loss to the Fund; however, such losses may be mitigated by changes in the value of the Fund's securities during the period the option was outstanding.

To the extent that a Fund writes a call option on a security it holds in its portfolio and intends to use such security as the sole means of "covering" its obligation under the call option, the Fund has, in return for the premium on the option, given up the opportunity to profit from a price increase in the underlying security above the exercise price during the option period, but, as long as its obligation under such call option continues, has retained the risk of loss should the price of the underlying security decline.

*Foreign Currency Options.* Funds that may invest in foreign currency-denominated securities may buy or sell put and call options on foreign currencies. These Funds may buy or sell put and call options on foreign currencies either on exchanges or in the OTC market. A put option on a foreign currency gives the purchaser of the option the right to sell a foreign currency at the exercise price until the option expires. A call option on a foreign currency gives the purchaser of the option the right to purchase the currency at the exercise price until the option expires. Currency options traded on U.S. or other exchanges may be subject to position limits which may limit the ability of a Fund to reduce foreign currency risk using such options. OTC options differ from exchange-traded options in that they are bilateral contracts with price and other terms negotiated between buyer and seller, and generally do not have as much market liquidity as exchange-traded options. Under definitions adopted by the CFTC and SEC, many foreign currency options are considered swaps for certain purposes, including determination of whether such instruments need to be exchange-traded and centrally cleared.

*Stock Index Options.* A Fund may purchase and write (i.e., sell) put and call options on stock indices to gain exposure to comparable market positions in the underlying securities or to manage risk (i.e., hedge) on direct investments in the underlying securities. A stock index fluctuates with changes of the market values of the stocks included in the index. For example, some stock index options are based on a broad market index, such as the S&P 500 Index or a

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narrower market index, such as the S&P 100 Index. Indices may also be based on an industry or market segment. A Fund may, for the purpose of hedging its portfolio, subject to applicable securities regulations, purchase and write put and call options on stock indices listed on foreign and domestic stock exchanges. The effectiveness of purchasing or writing stock index options will depend upon the extent to which price movements of the securities in a Fund's portfolio correlate with price movements of the stock index selected. Because the value of an index option depends upon movements in the level of the index rather than the price of a particular stock, whether a Fund will realize a gain or loss from purchasing or writing stock index options depends upon movements in the level of stock prices in the stock market generally or, in the case of certain indices, in an industry or market segment, rather than movements in the price of particular stock.

There is a key difference between stock options and stock index options in connection with their exercise. In the case of stock options, the underlying security, common stock, is delivered. However, upon the exercise of a stock index option, settlement does not occur by delivery of the securities comprising the index. The option holder who exercises the stock index option receives an amount of cash if the closing level of the stock index upon which the option is based is greater than (in the case of a call) or less than (in the case of a put) the exercise price of the option. This amount of cash is equal to the difference between the closing price of the stock index and the exercise price of the option expressed in dollars times a specified multiple.

<u>Swap Agreements.</u> Swap agreements are derivative instruments that can be individually negotiated and structured to include exposure to a variety of different types of investments or market factors. Depending on their structure, swap agreements may increase or decrease a Fund's exposure to long- or short-term interest rates, foreign currency values, mortgage securities, corporate borrowing rates, or other factors such as security prices or inflation rates. A Fund may enter into a variety of swap agreements, including interest rate, index, commodity, equity, credit default and currency exchange rate, among others, each of which may include special features, such as caps, collars and floors.

Swap agreements are usually entered into without an upfront payment because the value of each party's position is the same. The market values of the underlying commitments will change over time, resulting in one of the commitments being worth more than the other and the net market value creating a risk exposure for one party or the other.

A Fund may enter into swap agreements for any legal purpose consistent with its investment objectives and policies, such as attempting to obtain or preserve a particular return or spread at a lower cost than obtaining a return or spread through purchases and/or sales of instruments in other markets, to protect against currency fluctuations, as a duration management technique, to protect against any increase in the price of securities a Fund anticipates purchasing at a later date, to engage in short transactions on a basket of securities, or to gain exposure to certain markets in a more cost efficient manner.

OTC swap agreements are bilateral contracts entered into primarily by institutional investors for periods ranging from a few weeks to more than one year. In a standard OTC swap transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are generally calculated with respect to a "notional amount," i.e., the return on or change in value of a particular dollar amount invested at a particular interest rate, in a particular foreign (non-U.S.) currency, or in a "basket" of securities or commodities representing a particular index. A "quanto" or "differential" swap combines both an interest rate and a currency transaction. Certain swap agreements, such as interest rate swaps, are traded on exchanges and cleared through central clearing counterparties. Other forms of swap agreements include interest rate caps, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates exceed a specified rate, or "cap"; interest rate floors, under which, in return for a premium, one party agrees to make payments to the other to the extent that interest rates fall below a specified rate, or "floor"; and interest rate collars, under which a party sells a cap and purchases a floor or vice versa in an attempt to protect itself against interest rate movements exceeding given minimum or maximum levels. A total return swap agreement is a contract in which one party agrees to make periodic payments to another party based on the change in market value of underlying assets, which may include a single stock, a basket of stocks, or a stock index during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Consistent with a Fund's investment objectives and general investment policies, certain of the Funds may invest in commodity swap

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agreements. For example, an investment in a commodity swap agreement may involve the exchange of floating-rate interest payments for the total return on a commodity index. In a total return commodity swap, a Fund will receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, a Fund may pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, a Fund may pay an adjustable or floating fee. With a "floating" rate, the fee may be pegged to a base rate, such as Euribor, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, a Fund may be required to pay a higher fee at each swap reset date.

A Fund may also enter into combinations of swap agreements in order to achieve certain economic results. For example, a Fund may enter into two swap transactions, one of which offsets the other for a period of time. After the offsetting swap transaction expires, the Fund would be left with the economic exposure provided by the remaining swap transaction. The intent of such an arrangement would be to lock in certain terms of the remaining swap transaction that a Fund may wish to gain exposure to in the future without having that exposure during the period the offsetting swap is in place.

Most types of swap agreements entered into by the Funds will calculate the obligations of the parties to the agreement on a "net basis." Consequently, a Fund's current obligations (or rights) under a swap agreement will generally be equal only to the net amount to be paid or received under the agreement based on the relative values of the positions held by each party to the agreement (the "net amount"). A Fund's current obligations under a swap agreement will be accrued daily (offset against any amounts owed to the Fund). Obligations under swap agreements so covered will not be construed to be "senior securities" for purposes of a Fund's investment restriction concerning senior securities.

Swap agreements are sophisticated instruments that typically involve a small investment of cash relative to the magnitude of risks assumed. As a result, swaps can be highly volatile and may have a considerable impact on a Fund's performance. Depending on how they are used, swap agreements may increase or decrease the overall volatility of a Fund's investments and its share price and yield. Additionally, the extent to which a Fund's use of swap agreements will be successful in furthering its investment objective will depend on the sub-adviser's ability to correctly predict whether certain types of investments are likely to produce greater returns than other investments.

Moreover, a Fund bears the risk of loss of the amount expected to be received under a swap agreement in the event of the default or bankruptcy of a swap agreement counterparty. When a counterparty's obligations are not fully secured by collateral, then a Fund is essentially an unsecured creditor of the counterparty. If the counterparty defaults, the Fund will have contractual remedies, but there is no assurance that a counterparty will be able to meet its obligations pursuant to such contracts or that, in the event of default, the Fund will succeed in enforcing contractual remedies. Counterparty risk still exists even if a counterparty's obligations are secured by collateral because a Fund's interest in collateral may not be perfected or additional collateral may not be promptly posted as required. Counterparty risk also may be more pronounced if a counterparty's obligations exceed the amount of collateral held by a Fund (if any), the Fund is unable to exercise its interest in collateral upon default by the counterparty, or the termination value of the instrument varies significantly from the marked-to-market value of the instrument. The sub-adviser will closely monitor the credit of a swap agreement counterparty in order to attempt to minimize this risk. Certain restrictions imposed on the Funds by the Internal Revenue Code may limit the Funds' ability to use swap agreements. The swaps market is subject to increasing regulations, in both U.S. and non-U.S. markets. It is possible that developments in the swaps market, including additional government regulation, could adversely affect a Fund's ability to terminate existing swap agreements or to realize amounts to be received under such agreements.

The use of swaps is a highly specialized activity that requires investment techniques, risk analyses and tax planning different from those associated with traditional investments. The use of a swap requires an understanding, not only of the reference asset, interest rate, or index, but also of the terms of the swap agreement, without the benefit of observing the performance of the swap under all possible market conditions. Because OTC swap agreements are bilateral contracts that may be subject to contractual restrictions on transferability and termination, and because they may have remaining terms of greater than seven days, OTC swap agreements may be considered illiquid and subject to a Fund's limitation on investments in illiquid securities. To the extent that a swap is not liquid, it may not

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be possible to initiate a transaction or liquidate a position at an advantageous time or price, which may result in significant losses.

Moreover, like most other investments, swap agreements are subject to the risk that the market value of the instrument will change in a way detrimental to a Fund's interest. A Fund bears the risk that the sub-adviser will not accurately forecast future market trends or the values of assets, reference rates, indexes, or other economic factors in establishing swap positions for the Fund. If the sub-adviser attempts to use a swap as a hedge on, or as a substitute for, a portfolio investment, the Fund will be exposed to the risk that the swap will have or will develop an imperfect correlation with the portfolio investment. This could cause substantial losses for the Fund. While hedging strategies involving swap instruments can reduce the risk of loss, they can also reduce the opportunity for gain or even result in losses by offsetting favorable price movements in other Fund investments. In addition, because swap transactions generally do not involve the delivery of securities or other underlying assets or principal, the risk of loss with respect to swap agreements and swaptions (described below) generally is limited to the net amount of payments that a Fund is contractually obligated to make. There is also a risk of a default by the other party to a swap agreement or swaption, in which case a Fund may not receive the net amount of payments that such Fund contractually is entitled to receive.

Many swaps are complex, and their valuation often requires modeling and judgment, which increases the risk of mispricing or incorrect valuation. The pricing models used may not produce valuations that are consistent with the values a Fund realizes when it closes or sells an over-the-counter derivative. Valuation risk is more pronounced when a Fund enters into an over-the-counter swap with specialized terms, because the market value of a swap, in some cases, is partially determined by reference to similar derivatives with more standardized terms. Incorrect valuations may result in increased cash payment requirements to counterparties, undercollateralization and/or errors in calculation of a Fund's net asset value.

A Fund also may enter into options to enter into a swap agreement ("swaptions"). These transactions give a party the right (but not the obligation), in return for payment of a premium, to enter into a new swap agreement or to shorten, extend, cancel or otherwise modify an existing swap agreement, at some designated future time on specified terms. A Fund may write (sell) and purchase put and call swaptions. Depending on the terms of the particular option agreement, a Fund will generally incur a greater degree of risk when it writes a swaption than it will incur when it purchases a swaption. When a Fund purchases a swaption, it risks losing only the amount of the premium it has paid should it decide to let the option expire unexercised. However, when a Fund writes a swaption, upon exercise of the option the Fund will become obligated according to the terms of the underlying agreement.

*Commodity-Linked Swap Agreements.* Commodity-linked swaps are two-party contracts in which the parties agree to exchange the return or interest rate on one instrument for the return of a particular commodity, commodity index or commodities futures or options contract. The payment streams are calculated by reference to an agreed upon notional amount. A one-period swap contract operates in a manner similar to a forward or futures contract because there is an agreement to swap a commodity for cash at only one forward date. A Fund may engage in swap transactions that have more than one period and more than one exchange of commodities.

In a total return commodity swap, a Fund will receive the price appreciation of a commodity index, a portion of the index, or a single commodity in exchange for paying an agreed-upon fee. If the commodity swap is for one period, the Fund will pay a fixed fee, established at the outset of the swap. However, if the term of the commodity swap is more than one period, with interim swap payments, the Fund will pay an adjustable or floating fee. With a "floating" rate, the fee is pegged to a base rate such as Euribor, and is adjusted each period. Therefore, if interest rates increase over the term of the swap contract, a Fund may be required to pay a higher fee at each swap reset date.

A Fund's ability to invest in commodity-linked swaps may be adversely affected by changes in legislation, regulations or other legally binding authority. Under the Internal Revenue Code of 1986, as amended (the "Code"), a Fund must derive at least 90% of its gross income from qualifying sources to qualify as a regulated investment company. The Internal Revenue Service has also issued a revenue ruling which holds that income derived from commodity-linked swaps is not qualifying income with respect to the 90% threshold. As a result, a Fund's ability to directly invest in commodity-linked swaps as part of its investment strategy is limited to a maximum of 10% of its gross income. Failure to comply with the restrictions in the Code and any future legislation or guidance may cause a Fund to fail to

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qualify as a regulated investment company, which may adversely impact a shareholder's return. Alternatively, a Fund may forego such investments, which could adversely affect the Fund's ability to achieve its investment goal.

*Credit Default Swap Agreements.* A Fund may enter into OTC and cleared credit default swap agreements, which may reference one or more debt securities or obligations that are or are not currently held by a Fund. The protection "buyer" in an OTC credit default swap agreement is generally obligated to pay the protection "seller" an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the "par value" (full notional value) of the swap in exchange for an equal face amount of deliverable obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount, if the swap is cash settled. A Fund may be either the buyer or seller in the transaction. If a Fund is a buyer and no credit event occurs, the Fund may recover nothing if the swap is held through its termination date. However, if a credit event occurs, the buyer generally may elect to receive the full notional value of the swap in exchange for an equal face amount of deliverable obligations of the reference entity whose value may have significantly decreased. As a seller, a Fund generally receives an upfront payment or a fixed rate of income throughout the term of the swap provided that there is no credit event. As the seller, a Fund would effectively add leverage to its portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

The spread of a credit default swap is the annual amount the protection buyer must pay the protection seller over the length of the contract, expressed as a percentage of the notional amount. Market perceived credit risk increases as spreads widen; market perceived credit risk decreases as spreads narrow. Wider credit spreads and decreasing market values, when compared to the notional amount of the swap, represent a deterioration of the credit soundness of the issuer of the reference obligation and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the agreement. For credit default swap agreements on asset-backed securities and credit indices, the quoted market prices and resulting values, as well as the annual payment rate, serve as an indication of the current status of the payment/performance risk. A Fund's obligations under a credit default swap agreement will be accrued daily (offset against any amounts owing to the Fund).

Credit default swap agreements sold by a Fund may involve greater risks than if a Fund had invested in the reference obligation directly because, in addition to general market risks, credit default swaps are subject to illiquidity risk and counterparty credit risk (with respect to OTC credit default swaps). A Fund will enter into uncleared credit default swap agreements generally with counterparties that meet certain standards of creditworthiness. A buyer generally also will lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. If a credit event were to occur, the value of any deliverable obligation received by the seller, coupled with the upfront or periodic payments previously received, may be less than the full notional value it pays to the buyer, resulting in a loss of value to the seller. In addition, there may be disputes between the buyer and seller of a credit default swap agreement or within the swaps market as a whole as to whether a credit event has occurred or what the payment should be. Such disputes could result in litigation or other delays, and the outcome could be adverse for the buyer or seller.

*Interest Rate Swap Agreements.* Interest rate swap agreements may be used to obtain or preserve a desired return or spread at a lower cost than through a direct investment in an instrument that yields the desired return or spread. They are financial instruments that involve the exchange of one type of interest rate cash flow for another type of interest rate cash flow on specified dates in the future. In a standard interest rate swap transaction, two parties agree to exchange their respective commitments to pay fixed or floating interest rates on a predetermined specified (notional) amount. The swap agreement's notional amount is the predetermined basis for calculating the obligations that the swap counterparties have agreed to exchange. Under most swap agreements, the obligations of the parties are exchanged on a net basis. The two payment streams are netted out, with each party receiving or paying, as the case may be, only the net amount of the two payments. Interest rate swaps can be based on various measures of interest rates, including Euribor, swap rates, Treasury rates and foreign interest rates.

Swap agreements will tend to shift a Fund's investment exposure from one type of investment to another. For example, if a Fund agreed to pay fixed rates in exchange for floating rates while holding fixed-rate bonds, the swap would tend to decrease a Fund's exposure to long-term interest rates. Another example is if a Fund agreed to exchange payments in dollars for payments in foreign currency, the swap agreement would tend to decrease a Fund's exposure to U.S. interest rates and increase its exposure to foreign currency and interest rates.

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*Total Return Swap Agreements.* Total return swap agreements are contracts in which one party agrees to make periodic payments to another party based on the change in market value of the assets underlying the contract, which may include a specified security, basket of securities or securities indices during the specified period, in return for periodic payments based on a fixed or variable interest rate or the total return from other underlying assets. Total return swap agreements may be used to obtain exposure to a security or market without owning or taking physical custody of such security or investing directly in such market. Total return swap agreements may effectively add leverage to a Fund's portfolio because, in addition to its total net assets, a Fund would be subject to investment exposure on the notional amount of the swap.

Total return swap agreements are subject to the risk that a counterparty will default on its payment obligations to a Fund thereunder, and conversely, that a Fund will not be able to meet its obligation to the counterparty. Generally, a Fund will enter into total return swaps on a net basis (i.e., the two payment streams are netted against one another with a Fund receiving or paying, as the case may be, only the net amount of the two payments).

*Contracts for Differences.* Contracts for differences are swap arrangements in which the parties agree that their return (or loss) will be based on the relative performance of two different groups or baskets of securities. Often, one or both baskets will be an established securities index. A Fund's return will be based on changes in value of theoretical long futures positions in the securities comprising one basket (with an aggregate face value equal to the notional amount of the contract for differences) and theoretical short futures positions in the securities comprising the other basket. A Fund also may use actual long and short futures positions and achieve similar market exposure by netting the payment obligations of the two contracts. A Fund typically enters into contracts for differences (and analogous futures positions) when the sub-adviser believes that the basket of securities constituting the long position will outperform the basket constituting the short position. If the short basket outperforms the long basket, a Fund will realize a loss, even in circumstances when the securities in both the long and short baskets appreciate in value.

*Cross-Currency Swap Agreements.* Cross currency swap agreements are similar to interest rate swaps, except that they involve multiple currencies. A Fund may enter into a cross currency swap agreement when it has exposure to one currency and desires exposure to a different currency. Typically, the interest rates that determine the currency swap payments are fixed, although occasionally one or both parties may pay a floating rate of interest. Unlike an interest rate swap agreement, however, the principal amounts are exchanged at the beginning of the contract and returned at the end of the contract. In addition to paying and receiving amounts at the beginning and termination of the agreements, both sides will have to pay in full periodically based upon the currency they have borrowed. Changes in foreign exchange currency rates and changes in interest rates may negatively affect currency swaps.

*Volatility, Variance and Correlation Swap Agreements.* A Fund also may enter into forward volatility agreements, also known as volatility swaps. In a volatility swap, the counterparties agree to make payments in connection with changes in the volatility (i.e., the magnitude of change over a specified period of time) of an underlying reference instrument, such as a currency, rate, index, security or other financial instrument. Volatility swaps permit the parties to attempt to hedge volatility risk and/or take positions on the projected future volatility of an underlying reference instrument. For example, a Fund may enter into a volatility swap in order to take the position that the reference instrument's volatility will increase over a particular period of time. If the reference instrument's volatility does increase over the specified time, the Fund will receive a payment from its counterparty based upon the amount by which the reference instrument's realized volatility level exceeds a volatility level agreed upon by the parties. If the reference instrument's volatility does not increase over the specified time, the Fund will make a payment to the counterparty based upon the amount by which the reference instrument's realized volatility level falls below the volatility level agreed upon by the parties. Payments on a volatility swap will be greater if they are based upon the mathematical square of volatility (i.e., the measured volatility multiplied by itself, which is referred to as "variance"). This type of a volatility swap is frequently referred to as a variance swap. Certain of the Funds may engage in variance swaps. Correlation swaps are contracts that provide exposure to increases or decreases in the correlation between the prices of different assets or different market rates. Certain of the Funds may engage in variance swaps and correlation swaps.

<u>Interest Rate Futures Contracts and Options on Interest Rate Futures Contracts.</u> A Fund may invest in interest rate futures contracts and options on interest rate futures contracts for various investment reasons, including to serve as a substitute for a comparable market position in the underlying securities. A Fund may also sell options on interest

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rate futures contracts as part of closing purchase transactions to terminate its options positions. No assurance can be given that such closing transactions can be effected or as to the degree of correlation between price movements in the options on interest rate futures and price movements in a Fund's portfolio securities which are the subject of the transaction.

Bond prices are established in both the cash market and the futures market. In the cash market, bonds are purchased and sold with payment for the full purchase price of the bond being made in cash, generally within five business days after the trade. In the futures market, a contract is made to purchase or sell a bond in the future for a set price on a certain date. Historically, the prices for bonds established in the futures markets have tended to move generally in the aggregate in concert with the cash market prices and have maintained fairly predictable relationships. Accordingly, a Fund may use interest rate futures contracts as a defense, or hedge, against anticipated interest rate changes. A Fund presently could accomplish a similar result to that which it hopes to achieve through the use of interest rate futures contracts by selling bonds with long maturities and investing in bonds with short maturities when interest rates are expected to increase, or conversely, selling bonds with short maturities and investing in bonds with long maturities when interest rates are expected to decline. However, because of the liquidity that is often available in the futures market, the protection is more likely to be achieved, perhaps at a lower cost and without changing the rate of interest being earned by a Fund, through using futures contracts.

<u>Inverse Floaters.</u> Inverse floaters (also known as "residual interest bonds") are inverse floating rate debt securities. The interest rate on an inverse floater varies inversely with a floating rate (which may be reset periodically by a "Dutch" auction, a remarketing agent or by reference to a short-term tax-exempt interest rate index). A change in the interest rate on the referenced security or index will inversely affect the rate of interest paid on an inverse floater. That is, income on inverse floating rate debt securities will decrease when interest rates increase, and will increase when interest rates decrease.

Markets for inverse floaters may be less developed and more volatile, and may experience less or varying degrees of liquidity relative to markets for more traditional securities, especially during periods of instability in credit markets. The value of an inverse floater is generally more volatile than that of a traditional fixed-rate bond having similar credit quality, redemption provisions and maturity. Inverse floaters may have interest rate adjustment formulas that generally reduce or, in the extreme cases, eliminate the interest paid to a Fund when short-term interest rates rise, and increase the interest paid to a Fund when short-term interest rates fall. The value of an inverse floater also tends to fall faster than the value of a fixed-rate bond when interest rates rise, and conversely, the value of an inverse floater tends to rise more rapidly when interest rates fall. Inverse floaters tend to underperform fixed-rate bonds in a rising long-term interest rate environment, but tend to outperform fixed-rate bonds when long-term interest rates decline.

Inverse floaters have the effect of providing a degree of investment leverage because they may increase or decrease in value in response to changes (e.g., changes in market interest rates) at a rate that is a multiple of the rate at which fixed-rate securities increase or decrease in response to the same changes. As a result, the market values of such securities are generally more volatile than the market values of fixed-rate securities (especially during periods when interest rates are fluctuating). A Fund could lose money and its net asset value could decline if movements in interest rates are incorrectly anticipated. To seek to limit the volatility of these securities, a Fund may purchase inverse floating obligations that have shorter-term maturities or that contain limitations on the extent to which the interest rate may vary. Certain investments in such obligations may be illiquid. Furthermore, where such a security includes a contingent liability, in the event of an adverse movement in the underlying index or interest rate, a Fund may be required to pay substantial additional margin to maintain the position.

A Fund may either participate in structuring an inverse floater or purchase an inverse floater in the secondary market. When structuring an inverse floater, a Fund will transfer fixed-rate securities held in the Fund's portfolio to a trust. The trust then typically issues the inverse floaters and the floating rate notes that are collateralized by the cash flows of the fixed-rate securities. In return for the transfer of the securities to the trust, the Fund receives the inverse floaters and cash associated with the sale of the notes from the trust.

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municipal bond ("Fixed-Rate Bond") that either is owned or identified by a Fund. The TOB Floater is generally issued to third party investors (typically a money market fund) and the TOB Residual is generally issued to the Fund that sold or identified the Fixed-Rate Bond. The TOB Trust divides the income stream provided by the Fixed-Rate Bond to create two securities, the TOB Floater, which is a short-term security, and the TOB Residual, which is a longer-term security. The interest rates payable on the TOB Residual issued to a Fund bear an inverse relationship to the interest rate on the TOB Floater. The interest rate on the TOB Floater is reset by a remarketing process typically every 7 to 35 days. After income is paid on the TOB Floater at current rates, the residual income from the Fixed-Rate Bond goes to the TOB Residual. Therefore, rising short-term rates result in lower income for the TOB Residual, and vice versa. In the case of a TOB Trust that utilizes the cash received (less transaction expenses) from the issuance of the TOB Floater and TOB Residual to purchase the Fixed Rate Bond from a Fund, the Fund may then invest the cash received in additional securities, generating leverage for the Fund.

The TOB Residual may be more volatile and less liquid than other municipal bonds of comparable maturity. In most circumstances, the TOB Residual holder bears substantially all of the underlying Fixed-Rate Bond's downside investment risk and also benefits from any appreciation in the value of the underlying Fixed-Rate Bond. Investments in a TOB Residual typically will involve greater risk than investments in Fixed-Rate Bonds.

The TOB Residual held by a Fund provides the Fund with the right to: i) cause the holders of the TOB Floater to tender their notes at par; and ii) cause the sale of the Fixed-Rate Bond held by the TOB Trust, thereby collapsing the TOB Trust. TOB Trusts are generally supported by a liquidity facility provided by a third-party bank or other financial institution (the "Liquidity Provider") that provides for the purchase of TOB Floaters that cannot be remarketed. The holders of the TOB Floaters have the right to tender their certificates in exchange for payment of par plus accrued interest on a periodic basis (typically weekly) or on the occurrence of certain mandatory tender events. The tendered TOB Floaters are remarketed by a remarketing agent, which is typically an affiliated entity of the Liquidity Provider. If the TOB Floaters cannot be remarketed, the TOB Floaters are purchased by the TOB Trust either from the proceeds of a loan from the Liquidity Provider or from a liquidation of the Fixed-Rate Bond.

The TOB Trust may also be collapsed without the consent of a Fund, as the TOB Residual holder, upon the occurrence of certain "tender option termination events" (or "TOTEs"), as defined in the TOB Trust agreements. Such termination events typically include the bankruptcy or default of the municipal bond, a substantial downgrade in credit quality of the municipal bond, or a judgment or ruling that interest on the Fixed-Rate Bond is subject to federal income taxation. Upon the occurrence of a termination event, the TOB Trust would generally be liquidated in full with the proceeds typically applied first to any accrued fees owed to the trustee, remarketing agent and liquidity provider, and then to the holders of the TOB Floater up to par plus accrued interest owed on the TOB Floater and a portion of gain share, if any, with the balance paid out to the TOB Residual holder. In the case of a mandatory termination event ("MTE"), after the payment of fees, the TOB Floater holders would be paid before the TOB Residual holders (i.e., the Fund). In contrast, in the case of a TOTE, after payment of fees, the TOB Floater holders and the TOB Residual holders would be paid pro rata in proportion to the respective face values of their certificates.

<u>Participation Notes.</u> Participation notes ("P-notes") are participation interest notes that are issued by banks and broker-dealers and are designed to offer a return linked to a particular equity, debt, currency or market. An investment in a P-note involves additional risks beyond the risks normally associated with a direct investment in the underlying security, and the P-note's performance may differ from the underlying security's performance. While the holder of a P-note is entitled to receive from the bank or issuing broker-dealer any dividends paid on the underlying security, the holder is not entitled to the same rights (e.g., voting rights) as an owner of the underlying stock. P-notes are considered general unsecured contractual obligations of the banks or broker-dealers that issue them. As such, a Fund must rely on the creditworthiness of the issuer of a P-note for their investment returns on such P-note, and would have no rights against the issuer of the underlying security. There is also no assurance that there will be a secondary trading market for a P-note or that the trading price of a P-note will equal the value of the underlying security. Additionally, issuers of P-notes and the calculation agent may have broad authority to control the foreign exchange rates related to the P-notes and discretion to adjust the P-note's terms in response to certain events.

<u>Stock Index Futures Contracts and Options on Stock Index Futures Contracts.</u> Stock index futures and options on stock index futures provide exposure to comparable market positions in the underlying securities or to manage risk (i.e., hedge) on direct investments in the underlying securities. A stock index future obligates the seller to deliver (and the purchaser to take), effectively, an amount of cash equal to a specific dollar amount times the difference

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between the value of a specific stock index at the close of the last trading day of the contract and the price at which the agreement is made. No physical delivery of the underlying stocks in the index is made. With respect to stock indices that are permitted investments, each Fund intends to purchase and sell futures contracts on the stock index for which it can obtain the best price with consideration also given to liquidity.

Options on stock index futures give the purchaser the right, in return for the premium paid, to assume a position in a stock index futures contract (a long position if the option is a call and a short position if the option is a put), at a specified exercise price at any time during the period of the option. Upon exercise of the option, the delivery of the futures position by the writer of the option to the holder of the option will be accompanied by delivery of the accumulated balance in the writer's futures margin account, which represents the amount by which the market price of the stock index futures contract, at exercise, exceeds (in the case of a call) or is less than (in the case of a put) the exercise price of the option on the stock index future. If an option is exercised on the last trading day prior to the expiration date of the option, the settlement will be made entirely in cash equal to the difference between the exercise price of the option and the closing level of the index on which the future is based on the expiration date. Purchasers of options who fail to exercise their options prior to the exercise date suffer a loss of the premium paid.

<u>Synthetic Convertible Securities.</u> Synthetic convertible securities are derivative positions composed of two or more different securities whose investment characteristics, taken together, resemble those of convertible securities. For example, a Fund may purchase a non-convertible debt security and a warrant or option, which enables a Fund to have a convertible-like position with respect to a company, group of companies or a stock index. Synthetic convertible securities are typically offered by financial institutions and investment banks in private placement transactions. Upon conversion, a Fund generally receives an amount in cash equal to the difference between the conversion price and the then current value of the underlying security. Unlike a true convertible security, a synthetic convertible comprises two or more separate securities, each with its own market value. Therefore, the market value of a synthetic convertible is the sum of the values of its fixed-income component and its convertible component. For this reason, the values of a synthetic convertible and a true convertible security may respond differently to market fluctuations. In addition to the general risks of convertible securities and the special risks of enhanced convertible securities, there are risks unique to synthetic convertible securities. In addition, the component parts of a synthetic convertible security may be purchased simultaneously or separately; and the holder of a synthetic convertible faces the risk that the price of the stock, or the level of the market index underlying the convertibility component will decline. Exposure to more than one issuer or participant will increase the number of parties upon which the investment depends and the complexity of that investment and, as a result, increase a Fund's credit risk and valuation risk. A Fund only invests in synthetic convertibles with respect to companies whose corporate debt securities are rated "A" or higher by Moody's or S&P and will not invest more than 15% of its net assets in such synthetic securities and other illiquid securities.

**<u>Permitted Investment Activities and Certain Associated Risks</u>**

Set forth below are descriptions of permitted investment activities for the Portfolios and certain of their key associated risks. The activities are organized into various categories. To the extent that an activity overlaps two or more categories, the activity is referenced only once in this section. Not all of the Portfolios participate in all of the investment activities described below. In addition, with respect to any particular Portfolio, to the extent that an investment activity is described in Part A for such Portfolio as being part of its principal investment strategy, the information provided below regarding such investment activity is intended to supplement, but not supersede, the information contained in Part A, and the Portfolio may engage in such investment activity in accordance with the limitations set forth in Part A. To the extent an investment activity is described in this SAI that is not referenced in Part A, a Portfolio under normal circumstances will not engage in such investment activity with more than 15% of its assets unless otherwise specified below. Unless otherwise noted or required by applicable law, the percentage limitations included in this SAI apply at the time of purchase of a security.

For purposes of monitoring the investment policies and restrictions of the Portfolios (with the exception of the loans of portfolio securities policy described below), the amount of any securities lending collateral held by a Portfolio will be excluded in calculating total assets.

DEBT SECURITIES

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Debt securities include bonds, corporate debt securities and similar instruments, issued by various U.S. and non-U.S. public- or private-sector entities. The issuer of a debt security has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal (the debt security's face value) periodically or on a specified maturity date. An issuer may have the right to redeem or "call" a debt security before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. The value of fixed-rate debt securities will tend to fall when interest rates rise, and rise when interest rates fall. The values of "floating-rate" or "variable-rate" debt securities, on the other hand, fluctuate much less in response to market interest-rate movements than the value of fixed-rate debt securities. Debt securities may be senior or subordinated obligations. Senior obligations, including certain bonds and corporate debt securities, generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated debt. Debt securities may be unsecured (backed only by the issuer's general creditworthiness) or secured (also backed by specified collateral).

Debt securities are interest-bearing investments that promise a stable stream of income; however, the prices of such securities are inversely affected by changes in interest rates and, therefore, are subject to the risk of market price fluctuations. Longer-term securities are affected to a greater extent by changes in interest rates than shorter-term securities. The values of debt securities also may be affected by changes in the credit rating or financial condition of the issuing entities. Certain securities that may be purchased by a Fund, such as those rated "Baa" or lower by Moody's Investors Service, Inc. ("Moody's") and "BBB" or lower by Standard & Poor's Rating Group ("S&P") and Fitch Investors Service, Inc. ("Fitch") tend to be subject to greater issuer credit risk, to greater market fluctuations and pricing uncertainty, and to less liquidity than lower-yielding, higher-rated debt securities. A Fund could lose money if the issuer fails to meet its financial obligations. If a security held by a Fund is downgraded, such Fund may continue to hold the security until such time as the Fund's sub-adviser determines it to be advantageous for the Fund to sell the security. Investing in debt securities is subject to certain risks including, among others, credit and interest rate risk, as more fully described in this section.

Interest rate risk refers to the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase.

A Fund may face a heightened level of interest rate risk during periods when short-term or long-term interest rates rise sharply or in an unanticipated manner. Such interest rates increases may have unpredictable effects on the market and the Fund's investments, which could cause the Fund to lose money.

Very low or negative interest rates may magnify interest rate risk. Certain countries have at times experienced negative interest rates on deposits and debt instruments have traded at negative yields. A negative interest rate policy is an unconventional central bank monetary policy tool where nominal target interest rates are set with a negative value (i.e., below zero percent) intended to help create self-sustaining growth in the local economy. The prevalence of negatives interest rates may increase or decrease in the future. To the extent a Fund has a bank deposit or holds a debt instrument with a negative interest rate to maturity, the Fund would generate a negative return on that investment. While negative yields can be expected to reduce demand for fixed-income investments trading at a negative interest rate, investors may be willing to continue to purchase such investments for a number of reasons including, but not limited to, price insensitivity, arbitrage opportunities across fixed-income markets or rules-based investment strategies. If negative interest rates become more prevalent in the market, it is expected that investors will seek to reallocate assets to other income-producing assets such as investment grade and high-yield debt instruments, or equity investments that pay a dividend. This increased demand for higher yielding assets may cause the price of such instruments to rise while triggering a corresponding decrease in yield and the value of debt instruments over time. The Fund currently faces a heightened level of interest rate risk. Changes in interest rates may occur suddenly and significantly, with unpredictable effects on the market and the Fund's investments. The Fund may lose money if short-term or long-term interest rates rise sharply or in an unanticipated manner.

A Fund may purchase instruments that are not rated if, as determined by the Fund's sub-adviser, such obligations are of investment quality comparable to other rated investments that are permitted to be purchased by such Fund. After purchase by a Fund, a security may cease to be rated, or its rating may be reduced below the minimum required for purchase by such Fund. Neither event will require a sale of such security by the Fund. To the extent the ratings given

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by Moody's, Fitch or S&P may change as a result of changes in such organizations' rating systems, a Fund will attempt to use comparable ratings as standards for investments in accordance with the investment policies contained in its Prospectus and in this SAI.

Certain of the debt obligations a Fund may purchase (including certificates of participation, commercial paper and other short-term obligations) may be backed by a letter of credit from a bank or insurance company. A letter of credit guarantees that payment to a lender will be received on time and for the correct amount, and is typically unconditional and irrevocable. In the event that the indebted party is unable to make payment on the debt obligation, the bank or insurance company will be required to cover the full or remaining amount of the debt obligation.

Corporate debt securities are long and short term fixed-income securities typically issued by businesses to finance their operations. The issuer of a corporate debt security has a contractual obligation to pay interest at a stated rate on specific dates and to repay principal periodically or on a specified maturity date. The rate of interest on a corporate debt security may be fixed, floating, or variable, and could vary directly or inversely with respect to a reference rate. An issuer may have the right to redeem or "call" a corporate debt security before maturity, in which case the investor may have to reinvest the proceeds at lower market rates. The value of fixed-rate corporate debt securities will tend to fall when interest rates rise and rise when interest rates fall. Senior obligations generally have the first claim on a corporation's earnings and assets and, in the event of liquidation, are paid before subordinated debt. Corporate debt securities may be unsecured (backed only by the issuer's general creditworthiness) or secured (also backed by specified collateral). Because of the wide range of types and maturities of corporate debt securities, as well as the range of creditworthiness of issuers, corporate debt securities can have widely varying risk/return profiles.

<u>Asset-Backed Securities.</u> Asset-backed securities are securities that are secured or "backed" by pools of various types of assets on which cash payments are due at fixed intervals over set periods of time. Asset-backed securities are created in a process called securitization. In a securitization transaction, an originator of loans or an owner of accounts receivable of a certain type of asset class sells such underlying assets to a special purpose entity, so that there is no recourse to such originator or owner. Payments of principal and interest on asset-backed securities typically are tied to payments made on the pool of underlying assets in the related securitization. Such payments on the underlying assets are effectively "passed through" to the asset-backed security holders on a monthly or other regular, periodic basis. The level of seniority of a particular asset-backed security will determine the priority in which the holder of such asset-backed security is paid, relative to other security holders and parties in such securitization. Examples of underlying assets include consumer loans or receivables, home equity loans, credit card loans, student loans, automobile loans or leases, and timeshares, although other types of receivables or assets also may be used as underlying assets.

While asset-backed securities typically have a fixed, stated maturity date, low prevailing interest rates may lead to an increase in the prepayments made on the underlying assets. This may cause the outstanding balances due on the underlying assets to be paid down more rapidly. As a result, a decrease in the originally anticipated interest from such underlying securities may occur, causing the asset-backed securities to pay-down in whole or in part prior to their original stated maturity date. Prepayment proceeds would then have to be reinvested at the lower prevailing interest rates. Conversely, prepayments on the underlying assets may be less than anticipated, especially during periods of high or rising interest rates, causing an extension in the duration of the asset-backed securities. The impact of any prepayments made on the underlying assets may be difficult to predict and may result in greater volatility.

Delinquencies or losses that exceed the anticipated amounts for a given securitization could adversely impact the payments made on the related asset-backed securities. This is a reason why, as part of a securitization, asset-backed securities are often accompanied by some form of credit enhancement, such as a guaranty, insurance policy, or subordination. Credit protection in the form of derivative contracts may also be purchased. In certain securitization transactions, insurance, credit protection, or both may be purchased with respect to only the most senior classes of asset-backed securities, on the underlying collateral pool, or both. The extent and type of credit enhancement varies across securitization transactions.

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Asset-backed securities carry additional risks including, but not limited to, the possibility that: i) the creditworthiness of the credit support provider may deteriorate; and ii) such securities may become less liquid or harder to value as a result of market conditions or other circumstances.

<u>Bank Obligations.</u> Bank obligations include certificates of deposit, time deposits, bankers' acceptances, and other short-term obligations of domestic banks, foreign subsidiaries of domestic banks, foreign branches of domestic banks, domestic and foreign branches of foreign banks, domestic savings and loan associations and other banking institutions. Certificates of deposit are negotiable certificates evidencing the obligation of a bank to repay funds deposited with it for a specified period of time. Time deposits are non-negotiable deposits maintained in a banking institution for a specified period of time at a stated interest rate. Bankers' acceptances are credit instruments evidencing the obligation of a bank to pay a draft drawn on it by a customer. These instruments reflect the obligation both of the bank and of the customer to pay the face amount of the instrument upon maturity. Other short-term obligations may include uninsured, direct obligations of the banking institution bearing fixed, floating or variable interest rates.

The activities of U.S. banks and most foreign banks are subject to comprehensive regulations. New legislation or regulations, or changes in interpretation and enforcement of existing laws or regulations, may affect the manner of operations and profitability of domestic banks. With respect to such obligations issued by foreign branches of domestic banks, foreign subsidiaries of domestic banks, and domestic and foreign branches of foreign banks, a Fund may be subject to additional investment risks that are different in some respects from those incurred by a Fund that invests only in debt obligations of domestic issuers. Such risks include political, regulatory or economic developments, the possible imposition of foreign withholding and other taxes (at potentially confiscatory levels) on amounts realized on such obligations, the possible establishment of exchange controls or the adoption of other foreign governmental restrictions that might adversely affect the payment of principal and interest on these obligations and the possible seizure or nationalization of foreign deposits. The distress, impairment, or failure of one or more banking institutions may affect the value of a Fund's investments. The failure of a banking institution could raise economic concerns over disruption in the industry. There can be no certainty that any actions taken by governments or quasi-governmental organizations will be effective in mitigating the effects of the failure of banking institutions on the economy or restoring public confidence in banking institutions.

In addition, foreign branches of domestic banks and foreign banks may be subject to less stringent reserve requirements and to different regulatory, accounting, auditing, reporting and recordkeeping standards than those applicable to domestic branches of U.S. banks.

Banks may be particularly susceptible to certain economic factors, such as interest rate changes or adverse developments in the market for real estate. Fiscal and monetary policy and general economic cycles can affect the availability and cost of funds, loan demand and asset quality and thereby impact the earnings and financial conditions of banks. Further, the traditional banking industry is experiencing increased competition from alternative types of financial institutions.

<u>Collateralized Debt Obligations ("CDOs").</u> CDOs pool together assets that generate cash flow, and repackages these pools into discrete tranches that can be sold to investors. CDOs include collateralized loan obligations ("CLOs"), collateralized bond obligations ("CBOs"), and other similarly structured securities. CLOs and CBOs are distinguished by their underlying securities. CLOs are securities comprised of bundles of corporate loans; CBOs are securities backed by a collection of bonds or other CDOs.

The tranches in a CDO vary substantially in their risk profiles and level of yield. Tranches bear losses in the reverse order of their seniority with respect to one another. The most junior tranche is generally the tranche that bears the highest level of risk, but also generally bears the highest coupon rates. The senior tranches are generally safer because they have first priority on payback from the collateral in the event of default. As a result, the senior tranches of a CDO generally have a higher credit rating and offer lower coupon rates than the junior tranches. Despite the protection, even the most senior tranches can experience substantial losses due to the rate of actual defaults on the underlying collateral. The type of collateral used as underlying securities in a particular CDO therefore may substantially impact the risk associated with purchasing the securities.

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CDOs can also be divided into two main categories: cash and synthetic. Cash CDOs are secured by cash assets, such as loans and corporate bonds. Synthetic CDOs are secured by credit default swaps or other noncash assets that provide exposure to a portfolio of fixed-income assets.

Cash CDOs can be further subdivided into two types: cash flow and market value. Cash flow and market value CDOs differ from each other in the manner by which cash flow is generated to pay the security holders, the manner in which the structure is credit-enhanced, and how the pool of underlying collateral is managed. Cash flow CDOs are collateralized by a pool of high-yield bonds or loans, which pay principal and interest on a regular basis. Credit enhancement is achieved by having subordinated tranches of securities. The most senior/highest-rated tranche will be the last to be affected by any interruption of cash flow from the underlying assets. In a cash flow CDO, the collateral manager endeavors to maintain a minimum level of diversification and weighted average rating among the underlying assets in an effort to mitigate severity of loss. Market value CDOs receive payments based on the mark-to-market returns on the underlying collateral. Credit enhancement for market value CDOs is achieved by specific overcollateralization levels in the form of advance rates assigned to each underlying collateral asset. Because principal and interest payments on the securities come from collateral cash flows and sales of collateral, which the collateral manager monitors, returns on market value CDOs are substantially related to the collateral manager's performance.

CDOs carry the risk of uncertainty of timing of cash flows. Such a risk depends on the type of collateral, the degree of diversification, and the specific tranche in which a Fund invests. Typically, CDOs are issued through private offerings and are not registered under the securities laws. However, an active dealer market may exist for such securities, thereby allowing such securities to trade consistent with an exemption from registration under Rule 144A under the Securities Act of 1933, as amended. Further risks include the possibility that distributions from the collateral will not be adequate to make interest payments, and that the quality of the collateral may decline in value or default.

<u>Commercial Paper.</u> Commercial paper is a short-term, promissory note issued by a bank, corporation or other borrower to finance short-term credit needs. Commercial paper is typically unsecured but it may be supported by letters of credit, surety bonds or other forms of collateral. Commercial paper may be sold at par or on a discount basis and typically has a maturity from 1 to 270 days. Like bonds, and other fixed-income securities, commercial paper prices are susceptible to fluctuations in interest rates. As interest rates rise, commercial paper prices typically will decline and vice versa. The short-term nature of a commercial paper investment, however, makes it less susceptible to such volatility than many other securities. Variable amount master demand notes are a type of commercial paper. They are demand obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and a commercial bank acting as agent for the payee of such notes whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes.

<u>Dollar Roll Transactions.</u> Dollar roll transactions are transactions wherein a Fund sells fixed-income securities and simultaneously makes a commitment to purchase similar, but not identical, securities at a later date from the same party and at a predetermined price. Mortgage-backed security dollar rolls and U.S. Treasury dollar rolls are types of dollar rolls. Like a forward commitment, during the roll period, no payment is made by a Fund for the securities purchased, and no interest or principal payments on the securities purchased accrue to the Fund, but the Fund assumes the risk of ownership. A Fund is compensated for entering into dollar roll transactions by the difference between the current sales price and the forward price for the future purchase, as well as by the interest earned on the cash proceeds of the initial sale. Dollar roll transactions may result in higher transaction costs for a Fund.

Like other when-issued securities or firm commitment agreements, dollar roll transactions involve the risk that the market value of the securities sold by a Fund may decline below the price at which the Fund is committed to purchase similar securities. In the event the buyer of securities from a Fund under a dollar roll transaction becomes insolvent, the Fund's use of the proceeds of the transaction may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund's obligation to repurchase the securities. A Fund will engage in dollar roll transactions for the purpose of acquiring securities for its portfolio and not for investment leverage.

<u>High-Yield Securities.</u> High-yield securities (also known as "junk bonds") are debt securities that are rated below investment-grade, or are unrated and deemed by the Fund's sub-adviser to be below investment-grade, or are in

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default at the time of purchase. These securities are considered to be high-risk investments and have a much greater risk of default (or in the case of bonds currently in default, of not returning principal). High-yield securities also tend to be more volatile than higher-rated securities of similar maturity. The value of these debt securities can be affected by overall economic conditions, interest rates, and the creditworthiness of the individual issuers. These securities tend to be less liquid and more difficult to value than higher-rated securities. If market quotations are not readily available for the Funds' lower-rated or nonrated securities, these securities will be valued by a method that the Funds' Boards believe reflects their fair value.

The market values of certain high yield and comparable unrated securities tend to be more sensitive to individual corporate developments and changes in economic conditions than investment-grade securities. Adverse publicity and investor perceptions, whether or not based on fundamental analysis, may decrease the values and liquidity of high yield securities, especially in a thinly traded market. In addition, issuers of high yield and comparable unrated securities often are highly leveraged and may not have more traditional methods of financing available to them. Their ability to service their debt obligations, especially during an economic downturn or during sustained periods of high interest rates, may be impaired.

High yield and comparable unrated securities are typically unsecured and frequently are subordinated to senior indebtedness. A Fund may incur additional expenses to the extent that it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. The existence of limited trading markets for high yield and comparable unrated securities may diminish a Fund's ability to: i) obtain accurate market quotations for purposes of valuing such securities and calculating its net asset value; and ii) sell the securities either to meet redemption requests or to respond to changes in the economy or in financial markets.

<u>Inflation-Protected Debt Securities.</u> Inflation-protected debt securities, including Treasury Inflation-Protected Securities ("TIPS"), are instruments whose principal is adjusted for inflation, as indicated by specific indexes. For example, the principal of TIPS is adjusted for inflation as indicated by the Consumer Price Index. As inflation falls, the principal value of inflation-protected securities will be adjusted downward and the interest payable will be reduced. As inflation rises, the principal value of inflation-protected securities will be adjusted upward, and the interest payable will be increased. A Fund's yield and return will reflect both any inflation adjustment to interest income and the inflation adjustment to principal.

While these securities are designed to protect holders from long term inflationary trends, short term increases in inflation may lead to a decline in value. If interest rates rise due to reasons other than inflation (for example, due to changes in currency exchange rates), holders of these securities may not be protected to the extent that the increase is not reflected in the debt securities' inflationary measure. Income fluctuations associated with changes in market interest rates are expected to be low; however, income fluctuations associated with changes in inflation are expected to be high. The value of inflation-indexed bonds is expected to change in response to changes in real interest rates. Real interest rates are tied to the relationship between nominal interest rates and the rate of inflation. If nominal interest rates increase at a faster rate than inflation, real interest rates may rise, leading to a decrease in value of inflation-indexed bonds. In certain interest rate environments, such as when real interest rates are rising faster than nominal interest rates, inflation indexed bonds may experience greater losses than other fixed-income securities with similar durations.

For federal income tax purposes, both interest payments and the difference between original principal and the inflation-adjusted principal of inflation-protected debt securities will be treated as interest income subject to taxation. Interest payments are taxable when received or accrued. The inflation adjustment to principal is subject to tax in the year the adjustment is made, not at maturity of the security when the cash from the repayment of principal is received.

Inflation-protected debt securities are subject to greater risk than traditional debt securities if interest rates rise in a low inflation environment. Generally, the value of an inflation-protected debt security will fall when real interest rates rise and will rise when real interest rates fall.

<u>Loan Participations.</u> A loan participation gives a Fund an undivided proportionate interest in a partnership or trust that owns a loan or instrument originated by a bank or other financial institution. Typically, loan participations are offered by banks or other financial institutions or lending syndicates and are acquired by multiple investors. Principal and interest payments are passed through to the holder of the loan participation. Loan participations may carry a

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demand feature permitting the holder to tender the participations back to the bank or other institution. Loan participations, however, typically do not provide the holder with any right to enforce compliance by the borrower, nor any rights of set-off against the borrower, and the holder may not directly benefit from any collateral supporting the loan in which it purchased a loan participation. As a result, the holder may assume the credit risk of both the borrower and the lender that is selling the loan participation.

Loan participations in which a Fund may invest are subject generally to the same risks as debt securities in which the Fund may invest. Loan participations in which a Fund invests may be made to finance highly leveraged corporate acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loan participations especially vulnerable to adverse changes in economic or market conditions. Loan participations generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loan participations in secondary markets. As a result, a Fund may be unable to sell loan participations at a time when it may otherwise be desirable to do so, or may be able to sell them only at a price below their fair market value. Market bids may be unavailable for loan participations from time to time; a Fund may find it difficult to establish a fair value for loan participations held by it. Many loan participations in which a Fund invests may be unrated, and the Fund's sub-adviser will be required to rely exclusively on its analysis of the borrower in determining whether to acquire, or to continue to hold, a loan participation. In addition, under legal theories of lender liability, a Fund potentially might be held liable as a co-lender.

<u>Money Market Instruments.</u> Money market instruments provide short-term funds to businesses, financial institutions and governments. They are debt instruments issued with maturities of thirteen months or less, and that are determined to present minimal credit risk. Because of their short-term maturities and by whom these debt instruments are issued, money market instruments are extremely liquid and provide relatively few risks. Common money market instruments include Treasury bills, certificates of deposit, commercial paper, banker's acceptances, and repurchase agreements among others.

<u>Mortgage-Backed Securities.</u> Mortgage-backed securities, also called mortgage pass-through securities, are issued in securitizations (see "Asset-Backed Securities" section) and represent interests in "pools" of underlying mortgage loans that serve as collateral for such securities. These mortgage loans may have either fixed or adjustable interest rates. A guarantee or other form of credit support may be attached to a mortgage-backed security to protect against default on obligations. Similar to asset-backed securities, the monthly payments made by the individual borrowers on the underlying mortgage loans are effectively "passed through" to the holders of the mortgage-backed securities (net of administrative and other fees paid to various parties) as monthly principal and interest payments. Some mortgage-backed securities make payments of both principal and interest at a range of specified intervals, while others make semiannual interest payments at a predetermined rate and repay principal only at maturity. An economic downturn—particularly one that contributes to an increase in delinquencies and defaults on residential mortgages, falling home prices, and unemployment—may adversely affect the market for and value of mortgage-backed securities.

The stated maturities of mortgage-backed securities may be shortened by unscheduled prepayments of principal on the underlying mortgage loans, and the expected maturities may be extended in rising interest-rate environments. Therefore, it is not possible to predict accurately the maturity of a particular mortgage-backed security. Variations in the maturities of mortgage-backed securities resulting from prepayments will affect the yield of each such security and the portfolio as a whole. Rates of prepayment of principal on the underlying mortgage loans in mortgage-backed securitizations that are faster than expected may expose the holder to a lower rate of return upon reinvestment of proceeds at lower prevailing interest rates. Also, if a mortgage-backed security has been purchased at a premium and is backed by underlying mortgage loans that are subject to prepayment, the value of the premium would effectively be lost or reduced if prepayments are made on such underlying collateral. Conversely, to the extent a mortgage-backed security is purchased at a discount, both a scheduled payment of principal and an unscheduled payment of principal would increase current and total returns, as well as accelerate the recognition of income.

Mortgage-backed securities are subject to credit risk, which includes the risk that the holder may not receive all or part of its interest or principal because the issuer, or any credit enhancer and/or the underlying mortgage borrowers have defaulted on their obligations. Credit risk is increased for mortgage-backed securities that are subordinated to another security (i.e., if the holder of a mortgage-backed security is entitled to receive payments only after payment

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obligations to holders of the other security are satisfied). The more deeply subordinated the security, the greater the credit risk associated with the security will be.

In addition, the Funds may purchase some mortgage-backed securities through private placements that are restricted as to further sale. Mortgage-backed securities issued by private issuers, whether or not such obligations are subject to guarantees by the private issuer, typically entail greater credit risk than mortgage-backed securities guaranteed by a government association or government-sponsored enterprise. The performance of mortgage-backed securities issued by private issuers depends, in part, on the financial health of any guarantees and the performance of the mortgage pool backing such securities. An unexpectedly high rate of defaults on mortgages held by a mortgage pool may limit substantially the pool's ability to make payments of principal or interest to the holder of such mortgage-backed securities, particularly if such securities are subordinated, thereby reducing the value of such securities and, in some cases, rendering them worthless. The risk of such defaults is generally higher in the case of mortgage pools that include "subprime" mortgages.

*Adjustable-Rate Mortgage Securities ("ARMS").* ARMS represent an ownership interest in a pool of mortgage loans that generally carry adjustable interest rates, and in some cases principal repayment rates, that are reset periodically. ARMS are issued, guaranteed or otherwise sponsored by governmental agencies such as GNMA, by government-sponsored entities such as FNMA or FHLMC, or by private issuers. Mortgage loans underlying ARMS typically provide for a fixed initial mortgage interest rate for a specified period of time and, thereafter, the interest rate may be subject to periodic adjustments based on changes in an applicable index rate. Adjustable interest rates can cause payment increases that some borrowers may find difficult to make.

The mortgage loans underlying ARMS guaranteed by GNMA are typically federally insured by the Federal Housing Administration or guaranteed by the Department of Veterans Affairs, whereas the mortgage loans underlying ARMS issued by FNMA or FHLMC are typically conventional residential mortgages which are not so insured or guaranteed, but which conform to specific underwriting, size and maturity standards. ARMS are also offered by private issuers.

As a result of adjustable interest rates, the yields on ARMS typically lag behind changes in the prevailing market interest rate. This results in ARMS generally experiencing less decline in value during periods of rising interest rates than traditional long-term, fixed-rate mortgage-backed securities. On the other hand, during periods of declining interest rates, the interest rates on the underlying mortgages may reset downward with a similar lag. As a result, the values of ARMS are expected to rise less than the values of securities backed by fixed-rate mortgages during periods of declining interest rates.

*Collateralized Mortgage Obligations ("CMOs").* CMOs are debt obligations that may be collateralized by whole mortgage loans, but are more typically collateralized by portfolios of mortgage-backed securities guaranteed by GNMA, FHLMC, or FNMA, and divided into classes. CMOs are structured into multiple classes, often referred to as

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"tranches," with each class bearing a different stated maturity and entitled to a different schedule for payments of principal and interest, including pre-payments. Payments of principal on the underlying securities, including prepayments, are first "passed through" to investors holding the class of securities with the shortest maturity; investors holding classes of securities with longer maturities receive payments on their securities only after the more senior classes have been retired. A longer duration or greater sensitivity to interest rate fluctuations generally increases the risk level of a CMO. CMOs may be less liquid and may exhibit greater price volatility than other types of mortgage-backed securities. Examples of CMOs include commercial mortgage-backed securities and adjustable-rate mortgage securities.

*Commercial Mortgage-Backed Securities ("CMBS").* CMBS are securities that reflect an interest in, and are secured by, mortgage loans on commercial real property, such as loans for hotels, restaurants, shopping centers, office buildings, and apartment buildings. Interest and principal payments from the underlying loans are passed through to CMBS holders according to a schedule of payments. Because the underlying commercial mortgage loans tend to be structured with prepayment penalties, CMBS generally carry less prepayment risk than securities backed by residential mortgage loans.

Investing in CMBS expose a Fund to the risks of investing in the commercial real estate securing the underlying mortgage loans. These risks include the effects of local and other economic conditions on real estate markets, the ability of tenants to make loan payments and the ability of a commercial property to attract and retain tenants. The value of CMBS may change because of: i) actual or perceived changes in the creditworthiness of the borrowers or their tenants; ii) deterioration in the general state of commercial real estate or in the types of properties backing the CMBS; or iii) overall economic conditions. Credit quality of the CMBS depends primarily on the quality of the loans themselves and on the structure of the particular deal. While CMBS are sold both in public transactions registered with the SEC and in private placement transactions, CMBS may be less liquid and exhibit greater price volatility than other types of mortgage-backed or asset-backed securities.

<u>Municipal Bonds.</u> Municipal bonds are debt obligations of a governmental entity issued to obtain funds for various public purposes that obligate the municipality to pay the holder a specified sum of money at specified intervals and to repay the principal amount of the loan at maturity. The two principal classifications of municipal bonds are "general obligation" and "revenue" bonds. General obligation bonds are typically, but not always, supported by the municipality's general taxing authority, while revenue bonds are supported by the revenues from one or more particular project, facility, class of facilities, or activity. The revenue bond classification encompasses industrial revenue bonds ("IRBs") (formerly known as industrial development bonds). IRBs are organized by a government entity but the proceeds are directed to a private, for-profit business. IRBs are backed by the credit and security of the private, for-profit business. IRBs are typically used to support a specific project, such as to build or acquire factories or other heavy equipment and tools. With an IRB, the sponsoring government entity holds title to the underlying collateral until the bonds are paid in full. In certain circumstances, this may provide a federal tax exempt status to the bonds, and many times a property tax exemption on the collateral. With an IRB, the sponsoring government entity is not responsible for bond repayment and the bonds do not affect the government's credit rating. Under the Internal Revenue Code, certain revenue bonds are considered "private activity bonds" and interest paid on such bonds is treated as an item of tax preference for purposes of calculating federal alternative minimum tax liability.

Certain of the municipal obligations held by the Funds may be insured as to the timely payment of principal and interest. The insurance policies usually are obtained by the issuer of the municipal obligation at the time of its original issuance. In the event that the issuer defaults on interest or principal payment, the insurer will be notified and will be required to make payment to the bondholders. Although the insurance feature is designed to reduce certain financial risks, the premiums for insurance and the higher market price sometimes paid for insured obligations may reduce the Funds' current yield. To the extent that securities held by the Funds are insured as to principal and interest payments by insurers whose claims-paying ability rating is downgraded by a nationally recognized statistical ratings organization (e.g., Moody's, S&P, or Fitch), the value of such securities may be affected. There is, however, no guarantee that the insurer will meet its obligations. Moreover, the insurance does not guarantee the market value of the insured obligation or the net asset value of the Funds' shares. In addition, such insurance does not protect against market fluctuations caused by changes in interest rates and other factors. The Funds also may purchase municipal obligations that are additionally secured by bank credit agreements or escrow

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accounts. The credit quality of companies which provide such credit enhancements will affect the value of those securities.

The risks associated with municipal bonds vary. Local and national market forces—such as declines in real estate prices and general business activity—may result in decreasing tax bases, fluctuations in interest rates, and increasing construction costs, all of which could reduce the ability of certain issuers of municipal bonds to repay their obligations. Certain issuers of municipal bonds have also been unable to obtain additional financing through, or must pay higher interest rates on, new issues, which may reduce revenues available for issuers of municipal bonds to pay existing obligations.

Because of the large number of different issuers of municipal bonds, the variance in size of bonds issued, and the range of maturities within the issues, most municipal bonds do not trade on a daily basis, and many trade only rarely. Because of this, the spread between the bid and offer may be wider, and the time needed to purchase or sell a particular bond may be longer than for other securities.

Municipal securities are typically issued together with an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for federal income tax purposes. Such opinion may have been issued as of a date prior to the date that a Fund acquired the municipal security. Subsequent to a Fund's acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by a Fund as "exempt-interest dividends" could be adversely affected, subjecting the Fund's shareholders to increased federal income tax liabilities. Under highly unusual circumstances, the Internal Revenue Service may determine that a municipal bond issued as tax-exempt should in fact be taxable. If any Fund held such a bond, it might have to distribute taxable income, or reclassify as taxable, ordinary income that was previously distributed as exempt-interest dividends.

Changes or proposed changes in state or federal tax laws could impact the value of municipal debt securities that a Fund may purchase. Also, the failure or possible failure of such debt issuances to qualify for tax-exempt treatment may cause the prices of such municipal securities to decline, possibly adversely affecting the value of a Fund's portfolio. Such a failure could also result in additional taxable income to a Fund and/or shareholders.

*Municipal Leases.* Municipal leases are obligations in privately arranged loans to state or local government borrowers and may take the form of a lease, installment purchase or conditional sales contract (which typically provide for the title to the leased asset to pass to the governmental issuer). They are issued by state and local governments and authorities to acquire land, equipment, and facilities. An investor may purchase these obligations directly, or it may purchase participation interests in such obligations. Interest income from such obligations is generally exempt from local and state taxes in the state of issuance. "Participations" in such leases are undivided interests in a portion of the total obligation. Participations entitle their holders to receive a pro rata share of all payments under the lease. Municipal leases and participations therein frequently involve special risks.

Municipal leases may be subject to greater risks than general obligation or revenue bonds. In most cases, municipal leases are not backed by the taxing authority of the issuers and may have limited marketability. Certain municipal lease obligations contain "non-appropriation" clauses, which provide that the municipality has no obligation to make lease or installment purchase payments in future years unless money is appropriated for such purpose in the relevant years. Investments in municipal leases are thus subject to the risk that the legislative body will not make the necessary appropriation and the issuer fails to meet its obligation. Municipal leases may also be subject to "abatement risk." The leases underlying certain municipal lease obligations may state that lease payments are subject to partial or full abatement. That abatement might occur, for example, if material damage to or destruction of the leased property interferes with the lessee's use of the property. However, in some cases that risk might be reduced by insurance covering the leased property, or by the use of credit enhancements such as letters of credit to back lease payments, or perhaps by the lessee's maintenance of reserve monies for lease payments. While the obligation might be secured by the lease, it might be difficult to dispose of that property in case of a default.

*Municipal Market Data Rate Locks.* A municipal market data rate lock ("MMD Rate Lock") permits an issuer that anticipates issuing municipal bonds in the future to, in effect, lock in a specified interest rate. A MMD Rate Lock also permits an investor (e.g., a Fund) to lock in a specified rate for a portion of its portfolio in order to: i) preserve returns on a particular investment or a portion of its portfolio; ii) manage duration; and/or iii) protect against increases in the prices of securities to be purchased at a later date. By using an MMD Rate Lock, a Fund can create a synthetic long

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or short position, allowing the Fund to select what the sub-adviser believes is an attractive part of the yield curve. A Fund will ordinarily use these transactions as a hedge or for duration or risk management, but may enter into them to enhance income or gains, or to increase yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long term interest rates).

A MMD Rate Lock is a contract between the investor and the MMD Rate Lock provider pursuant to which the parties agree to make payments to each other on a notional amount, contingent upon whether the Municipal Market Data AAA General Obligation Scale is above or below a specified level on the expiration date of the contract. For example, if a Fund buys an MMD Rate Lock and the Municipal Market Data AAA General Obligation Scale is below the specified level on the expiration date, the counterparty to the contract will make a payment to the Fund equal to the specified level minus the actual level, multiplied by the notional amount of the contract. If the Municipal Market Data AAA General Obligation Scale is above the specified level on the expiration date, the Fund will make a payment to the counterparty equal to the actual level minus the specified level, multiplied by the notional amount of the contract. In connection with investments in MMD Rate Locks, there is a risk that municipal yields will move in the opposite direction than anticipated by a Fund, which would cause the Fund to make payments to its counterparty in the transaction that could adversely affect the Fund's performance.

*Stand-by Commitments.* A Fund may purchase municipal securities together with the right to resell the underlying municipal securities to the seller or a third party (typically an institution such as a bank or broker-dealer that is believed to continually satisfy credit quality requirements) at an agreed-upon price or yield within specified periods prior to their maturity dates. Such a right to resell is commonly known as a stand-by commitment, and the aggregate price that a Fund pays for securities with a stand-by commitment may be higher than the price that otherwise would be paid. The primary purpose of this practice is to permit a Fund to be as fully invested as practicable in municipal securities while preserving the necessary flexibility and liquidity to meet unanticipated redemptions. In this regard, a Fund acquires stand-by commitments solely to facilitate portfolio liquidity and does not exercise its rights thereunder for trading purposes.

When a Fund pays directly or indirectly for a stand-by commitment, its cost is reflected as unrealized depreciation for the period during which the commitment is held. Stand-by commitments do not affect the average weighted maturity of a Fund's portfolio of securities.

The principal risk of stand-by commitments is that the writer of a commitment may default on its obligation to repurchase the securities when a Fund exercises its stand-by commitment. Stand-by commitments are not separately marketable and there may be differences between the maturity of the underlying security and the maturity of the commitment.

*Taxable Municipal Obligations.* Certain municipal obligations may be subject to federal income tax for a variety of reasons. Taxable municipal obligations are typically issued by municipalities or their agencies for purposes which do not qualify for federal tax exemption, but do qualify for state and local tax exemptions. For example, a taxable municipal obligation would not qualify for the federal income exemption where (a) the governmental entity did not receive necessary authorization for tax-exempt treatment from state or local government authorities, (b) the governmental entity exceeds certain regulatory limitations on the cost of issuance for tax-exempt financing, or (c) the governmental entity finances public or private activities that do not qualify for the federal income tax exemption. These non-qualifying activities might include, for example, certain types of multi-family housing, certain professional and local sports facilities, refinancing of certain municipal debt, and borrowing to replenish a municipality's underfunded pension plan. Generally, payments on taxable municipal obligations depend on the revenues generated by the projects, excise taxes or state appropriations, or whether the debt obligations can be backed by the government's taxing power. Due to federal taxation, taxable municipal obligations typically offer yields more comparable to other taxable sectors such as corporate bonds or agency bonds than to other municipal obligations.

*Tender Option Bonds.* A tender option bond is a municipal obligation (generally held pursuant to a custodial arrangement) having a relatively long maturity and bearing interest at a fixed rate substantially higher than prevailing short-term, tax-exempt rates. The bond is typically issued in conjunction with the agreement of a third party, such as a bank, broker-dealer or other financial institution, pursuant to which the institution grants the security holder the option, at periodic intervals, to tender its securities to the institution. As consideration for providing the option, the financial institution receives periodic fees equal to the difference between the bond's fixed coupon rate and the rate,

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as determined by a remarketing or similar agent that would cause the securities, coupled with the tender option, to trade at par on the date of such determination. Thus, after payment of this fee, the security holder effectively holds a demand obligation that bears interest at the prevailing short-term, tax-exempt rate. An institution will normally not be obligated to accept tendered bonds in the event of certain defaults or a significant downgrading in the credit rating assigned to the issuer of the bond. There is a risk that a Fund will not be considered the owner of a tender option bond for federal income tax purposes, and thus will not be entitled to treat such interest as exempt from federal income tax. Certain tender option bonds may be illiquid or may become illiquid as a result of a credit rating downgrade, payment default or a disqualification from tax-exempt status.

*U.S. Territories, Commonwealths and Possessions Obligations.* A Fund may invest in municipal securities issued by certain territories, commonwealths and possessions of the United States, including but not limited to, Puerto Rico, Guam, and the U.S. Virgin Islands, that pay interest that is exempt from federal income tax and state personal income tax. The value of these securities may be highly sensitive to events affecting the fiscal stability of the issuers. These issuers may face significant financial difficulties for various reasons, including as the result of events that cannot be reasonably anticipated or controlled, such as social conflict or unrest, labor disruption and natural disasters. In particular, economic, legislative, regulatory or political developments affecting the ability of the issuers to pay interest or repay principal may significantly affect the value of a Fund's investments. These developments can include or arise from, for example, insolvency of an issuer, uncertainties related to the tax status of the securities, tax base erosion, state or federal constitutional limits on tax increases or other actions, budget deficits and other financial difficulties, or changes in the credit ratings assigned to the issuers. The value of a Fund's shares will be negatively impacted to the extent it invests in such securities. Further, there may be a limited market for certain of these municipal securities, and the Fund could face illiquidity risks.

Municipal securities issued by Puerto Rico and its agencies and instrumentalities have been subject to multiple credit downgrades as a result of Puerto Rico's ongoing fiscal challenges and uncertainty about its ability to make full repayment on these obligations. The majority of Puerto Rico's debt is issued by the major public agencies that are responsible for many of the island's public functions, such as water, wastewater, highways, electricity, education and public construction. Certain risks specific to Puerto Rico concern state taxes, e-commerce spending, and underfunded pension liabilities. Any debt restructuring could reduce the principal amount due, the interest rate, the maturity and other terms of Puerto Rico municipal securities, which could adversely affect the value of such securities.

*Municipal Notes.* Municipal notes generally are used to provide short-term operating or capital needs and typically have maturities of one year or less. Notes sold as interim financing in anticipation of collection of taxes, a bond sale or receipt of other revenues are usually general obligations of the issuer. The values of outstanding municipal securities will vary as a result of changing market evaluations of the ability of their issuers to meet the interest and principal payments (i.e., credit risk). Such values also will change in response to changes in the interest rates payable on new issues of municipal securities (i.e., market risk). The category includes, but is not limited to, tax anticipation notes, bond anticipation notes, revenue anticipation notes, revenue anticipation warrants, and tax and revenue anticipation notes.

*High-Yield Municipal Bonds.* High-yield or non-investment grade municipal bonds (commonly referred to as "junk bonds") may be subject to increased liquidity and valuation risks as compared to other municipal bonds and to high-yield debt securities generally. There may be little or no active trading market for certain high-yield municipal bonds, which may make it difficult for a Fund to sell such bonds at or near their perceived value. In such cases, the value of a high-yield municipal bond may decline dramatically, even during periods of declining interest rates, which could adversely affect and cause large fluctuations in a Fund's daily NAV. High-yield municipal bonds may be more likely than other municipal bonds to be considered illiquid. It may be difficult for a Fund to obtain an accurate or recent market quotation for a high-yield municipal bond.

Credit spreads (i.e., the difference in yield between municipal bonds that is due to differences in their credit quality) may increase when the market believes that municipal bonds generally have a greater risk of default. Increasing credit spreads may reduce the market values of a Fund's municipal bonds. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities and corresponding reductions in market value will generally be greater for longer-maturity securities. High-yield municipal bonds are generally subject to greater risks with respect to the non-payment of interest and principal and greater market fluctuations than higher

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quality bonds. If the issuer of a high-yield municipal bond defaults, a Fund may incur additional expenses in seeking recovery. The high-yield municipal bonds in which a Fund may invest may be more likely to pay interest that is includable in taxable income for purposes of the federal alternative minimum tax than other municipal bonds, which may adversely affect the value of these investments.

Stripped Securities

The Core Bond Portfolio is limited to investing up to 10% of its total assets in stripped mortgage-backed securities ("SMBS"). Securities issued by the U.S. Treasury and certain securities issued by government authorities and government-sponsored enterprises are eligible to be stripped into interest components and principal components. Stripped securities are purchased by the Portfolios at a discount to their face value. These securities generally are structured to make a lump-sum payment at maturity and do not make periodic payments of principal or interest. Hence, the duration of these securities tends to be longer and they are therefore more sensitive to interest-rate fluctuations than similar securities that offer periodic payments over time. SMBS are often structured with two classes that receive different proportions of the interest and principal distributions on a pool of mortgage assets. SMBS that are structured to receive interest only are extremely sensitive to changes in the prevailing interest rates as well as the rate of principal payments (including prepayments) on the related underlying mortgage assets, and are therefore much more volatile than SMBS that receive principal only.

Stripped securities may also include participations in trusts that hold U.S. Treasury securities where the trust participations evidence ownership in either the future interest payments or the future principal payments on the obligations. These participations are normally issued at a discount to their "face value," and can exhibit greater price volatility than ordinary debt securities.

<u>U.S. Government Obligations.</u> U.S. Government obligations include direct obligations of the U.S. Treasury, including Treasury bills, notes and bonds, the principal and interest payments of which are backed by the full faith and credit of the U.S. This category also includes other securities issued by U.S. Government agencies or U.S. Government sponsored entities, such as the GNMA, FNMA and FHLMC. U.S. Government Obligations issued by U.S. Government agencies or government-sponsored entities may not be backed by the full faith and credit of the U.S. Government. U.S. Government obligations may be adversely affected by a default by, or decline in the credit quality, of the U.S. government.

GNMA, a wholly owned U.S. Government corporation, is authorized to guarantee, with the full faith and credit of the U.S. Government, the timely payment of principal and interest on securities issued by institutions approved by GNMA and backed by pools of mortgages insured by the Federal Housing Administration or the Department of Veterans Affairs. Securities issued by FNMA and FHLMC are not backed by the full faith and credit of the U.S. Government. Pass-through securities issued by FNMA are guaranteed as to timely payment of principal and interest by FNMA but are not backed by the full faith and credit of the U.S. Government. FHLMC guarantees the timely payment of interest and ultimate collection or scheduled payment of principal, but its guarantees are not backed by the full faith and credit of the U.S. Government.

While U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. Government, such securities are nonetheless subject to risk. U.S. Government obligations are subject to low but varying degrees of credit risk, and are still subject to interest rate and market risk. From time to time, uncertainty regarding congressional action to increase the statutory debt ceiling could: i) increase the risk that the U.S. Government may default on payments on certain U.S. Government securities; ii) cause the credit rating of the U.S. Government to be downgraded or increase volatility in both stock and bond markets; iii) result in higher interest rates; iv) reduce prices of U.S. Treasury securities; and/or v) increase the costs of certain kinds of debt. U.S. Government obligations may be adversely affected by a default by, or decline in the credit quality of, the U.S. Government. In the past, U.S. sovereign credit has experienced downgrades, and there can be no guarantee that it will not be downgraded in the future. Further, if a U.S. Government-sponsored entity is negatively impacted by legislative or regulatory action, is unable to meet its obligations, or its creditworthiness declines, the performance of a Fund that holds securities of the entity will be adversely impacted.

Under the direction of the Federal Housing Finance Agency ("FHFA"), FNMA and FHLMC have entered into a joint initiative to develop a common securitization platform for the issuance of a uniform mortgage-backed security (the "Single Security Initiative") that aligns the characteristics of FNMA and FHLMC certificates. The Single Security

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Initiative was implemented in June 2019, and the effects it may have on the market for mortgage-backed securities are uncertain.

<u>Variable Amount Master Demand Notes.</u> Variable amount master demand notes are obligations that permit the investment of fluctuating amounts at varying market rates of interest pursuant to arrangements between the issuer and the Funds whereby both parties have the right to vary the amount of the outstanding indebtedness on the notes.

Because these obligations are direct lending arrangements between the lender and borrower, it is not contemplated that such instruments generally will be traded, and there generally is no established secondary market for these obligations, although they are redeemable at face value. For variable amount master demand notes that are not secured by letters of credit or other credit support arrangements, a Fund's right to recover is dependent on the ability of the borrower to pay principal and interest on schedule or on demand. Variable amount master demand notes that are secured by collateral are subject to the risk that the collateral securing the notes will decline in value or have no value. A decline in value of the collateral, whether as a result of market value declines, bankruptcy proceedings or otherwise, could cause the note to be undercollateralized. Variable amount master demand notes are typically not rated by credit rating agencies, and a Fund may invest in notes that are not rated only if the sub-adviser determines, at the time of investment, the obligations are of comparable credit quality to the other obligations in which the Fund may invest.

<u>Zero-Coupon, Step-Up Coupon, and Pay-in-Kind Securities.</u> Zero-coupon, step-up coupon, and pay-in-kind securities are types of debt securities that do not make regular cash interest payments. Asset-backed securities, convertible securities, corporate debt securities, foreign securities, high-yield securities, mortgage-backed securities, municipal securities, participation interests, stripped securities, U.S. Government and related obligations and other types of debt instruments may be structured as zero-coupon, step-up coupon, and pay-in-kind securities.

Instead of making periodic interest payments, zero-coupon securities are sold at discounts from face value. The interest earned by the investor from holding this security to maturity is the difference between the maturity value and the purchase price. Step-up coupon bonds are debt securities that do not pay interest for a specified period of time and then, after the initial period, pay interest at a series of different rates. Pay-in-kind securities normally give the issuer an option to pay cash at a coupon payment date or to give the holder of the security a similar security with the same coupon rate and a face value equal to the amount of the coupon payment that would have been made. To the extent these securities do not pay current cash income, the market prices of these securities would generally be more volatile and likely to respond to a greater degree to changes in interest rates than the market prices of securities that pay cash interest periodically having similar maturities and credit qualities.

EQUITY SECURITIES

Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Different types of equity securities provide different voting and dividend rights and priority in the event of the bankruptcy and/or insolvency of the issuer. Equity securities include common stocks and certain preferred stocks, certain types of convertible securities and warrants (see "Other Securities Section below"). Equity securities other than common stock are subject to many of the same risks as common stock, although possibly to different degrees. The risks of equity securities are generally magnified in the case of equity investments in distressed companies.

Equity securities fluctuate in value and the prices of equity securities tend to move by industry, market or sector. When market conditions favorably affect, or are expected to favorably affect, an industry, the share prices of the equity securities of companies in that industry tend to rise. Conversely, negative news or a poor outlook for a particular industry can cause the share prices of such securities of companies in that industry to decline. 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. Small- or mid-capitalization companies often have limited product lines, limited operating histories, limited markets or financial resources, may be dependent on one or a few key persons for management, and can be more susceptible to financial losses. Also, their securities may be thinly traded (and therefore may have to be sold at a discount from current prices or sold in small lots over an extended period of time) and may be subject to wider price swings, thus creating a greater risk of loss than securities of larger capitalization companies.

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<u>Common Stock.</u> Common stock represents a unit of equity ownership of a corporation. Owners typically are entitled to vote on the election of directors and other important corporate governance matters, and to receive dividend payments, if any, on their holdings. However, ownership of common stock does not entitle owners to participate in the day-to-day operations of the corporation. Common stocks of domestic and foreign public corporations can be listed, and their shares traded, on domestic stock exchanges, such as the NYSE or the NASDAQ Stock Market. Domestic and foreign corporations also may have their shares traded on foreign exchanges, such as the London Stock Exchange or Tokyo Stock Exchange. Common stock may be privately placed or publicly offered.

The price of common stock is generally affected by corporate earnings, anticipated dividend payments, types of products or services offered, projected growth rates, experience of management, liquidity, and general market conditions. In the event that a corporation declares bankruptcy or is liquidated, the claims of secured and unsecured creditors and owners of bonds and preferred stock take precedence over the claims of those who own common stock.

The value of common stock may fall due to changes in general economic conditions that impact the market as a whole, as well as factors that directly relate to a specific company or its industry. Such general economic conditions include changes in interest rates, periods of market turbulence or instability, or general and prolonged periods of economic decline and cyclical change. It is possible that a drop in the stock market may depress the price of most or all of the common stocks in a Fund's portfolio. Common stock is also subject to the risk that investor sentiment toward particular industries will become negative. The value of a company's common stock may fall because of various factors, including an increase in production costs that negatively impact other companies in the same region, industry or sector of the market. The value of common stock also may decline significantly over a short period of time due to factors specific to a company, including decisions made by management or lower demand for the company's products or services.

<u>Preferred Stock.</u> Preferred stock represents an equity interest in a company that generally entitles the holder to receive, in preference to the holders of other stocks, such as common stocks, dividends and a fixed share of the proceeds resulting from a liquidation of the company. Some preferred stock also entitles holders to receive additional liquidation proceeds on the same basis as holders of a company's common stock and, thus, also represent an ownership interest in that company. Distributions on preferred stock generally are taxable as dividend income, rather than interest payments, for federal income tax purposes.

Preferred stock generally has no maturity date, so its market value is dependent on the issuer's business prospects for an indefinite period of time. Preferred stock may pay fixed or adjustable rates of return. Preferred stock is subject to issuer-specific and market risks generally applicable to equity securities. A company generally pays dividends on its preferred stock only after making required payments to holders of its bonds and other debt. For this reason, the value of preferred stock will usually react more strongly than bonds and other debt to actual or perceived changes in the company's financial condition or prospects. Preferred stock of smaller companies may be more vulnerable to adverse developments than preferred stock of larger companies. In addition, preferred stock is subordinated to all debt obligations in the event of insolvency, and an issuer's failure to make a dividend payment is generally not an event of default entitling the preferred shareholders to take action.

Auction preferred stock ("APS") is a type of adjustable-rate preferred stock with a dividend determined periodically in a Dutch auction process by institutional bidders. An APS is distinguished from standard preferred stock because its dividends change more frequently. Shares typically are bought and sold at face values generally ranging from $100,000 to $500,000 per share. Holders of APS may not be able to sell their shares if an auction fails, such as when there are more shares of APS for sale at an auction than there are purchase bids.

The primary asset owned by a trust is the subordinated debt issued to the trust by the financial institution. The financial institution makes periodic interest payments on the debt as discussed further below. The financial

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institution will own the trust's common securities, which typically represents a small percentage of the trust's capital structure. The remainder of the trust's capital structure typically consists of trust-preferred securities which are sold to investors. The trust uses the proceeds from selling the trust-preferred securities to purchase the subordinated debt issued by the financial institution.

The trust uses the interest received from the financial institution on its subordinated debt to make dividend payments to the holders of the trust-preferred securities. The dividends are generally paid on a quarterly basis and are often higher than other dividends potentially available on the financial institution's common stocks. The interests of the holders of the trust-preferred securities are senior to those of the financial institution's common stockholders in the event that the financial institution is liquidated, although their interests are typically subordinated to those of other holders of other debt issued by the institution.

In certain instances, the structure involves more than one financial institution and thus, more than one trust. In such a pooled offering, an additional separate trust may be created. This trust will issue securities to investors and use the proceeds to purchase the trust-preferred securities issued by trust-preferred trust subsidiaries of the participating financial institutions. In such a structure, the trust-preferred securities held by the investors are backed by other trust-preferred securities issued by the trust subsidiaries.

If a financial institution is financially unsound and defaults on interest payments to the trust, the trust will not be able to make dividend payments to holders of the trust-preferred securities (e.g., a Fund), as the trust typically has no business operations other than holding the subordinated debt issued by the financial institution(s) and issuing the trust-preferred securities and common stock backed by the subordinated debt.

<u>Real Estate/REIT Securities.</u> Common, preferred and convertible securities of issuers in real estate-related industries, real estate-linked derivatives and real estate investment trusts ("REITs") provide exposure to the real estate sector. Each of these types of investments is subject to risks similar to those associated with direct ownership of real estate, and with the real estate industry in general including, but not limited to, loss to casualty or condemnation, increases in property taxes and operating expenses, zoning law amendments, changes in interest rates, overbuilding and increased competition, variations in market value, possible environmental liabilities, possible lack of availability to mortgage funds or other limitations on access to capital, market illiquidity, extended vacancies of properties, tenant bankruptcies or other real credit problems, uninsured damages from natural disasters, and limitations and variations on rent. The U.S. residential and commercial real estate markets may, in the future, experience and have, in the past, experienced a decline in value, with certain regions experiencing significant losses in property values.

REITs are pooled investment vehicles that own, and typically operate, income-producing real estate. If a REIT meets certain requirements, including distributing to shareholders substantially all of its taxable income (other than net capital gains), then it is not generally taxed on the income distributed to shareholders. REITs are subject to management fees and other expenses, and so the Funds that invest in REITs will bear their proportionate share of the costs of the REITs' operations, which are not shown as acquired fund fees and expenses in a Fund's fee table.

There are three general categories of REITs: Equity REITs, Mortgage REITs and Hybrid REITs. Equity REITs invest primarily in direct fee ownership or leasehold ownership of real property; they derive most of their income from rents. Mortgage REITs invest mostly in mortgages on real estate, which may secure construction, development or long-term loans, and the main source of their income is mortgage interest payments. Hybrid REITs hold both ownership and mortgage interests in real estate.

Along with the risks common to different types of real estate-related securities, REITs, no matter the type, involve additional risk factors. These include poor performance by the REIT's manager, changes to the tax laws, and failure by the REIT to qualify for tax-free distribution of income or exemption under the 1940 Act. Furthermore, REITs are not typically diversified and are heavily dependent on cash flows from property owners and/or tenants.

A Fund or some of the REITs in which a Fund may invest may be permitted to hold senior or residual interests in real estate mortgage investment conduits ("REMICs") or debt or equity interests in taxable mortgage pools. A Fund may also hold interests in "Re-REMICs", which are interests in securitizations formed by the contribution of asset backed or other similar securities into a trust which then issues securities in various tranches. The Funds may participate in the creation of a Re-REMIC by contributing assets to the issuing trust and receiving junior and/or senior securities in

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return. An interest in a Re-REMIC security may be riskier than the securities originally held by and contributed to the issuing trust, and the holders of the Re-REMIC securities will bear the costs associated with the securitization.

<u>Special Purpose Acquisition Companies.</u> A Fund may invest in stock, warrants, and other securities of special purpose acquisition companies (SPACs) or similar special purpose entities that pool funds to seek potential acquisition or merger opportunities. A SPAC is typically a publicly traded company that raises funds through an initial public offering (IPO) for the purpose of acquiring or merging with an unaffiliated company to be identified subsequent to the SPAC's IPO. SPACs are often used as a vehicle to transition a company from private to publicly traded. The securities of a SPAC are often issued in "units" that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until a transaction is completed, a SPAC generally invests its assets (less a portion retained to cover expenses) in U.S. Government securities, money market fund securities and cash. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective. If an acquisition or merger that meets the requirements for the SPAC is not completed within a pre-established period of time, the invested funds are returned to the SPAC's shareholders, less certain permitted expenses, and any rights or warrants issued by the SPAC will expire worthless. Because SPACs and similar entities have no operating history or ongoing business other than seeking acquisitions, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a suitable transaction. Some SPACs may pursue acquisitions or mergers only within certain industries or regions, which may further increase the volatility of their securities' prices. In addition to purchasing publicly traded SPAC securities, a Fund may invest in SPACs through additional financings via securities offerings that are exempt from registration under the federal securities laws (restricted securities) and private investment in public equity transactions (PIPEs). No public market will exist for these restricted securities unless and until they are registered for resale with the SEC, and such securities may be considered illiquid and/or be subject to restrictions on resale. It may also be difficult to value restricted securities issued by SPACs.

An investment in a SPAC is subject to a variety of risks, including that: a significant portion of the funds raised by the SPAC for the purpose of identifying and effecting an acquisition or merger may be expended during the search for a target transaction; an attractive acquisition or merger target may not be identified and the SPAC will be required to return any remaining invested funds to shareholders; attractive acquisition or merger targets may become scarce if the number of SPACs seeking to acquire operating businesses increases; any proposed merger or acquisition may be unable to obtain the requisite approval, if any, of SPAC shareholders and/or antitrust and securities regulators; an acquisition or merger once effected may prove unsuccessful and an investment in the SPAC may lose value; the warrants or other rights with respect to the SPAC held by the Fund may expire worthless or may be repurchased or retired by the SPAC at an unfavorable price; the Fund may be delayed in receiving any redemption or liquidation proceeds from a SPAC to which it is entitled; an investment in a SPAC may be diluted by subsequent public or private offerings of securities in the SPAC or by other investors exercising existing rights to purchase securities of the SPAC; SPAC sponsors generally purchase interests in the SPAC at more favorable terms than investors in the IPO or subsequent investors on the open market; no or only a thinly traded market for shares of or interests in a SPAC may develop, leaving the Fund unable to sell its interest in a SPAC or to sell its interest only at a price below what the Fund believes is the SPAC security's value; and the values of investments in SPACs may be highly volatile and may depreciate significantly over time.

FOREIGN SECURITIES

Unless otherwise stated in a Fund's prospectus, the decision on whether stocks and other securities or investments are deemed to be "foreign" is based primarily on the issuer's place of organization/incorporation, but the Fund may also consider the issuer's domicile, principal place of business, primary stock exchange listing, sources of revenue or other factors, such as, in the case of asset-backed or other collateralized securities, the countries in which the collateral backing the securities is located. Foreign equity securities include common stocks and certain preferred stocks, certain types of convertible securities and warrants (see "Equity Securities" above and "Other Securities Section" below). Foreign debt securities may be structured as fixed-, variable- or floating-rate obligations or as zero-coupon, pay-in-kind and step-coupon securities and may be privately placed or publicly offered (see "Debt Securities" above).

Foreign securities may include securities of issuers in emerging and frontier market countries, which carry heightened risks relative to investments in more developed foreign markets. Unless otherwise stated in a Fund's

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prospectus, countries are generally characterized by a Fund's sub-adviser as "emerging market countries" by reference to a broad market index, by reference to the World Bank's per capita income brackets or based on the sub-adviser's qualitative judgments about a country's level of economic and institutional development, and include markets commonly referred to as "frontier markets." An emerging market is generally in the earlier stages of its industrialization cycle with a low per capita gross domestic product ("GDP") and a low market capitalization to GDP ratio relative to those in the United States and the European Union. Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

Investments in or exposure to foreign securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile. Foreign securities may also be less liquid than securities of U.S. companies so that a Fund may, at times, be unable to sell foreign securities at desirable times and/or prices. Brokerage commissions, custodial costs, currency conversion costs and other fees are also generally higher for foreign securities. A Fund may have limited or no legal recourse in the event of default with respect to certain foreign debt securities, including those issued by foreign governments.

The performance of a Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign securities or other assets denominated in non-U.S. currencies. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. A Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

It may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. It may also be difficult to evaluate such information, as well as foreign economic trends, due to foreign regulation and accounting standards. Governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Additionally, investments in certain countries may subject a Fund to tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, regulations or procedures of a country could reduce the after-tax profits of a Fund, directly or indirectly, including by reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for the Fund.

Global economies and financial markets have become increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Any attempt by a Fund to hedge against or otherwise protect its portfolio, or to profit from such circumstances, may fail and, accordingly, an investment in a Fund could lose money over short or long periods. For example, the economies of many countries or regions in which a Fund may invest are highly dependent on trading with certain key trading partners. Reductions in spending on products and services by these key trading partners, the institution of tariffs or other trade barriers, or a slowdown in the economies of key trading partners may adversely affect the performance of securities in which a Fund may invest. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. The imposition of sanctions, or the threat of sanctions, by the United States or another government on a country could cause disruptions to the country's financial system and economy, which could negatively impact the value of securities. To the extent a Fund holds securities of an issuer that becomes subject to sanctions, such securities may also become less liquid and a Fund may be forced to sell securities when it otherwise would not have done so. The risks posed by sanctions may be heightened to the extent a Fund invests significantly in the affected country or region or in issuers from the affected country that depend on global markets. Additionally, trade disputes, tariffs, embargoes and other protectionist, or retaliatory measures that may be imposed by the U.S. or other countries could adversely affect global trade, economic activity and market confidence. Trade conflicts may also escalate into military or diplomatic confrontations, which could further increase market volatility and geopolitical risk. A Fund may not be able to anticipate or effectively manage the impact of these events, which could result in losses to the Fund.

In addition, foreign securities may be impacted by economic, political, social, diplomatic or other conditions or events (including, for example, military confrontations, war and terrorism), as well as the seizure, expropriation or nationalization of a company or its assets or the assets of a particular investor or category of investors. A foreign

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government may also restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations.

Although it is not uncommon for governments to enter into trade agreements that would, among other things, reduce barriers among countries, increase competition among companies and reduce government subsidies, there are no assurances that such agreements will achieve their intended economic objectives. There is also a possibility that such trade arrangements: i) will not be implemented; ii) will be implemented, but not completed; iii) or will be completed, but then partially or completely unwound. It is also possible that a significant participant could choose to abandon a trade agreement, which could diminish its credibility and influence. Any of these occurrences could have adverse effects on the markets of both participating and non-participating countries, including appreciation or depreciation of currencies, a significant increase in exchange rate volatility, a resurgence in economic protectionism and an undermining of confidence in markets. Such developments could have an adverse impact on a Fund's investments in the debt of countries participating in such trade agreements.

Some foreign countries prohibit or impose substantial restrictions on investments in their capital markets, particularly their equity markets, by foreign entities, like the Funds. For example, certain countries may require governmental approval prior to investments by foreign persons or limit the amount of investment by foreign persons in a particular company, or limit the investment by foreign persons to only a specific class of securities of a company which may have less advantageous terms (including price) than securities of the company available for purchase by nationals. Even in instances where there is no individual investment quota that applies, trading may be subject to aggregate and daily investment quota limitations that apply to foreign entities in the aggregate. Such limitations may restrict a Fund from investing on a timely basis, which could affect the Fund's ability to effectively pursue its investment strategy. Investment quotas are also subject to change. In instances where governmental approval is required, there can be no assurance that a Fund will be able to obtain such approvals in a timely manner. In addition, changes to restrictions on foreign ownership of securities subsequent to a Fund's purchase of such securities may have an adverse effect on the value of such shares.

Regulations that govern the manner in which foreign investors may invest in companies in certain countries can subject a Fund to trading, clearance and settlement procedures that could pose risks to the Fund. For example, a Fund may be required in certain countries to invest initially through a local broker or other entity, and then have the shares purchased re-registered in the name of the Fund. Re-registration may, in some instances, not be able to occur on a timely basis, resulting in a delay during which the Fund may be denied certain of its rights as an investor, including rights as to dividends or to be made aware of certain corporate actions. In certain other countries, shares may be held only through a nominee structure whereby a local company holds purchased shares as nominee on behalf of foreign investors. The precise nature and rights of a Fund as the beneficial owner of shares held through such a nominee structure may not be well defined under local law, and as a result, should such local company become insolvent, there is a risk that such shares may not be regarded as held for the beneficial ownership of the Fund, but rather as part of the general assets of the local company available for general distribution to its creditors.

Investments in companies that use a special structure known as a variable interest entity ("VIE") may pose additional risks. Chinese operating companies sometimes use such structures to raise capital from non-Chinese investors. In a VIE structure, a China-based operating company establishes an entity (typically offshore) that enters into service and other contracts with the Chinese company designed to provide economic exposure to the company. The offshore entity then issues exchange-traded shares that are sold to the public, including non-Chinese investors. It is important to note that shares of the offshore entity are not equity ownership interests in the Chinese operating company and the contractual arrangements put in place may not be as effective in providing operational control as direct equity ownership. Further, while the VIE structure is a longstanding industry practice that is well known to Chinese officials and regulators, until recently, such arrangements had not been formally recognized under Chinese law. On February 17, 2023, the China Securities Regulatory Commission ("CRSC") released the "Trial Administrative Measures of Overseas Securities Offering and Listing by Domestic Companies" (the "Trial Measures") which came into effect on March 31, 2023. The Trial Measures will require Chinese companies that pursue listings outside of mainland China, including those that do so using the VIE structure, to make a filing with the CSRC. While the Trial Measures do not prohibit the use of VIE structures, this does not serve as a formal endorsement. It remains unclear whether any additional laws, rules or regulations relating to VIE structures will be adopted or, if adopted, what impact they would

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have on the interests of foreign shareholders. Risks associated with such investments therefore include the risk that the Chinese government could determine at any time and without notice that the underlying contractual arrangements on which control of the VIE is based violate Chinese law, which may result in a significant loss in the value of an investment in a listed company that uses a VIE structure; that a breach of the contractual agreements between the listed company and the China-based VIE (or its officers, directors, or Chinese equity owners) will likely be subject to Chinese law and jurisdiction, which raises questions about whether and how the listed company or its investors could seek recourse in the event of an adverse ruling as to its contractual rights; and that investments in the listed company may be affected by conflicts of interest and duties between the legal owners of the China-based VIE and the stockholders of the listed company, which may adversely impact the value of investments of the listed company.

The Public Company Accounting Oversight Board (the "PCAOB") is responsible for inspecting and auditing the accounting practices and products of U.S.-listed companies, regardless of the issuer's domicile. However, certain emerging market countries, including China, do not provide sufficient access to the PCAOB to conduct its inspections and audits. As a result, U.S. investors, including the Funds, may be subject to risks associated with less stringent accounting oversight. Accordingly, information about the Chinese securities in which a Fund invests may be less reliable or complete, particularly with respect to securities of issuers that are audited by accounting firms not subject to PCAOB inspection. Under amendments to the Sarbanes-Oxley Act enacted in December 2020, a Chinese company with securities listed on a U.S. exchange (including those that use a VIE structure or otherwise) may be de-listed if the PCAOB is unable to inspect the accounting firm used by such company.

A Fund's foreign debt securities are generally held outside of the United States in the primary market for the securities in the custody of certain eligible foreign banks and trust companies ("foreign sub-custodians"), as permitted under the 1940 Act. Settlement practices for foreign securities may differ from those in the United States. Some countries have limited governmental oversight and regulation of industry practices, stock exchanges, depositories, registrars, brokers and listed companies, which increases the risk of corruption and fraud and the possibility of losses to a Fund. In particular, under certain circumstances, foreign securities may settle on a delayed delivery basis, meaning that a Fund may be required to make payment for securities before the Fund has actually received delivery of the securities or deliver securities prior to the receipt of payment. Typically, in these cases, the Fund will receive evidence of ownership in accordance with the generally accepted settlement practices in the local market entitling the Fund to delivery or payment at a future date, but there is a risk that the security will not be delivered to the Fund or that payment will not be received, although the Fund and its foreign sub-custodians take reasonable precautions to mitigate this risk. Losses can also result from lost, stolen or counterfeit securities; defaults by brokers and banks; failures or defects of the settlement system; or poor and improper recordkeeping by registrars and issuers.

There is a practice in certain foreign markets under which an issuer's securities are blocked from trading at the custodian or sub-custodian level for a specified number of days before and, in certain instances, after a shareholder meeting where such shares are voted. This is referred to as "share blocking." The blocking period can last up to several weeks. Share blocking may prevent a Fund from buying or selling securities during this period, because during the time shares are blocked, trades in such securities will not settle. It may be difficult or impossible to lift blocking restrictions, with the particular requirements varying widely by country. To avoid these restrictions, a sub-adviser, on behalf of a Fund, may abstain from voting proxies in markets that require share blocking.

Cayman Subsidiary

The Fund has a wholly owned subsidiary set up in the Cayman Islands for the purpose of making direct or indirect investments in various derivatives, including commodity-linked derivatives. The subsidiary's commodity-linked investments, which include commodity-linked futures, options and swaps, are expected to produce leveraged exposure to the performance of the commodities markets. The value of the Fund's investment in its subsidiary maybe adversely impacted by the risks associated with the underlying investments of the subsidiary. The Fund's subsidiary is not registered under the 1940 Act and, except to the extent otherwise noted in the Fund's prospectus and this SAI, is not subject to the investor protections of the 1940 Act and other U.S. regulations. The Fund's subsidiary and its board of directors has designated an agent for service of process in the United States. Changes in the laws of the United States and/or the Cayman Islands, under which the Fund and the Fund's subsidiary,

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respectively, are organized, could result in the inability of the Fund and/or the Fund's subsidiary to operate as described in the Fund's Prospectuses and this SAI and could adversely affect the Fund and its shareholders.

<u>Foreign Debt Securities.</u> Foreign debt securities may be structured as fixed-, variable- or floating-rate obligations, or as zero-coupon, pay-in-kind and step-coupon securities. They include fixed-income securities of foreign issuers and securities or contracts payable or denominated in non-U.S. currencies. Investments in, or exposure to, foreign debt securities involve certain risks not associated with securities of U.S. issuers. Unless otherwise stated in a Fund's prospectus, the decision on whether a security is deemed to be "foreign" is based primarily on the issuer's place of organization/incorporation, but the Fund may also consider the issuer's domicile, principal place of business, primary stock exchange listing, sources of revenue or other factors.

Foreign debt securities may include securities of issuers in emerging and frontier market countries, which carry heightened risks relative to investments in more developed foreign markets. Unless otherwise stated in a Fund's prospectus, countries are generally characterized by a Fund's sub-adviser as "emerging market countries" by reference to a broad market index, by reference to the World Bank's per capita income brackets or based on the sub-adviser's qualitative judgments about a country's level of economic and institutional development, and include markets commonly referred to as "frontier markets." An emerging market is generally in the earlier stages of its industrialization cycle with a low per capita GDP and a low market capitalization to GDP ratio relative to those in the United States and the European Union. Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

Investments in or exposure to foreign debt securities involve certain risks not associated with investments in or exposure to securities of U.S. companies. For example, foreign markets can be extremely volatile. Foreign debt securities may also be less liquid than securities of U.S. issuers so that a Fund may, at times, be unable to sell foreign debt securities at desirable times and/or prices. Transaction fees, custodial costs, currency conversion costs and other fees are also generally higher for foreign debt securities. A Fund may have limited or no legal recourse in the event of default with respect to certain foreign debt securities, including those issued by foreign governments. Foreign debt securities carry many of the same risks as other types of foreign securities. For more information, refer to "Foreign Securities."

During periods of very low or negative interest rates, a Fund's foreign debt investments may be unable to generate or maintain positive returns. Certain countries have recently experienced negative interest rates on certain fixed-income instruments. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility, and may detract from Fund performance to the extent a Fund is exposed to such interest rates.

The cost of servicing foreign debt will also generally be adversely affected by rising international interest rates, because many external debt obligations bear interest at rates which are adjusted based upon international interest rates. Furthermore, there is a risk of restructuring of certain foreign debt obligations that could reduce and reschedule interest and principal payments.

The performance of a Fund may also be negatively affected by fluctuations in a foreign currency's strength or weakness relative to the U.S. dollar, particularly to the extent the Fund invests a significant percentage of its assets in foreign debt securities denominated in non-U.S. currencies. Currency rates in foreign countries may fluctuate significantly over short or long periods of time for a number of reasons, including changes in interest rates, imposition of currency exchange controls and economic or political developments in the U.S. or abroad. A Fund may also incur currency conversion costs when converting foreign currencies into U.S. dollars and vice versa.

It may be difficult to obtain reliable information about the securities and business operations of certain foreign issuers. It may also be difficult to evaluate such information, as well as foreign economic trends, due to foreign regulation and accounting standards. Governments or trade groups may compel local agents to hold securities in designated depositories that are not subject to independent evaluation. Additionally, investments in certain countries may subject a Fund to tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in or uncertainties regarding the laws, regulations or procedures of a country could reduce the after-tax profits of a Fund,

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directly or indirectly, including by reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for the Fund.

Global economies and financial markets have become increasingly interconnected, which increases the possibility that conditions in one country or region might adversely impact issuers in a different country or region. Any attempt by a Fund to hedge against or otherwise protect its portfolio, or to profit from such circumstances, may fail and, accordingly, an investment in a Fund could lose money over short or long periods. For example, the economies of many countries or regions in which a Fund may invest are highly dependent on trading with certain key trading partners. Reductions in spending on products and services by these key trading partners, the institution of tariffs or other trade barriers, or a slowdown in the economies of key trading partners may adversely affect the performance of securities in which a Fund may invest. The severity or duration of adverse economic conditions may also be affected by policy changes made by governments or quasi-governmental organizations. The imposition of sanctions by the United States or another government on a country could cause disruptions to the country's financial system and economy, which could negatively impact the value of securities. The risks posed by sanctions may be heightened to the extent a Fund invests significantly in the affected country or region or in issuers from the affected country that depend on global markets. Additionally, trade disputes, tariffs, embargoes and other protectionist, or retaliatory measures that may be imposed by the U.S. or other countries could adversely affect global trade, economic activity and market confidence. Trade conflicts may also escalate into military or diplomatic confrontations, which could further increase market volatility and geopolitical risk. A Fund may not be able to anticipate or effectively manage the impact of these events, which could result in losses to the Fund.

In addition, foreign debt securities may be impacted by economic, political, social, diplomatic or other conditions or events (including, for example, military confrontations, war and terrorism), as well as the seizure, expropriation or nationalization of a company or its assets or the assets of a particular investor or category of investors. A foreign government may also restrict an issuer from paying principal and interest on its debt obligations to investors outside the country. It may also be difficult to use foreign laws and courts to force a foreign issuer to make principal and interest payments on its debt obligations.

Further, investments in certain countries may subject a Fund to tax rules, the application of which may be uncertain. Countries may amend or revise their existing tax laws, regulations and/or procedures in the future, possibly with retroactive effect. Changes in, or uncertainties regarding the laws, regulations or procedures of a country could reduce the after-tax profits of a Fund, directly or indirectly, including by reducing the after-tax profits of companies located in such countries in which the Fund invests, or result in unexpected tax liabilities for the Fund.

Although it is not uncommon for governments to enter into trade agreements that would, among other things, reduce barriers among countries, increase competition among companies and reduce government subsidies, there are no assurances that such agreements will achieve their intended economic objectives. There is also a possibility that such trade arrangements: i) will not be implemented; ii) will be implemented, but not completed; iii) or will be completed, but then partially or completely unwound. It is also possible that a significant participant could choose to abandon a trade agreement, which could diminish its credibility and influence. Any of these occurrences could have adverse effects on the markets of both participating and non-participating countries, including appreciation or depreciation of currencies, a significant increase in exchange rate volatility, a resurgence in economic protectionism and an undermining of confidence in markets. Such developments could have an adverse impact on a Fund's investments in the debt of countries participating in such trade agreements.

A Fund's foreign debt securities are generally held outside of the United States in the primary market for the securities in the custody of certain eligible foreign banks and trust companies ("foreign sub-custodians"), as permitted under the 1940 Act. Settlement practices for foreign securities may differ from those in the United States. Some countries have limited governmental oversight and regulation of industry practices, stock exchanges, depositories, registrars, brokers and listed companies, which increases the risk of corruption and fraud and the possibility of losses to a Fund. In particular, under certain circumstances, foreign securities may settle on a delayed delivery basis, meaning that a Fund may be required to make payment for securities before the Fund has actually received delivery of the securities or deliver securities prior to the receipt of payment. Typically, in these cases, the Fund will receive evidence of ownership in accordance with the generally accepted settlement practices in the local market entitling the Fund to delivery or payment at a future date, but there is a risk that the security will not be delivered to the Fund or that payment will not be received, although the Fund and its foreign sub-custodians take

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reasonable precautions to mitigate this risk. Losses can also result from lost, stolen or counterfeit securities; defaults by brokers and banks; failures or defects of the settlement system; or poor and improper recordkeeping by registrars and issuers.

<u>Foreign Currency Contracts.</u> To the extent that a Fund may i) invest in securities denominated in foreign currencies, ii) temporarily hold funds in bank deposits or other money market investments denominated in foreign currencies, or iii) engage in foreign currency contract transactions, the Fund may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rate between such currencies and the U.S. dollar. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of supply and demand in the foreign exchange markets. The international balance of payments and other economic and financial conditions, market interest rates, government intervention, speculation and other factors affect these forces. A Fund may engage in foreign currency transactions in order to hedge its portfolio and to attempt to protect it against uncertainty in the level of future foreign exchange rates in the purchase and sale of securities. A Fund may also engage in foreign currency transactions to increase exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

Forward foreign currency contracts are also contracts for the future delivery of a specified currency at a specified time and at a specified price. These contracts may be bought or sold to protect a Fund against a possible loss resulting from an adverse change in the relationship between foreign currencies and the U.S. dollar or to increase exposure to a particular foreign currency. These transactions differ from futures contracts in that they are usually conducted on a principal basis instead of through an exchange, and therefore there are no brokerage fees, margin deposits are negotiated between the parties, and the contracts are settled through different procedures. The sub-advisers will consider on an ongoing basis the creditworthiness of the institutions with which each Fund will enter into such forward foreign currency contracts.

The use of foreign currency contracts involves the risk of imperfect correlation between movements in contract prices and movements in the price of the currencies to which the contracts relate. The successful use of foreign currency transaction strategies also depends on the ability of the sub-adviser to correctly forecast interest rate movements, currency rate movements and general stock market price movements. There can be no assurance that the sub-adviser's forecasts will be accurate. Accordingly, a Fund may be required to buy or sell additional currency on the spot market (and bear the expense of such transaction) if the sub-adviser's predictions regarding the movement of foreign currency or securities markets prove inaccurate. Also, foreign currency transactions, like currency exchange rates, can be affected unpredictably by intervention (or the failure to intervene) by U.S. or foreign governments or central banks, or by currency controls or political developments. Such events may prevent or restrict a Fund's ability to enter into foreign currency transactions, force the Fund to exit a foreign currency transaction at a disadvantageous time or price or result in penalties for the Fund, any of which may result in a loss to the Fund. When such contracts are used for hedging purposes, they are intended to reduce the risk of loss due to a decline in the value of the hedged currency, but at the same time, they tend to limit any potential gain which might result should the value of such currency increase.

Foreign currency contracts may be either futures contracts or forward contracts. Similar to other futures contracts, a foreign currency futures contract is an agreement for the future delivery of a specified currency at a specified time and at a specified price that will be secured by margin deposits, is regulated by the CFTC and is traded on designated exchanges. A Fund will incur brokerage fees when it purchases and sells foreign currency futures contracts.

Foreign currency futures contracts carry the same risks as other futures contracts, but also entail risks associated with international investing. Similar to other futures contracts, a foreign currency futures contract is an agreement for the future delivery of a specified currency at a specified time and at a specified price that will be secured by margin deposits, is regulated by the CFTC and is traded on designated exchanges. A Fund will incur brokerage fees when it purchases and sells futures contracts.

To the extent a Fund may invest in securities denominated in foreign currencies, and may temporarily hold funds in bank deposits or other money market investments denominated in foreign currencies, the Fund may be affected favorably or unfavorably by exchange control regulations or changes in the exchange rates between such currencies and the U.S. dollar. The rate of exchange between the U.S. dollar and other currencies is determined by the forces of

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supply and demand in the foreign exchange markets. The international balance of payments and other economic and financial conditions, government intervention, speculation and other factors affect these forces.

If a decline in the exchange rate for a particular currency is anticipated, a Fund may enter into a foreign currency futures position as a hedge. If it is anticipated that an exchange rate for a particular currency will rise, a Fund may enter into a foreign currency futures position to hedge against an increase in the price of securities denominated in that currency. These foreign currency futures contracts will only be used as a hedge against anticipated currency rate changes. Although such contracts are intended to minimize the risk of loss due to a decline in the value of the hedged currency, at the same time, they tend to limit any potential gain which might result should the value of such currency increase.

The use of foreign currency futures contracts involves the risk of imperfect correlation between movements in futures prices and movements in the price of currencies which are the subject of the hedge. The successful use of foreign currency futures contracts also depends on the ability of the sub-adviser to correctly forecast interest rate movements, currency rate movements and general stock market price movements. There can be no assurance that the sub-adviser's judgment will be accurate. The use of foreign currency futures contracts also exposes a Fund to the general risks of investing in futures contracts, including: the risk of an illiquid market for the foreign currency futures contracts and the risk of adverse regulatory actions. Any of these events may cause a Fund to be unable to hedge its currency risks, and may cause a Fund to lose money on its investments in foreign currency futures contracts.

*Geopolitical Events in European Countries.* Russia launched a large-scale invasion of Ukraine on February 24, 2022, significantly amplifying already existing geopolitical tensions. Actual and threatened responses to such military action may impact the markets for certain Russian commodities and may likely have collateral impacts on markets globally. As a result of this military action, the United States and many other countries ("Sanctioning Bodies") have instituted various economic sanctions against Russian individuals and entities (including corporate and banking). These sanctions include, but are not limited to: a prohibition on doing business with certain Russian companies, officials and oligarchs; a commitment by certain countries and the European Union to remove selected Russian banks from the Society for Worldwide Interbank Financial Telecommunications "SWIFT," the electronic banking network that connects banks globally; and restrictive measures to prevent the Russian Central Bank from undermining the impact of the sanctions. The Sanctioning Bodies, or others, could also institute broader sanctions on Russia. These sanctions and the resulting market environment could result in the immediate freeze of Russian securities, commodities, resources, and/or funds invested in prohibited assets, impairing the ability of a Fund to buy, sell, receive or deliver those securities and/or assets. Further, due to closures of certain markets and restrictions on trading certain securities, the value of certain securities held by the Fund could be significantly impacted, which could lead to such securities being valued at zero. Sanctions could also result in Russia taking counter measures or retaliatory actions which may further impair the value and liquidity of Russian securities, including cyber actions. The extent and duration of the military action, resulting sanctions imposed and other punitive action taken and resulting future market disruptions, including declines in its stock markets, the value of Russian sovereign debt and the value of the ruble against the U.S. dollar, cannot be easily predicted, but could be significant. Any such disruptions caused by Russian military action or other actions (including terror attacks, cyberattacks and espionage) or resulting actual and threatened responses to such activity, including purchasing and financing restrictions, boycotts or changes in consumer or purchaser preferences, sanctions, tariffs or cyberattacks on the Russian government, Russian companies or Russian individuals, including politicians, may impact Russia's economy and a Fund's investments in Russian securities. As Russia produces and exports large amounts of crude oil and gas, any acts of terrorism, armed conflict or government interventions (such as the imposition of sanctions or other governmental restrictions on trade) causing disruptions of Russian oil and gas exports could negatively impact the Russian economy and, thus, adversely affect the financial condition, results of operations or prospects of related companies. Russia's invasion of Ukraine, the responses of countries and political bodies to Russia's actions, and the potential for wider conflict may increase financial market volatility and could have severe adverse effects on regional and global economic markets, including the markets for certain securities and commodities, such as oil and natural gas.

<u>Depositary Receipts.</u> American Depositary Receipts ("ADRs"), Global Depositary Receipts ("GDRs") and European Depositary Receipts ("EDRs") represent interests in securities of foreign companies that have been deposited with a

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U.S. financial institution, such as a bank or trust company, and that trade on an exchange or over-the-counter ("OTC").

A Fund may invest in depositary receipts through "sponsored" or "unsponsored" facilities. A sponsored facility is established jointly by the issuer of the underlying security and a depositary (the issuing bank or trust company), whereas a depositary may establish an unsponsored facility without participation by the issuer of the deposited security.

Holders of unsponsored depositary receipts generally bear all the costs of such facilities, and the depositary of an unsponsored facility frequently is under no obligation to distribute interest holder communications received from the issuer of the deposited security or to pass through voting rights to the holders of such receipts in respect of the deposited securities. The issuers of unsponsored depositary receipts are not obligated to disclose material information in the United States; as such, there may be limited information available regarding such issuers and/or limited correlation between available information and the market value of depositary receipts.

ADRs represent interests in foreign issuers that trade on U.S. exchanges or OTC. ADRs represent the right to receive securities of the foreign issuer deposited with the issuing bank or trust company. Generally, ADRs are denominated in U.S. dollars and are designed for use in the U.S. securities markets. The depositaries that issue ADRs are usually U.S. financial institutions, such as a bank or trust company, but the underlying securities are issued by a foreign issuer.

GDRs may be issued in U.S. dollars or other currencies and are generally designed for use in securities markets outside the United States. GDRs represent the right to receive foreign securities and may be traded on the exchanges of the depositary's country. The issuing depositary, which may be a foreign or a U.S. entity, converts dividends and the share price into the shareholder's home currency. EDRs are generally issued by a European bank and traded on local exchanges.

Although an issuing bank or trust company may impose charges for the collection of dividends on foreign securities that underlie ADRs, GDRs and EDRs, and for the conversion of ADRs, GDRs and EDRs into their respective underlying securities, there are generally no fees imposed on the purchase or sale of ADRs, GDRs and EDRs, other than transaction fees ordinarily involved with trading stocks. ADRs, GDRs and EDRs may be less liquid or may trade at a lower price than the underlying securities of the issuer. Additionally, receipt of corporate information about the underlying issuer may be untimely.

<u>Emerging Market Securities.</u> Unless otherwise stated in a Fund's prospectus, countries are generally characterized by a Fund's sub-adviser as "emerging market countries" by reference to a broad-based market index, such as the MSCI Emerging Markets Index, by reference to the World Bank's per capita income brackets or based on the sub-adviser's qualitative judgments about a country's level of economic and institutional development, and include markets commonly referred to as "frontier markets." An emerging market is generally in the earlier stages of its industrialization cycle with a low per capita GDP and a low market capitalization to GDP ratio relative to those in the United States and the European Union. The countries included in the MSCI Emerging Market Index are Brazil, Chile, China, Colombia, the Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Kuwait, Malaysia, Mexico, Peru, the Philippines, Poland, Qatar, Saudi Arabia, South Africa, Taiwan, Thailand, Turkey and the United Arab Emirates, and may change from time to time. Frontier market countries generally have smaller economies and even less developed capital markets than typical emerging market countries (which themselves have increased investment risk relative to investing in more developed markets) and, as a result, the risks of investing in emerging market countries are magnified in frontier market countries.

Investing in emerging markets may involve risks in addition to and greater than those generally associated with investing in the securities markets of developed countries. For example, economies in emerging market countries may be dependent on relatively few industries that are more susceptible to local and global changes. Securities markets in these countries can also be relatively small and have substantially lower trading volumes. As a result, securities issued in these countries may be more volatile and less liquid, and may be more difficult to value, than securities issued in countries with more developed economies and/or markets.

Certain emerging market countries lack uniform accounting, auditing and financial reporting and disclosure standards, have less governmental supervision of financial markets than developed countries, and have less

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developed legal systems than developed countries. Certain governments may be more unstable and present greater risks of nationalization or restrictions on foreign ownership of local companies. Repatriation of investment income, capital and the proceeds of sales by foreign investors may require governmental registration and/or approval in some emerging market countries. Some emerging market countries may also impose punitive taxes that could adversely affect the prices of securities. While a Fund will only invest in markets where these restrictions are considered acceptable by the Fund's sub-adviser, a country could impose new or additional repatriation restrictions after the Fund's investment. If this happens, the Fund's response might include, among other things, applying to the appropriate authorities for a waiver of the restrictions or engaging in transactions in other markets designed to offset the risks of decline in that country. Such restrictions will be considered in relation to a Fund's liquidity needs and other factors. Further, some attractive equity securities may not be available to a Fund if foreign shareholders already hold the maximum amount legally permissible.

While government involvement in the private sector varies in degree among emerging market countries, such involvement may in some cases include government ownership of companies in certain sectors, wage and price controls or imposition of trade barriers and other protectionist measures. With respect to any developing country, there is no guarantee that some future economic or political crisis will not lead to price controls, forced mergers of companies, expropriation, or creation of government monopolies to the possible detriment of a Fund's investments. In addition, rapid fluctuations in inflation rates may have negative impacts on the economies and securities markets of certain emerging market countries.

Additionally, there may be increased settlement risk for transactions in securities of emerging market issuers. Settlement systems in emerging market countries are generally less organized than those in developed markets. Supervisory authorities may also be unable to apply standards comparable to those in developed markets. Thus, there may be risks that settlement may be delayed and that cash or securities belonging to a Fund may be in jeopardy because of failures of or defects in the systems. In particular, market practice may require that payment be made before receipt of the security being purchased or that delivery of a security be made before payment is received. In such cases, default by a broker or bank (the "counterparty") through whom the transaction is effected might cause the Fund to suffer a loss. A Fund will seek, where possible, to use counterparties whose financial status is such that this risk is reduced. However, there can be no certainty that a Fund will be successful in eliminating this risk, particularly as counterparties operating in emerging market countries frequently lack the standing or financial resources of those in developed countries. There may also be a danger that, because of uncertainties in the operation of settlement systems in individual markets, competing claims may arise with respect to securities held by or to be transferred to a Fund. A Fund and its shareholders may also encounter substantial difficulties in obtaining and enforcing judgments against individuals residing outside of the U.S. and companies domiciled outside of the U.S.

Taxation of dividends, interest and capital gains received by a Fund varies among emerging market countries and, in some cases, is comparatively high. In addition, emerging market countries typically have less well-defined tax laws and procedures, and such laws may permit retroactive taxation so that a Fund could become subject in the future to local tax liability that it had not reasonably anticipated in conducting its investment activities or valuing its assets.

<u>Supranational Entity Securities.</u> Debt security investments may include the debt securities of "supranational" entities, which are international groups or unions in which the power and influence of member states transcend national boundaries or interests in order to share in decision making and vote on issues concerning the collective body. They include international organizations designated or supported by governments to promote economic reconstruction or development and international banking institutions and related government agencies, such as the International Bank for Reconstruction and Development (part of the World Bank), the European Union, the Asian Development Bank and the Inter-American Development Bank. The governmental members of these supranational entities are "stockholders" that typically make capital contributions and may be committed to make additional capital contributions if the entity is unable to repay its borrowings. There can be no assurance that the constituent foreign governments will continue to be able or willing to honor their capitalization commitments for such entities.

Supranational Entity Securities are subject to risks in addition to those relating to foreign government and sovereign debt securities and debt securities generally. Issuers of such debt securities may be unwilling to pay interest and repay principal, or otherwise meet obligations, when due and may require that the conditions for payment be renegotiated. The foreign governmental or other organizations supporting such supranational issuers may be

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immune from lawsuits in the event of the issuer's failure or inability to pay the obligations when due. Issuers may be dependent on expected disbursements from foreign governmental or other organizations.

OTHER PERMITTED INVESTMENT ACTIVITIES

<u>Borrowing.</u> Generally, under the 1940 Act, a Fund may borrow money only from banks in an amount not exceeding 1/3 of its total assets (including the amount borrowed) less liabilities (other than borrowings). A Fund may borrow money for temporary or emergency purposes, including for short-term redemptions and liquidity needs. Borrowing involves special risk considerations. Interest costs on borrowings may fluctuate with changing market rates of interest and may partially offset or exceed the return earned on borrowed funds (or on the assets that were retained rather than sold to meet the needs for which funds were borrowed). Under adverse market conditions, a Fund might have to sell portfolio securities to meet interest or principal payments at a time when investment considerations would not favor such sales. Reverse repurchase agreements and other similar investments that involve a form of leverage have characteristics similar to borrowings. A Fund may enter into reverse repurchase agreements or similar financing transactions, notwithstanding the requirements of Sections 18(c) and 18(f)(1) of the 1940 Act, if the Fund, (i) treats such transactions as borrowings and complies with the asset coverage requirements of Section 18, and combines the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio; or (ii) treats all reverse repurchasing agreements or similar financing transactions as "derivatives transactions" as defined in Rule 18f-4 of the 1940 Act and complies with all requirements of Rule 18f-4. To help meet short-term redemptions and liquidity needs, the Funds are permitted to use bank borrowings for temporary or emergency purposes via a revolving credit agreement.

<u>Investment Companies.</u> These securities include shares of other affiliated or unaffiliated exchange-traded funds ("ETF"s), open-end investment companies (i.e., mutual funds), closed-end funds, UCITS funds (pooled investment vehicles established in accordance with the Undertaking for Collective Investment in Transferable Securities adopted by European Union member states) and business development companies. A Fund may invest in securities of other investment companies up to the limits prescribed in Section 12(d) under the 1940 Act, the rules and regulations thereunder and any exemptive relief currently or in the future available to a Fund.

Except with respect to funds structured as funds-of-funds or so-called master/feeder funds or other funds whose strategies otherwise allow such investments, the 1940 Act generally requires that a fund limit its investments in another investment company or series thereof so that, as of the time at which a securities purchase is made: i) no more than 3% of the outstanding voting stock of any one investment company or series thereof will be owned by a fund or by companies controlled by a fund; ii) no more than 5% of the value of its total assets will be invested in the securities of any one investment company; and iii) no more than 10% of the value of its total assets will be invested in the aggregate in securities of other investment companies.

The Funds may invest in excess of the limitations noted in the preceding paragraph by relying on Rule 12d1-4 under the 1940 Act, provided that the Fund complies with several conditions imposed by Rule 12d1-4, which include: (i) limits on ownership and voting of acquired fund shares; (ii) evaluations and findings by investment advisers of funds in fund-of-funds arrangements; (iii) investment agreements between funds in fund-of-funds arrangements; and (iv) limits on complex fund-of-funds structures.

Other investment companies in which a Fund invests can be expected to pay fees and other operating expenses, such as investment advisory and administration fees, that would be in addition to those paid by the Fund. Other investment companies may include ETFs, which are publicly-traded unit investment trusts, open-end funds or depositary receipts that seek to track the performance of specific indices or companies in related industries (e.g., passive ETFs), and index funds. A passive ETF or index fund is an investment company that seeks to track the performance of an index (before fees and expenses) by holding in its portfolio either the securities that comprise the index or a representative sample of the securities in the index. Passive ETFs or index funds in which the Funds invest will incur expenses not incurred by their applicable indices. Certain securities comprising the indices tracked by passive ETFs or index funds may, from time to time, temporarily be unavailable, which may further impede a passive ETF's or index fund's ability to track their respective indices. An actively-managed ETF is an investment company that seeks to outperform the performance of an index.

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ETFs generally are subject to the same risks as the underlying securities the ETFs are designed to track and to the risks of the specific sector or industry tracked by the ETF. ETFs also are subject to the risk that their prices may not totally correlate to the prices of the underlying securities the ETFs are designed to track and the risk of possible trading halts due to market conditions or for other reasons. Although ETFs that track broad market indexes are typically large and their shares are fairly liquid, ETFs that track more specific indexes tend to be newer and smaller, and ETFs have limited redemption features. Additionally, to the extent an ETF holds securities traded in markets that close at a different time from the ETF's listing exchange, liquidity in such securities may be reduced after the applicable closing times, and during the time when the ETF's listing exchange is open but after the applicable market closing, fixing or settlement times, bid/ask spreads and the resulting premium or discount to the ETF's shares' NAV may widen.

In addition, a Fund may invest in the securities of closed-end investment companies. Because shares of closed-end investment companies trade on a stock exchange or in the OTC market, they may trade at a premium or discount to their net asset values, which may be substantial, and their potential lack of liquidity could result in greater volatility. In addition, closed-end investment companies may employ leverage, which also subjects the closed-end investment company to increased risks such as increased volatility. Moreover, closed-end investment companies incur their own fees and expenses.

<u>Convertible Securities.</u> A convertible security is a bond, debenture, note, preferred stock, or other security that may be converted or exchanged (by the holder or by the issuer) within a specified period of time into a certain amount of common stock of the same or a different issuer. As such, convertible securities combine the investment characteristics of debt and equity securities. A convertible security provides a fixed-income stream and the opportunity, through its conversion feature, to participate in the capital appreciation resulting from a market price advance in its underlying common stock.

As with a straight fixed-income security, a convertible security tends to increase in market value when interest rates decline and decrease in value when interest rates rise. Like a common stock, the value of a convertible security also tends to increase as the market value of the underlying stock rises, and it tends to decrease as the market value of the underlying stock declines. Because its value can be influenced by both interest-rate and market movements, a convertible security tends not to be as sensitive to interest rate changes as a similar fixed-income security, and tends not to be as sensitive to share price changes as its underlying stock.

Investing in convertible securities is subject to certain risks in addition to those generally associated with debt securities. Certain convertible securities, particularly securities that are convertible into securities of an issuer other than the issuer of the convertible security, may be or become illiquid and, therefore, may be more difficult to resell in a timely fashion or for a fair price, which could result in investment losses.

The creditworthiness of the issuer of a convertible security is important because the holder of a convertible security will typically have recourse only to the issuer. In addition, a convertible security may be subject to conversion or redemption by the issuer, but only after a specified date and under circumstances established at the time the security is issued. This feature may require a holder to convert the security into the underlying common stock, even if the value of the underlying common stock has declined substantially. In addition, companies that issue convertible securities frequently are small- or mid-capitalization companies and, accordingly, carry the risks associated with investments in such companies.

While the Funds use the same criteria to evaluate the credit quality of a convertible debt security that they would use for a more conventional debt security, a convertible preferred stock is treated like a preferred stock for a Fund's credit evaluation, as well as financial reporting and investment limitation purposes.

*Contingent Convertible Bonds.* Contingent convertible bonds are a type of convertible security typically issued by non-U.S. banks. Unlike more traditional convertible securities, which typically may convert into equity after the issuer's common stock has reached a certain strike price, the trigger event for a contingent convertible bond is typically a decline in the issuing bank's capital threshold below a specified level. Contingent convertible bonds typically are subordinated to other debt instruments of the issuer and generally rank junior to the claims of all holders of unsubordinated obligations of the issuer. Coupon payments on contingent convertible securities may be discretionary and may be cancelled by the issuer. Contingent convertible bonds are a new form of instrument, and the market and regulatory environment for contingent convertible bonds is evolving. Therefore, it is uncertain how

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the overall market for contingent convertible bonds would react to a triggering event or coupon suspension applicable to one issuer. A Fund may lose money on its investment in a contingent convertible bond when holders of the issuer's equity securities do not.

<u>Exchange-Traded Notes.</u> Exchange-traded notes ("ETNs") are generally notes representing debt of an issuer, usually a financial institution. ETNs combine aspects of both bonds and ETFs. An ETN's returns are based on the performance of one or more underlying assets, reference rates or indexes, minus fees and expenses. Similar to ETFs, ETNs are listed on an exchange and traded in the secondary market. However, unlike an ETF, an ETN can be held until the ETN's maturity, at which time the issuer will pay a return linked to the performance of the specific asset, index or rate ("reference instrument") to which the ETN is linked minus certain fees. Unlike regular bonds, ETNs do not make periodic interest payments, and principal is not protected.

The value of an ETN may be influenced by, among other things, time to maturity, levels of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, the performance of the reference instrument, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the reference instrument. An ETN that is tied to a reference instrument may not replicate the performance of the reference instrument. ETNs also incur certain expenses not incurred by their applicable reference instrument. Some ETNs that use leverage can, at times, be relatively illiquid and, thus, they may be difficult to purchase or sell at a fair price. Levered ETNs are subject to the same risk as other instruments that use leverage in any form. While leverage allows for greater potential returns, the potential for loss is also greater. Finally, additional losses may be incurred if the investment loses value because, in addition to the money lost on the investment, the loan still needs to be repaid.

Because the return on an ETN is dependent on the issuer's ability or willingness to meet its obligations, the value of the ETN may change due to a change in the issuer's credit rating, despite there being no change in the underlying reference instrument. The market value of ETN shares may differ from the value of the reference instrument. This difference in price may be due to the fact that the supply and demand in the market for ETN shares at any point in time is not always identical to the supply and demand in the market for the assets underlying the reference instrument that the ETN seeks to track.

There may be restrictions on a Fund's right to redeem its investment in an ETN, which is generally designed to be held until maturity. A Fund's decision to sell its ETN holdings may be limited by the unavailability or limited nature of a secondary market. A Fund could lose some or all of the amount invested in an ETN.

<u>Illiquid Securities.</u> Pursuant to Rule 22e-4 under the 1940 Act, a Fund (other than a money market Fund) may not acquire any "illiquid investment" if, immediately after the acquisition, the Fund would have invested more than 15% of its net assets in illiquid investments that are assets. An "illiquid investment" is any investment that such a Fund reasonably expects cannot be sold or disposed of in current market conditions in seven calendar days or less without the sale or disposition significantly changing the market value of the investment. Illiquid investments include repurchase agreements with a notice or demand period of more than seven days, certain over-the-counter derivative instruments, and securities and other financial instruments that are not readily marketable, unless, based upon a review of the relevant market, trading and investment-specific considerations, those investments are determined not to be illiquid. The Funds (other than the money market Funds) have implemented a liquidity risk management program and related procedures to identify illiquid investments pursuant to Rule 22e-4, and the Board has approved the designation of Allspring Funds Management to administer the liquidity risk management program and related procedures. The money market Funds may invest up to 5% of its total assets in illiquid investments. The 15% and 5% limits are applied as of the date a Fund purchases an illiquid investment. It is possible that a Fund's holding of illiquid investment could exceed the 15% limit (5% for the money market Funds), for example as a result of market developments or redemptions.

Each Fund may purchase certain restricted securities that can be resold to institutional investors and which may be determined not to be illiquid investments pursuant to the Trust's liquidity risk management program. In many cases, those securities are traded in the institutional market under Rule 144A under the 1933 Act and are called Rule 144A securities.

Investments in illiquid investments involve more risks than investments in similar securities that are readily marketable. Illiquid investments may trade at a discount from comparable, more liquid investments. Investment of a

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Fund's assets in illiquid investments may restrict the ability of the Fund to dispose of its investments in a timely fashion and for a fair price as well as its ability to take advantage of market opportunities. The risks associated with illiquidity will be particularly acute where a Fund's operations require cash, such as when a Fund has net redemptions, and could result in the Fund borrowing to meet short-term cash requirements or incurring losses on the sale of illiquid investments.

Illiquid investments are often restricted securities sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. In many cases, the privately placed securities may not be freely transferable under the laws of the applicable jurisdiction or due to contractual restrictions on resale. To the extent privately placed securities may be resold in privately negotiated transactions, the prices realized from the sales could be less than those originally paid by the Fund or less than the fair value of the securities. In addition, issuers whose securities are not publicly traded may not be subject to the disclosure and other investor protection requirements that may be applicable if their securities were publicly traded. If any privately placed securities held by a Fund are required to be registered under the securities laws of one or more jurisdictions before being resold, the Fund may be required to bear the expenses of registration. Private placement investments may involve investments in smaller, less seasoned issuers, which may involve greater risks than investments in more established companies. These issuers may have limited product lines, markets or financial resources, or they may be dependent on a limited management group. In making investments in private placement securities, a Fund may obtain access to material non-public information, which may restrict the Fund's ability to conduct transactions in those securities.

<u>Loans of Portfolio Securities.</u> Portfolio securities of a Fund may be loaned pursuant to guidelines approved by the Board to brokers, dealers and financial institutions, provided: i) the loan is secured continuously by collateral consisting of cash, securities of the U.S. Government, its agencies or instrumentalities, or an irrevocable letter of credit issued by a bank organized under the laws of the United States, organized under the laws of a state, or a foreign bank that has filed an agreement with the Federal Reserve Board to comply with the same rules and regulations applicable to U.S. banks in securities credit transactions, initially in an amount at least equal to 100% of the value of the loaned securities (which includes any accrued interest or dividends), with the borrower being obligated, under certain circumstances, to post additional collateral on a daily marked-to-market basis, all as described in further detail in the following paragraph; although the loans may not be fully supported at all times if, for example, the instruments in which cash collateral is invested decline in value or the borrower fails to provide additional collateral when required in a timely manner or at all; ii) the Fund may at any time terminate the loan and request the return of the loaned securities upon sufficient prior notification; iii) the Fund will receive any interest or distributions paid on the loaned securities; and iv) the aggregate market value of loaned securities will not at any time exceed the limits established under the 1940 Act.

For lending its securities, a Fund will earn either a fee payable by the borrower (on loans that are collateralized by U.S. Government securities or a letter of credit) or the income on instruments purchased with cash collateral (after payment of a rebate fee to the borrower and a portion of the investment income to the securities lending agent). Cash collateral may be invested on behalf of a Fund by the Fund's sub-adviser in U.S. dollar-denominated short-term money market instruments that are permissible investments for the Fund and that, at the time of investment, are considered high-quality.

Loans of securities involve a risk that the borrower may fail to return the securities when due or when recalled by a Fund or may fail to provide additional collateral when required. In either case, a Fund could experience delays in recovering securities or could lose all or part of the value of the loaned securities. Although voting rights, or rights to consent, attendant to securities on loan pass to the borrower, loans may be recalled at any time and generally will be recalled if a material event affecting the investment is expected to be presented to a shareholder vote, so that the securities may be voted by a Fund.

While the Funds are not currently engaged in securities lending, should a Fund engage in the practice in the future, it would be obligated to pay a portion of the income (net of rebate fees) or fees earned by it from securities lending to a securities lending agent. The Funds have a contract with Goldman Sachs Bank USA, an unaffiliated third party doing business as Goldman Sachs Agency Lending, to act as securities lending agent for the Funds, should the Funds engage in the practice in the future, subject to the overall supervision of the Funds' manager.

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<u>Private Placement and Other Restricted Securities.</u> Private placement securities are securities sold in offerings that are exempt from registration under the 1933 Act. They are generally eligible for sale only to certain eligible investors. Private placements often may offer attractive opportunities for investment not otherwise available on the open market. However, private placement and other "restricted" securities typically cannot be resold without registration under the 1933 Act or the availability of an exemption from registration (such as Rules 144A (a "Rule 144A Security")), and may not be readily marketable because they are subject to legal or contractual delays in or restrictions on resale. Asset-backed securities, common stock, convertible securities, corporate debt securities, foreign securities, high-yield securities, money market instruments, mortgage-backed securities, municipal securities, participation interests, preferred stock and other types of equity and debt instruments may be privately placed or restricted securities.

Private placement and other restricted securities typically may be resold only to qualified institutional buyers, or in a privately negotiated transaction, or to a limited number of qualified purchasers, or in limited quantities after they have been held for a specified period of time and other conditions are met for an exemption from registration. Private placement and other restricted securities may be considered illiquid securities, as they typically are subject to restrictions on resale as a matter of contract or under federal securities laws. Because there may be relatively few potential qualified purchasers for such securities, especially under adverse market or economic conditions, or in the event of adverse changes in the financial condition of the issuer, a Fund could find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. At times, it also may be more difficult to determine the fair value of such securities for purposes of computing a Fund's net asset value due to the absence of an active trading market. Delay or difficulty in selling such securities may result in a loss to a Fund. Restricted securities that are "illiquid" are subject to each Fund's policy of not investing or holding more than 15% of its net assets in illiquid securities. The term "illiquid" in this context refers to securities that cannot be disposed of within seven days in the ordinary course of business at approximately the amount at which a Fund has valued the securities.

The manager typically will evaluate the liquidity characteristics of each Rule 144A Security proposed for purchase by a Fund on a case-by-case basis and will consider the following factors, among others, in its evaluation: i) the frequency of trades and quotes for the Rule 144A Security; ii) the number of dealers willing to purchase or sell the Rule 144A Security and the number of other potential purchasers; iii) dealer undertakings to make a market in the Rule 144A Security; and iv) the nature of the Rule 144A Security and the nature of the marketplace trades (e.g., the time needed to dispose of the Rule 144A Security, the method of soliciting offers and the mechanics of transfer).

The manager will apply a similar process to evaluating the liquidity characteristics of other restricted securities. A restricted security that is deemed to be liquid when purchased may not continue to be deemed to be liquid for as long as it is held by a Fund. As a result of the resale restrictions on 144A securities, there is a greater risk that they will become illiquid than securities registered with the SEC.

<u>Repurchase Agreements.</u> A repurchase agreement is an agreement wherein a Fund purchases a security for a relatively short period of time (usually less than or up to seven days) and, at the time of purchase, the seller agrees to repurchase that security from the Fund at a mutually agreed upon time and price (representing the Fund's cost plus interest). The repurchase agreement specifies the yield during the purchaser's holding period. Entering into repurchase agreements allows a Fund to earn a return on cash in the Fund's portfolio that would otherwise remain un-invested.

Repurchase agreements also may be viewed as loans made by a Fund that are collateralized by the securities subject to repurchase, which may consist of a variety of security types. The maturities of the underlying securities in a repurchase agreement transaction may be greater than twelve months, although the maximum term of a repurchase agreement will always be less than twelve months. Repurchase agreements may involve risks in the event of default or insolvency of the counterparty that has agreed to repurchase the securities from a Fund, including possible delays or restrictions upon the Fund's ability to sell the underlying security and additional expenses in seeking to enforce the Fund's rights and recover any losses. Although the Fund seeks to limit the credit risk under a repurchase agreement by carefully selecting counterparties and accepting only high quality collateral, some credit risk remains. The counterparty could default, which may make it necessary for the Fund to incur expenses to liquidate the collateral. In addition, the collateral may decline in value before it can be liquidated by the Fund.

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A Fund may enter into reverse repurchase agreements under which the Fund sells portfolio securities and agrees to repurchase them at an agreed-upon future date and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities, because it avoids certain market risks and transaction costs. A Fund may elect to (i) treat the reverse repurchase agreements as borrowings and comply with the asset coverage requirements of Section 18, and combine the aggregate amount of indebtedness associated with all reverse repurchase agreements or similar financing transactions with the aggregate amount of any other senior securities representing indebtedness when calculating the asset coverage ratio; or (ii) treat all reverse repurchasing agreements or similar financing transactions as "derivatives transactions" as defined in Rule 18f-4 of the 1940 Act and comply with all requirements of Rule 18f-4.

In the event that the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, a Fund's use of proceeds from the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce a Fund's obligation to repurchase the securities. Reverse repurchase agreements may be viewed as a form of borrowing.

The SEC has finalized new rules requiring the central clearing of certain repurchase transactions involving U.S. Treasuries. Historically, such transactions have not been required to be cleared and voluntary clearing of such transactions has generally been limited. The new clearing requirements could make it more difficult for a Fund to execute certain investment strategies.

<u>Short Sales.</u> A short sale is a transaction in which a Fund sells a security it may not own in anticipation of a decline in market value of that security. When a Fund makes a short sale, the proceeds it receives are retained by the broker until the Fund replaces the borrowed security. In order to deliver the security to the buyer, a Fund must arrange through a broker to borrow the security and, in so doing, the Fund becomes obligated to replace the security borrowed at its market price at the time of replacement, whatever that price may be. A Fund's ability to enter into short sales transactions is limited by the requirements of the 1940 Act.

Short positions in futures and options create opportunities to increase a Fund's return but, at the same time, involve special risk considerations and may be considered speculative. Since a Fund in effect profits from a decline in the price of the futures or options sold short without having to invest the full purchase price of the futures or options on the date of the short sale, a Fund's NAV per share will tend to increase more when the futures or options it has sold short decrease in value, and to decrease more when the futures or options it has sold short increase in value, than would otherwise be the case if it had not engaged in such short sales. Short sales theoretically involve unlimited loss potential, as the market price of futures or options sold short may continuously increase, although a Fund may mitigate such losses by replacing the futures or options sold short before the market price has increased significantly. Under adverse market conditions, a Fund might have difficulty purchasing futures or options to meet its short sale delivery obligations, and might have to sell portfolio securities to raise the capital necessary to meet its short sale obligations at a time when fundamental investment considerations would not favor such sales.

If a Fund makes a short sale "against the box," it would not immediately deliver the securities sold and would not receive the proceeds from the sale. The seller is said to have a short position in the securities sold until it delivers the securities sold, at which time it receives the proceeds of the sale. A sub-adviser's decision to make a short sale "against the box" may be a technique to hedge against market risks when the sub-adviser believes that the price of a security may decline, causing a decline in the value of a security owned by the Fund or a security convertible into or exchangeable for such security. In such case, any future losses in the Fund's long position would be reduced by a gain in the short position. Short sale transactions may have adverse tax consequences to a Fund and its shareholders.

As short sale borrowings are "derivatives transactions" under Rule 18f-4, therefore they are exempted from the requirements of Section 18 of the 1940 Act.

The SEC and other regulators have in the past and may in the future adopt restrictions or other requirements on short sales and short positions. For example, the SEC has adopted rules that will require the reporting of certain short positions and short activities. Restrictions on and/or reporting of short selling and short positions may negatively impact and materially impair a Fund's ability to execute certain investment strategies.

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<u>Warrants.</u> Warrants are instruments, typically issued with preferred stock or bonds, that give the holder the right to purchase a given number of shares of common stock at a specified price, usually during a specified period of time. The price usually represents a premium over the applicable market value of the common stock at the time of the warrant's issuance. Warrants have no voting rights with respect to the common stock, receive no dividends and have no rights with respect to the assets of the issuer. Warrants do not pay a fixed dividend. Investments in warrants involve certain risks, including the possible lack of a liquid market for the resale of the warrants, potential price fluctuations as a result of speculation or other factors and failure of the price of the common stock to rise. A warrant becomes worthless if it is not exercised within the specified time period.

<u>When-Issued and Delayed-Delivery Transactions and Forward Commitments.</u> Certain securities may be purchased or sold on a when-issued or delayed-delivery basis, and contracts to purchase or sell securities for a fixed price at a future date beyond customary settlement time may also be made. Delivery and payment on such transactions normally take place within 120 days after the date of the commitment to purchase. Securities purchased or sold on a when-issued, delayed-delivery or forward commitment basis involve a risk of loss if the value of the security to be purchased declines, or the value of the security to be sold increases, before the settlement date.

Any when-issued, forward-settling securities and non-standard settlement cycle securities transaction will not be treated as a senior securities if the Fund intends to physically settle the transaction and the transaction will settle within 35 days of its trade date.

Under Rule 18f-4 of the 1940 Act, a fund that is regulated as a money market fund under Rule 2a-7 (such as the Funds) is permitted to invest in a security on a when-issued or forward settling basis, or with a nonstandard settlement cycle, and the transaction will be deemed not to involve a "senior security," provided that (i) if the Fund intends to physically settle the transaction and (ii) the transaction will settle within 35 days of its trade date.

**<u>Other Risks</u>**

<u>Large Shareholder Risk.</u> To the extent a large number of shares of a Fund is held by a single shareholder or a small group of shareholders, the Fund is subject to the risk that redemption by those shareholders of all or a large portion of their shares will adversely affect the Fund's performance by forcing the Fund to sell securities, potentially at disadvantageous prices, to raise the cash needed to satisfy such redemption requests. This risk may be heightened during periods of declining or illiquid markets, or to the extent that such large shareholders have short investment horizons or unpredictable cash flow needs. Such redemptions may also increase transaction costs and/or have adverse tax consequences for remaining shareholders. In certain situations, redemptions by large shareholders may also cause a Fund to liquidate.

<u>Liquidation Risk.</u> There can be no assurance that a Fund will grow to or maintain a viable size and, pursuant to the Declaration of Trust, the Board is authorized to close and/or liquidate a Fund at any time. In the event of the liquidation of a Fund, the expenses, timing and tax consequences of such liquidation may not be favorable to some or all of the Fund's shareholders.

In addition to the possibility that redemptions by large shareholders may cause a Fund to liquidate (as discussed above), other factors and events that may lead to the liquidation of a Fund include changes in laws or regulations governing the Fund or affecting the type of assets in which the Fund invests, or economic developments or trends having a significant adverse impact on the business or operations of the Fund.

After a Fund liquidation is announced, such Fund may begin to experience greater redemption activity as the Fund approaches its liquidation date. As portfolio managers effect portfolio transactions to meet redemptions and prepare the Fund for liquidation, the Fund may not be fully invested in portfolio securities as the liquidation date approaches, which may necessitate the Fund no longer pursuing its investment objective and or being managed in accordance with its principal investment strategies, which would likely impact Fund performance. The Fund will incur transaction costs as a result of these portfolio transactions which will indirectly be borne by the Fund's shareholders. The Fund may be required to make a distribution of income and capital gains realized, if any, from liquidating its portfolio. It is anticipated that any distribution would be paid to shareholders prior to liquidation. Shareholders of the Fund on the date of liquidation would receive a distribution of their account proceeds on the settlement date in complete redemption of their shares. In the event of a liquidation, please consult with a tax advisor to determine your specific tax consequences, if any.

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<u>Operational and Cybersecurity Risks.</u> Fund operations, including business, financial, accounting, data processing systems or other operating systems and facilities may be disrupted, disabled or damaged as a result of a number of factors, including events that are wholly or partially beyond our control. For example, there could be electrical or telecommunications outages; degradation or loss of internet or web services; natural disasters, such as earthquakes, tornados and hurricanes; disease pandemics; or events arising from local or larger scale political or social events, as well as terrorist acts.

The Funds are also subject to the risk of potential cyber incidents, which may include, but are not limited to, the harming of or unauthorized access to digital systems (for example, through "hacking" or infection by computer viruses or other malicious software code), denial-of-service attacks on websites, and the inadvertent or intentional release of confidential or proprietary information. Cyber incidents may, among other things, harm Fund operations, result in financial losses to a Fund and its shareholders, cause the release of confidential or highly restricted information, and result in regulatory penalties, reputational damage, and/or increased compliance, reimbursement or other compensation costs. Fund operations that may be disrupted or halted due to a cyber incident include trading, the processing of shareholder transactions, and the calculation of a Fund's net asset value.

Issues affecting operating systems and facilities through cyber incidents, any of the scenarios described above, or other factors, may harm the Funds by affecting a Fund's manager, sub-adviser(s), or other service providers, or issuers of securities in which a Fund invests. Although the Funds have business continuity plans and other safeguards in place, including what the Funds believe to be robust information security procedures and controls, there is no guarantee that these measures will prevent cyber incidents or prevent or ameliorate the effects of significant and widespread disruption to our physical infrastructure or operating systems. Furthermore, the Funds cannot directly control the security or other measures taken by unaffiliated service providers or the issuers of securities in which the Funds invest. Such risks at issuers of securities in which the Funds invest could result in material adverse consequences for such issuers, and may cause a Fund's investment in such securities to lose value.

<u>Infectious Illness Risk.</u> A widespread outbreak of an infectious illness, such as the COVID-19 pandemic, may negatively affect economies, markets, economic sectors and industries and individual companies throughout the world, including those in which the Fund invests. The effects of a pandemic to public health and business and market conditions, may include, among other things, travel restrictions, disruption of healthcare services, prolonged quarantines, cancellations, reduced consumer demand and economic output, supply chain disruptions, business closures, layoffs, ratings downgrades, defaults, increased government spending and other significant economic, social and political impacts. Markets may experience temporary closures, extreme volatility, severe losses, reduced liquidity and increased trading costs. Such events may adversely affect the Fund and its investments and may impact the Fund's ability to purchase or sell securities or cause increased premiums or discounts to the Fund's NAV.

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**TRUSTEES AND OFFICERS**

The following information supplements, and should be read in conjunction with, the section in Part A entitled "Management, Organization and Capital Structure."

**General**

The following table provides basic information about the Trustees and those Officers of the Trust who perform policy-making functions. Each of the Trustees and Officers listed below acts in identical capacities for the Allspring family of funds, which as of April 30, 2025, consists of 93 series comprising Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust, Allspring Exchange-Traded Funds Trust and four closed-end funds(collectively the "Fund Complex" or the "Trusts"). The business address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. Each Trustee and Officer serves an indefinite term, with the Trustees subject to retirement from service as required pursuant to the Trust's retirement policy at the end of the calendar year in which a Trustee turns 75.

Information for Trustees, all of whom are not "interested" persons of the Trust, as that term is defined under the 1940 Act ("Independent Trustees"), appears below. In addition to the Officers listed below, the Funds have appointed an Anti-Money Laundering Compliance Officer.

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;&nbsp;**Position Held with Registrant/Length of Service<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years or Longer** | &nbsp;&nbsp;&nbsp;**Current Other Public Company or Investment Company Directorships** |
|  |  | &nbsp;&nbsp;&nbsp;**INDEPENDENT TRUSTEES** |  |
| &nbsp;&nbsp;William R. Ebsworth<br>(Born 1957) | &nbsp;&nbsp;&nbsp;Trustee, since 2015 | &nbsp;&nbsp;&nbsp;Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Serves on the Investment Company Institute's Board of Governors since 2022 and Executive Committee since 2023; and Chair of the Governing Council of the Independent Directors Council since 2024 and Vice Chair from 2023 to 2024. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder. | &nbsp;&nbsp;&nbsp;N/A |

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;&nbsp;**Position Held with Registrant/Length of Service** **<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years or Longer** | &nbsp;&nbsp;&nbsp;**Current Other Public Company or Investment Company Directorships** |
| &nbsp;&nbsp;Jane A. Freeman<br>(Born 1953) | &nbsp;&nbsp;&nbsp;Trustee, since 2015; Audit Committee Chair, since 2025 | &nbsp;&nbsp;&nbsp;Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst. | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Isaiah Harris, Jr.<br>(Born 1952) | &nbsp;&nbsp;&nbsp;Trustee, since 2009 | &nbsp;&nbsp;&nbsp;Retired. Member of the Advisory Board of CEF or East Central Florida. Chairman of the Board of CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public accountant (inactive status). | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;David F. Larcker<br>(Born 1950) | &nbsp;&nbsp;&nbsp;Trustee, since 2009 | &nbsp;&nbsp;&nbsp;Distinguished Visiting Fellow at the Hoover Institution since 2022. James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus), Stanford University, Director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005. | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Olivia S. Mitchell<br>(Born 1953) | &nbsp;&nbsp;&nbsp;Trustee, since 2006 | &nbsp;&nbsp;&nbsp;International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the University of Pennsylvania. Director of Wharton's Pension Research Council and Boettner Center on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously taught at Cornell University from 1978 to 1993. | &nbsp;&nbsp;&nbsp;N/A |

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|:---|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;&nbsp;**Position Held with Registrant/Length of Service** **<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years or Longer** | &nbsp;&nbsp;&nbsp;**Current Other Public Company or Investment Company Directorships** |
| &nbsp;&nbsp;Timothy J. Penny<br>(Born 1951) | &nbsp;&nbsp;&nbsp;Trustee, since 1996; Chair, since 2018 | &nbsp;&nbsp;&nbsp;President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Vice Chair of the Economic Club of Minnesota, since 2007. Co-Chair of the Committee for a Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;James G. Polisson<br>(Born 1959) | &nbsp;&nbsp;&nbsp;Trustee, since 2018; Nominating and Governance Committee Chair, since 2024 | &nbsp;&nbsp;&nbsp;Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics' Institute, a non-profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of Columbia Bar Associations. | &nbsp;&nbsp;&nbsp;N/A |
| &nbsp;&nbsp;Pamela Wheelock<br>(Born 1959) | &nbsp;&nbsp;&nbsp;Trustee, since January 2020; previously Trustee from January 2018 to July 2019; Chair Liaison, since July 2024 | &nbsp;&nbsp;&nbsp;Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination Medical Center Corporation. Member of the Boards of Trustees for the College of Saint Benedict & Saint John's University since 2025. Board member of the Minnesota Wild Foundation from 2009-2024. | &nbsp;&nbsp;&nbsp;N/A |

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1. Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

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|:---|:---|:---|
| &nbsp;&nbsp;**Name and Year of Birth** | &nbsp;&nbsp;&nbsp;**Position Held with Registrant/Length of Service<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years or Longer<sup>2</sup>** |
|  |  | &nbsp;&nbsp;&nbsp;**OFFICERS** |
| &nbsp;&nbsp;John Kenney<br>(Born 1965) | &nbsp;&nbsp;&nbsp;President, since 2025 | &nbsp;&nbsp;&nbsp;President and Chief Executive Officer of Allspring Funds Management, LLC since 2025 and Head of Strategic Initiatives of Allspring Global Investments since 2022. Prior thereto, Independent Board Member for the Principal Funds from 2020 to 2022, Executive Vice President and Global Head of Affiliate Strategic Initiatives from 2015 to 2020 for Legg Mason Global Asset Management and Managing Director, Corporate Strategy and Business Development from 2014 to 2015 for Legg Mason Global Asset Management. |
| &nbsp;&nbsp;Jeremy DePalma<br>(Born 1974) | &nbsp;&nbsp;&nbsp;Treasurer, since 2012 (for certain funds in the Fund Complex); since 2021 (for the remaining funds in the Fund Complex) | &nbsp;&nbsp;&nbsp;Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010. |
| &nbsp;&nbsp;Christopher Baker<br>(Born 1976) | &nbsp;&nbsp;&nbsp;Chief Compliance Officer since 2022 | &nbsp;&nbsp;&nbsp;Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors. |
| &nbsp;&nbsp;Matthew Prasse<br>(Born 1983) | &nbsp;&nbsp;&nbsp;Chief Legal Officer, since 2022 and Secretary, since 2021 | &nbsp;&nbsp;&nbsp;Managing Counsel of the Allspring Legal Department since 2023. Previously, Senior Counsel of the Allspring Legal Department from 2021 to 2023. Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021; Counsel for Barings LLC from 2015 to 2018. Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015. |

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1. Length of service dates reflect the Officer's commencement of service with the Trust's predecessor entities, where applicable.

2. For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

The Trust's Declaration of Trust, as amended and restated from time to time (the "Declaration of Trust"), does not set forth any specific qualifications to serve as a Trustee other than that no person shall stand for initial election or appointment as a Trustee if such person has already reached the age of 72. The Nominating and Governance Committee Charter includes certain specific qualifications to serve as a Trustee. The Nominating and Governance Committee's Charter and its Statement of Governance Principles also set forth certain factors that the Nominating and Governance Committee may take into account in considering Trustee candidates and a process for evaluating potential conflicts of interest, which identifies certain disqualifying conflicts. All of the current Trustees are Independent Trustees. Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question and discuss information provided to them, to interact effectively with the other Trustees, Allspring Funds Management, LLC ("Allspring Funds Management" or the "Manager"), sub-advisers, other service providers, counsel and the independent registered public accounting firm, and to exercise effective and independent business judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has been attained through the Trustee's business, consulting, public service, professional and/or academic positions and through experience from service as a board member of the Trust and the other Trusts in the Fund Complex (and/or in other capacities, including for any predecessor funds), other registered investment companies, public companies, and/or non-profit entities or other organizations. Each Trustee's ability to perform his or her duties effectively also has been enhanced by his or her educational background, professional training, and/or other life experiences. The specific experience, qualifications, attributes and/or skills that led to the conclusion that a Trustee should serve as a Trustee of the Trusts in the Fund Complex are as set forth below.

*William R. Ebsworth.* Mr. Ebsworth has served as a Trustee of the Trusts in the Fund Complex since January 1, 2015. He also served as a trustee of Asset Allocation Trust from 2015 to 2018. From 1984 to 2013, he held positions as an

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equities analyst, portfolio manager, research director and chief investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc., where he led a team of investment professionals managing client assets. Prior thereto, he served as a Board member of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth has served on the Investment Company Institute's Board of Governors since 2022 and Executive Committee since 2023. He has served as Chair of the Governing Council of the Independent Directors Council since 2024 and served as Vice Chair from 2023 to 2024. He also serves as an Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit organization). Mr. Ebsworth is a CFA® charterholder.

*Jane A. Freeman.* Ms. Freeman has served as a Trustee of the Trusts in the Fund Complex since January 1, 2015 and as Chair of the Audit Committee since 2025. Ms. Freeman has been determined by the Board to be an audit committee financial expert as such term is defined in the applicable rules of the SEC. She also served as Chair Liaison from 2018-2024 and as a trustee of Asset Allocation Trust from 2015 to 2018. From 2012 to 2014 and 1999 to 2008, Ms. Freeman served as the Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to joining Scientific Learning, Ms. Freeman was employed as a portfolio manager at Rockefeller & Co. and Scudder, Stevens & Clark. She served as a board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the Audit Committee. She also served as a board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and as chair of the Audit Committee. Ms. Freeman is also an inactive Chartered Financial Analyst.

*Isaiah Harris, Jr.* Mr. Harris has served as a Trustee of the Trusts in the Fund Complex since 2009 and as Chair of the Audit Committee from 2019-2024, and was an Advisory Board Member from 2008 to 2009. He also served as a trustee of Asset Allocation Trust from 2010 to 2018. Mr. Harris serves as a member of the Advisory Board of CEF of East Central Florida. He served as the Chair of the Board of CIGNA Corporation from 2009 to 2021, and director from 2005 to 2008. From 2003 to 2011, Mr. Harris served as a director of Deluxe Corporation. As a director of these and other public companies, he has served on board committees, including governance, audit and compensation committees. Mr. Harris served in senior executive positions, including as president, chief executive officer, vice president of finance and/or chief financial officer, of operating companies for approximately 20 years. Mr. Harris was an Emeritus Member of the Iowa State University Foundation Board of Governors, Emeritus Member of the Advisory Board of Iowa State University School of Business, Advisory Board Member, Palm Harbor Academy (private school), and an Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is also a certified public accountant (inactive status).

*David F. Larcker.* Mr. Larcker has served as a Trustee of the Trusts in the Fund Complex since 2009 and was an Advisory Board member from 2008 to 2009. He also served as a trustee of Asset Allocation Trust from 2010 to 2018. Mr. Larcker has served as a distinguished Visiting Fellow at the Hoover Institution since 2022. He also serves as the James Irvin Miller Professor of Accounting at the Graduate School of Business (Emeritus) of Stanford University, and as director of the Corporate Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008, Mr. Larcker served as professor of Accounting at the Graduate School of Business, Stanford University. He has been a professor of accounting for over 30 years. He has written numerous articles on a range of topics, including managerial accounting, financial statement analysis and corporate governance.

*Olivia S. Mitchell.* Ms. Mitchell has served as a Trustee of the Trusts in the Fund Complex since 2006 and was a Chair of the Nominating and Governance Committee from 2018 to 2024. She also served as a trustee of Asset Allocation Trust from 2010 to 2018. Ms. Mitchell is the International Foundation of Employee Benefit Plans Professor at the Wharton School of the University of Pennsylvania, where she is also Professor of Insurance/Risk Management and Business Economics/Policy. She also serves in senior positions with academic and policy organizations that conduct research on pensions, retirement, insurance, risk management, and related topics, including as Executive Director of the Pension Research Council and Director of the Boettner Center on Pensions and Retirement Research, both at the University of Pennsylvania. She has taught on and served as a consultant on economics, insurance, and risk management, served as Department Chair, advised numerous governmental entities, and written numerous articles and books on topics including retirement systems, private and social insurance, and health and retirement policy.

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*Timothy J. Penny.* Mr. Penny has served as a Trustee of the Trusts in the Fund Complex and their predecessor funds since 1996, and Chair of the Board of Trustees since 2018. He also served as a Trustee of Asset Allocation Trust from 2010 to 2018. He has been President and Chief Executive Officer of Southern Minnesota Initiative Foundation since 2007. He has served as Vice Chair of the Economic Club of Minnesota since 2007 and as Co-Chair of the Committee for a Responsible Federal Budget since 1995. He also serves as a member of the board of another non-profit organization and served as a Senior Fellow of the University of Minnesota Humphrey Institute from 1995 to 2017. Mr. Penny was a member of the U.S. House of Representatives for 12 years representing Southeastern Minnesota's First Congressional District.

*James G. Polisson.* Mr. Polisson has served as a Trustee of the Trusts in the Fund Complex since 2018 and as Chair of the Nominating and Governance Committee since 2024. He also served as an Advisory Board member in 2017. Mr. Polisson has extensive experience in the financial services industry, including over 15 years in the ETF industry. From 2015 to July 31, 2017, Mr. Polisson was the Chief Marketing Officer of Source (ETF) UK Services, Ltd., one of the largest providers of exchange-traded products in Europe. From 2012 to 2015, Mr. Polisson was Principal of The Polisson Group, LLC, a management consulting, corporate advisory and principal investing firm. Prior to 2012, Mr. Polisson was Chief Executive Officer and Managing Director of Russell Investments' global ETF business from 2010 to 2012. He was also a member of the Board of Trustees of Russell Exchange Traded Funds Trust, where he served as Chairman, President and Chief Executive Officer from 2011 to 2012. Mr. Polisson also served as Chief Marketing Officer for Barclays Global Investors from 2000 to 2010, where he led global marketing for the iShares ETF business.

*Pamela Wheelock.* Ms. Wheelock has served as a Trustee of the Trusts in the Fund Complex since January 2020 and previously from January 2018 until July 2019. Ms. Wheelock has served as Chair Liaison since 2024 and was an Advisory Board member in 2017. Ms. Wheelock has more than 25 years of leadership experience in the private, public and nonprofit sectors. She is currently Chair of the Board of Directors of Destination Medical Center Corporation, a member of the Boards of Trustees for the College of Saint Benedict & Saint John's University and a Board member of the Minnesota Wild Foundation, where she previously served as Executive Vice-President and Chief Financial Officer from 2002-2008. She was Interim President of the McKnight Foundation from January to September 2020. She served as the acting Commissioner of the Minnesota Department of Human Services from July 2019 through September 2019 and as a consultant (part-time) of the Minnesota Department of Human Services from October 2019 through December 2019. Ms. Wheelock was the Chief Operating Officer of Twin Cities Habitat for Humanity from 2017 through 2019. Prior to joining Habitat for Humanity in 2017, Ms. Wheelock was the Vice President of University Services at the University of Minnesota from 2012, where she served as chief operations officer of the University. She also served as Interim President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Vice President of the Bush Foundation from 2009 to 2011.

*<u>Board of Trustees - Leadership Structure and Oversight Responsibilities</u>*

Overall responsibility for oversight of the Trust and the Portfolios rests with the Board of Trustees. The Board has engaged Allspring Funds Management to manage the Portfolios on a day-to day basis. The Board is responsible for overseeing Allspring Funds Management and other service providers in the operation of the Trust in accordance with the provisions of the 1940 Act, applicable provisions of Delaware law, other applicable laws and the Portfolio's charter. The Board is currently composed of nine members, each of whom is an Independent Trustee. The Board currently conducts regular meetings five times a year. In addition, the Board may hold special in-person or telephonic meetings or informal conference calls to discuss specific matters that may arise or require action between regular meetings. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board has appointed an Independent Trustee to serve in the role of Chairman. The Chairman's role is to preside at all meetings of the Board and to act as a liaison with service providers, officers, attorneys, and other Trustees generally between meetings. The Chairman may also perform such other functions as may be delegated by the Board from time to time. In order to assist the Chairman in maintaining effective communications with the other Trustees and Allspring Funds Management, the Board has appointed a Chair Liaison to work with the Chairman to coordinate Trustee communications and to help coordinate timely responses to Trustee inquiries, board governance and fiduciary matters. The Chair Liaison serves for a one-year term, which may be extended with the approval of the Board. Except for any duties specified herein or pursuant to the Trust's charter document, the designation of

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Chairman or Chair Liaison does not impose on such Independent Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed on such person as a member of the Board generally.

The Board also has established a Governance Committee, an Audit Committee and a Dividend Committee to assist the Board in the oversight and direction of the business and affairs of the Trust, and from to time may establish informal working groups to review and address the policies and practices of the Trust with respect to certain specified matters. Additionally, the Board has established investment teams to review in detail the performance of each of the Portfolios, to meet with portfolio managers, and to report back to the full Board. The Board occasionally engages independent consultants to assist it in evaluating initiatives or proposals. The Board believes that the Board's current leadership structure is appropriate because it allows the Board to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among committees of Trustees and the full Board in a manner that enhances effective oversight. The leadership structure of the Board may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics of the Trust.

The Portfolios and Trusts are subject to a number of risks, including investment, compliance, operational, liquidity and valuation risks, among others. Day-to-day risk management functions are subsumed within the responsibilities of Allspring Funds Management, the sub-advisers and other service providers (depending on the nature of the risk), who carry out the Portfolios' investment management and business affairs. Each of Allspring Funds Management, the sub-advisers and other service providers have their own, independent interest in risk management, and their policies and methods of carrying out risk management functions will depend, in part, on their individual priorities, resources and controls.

Risk oversight forms part of the Board's general oversight of the Portfolios and Trusts and is addressed as part of various Board and Committee activities. The Board recognizes that it is not possible to identify all of the risks that may affect a Portfolio or to develop processes and controls to eliminate or mitigate their occurrence or effects. As part of its regular oversight of the Trusts, the Board, directly or through a Committee, interacts with and reviews reports from, among others, Allspring Funds Management, sub-advisers, the Chief Compliance Officer of the Portfolios, the Chief Risk Officer of Allspring Funds Management, the independent registered public accounting firm for the Portfolios, and internal auditors for Allspring Funds Management or its affiliates, as appropriate, regarding risks faced by the Portfolios and relevant risk functions. The Board, with the assistance of its investment teams, reviews investment policies and risks in connection with its review of the Portfolios' performance, and considers information regarding the oversight of liquidity risks from Allspring Funds Management's investment personnel. The Board has appointed a Chief Compliance Officer who oversees the implementation and testing of the Portfolios' compliance program and regularly reports to the Board regarding compliance matters for the Portfolios and their principal service providers. Allspring Funds Management has appointed a Chief Risk Officer to enhance the framework around the assessment, management, measurement and monitoring of risk indicators and other risk matters concerning the Funds and develop periodic reporting of risk management matters to the Board. In addition, as part of the Board's periodic review of the Portfolios' advisory, subadvisory and other service provider agreements, the Board may consider risk management aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board oversees Allspring Funds Management, the Funds' Valuation Designee, reviews reports from Allspring Funds Management regarding valuation matters, and has approved and periodically reviews written valuation policies and procedures applicable to valuing the Portfolio investments. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight role.

*<u>Committees</u>*.

As noted above, the Board has established a standing Nominating and Governance Committee, a standing Audit Committee and a standing Dividend Committee to assist the Board in the oversight and direction of the business and affairs of the Trust. Each such Committee operates pursuant to a charter approved by the Board and is chaired by an Independent Trustee. Each Independent Trustee is a member of the Trust's Nominating and Governance Committee and Audit Committee.

(1) *Nominating and Governance Committee*. Whenever a vacancy occurs on the Board, the Nominating and Governance Committee is responsible for recommending to the Board persons to be appointed as Trustees by the Board, and persons to be nominated for election as Trustees in circumstances where a shareholder vote is required

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by or under the 1940 Act. Generally, the Nominating and Governance Committee selects the candidates for consideration to fill Trustee vacancies, or considers candidates recommended by the other Trustees or by the Trust's management. Pursuant to the Trust's charter document, only Independent Trustees may nominate and select persons to become Independent Trustees for the Trust, so long as the Trust has in effect one or more plans pursuant to Rule 12b-1 under the 1940 Act. The Nominating and Governance Committee, which meets only as necessary, met four times during the May Portfolios' most recently completed fiscal year and met four times during the February Portfolios' most recently completed fiscal year. Olivia Mitchell serves as the chairman of the Governance Committee.

The Nominating and Governance Committee has adopted procedures by which a shareholder may properly submit a nominee recommendation for the Committee's consideration, which are set forth in the Trusts' Nominating and Governance Committee Charter. The shareholder must submit any such recommendation (a "Shareholder Recommendation") in writing to the Trust, to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust. The Shareholder Recommendation must be delivered to, or mailed and received at, the principal executive offices of the Trust not less than forty-five calendar days nor more than seventy-five calendar days prior to the date of the Nominating and Governance Committee meeting at which the nominee would be considered. The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business address, residence address, and nationality of the person recommended by the shareholder (the "candidate"), (B) the series (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director nominees by paragraphs (a), (d), (e), and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule 14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the SEC (or the corresponding provisions of any regulation or rule subsequently adopted by the SEC or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested person" of the Trust (as defined in the 1940 Act) and, if not an "interested person," information regarding the candidate that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the Trust's books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation is being made by the recommending shareholder. In addition, the Nominating and Governance Committee may require the candidate to interview in person or furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate to serve as a Trustee of the Trust. The Nominating and Governance Committee has full discretion to reject nominees recommended by shareholders, and there is no assurance that any such person properly recommended and considered by the Committee will be nominated for election to the Board. In the event of any conflict or inconsistency with respect to the requirements applicable to a Shareholder Recommendation as between those established in the procedures and those in the By-Laws of a Closed-End Fund, the requirements of the By-Laws of such Closed-End Fund shall control

The Nominating and Governance Committee may from time-to-time propose nominations of one or more individuals to serve as members of an "advisory board," as such term is defined in Section 2(a)(1) of the 1940 Act ("Advisory Trustees"). An individual may be eligible to serve as an Advisory Trustee only if that individual meets the requirements to be a "non-interested" Trustee under the 1940 Act and does not otherwise serve the Trust in any other capacity. Any Advisory Trustee shall serve at the pleasure of the Board and may be removed, at any time, with or without cause, by the Board. An Advisory Trustee may be nominated and elected as a Trustee, at which time he or she shall cease to be an Advisory Trustee. Advisory Trustees shall perform solely advisory functions. Unless otherwise specified by the Committee or the Board, Advisory Trustees are invited to attend meetings of the Board and all committees of the Board. Advisory Trustees shall participate in meeting discussions but do not have a vote upon any matter presented to the Board or any committee of the Board, nor do they have any power or authority to act on behalf of or to bind the Board, any committee of the Board or the Trust. Advisory Trustees shall not have any responsibilities or be subject to any liabilities imposed upon Trustees by law or otherwise. Advisory Trustees shall be

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entitled, to the maximum extent permitted by law, to be indemnified by the Trust and shall be covered by any liability insurance coverage that extends to Trustees and officers of the Trust. Advisory Trustees shall be paid the same meeting fees payable to Trustees and shall have their expenses reimbursed in accordance with existing Board expense reimbursement policies. Advisory Trustees shall not receive any retainer fees.

(2) Audit Committee. The Audit Committee oversees the May Portfolios' accounting and financial reporting policies and practices, reviews the results of the annual audits of the February Portfolios' financial statements, and interacts with the February Portfolios' independent registered public accounting firm on behalf of the full Board. The Audit Committee operates pursuant to a separate charter, met four times during the May Portfolios' most recently completed fiscal year and met seven times during the February Portfolios' most recently completed fiscal year. Judith M. Johnson serves as the chairperson of the Audit Committee.

(3) *Dividend Committee*. The Board has delegated to the Dividend Committee the responsibility to review and approve certain dividend amount determinations made by a separate committee composed of representatives from Allspring Funds Management and certain sub-advisers ("Management Open-End Dividend Committee"). The Board also has delegated to the Management Open-End Dividend Committee the authority to determine periodic dividend amounts subject to certain Board-approved thresholds ("Thresholds") to be paid by each of the Core Plus Bond Fund, Diversified Income Builder Fund, Emerging Markets Equity Income Fund, Income Plus Fund, International Bond Fund, Managed Account CoreBuilder Shares - Series CP and Real Return Fund. To the extent the Management Open-End Dividend Committee makes a dividend amount determination that does not comply with the Thresholds, the Dividend Committee must review and approve, as it deems appropriate, such determination. The Dividend Committee is composed of three Independent Trustees and did not meet during the Fund's most recently completed fiscal year.

The committees met the following number of times during the most recently completed fiscal year:

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| | |
|:---|:---|
| &nbsp;&nbsp;**Committee Name** | **Committee Meetings During Last Fiscal Year** |
| &nbsp;&nbsp;Nominating and Governance Committee | 5 |
| &nbsp;&nbsp;Audit Committee | 7 |
| &nbsp;&nbsp;Dividend Committee | 0 |

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*Compensation.* The Trustees do not receive any retirement benefits or deferred compensation from the Trust or any other member of the Fund Complex. The Trust's Officers are not compensated by the Trust for their services. Listed below is the compensation that was paid to each current Trustee by a Fund and the Fund Complex for the most recently completed fiscal period:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Trustee** | &nbsp;&nbsp;&nbsp;**Compensation from each Fund** | &nbsp;&nbsp;&nbsp;**Total Compensation from the Fund Complex<sup>1</sup>** |
| &nbsp;&nbsp;William R. Ebsworth | &nbsp;&nbsp;&nbsp;$3978 | &nbsp;&nbsp;&nbsp;$370000 |
| &nbsp;&nbsp;Jane A. Freeman | &nbsp;&nbsp;&nbsp;$4151 | &nbsp;&nbsp;&nbsp;$386000 |
| &nbsp;&nbsp;Isaiah Harris, Jr. | &nbsp;&nbsp;&nbsp;$4151 | &nbsp;&nbsp;&nbsp;$386000 |
| &nbsp;&nbsp;David F. Larcker | &nbsp;&nbsp;&nbsp;$3962 | &nbsp;&nbsp;&nbsp;$368500 |
| &nbsp;&nbsp;Olivia S. Mitchell | &nbsp;&nbsp;&nbsp;$3962 | &nbsp;&nbsp;&nbsp;$368500 |
| &nbsp;&nbsp;Timothy J. Penny | &nbsp;&nbsp;&nbsp;$4817 | &nbsp;&nbsp;&nbsp;$448000 |
| &nbsp;&nbsp;James G. Polisson | &nbsp;&nbsp;&nbsp;$4204 | &nbsp;&nbsp;&nbsp;$391000 |
| &nbsp;&nbsp;Pamela Wheelock | &nbsp;&nbsp;&nbsp;$4204 | &nbsp;&nbsp;&nbsp;$391000 |

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1. As of April 30, 2025, there were 93 series in the Fund Complex.

*Beneficial Equity Ownership Information.* The following table contains specific information about the dollar range of equity securities beneficially owned by each Trustee as of December 31, 2024 in each Portfolio and the aggregate dollar range of equity securities in other Funds in the Fund Complex overseen by the Trustees, stated as one of the following ranges: A = $0; B = $1 - $10,000; C = 10,001 - $50,000; D = $50,001 - $100,000; and E = Over $100,000.

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| |
|:---|
| &nbsp;&nbsp;**Portfolio** |
| &nbsp;&nbsp;Core Bond Portfolio<br> A |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio<br> A |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio<br> A |
| &nbsp;&nbsp;Macro Strategies Portfolio<br> A |
| &nbsp;&nbsp;Real Return Portfolio<br> A |
| &nbsp;&nbsp;Small Company Growth Portfolio<br> A |
| &nbsp;&nbsp;Small Company Value Portfolio<br> A |
| &nbsp;&nbsp;**Aggregate Dollar Range of Equity Securities in All Funds Overseen by Trustee in Fund Complex<sup>1</sup>**<br> E |

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1. Includes Trustee ownership in shares of funds within the entire Allspring Fund Complex consisting of 96 funds as of December 31, 2024.

*Ownership of Securities of Certain Entities.* As of the calendar year ended December 31, 2024, none of the Independent Trustees and/or their immediate family members owned securities of the investment manager, any sub-advisers, or the distributor, or any entity directly or indirectly controlling, controlled by, or under common control with the manager, any sub-advisers, or the distributor.

*Communications with Board Members*. The Board has approved a policy for communications with Board members. Any Shareholder who wishes to send a communication to the Board should send the communication to the Allspring Fund Board of Trustees, 1415 Vantage Park Drive, 3rd Floor, Charlotte, North Carolina 28203. The communication must be in writing signed by the shareholder and it must include: (i) the name(s) and address of the Fund shareholder; (ii) the number of shares owned by the shareholder; and (iii) the name of the Fund(s) (and, if applicable, class(es)) which issued the shares held by the shareholder. If a Shareholder wishes to send a communication directly to an individual Trustee or to a committee of the Board of Trustees, the communication should be specifically addressed to such individual Trustee or committee and sent to the above address.

**ADVISER AND OTHER SERVICE PROVIDERS**

**<u>Adviser</u>**

Allspring Funds Management, LLC ("Allspring Funds Management"), 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., is the investment adviser for the Portfolios. Allspring Funds Management is responsible for implementing the investment objectives and strategies of the Portfolios. To assist Allspring Funds Management in performing these responsibilities, Allspring Funds Management has contracted with one or more sub-advisers to provide day-to-day portfolio management services to the Portfolios. Allspring Funds Management retains overall responsibility for the management of the Portfolios. For providing advisory services, the Adviser is entitled to receive a monthly fee at the annual rates indicated below of each Portfolio's average daily net assets:

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|:---|:---|:---|
| &nbsp;&nbsp;**Master Trust Portfolios** | **Allspring Funds Management Advisory Fees** | **Allspring Funds Management Advisory Fees** |
| &nbsp;&nbsp;**Core Bond Portfolio<br>Real Return Portfolio** | First $500M<br>Next $500M<br>Next $2B<br>Next $2B<br>Next $5B<br>Over $10B | 0.400%<br>0.375%<br>0.350%<br>0.325%<br>0.300%<br>0.290% |
| &nbsp;&nbsp;**Disciplined International Developed Markets Portfolio<br>Disciplined Large Cap Portfolio** | First $1B<br>Next $4B<br>Over $5B | 0.250%<br>0.225%<br>0.200% |
| &nbsp;&nbsp;**Macro Strategies Portfolio** | First $1B<br>Next $4B<br>Over $5B | 0.350%<br>0.325%<br>0.300% |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Master Trust Portfolios** | **Allspring Funds Management Advisory Fees** | **Allspring Funds Management Advisory Fees** |
| &nbsp;&nbsp;**Small Company Growth Portfolio<br>Small Company Value Portfolio** | First $500M<br>Next $500M<br>Next $1B<br>Next $1B<br>Next $1B<br>Over $4B | 0.800%<br>0.775%<br>0.750%<br>0.725%<br>0.700%<br>0.680% |

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<u>General.</u> Each Portfolio's Advisory Agreement will continue in effect for an initial two-year term and thereafter annually provided that after the initial two-year term the continuance is approved annually (i) by the holders of a majority of the respective Portfolio's outstanding voting securities or by the Board and (ii) by a majority of the Trustees who are not parties to the Advisory Agreement or "interested persons" (as defined under the 1940 Act) of any such party. The Advisory Agreement may be terminated at any time by vote of the Board or by vote of a majority of a Portfolio's outstanding voting securities, or by Allspring Funds Management on 60 days' written notice. It will terminate automatically if assigned.

**<u>Administrator</u>**

The Trust has retained Allspring Funds Management as administrator on behalf of each Portfolio (the "Administrator") pursuant to an Administrative Agreement. Under the Administration Agreement between Allspring Funds Management and the Trust, Allspring Funds Management shall provide as administrative services, among other things: (i) general supervision of the Portfolios' operations, including coordination of the services performed by each Portfolios' adviser, custodian, auditors and legal counsel, regulatory compliance, including the compilation of information for documents such as reports to, and filings with, the SEC and state securities commissions; and shareholder reports for each Portfolio; and (ii) general supervision relative to the compilation of data required for the preparation of periodic reports distributed to the Trust's officers and Trustees. Allspring Funds Management also furnishes office space and certain facilities required for conducting the Portfolios' business together with ordinary clerical and bookkeeping services. The Administrator is not entitled to receive an administration fee as long as it receives an administration fee at the gateway fund level.

*<u>Advisory Fees Paid.</u>* The table below shows the dollar amount of advisory fees payable as a percentage of average daily net assets by each Portfolio over its past three fiscal years, or such shorter term as a Portfolio has been operational. Specifically, the table details the dollar amount of fees that would have been payable had certain waivers not been in place, together with the dollar amount of fees waived and the dollar amount of net fees paid. The advisory fee rates are set forth in Part A.

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| | | |
|:---|:---|:---|
| **Advisory Fees Paid** | **Advisory Fees Paid** | **Advisory Fees Paid** |
| &nbsp;&nbsp;**Master Portfolio** | **Advisory Fees Paid** | **Advisory Fees Waived** |
| &nbsp;&nbsp;**April 30, 2025** |  |  |
| &nbsp;&nbsp;Core Bond Portfolio | $16897247 | $1301300 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $714757 | $0 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $836071 | $0 |
| &nbsp;&nbsp;Macro Strategies Portfolio | $972588 | $0 |
| &nbsp;&nbsp;Real Return Portfolio | $798826 | $205111 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $4483683 | $0 |
| &nbsp;&nbsp;Small Company Value Portfolio | $5089655 | $507821 |
| &nbsp;&nbsp;**April 30, 2024<sup>1</sup>** |  |  |
| &nbsp;&nbsp;Core Bond Portfolio | $14025843 | $1204798 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $434628 | $0 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $575364 | $0 |
| &nbsp;&nbsp;Macro Strategies Portfolio | $173733 | $0 |
| &nbsp;&nbsp;Real Return Portfolio | $684856 | $150016 |

---

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| | | |
|:---|:---|:---|
| **Advisory Fees Paid** | **Advisory Fees Paid** | **Advisory Fees Paid** |
| &nbsp;&nbsp;**Master Portfolio** | **Advisory Fees Paid** | **Advisory Fees Waived** |
| &nbsp;&nbsp;Small Company Growth Portfolio | $4554291 | $112 |
| &nbsp;&nbsp;Small Company Value Portfolio | $3754006 | $427136 |
| &nbsp;&nbsp;**May 31, 2023** |  |  |
| &nbsp;&nbsp;Core Bond Portfolio | $15486310 | $329616 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $349070 | $0 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $570131 | $0 |
| &nbsp;&nbsp;Real Return Portfolio | $643533 | $220731 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $5792866 | $0 |
| &nbsp;&nbsp;Small Company Value Portfolio | $3984413 | $523137 |

---

1. Each Portfolio changed its fiscal year-end from May 31 to April 30. The information shown for each Portfolio is for this shortened period.

**<u>Sub-Advisers</u>**

Allspring Funds Management has engaged Allspring Global Investments, LLC ("Allspring Investments"), Allspring Global Investment (UK) Limited ("Allspring (UK)") and Peregrine Capital Management, LLC ("Peregrine"), (collectively, the "Sub-Advisers") to serve as sub-advisers to the Portfolios. Subject to the direction of the Trust's Board and the overall supervision and control of Allspring Funds Management and the Trust, the Sub-Advisers provide day-to-day portfolio management services to the Portfolios.

For providing investment sub-advisory services to a Portfolio, the applicable Sub-Adviser is entitled to receive monthly fees at an annual rate based on the Portfolio's average daily net assets. The Sub-Adviser is compensated for its services by Allspring Funds Management from the fees Allspring Funds Management receives for its services as investment adviser to the Portfolio.

**<u>Unaffiliated Sub-Advisers</u>**

Listed below is the aggregate dollar amount of sub-advisory fees paid by each Portfolio to the following unaffiliated sub-advisers for the fiscal years ended as indicated below.

---

| | | | |
|:---|:---|:---|:---|
| **Sub-Advisory Fees Paid** |  |  |  |
| &nbsp;&nbsp;**Master Portfolio** | **Sub-Adviser** | **Sub-Advisory<br>Fees Paid** | **Fees Waived/<br>Reimbursed** |
| &nbsp;&nbsp;**Small Company Growth Portfolio** | Peregrine |  |  |
| &nbsp;&nbsp;Year Ended April 30, 2025 |  | $2133482 | $0 |
| &nbsp;&nbsp;Year Ended April 30, 2024<sup>1</sup> |  | $2181172 | $0 |
| &nbsp;&nbsp;Year Ended May 31, 2023 |  | $2779083 | $0 |

---

1. The Portfolio changed its fiscal year-end from May 31 to April 30. The information shown for the Portfolio is for this shortened period.

**<u>Portfolio Managers</u>**

The following information supplements, and should be read in conjunction with, the section in Part A entitled "Portfolio Managers." These portfolio managers (each a "Portfolio Manager" and together, the "Portfolio Managers") manage the investment activities of the Portfolios as listed below on a day-to-day basis.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolios** | &nbsp;&nbsp;&nbsp;**Sub-Adviser** | **Portfolio Managers** |
| &nbsp;&nbsp;Core Bond Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Maulik Bhansali, CFA<br>Jarad Vasquez |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Justin P. Carr, CFA<br>Vince Fioramonti, CFA |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Justin P. Carr, CFA<br>Robert M. Wicentowski, CFA |

---

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolios** | &nbsp;&nbsp;&nbsp;**Sub-Adviser** | **Portfolio Managers** |
| &nbsp;&nbsp;Macro Strategies Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Petros N. Bocray, CFA, FRM<br>Travis L. Keshemberg, CFA, CIPM, FRM<sup>1</sup><br>David Kowalske, Jr. |
|  | &nbsp;&nbsp;&nbsp;Allspring Investments (UK) | Rushabh Amin<br>Matthias Scheiber, Ph.D., CFA |
| &nbsp;&nbsp;Real Return Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Petros N. Bocray, CFA, FRM<br>Travis L. Keshemberg, CFA, CIPM, FRM<sup>1</sup><br>David Kowalske, Jr., |
|  | &nbsp;&nbsp;&nbsp;Allspring Investments (UK) | Rushabh Amin<br>Matthias Scheiber, Ph.D., CFA |
| &nbsp;&nbsp;Small Company Growth Portfolio | &nbsp;&nbsp;&nbsp;Peregrine | Paul E. von Kuster, CFA<br>Allison Lewis, CFA<br>Ryan H. Smith, CFA<br>Samuel D. Smith, CFA |
| &nbsp;&nbsp;Small Company Value Portfolio | &nbsp;&nbsp;&nbsp;Allspring Investments | Jeff Goverman<br>Gustaf Little<br>Garth R. Nisbet, CFA |

---

1. As of September 1, 2025, Mr.  Keshemberg will no longer serve as a portfolio manager of the Portfolio.

*Management of Other Accounts*. The following table(s) provide information relating to accounts managed by the Portfolio Manager(s). The table(s) do not include any personal brokerage accounts of the Portfolio Manager(s) and their families, but do include the fund within the totals for "Registered Investment Companies". The information in this section is provided as of a Portfolio's fiscal year end.

---

| | | |
|:---|:---|:---|
| **Peregrine** | **Peregrine** | **Peregrine** |
| &nbsp;&nbsp;**Allison Lewis, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$471.29M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$142.12M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;11 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$420.87M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Paul E. von Kuster, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$471.29M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$142.12M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
| &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;11 |
| &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$420.87M |
| &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Ryan H. Smith, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$471.29M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$142.12M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;11 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$420.87M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Samuel D. Smith, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$471.29M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$142.12M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;11 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$420.87M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| **Allspring (UK)** |  |  |
| &nbsp;&nbsp;**Rushabh Amin** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$716.14M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |

---

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---

| | | |
|:---|:---|:---|
| **Allspring (UK)** |  |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$260.72m |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Matthias Scheiber, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;4 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$731.36M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$260.72m |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| **Allspring Investments** |  |  |
| &nbsp;&nbsp;**Maulik Bhansali, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$16.64B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$3.93B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;24 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$13.25B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | |
|:---|:---|
| **Allspring Investments** |  |
| &nbsp;&nbsp;**Petros N. Bocray, CFA, FRM** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |

---

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---

| | | |
|:---|:---|:---|
| **Allspring Investments** |  |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;13 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$3.64B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$2.44M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;12 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$1.13B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Justin P. Carr, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;6 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$2.13B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;3 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$368.10M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;18 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$682.51M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$58.38M |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Vince Fioramonti, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;4 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$1.11B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$63.02M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;13 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$210.93M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

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---

| | | |
|:---|:---|:---|
| **Allspring Investments** |  |  |
| &nbsp;&nbsp;**Jeff Goverman** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$599.78M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;10 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$186.11M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$34.13M |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Travis L. Keshemberg, CFA, CIPM, FRM<sup>1</sup>**<br>| &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;11 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$3.53B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;13 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$906.37 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

1. As of September 1, 2025, Mr.  Keshemberg will no longer serve as a portfolio manager of the Portfolio.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**David Kowalske, Jr.<sup>1</sup>** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;9 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$2.83B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
| &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;7 |
| &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$50.98M |
| &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

1. Mr. Kowalske became a portfolio manager of the Portfolio on August 21, 2025. The information presented in this table is as of April 30, 2025, at which time Mr. Kowalske  was not a portfolio manager of the Portfolio.

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Gustaf Little** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$599.78M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;10 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$186.11M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$34.13M |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Garth R. Nisbet, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$599.78M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;10 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$186.11M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$34.13M |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Jarad Vasquez** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;8 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$16.64B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

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---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
| &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;8 |
| &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$3.93B |
| &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
| &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
| &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;24 |
| &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$13.25B |
| &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
| &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Robert M. Wicentowski, CFA** | &nbsp;&nbsp;&nbsp;**Registered Investment Companies** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;6 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$3.53B |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Pooled Investment Vehicles** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;2 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$305.08M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;0 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$0 |
|  | &nbsp;&nbsp;&nbsp;**Other Accounts** |  |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts | &nbsp;&nbsp;&nbsp;20 |
|  | &nbsp;&nbsp;&nbsp;Total Assets Managed | &nbsp;&nbsp;&nbsp;$632.44M |
|  | &nbsp;&nbsp;&nbsp;Number of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;1 |
|  | &nbsp;&nbsp;&nbsp;Assets of Accounts Subject to Performance Fee | &nbsp;&nbsp;&nbsp;$58.38M |

---

***<u>Material Conflicts of Interest</u>*.** The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Portfolios and other accounts because the Portfolios may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Portfolios, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Portfolio. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Portfolios. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, the Sub-Advisers have adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and ensure that all clients are treated fairly and equitably. Additionally, some of the Sub-Advisers minimize inherent conflicts of interest by assigning the Portfolio Managers to accounts having similar objectives. Accordingly, security block purchases are allocated to all accounts with similar objectives in proportionate weightings. Furthermore, the Sub-Advisers have adopted a Code of Ethics under Rule 17j-1 of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Portfolios and any personal accounts the Portfolio Managers may maintain.

***Peregrine.*** In the case of Peregrine, Peregrine clients hold the same securities in the same proportionate weightings, subject to client and float/liquidity constraints and cash flows. Performance and allocation of securities are closely

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monitored to ensure equal treatment. Accordingly, the Portfolio Managers have not experienced material conflicts of interests in managing multiple accounts.

***Allspring UK.*** Allspring UK Portfolio Managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring UK has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

***Allspring Investments.*** Allspring Investment's Portfolio Managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Allspring Investments has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, Allspring Investments has adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and are designed to ensure that all clients are treated fairly and equitably. Accordingly, security block purchases are allocated to all accounts with similar objectives in a fair and equitable manner. Furthermore, Allspring Investments has adopted a Code of Ethics under Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the "Advisers Act") to address potential conflicts associated with managing the Funds and any personal accounts the Portfolio Managers may maintain.

***<u>Compensation</u>.*** The Portfolio Managers are compensated by their employing Sub-Adviser using the following compensation structure:

***Peregrine.*** Peregrine's Portfolio Managers are compensated with a fixed cash salary plus incentives. Peregrine's compensation structure is heavily skewed toward incentives, which are based primarily on the revenue generated by the investment style and overall firm profitability. Style revenue reflects investment performance, client retention and asset growth, aligning interests of portfolio managers with their clients. Each equity style limits the number of relationships, and Peregrine's small cap strategies also have asset constraints, enabling the Portfolio Managers to be intimately involved in each relationship and ensuring that size does not overwhelm investment opportunities. Finally, a portion of incentive compensation is tied to one-, three- and five-year investment performance relative to standard industry indices.

***Allspring (UK).*** The compensation structure for Allspring (UK) Portfolio Managers includes a competitive fixed base salary plus variable incentives (Allspring (UK) utilizes investment management compensation surveys as confirmation). Incentive bonuses are typically tied to relative investment performance of all accounts under his or her management within acceptable risk parameters. Relative investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant weighting on the 3-and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. This evaluation takes into account relative performance of the accounts to each account's individual benchmark and/or the relative composite performance of all accounts to one or more relevant benchmarks consistent with the overall investment style. In the case of each Fund, the benchmark(s) against which the performance of the Fund's portfolio may be compared for these purposes generally are indicated in the "Average Annual Total Returns" tables in the Prospectuses. Once determined,

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incentives are awarded to portfolio managers annually, with a portion awarded as annual cash and a portion awarded as long term incentive. The long term portion of incentives generally carry a pro-rated vesting schedule over a three year period.

***Allspring Investments.*** The compensation structure for Allspring Investments' Portfolio Managers includes a competitive fixed base salary plus variable incentives, payable annually and over a deferred period. Allspring Investments participates in third party investment management compensation surveys for market-based compensation information to help support individual pay decisions and to ensure our compensation is aligned with the marketplace. In addition to surveys, Allspring Investments also considers prior professional experience, tenure, seniority, and a Portfolio Manager's team size, scope, and assets under management when determining his/her total compensation. In addition, Portfolio Managers who meet the eligibility requirements may participate in our 401(k) plan that features a limited matching contribution. Eligibility for and participation in this plan is on the same basis for all employees.

Allspring Investments' investment incentive program plays an important role in aligning the interests of its Portfolio Managers, investment team members, clients, and shareholders. Incentive awards for Portfolio Managers are determined based on a review of relative investment and business/team performance. Investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant weighting on the 3 and 5 year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style.

Once determined, incentives are awarded to Portfolio Managers annually, with a portion awarded as annual cash and a portion awarded as a deferred incentive. The long-term portion of incentives generally carry a pro-rated vesting schedule over a 3 year period. For many of its Portfolio Managers, Allspring Investments further requires a portion of their annual long-term award be allocated directly into each strategy they manage through a deferred compensation vehicle. In addition, investment team members who are eligible for long term awards also have the opportunity to invest up to 100% of their awards into investment strategies they support (through a deferred compensation vehicle).

As an independent firm, approximately 20% of Allspring Group Holdings, LLC (of which Allspring Investments is a subsidiary) is owned by employees, including Portfolio Managers.

*Beneficial Ownership in the Portfolios*. None of the Portfolio Managers beneficially owned any of the Portfolios' securities as of the fiscal year ended April 30, 2025.

**<u>Placement Agent</u>**

Allspring Funds Distributor, LLC (the "Placement Agent"), located at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203, is the exclusive placement agent for the Interests in the Portfolios. Pursuant to a Placement Agency Agreement, the Placement Agent, as agent, sells Interests in the Portfolios on a continuous basis and transmits purchase and redemption orders that it receives to the Trust.

The Placement Agency Agreement will continue year-to-year as long as such continuance is approved at least annually in accordance with the 1940 Act and the rules thereunder. This agreement shall terminate automatically in the event of its assignment (as defined in the 1940 Act). This agreement may, in any event, be terminated at any time, without the payment of any penalty, by the Trust upon 60 days' written notice to the Placement Agent or by the Placement Agent at any time after the second anniversary of the effective date of this agreement on 60 days' written notice to the Trust.

**<u>Custodian and Fund Accountant</u>**

State Street Bank and Trust Company ("State Street"), located at, One Congress Street Boston, Massachusetts 02114, acts as Custodian and fund accountant, respectively for each Portfolio.

As Custodian, State Street, among other things, maintains a custody account or accounts in the name of each Portfolio, handles the receipt and delivery of securities, selects and monitors foreign sub custodians as the Portfolios' global custody manager, determines income and collects interest on each Portfolio's investments and maintains certain books and records. As fund accountant, State Street is responsible for calculating each Portfolio's daily net asset value per share and for maintaining its portfolio and general accounting records. For its services, State Street is entitled to receive certain transaction fees, asset-based fees and out-of-pocket costs.

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**<u>Independent Registered Public Accounting Firm</u>**

KPMG LLP, an independent registered public accounting firm with offices at Two Financial Center, 60 South Street,Boston, Massachusetts, serves as the independent registered public accounting firm for the Portfolios. KPMG LLP performs an annual audit of the Fund's financial statements. Reports of its activities are provided to the Board.

For each Portfolio, the annual reports, including the audited financial statements for the Portfolios and independent registered public accounting firm's report for the fiscal year ended April 30, 2025, are hereby incorporated herein by reference.

**<u>Code of Ethics</u>**

The Fund Complex, the Adviser, the Placement Agent and the Sub-Advisers each has adopted a code of ethics which contains policies on personal securities transactions by "access persons" as defined in each of the codes. These policies comply with Rule 17j-1 under the 1940 Act and Rule 204A-1 under the Advisers Act, as applicable. Each code of ethics, among other things, permits access persons to invest in certain securities, subject to various restrictions and requirements. To facilitate enforcement, the codes of ethics generally require that an access person submit reports to a designated compliance person regarding personal securities transactions. The codes of ethics for the Fund Complex, the Adviser, the Placement Agent and the Sub-Advisers are on public file with, and are available from, the SEC.

**<u>Proxy Voting Policies and Procedures</u>**

The Trusts have adopted policies and procedures for the Funds ("Fund Proxy Voting Procedures") that are used to determine how to vote proxies relating to portfolio securities held by the Funds of the Trusts. The Fund Proxy Voting Procedures are designed to ensure that proxies are voted in the best interests of Fund shareholders, without regard to any relationship that any affiliated person of a Fund (or an affiliated person of such affiliated person) may have with the issuer of the security and with the goal of maximizing value to shareholders consistent with governing laws and the investment policies of each Fund. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership activism, the Funds support sound corporate governance practices within companies in which they invest. The Board of the Trusts has delegated the responsibility for voting proxies relating to the Funds' portfolio securities to Allspring Funds Management. Allspring Funds Management utilizes the Allspring Global Investments Proxy Voting Policies and Procedures, included below, to ensure that proxies relating to the Funds' portfolio securities are voted in shareholders' best interests.

Allspring Global Investments Proxy Voting Policies and Procedures

**Introduction**

*Allspring Stewardship*<br>As a fiduciary, Allspring is committed to effective stewardship of the assets we manage on behalf of our clients. To us, good stewardship reflects responsible, active ownership and includes both engaging with investee companies and voting proxies in a manner that we believe will maximize the long-term value of our clients' investments.

*Scope*<br>These Proxy Voting Policies and Procedures ("Policies and Procedures") set forth how we exercise voting rights on behalf of clients that have delegated proxy voting authority to any of the following Allspring advisory entities:

■ Allspring Global Investments,  LLC

■ Allspring Funds Management,  LLC

■ Allspring Global Investments (UK) Limited

■ Allspring Global Investments Luxembourg  S.A

■ Allspring Global Investments (Singapore)  Pte. Ltd

■ Galliard Capital Management, LLC

**Voting Philosophy**

Allspring has adopted these Policies and Procedures to ensure that proxies are voted in the best interests of clients, without regard to any relationship that any affiliated person of Allspring or the Investment Product (or an affiliated person of such affiliated person) may have with the issuer. Allspring exercises its voting responsibility as a fiduciary

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with the goal of maximizing the long-term value of our clients' investments consistent with governing laws and the investment policies of each client. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership activism, Allspring supports sound corporate governance practices at companies in which client assets are invested.

**Governance and Administration**

*Proxy Governance Committee*<br>Allspring's Proxy Governance Committee ("PGC") is responsible for overseeing the proxy voting process to ensure its implementation in conformance with these Policies and Procedures. PGC reviews the Policies and Procedures at least annually. PGC may delegate certain powers and responsibilities to proxy voting working groups. PGC reviews and, in accordance with these Policies and Procedures, votes on issues that have been escalated from and proxy voting working groups.

*PGC Meetings*<br>The Allspring Proxy Governance Committee shall convene or act through written consent, including through the use of electronic systems of record, of a majority of Allspring Proxy Governance Committee members as needed and when discretionary voting determinations need to be considered. Any working group of the Allspring Proxy Governance Committee shall have the authority on matters delegated to it to act by vote or written consent, including through the use of electronic systems of record, of a majority of the working group members available at that time. The Allspring Proxy Governance Committee shall also meet quarterly to review the Policies and Procedures.

*PGC Membership*<br>PGC voting members are identified in the Allspring Proxy Charter. Changes to the membership of PGC will be made only with approval of PGC.

*Proxy Due Diligence Working Group*<br>PGC has delegated responsibility to the Proxy Voting Due Diligence Working Group ("DDWG") to review and recommend votes on certain proxy matters as outlined in the procedures below.

*Proxy Administration*<br>Allspring's Stewardship Team ("Stewardship") is responsible for administering the proxy voting process to ensure its implementation consistent with these Policies and Procedures. Stewardship monitors Allspring's third party proxy voting vendor to ensure proxy voting is being done in a timely and accurate manner. Stewardship regularly reviews these Policies and Procedures and recommends revisions as necessary. Stewardship is also responsible for monitoring the potential conflicts of interest disclosed by the proxy voting vendor.

*Third Party Proxy Voting Vendor* <br>Allspring has retained a third-party proxy voting vendor, Institutional Shareholder Services Inc. ("ISS"), to assist in the implementation of certain proxy voting-related functions, including: 1) providing research and recommendations on proxy matters, 2) providing technology to facilitate the sharing of ISS research, 3) voting proxies in accordance with Allspring's instructions, and 4) handling various administrative and reporting items.

**Proxy Voting Procedures**

Allspring's proxy voting process emphasizes engagement with Portfolio Management in order to leverage their knowledge of investee companies. While Allspring's process follows a systematic approach to arrive at a recommended vote, Portfolio Management is given the opportunity to review and override voting recommendations (with documented justification).

Unless otherwise required by applicable law<sup>1</sup> and absent a Portfolio Management override, proxy matters are generally voted in accordance with Allspring's voting policy at ISS designed to implement Allspring's

custom enhancements to the ISS Global Benchmark Proxy Voting Policy<sup>2</sup>, as discussed in more detail below under

"Allspring Proxy Voting Guidelines."<sup>3</sup> However, two types of proxy matters are subject to additional review:

01 Any proxy matters deemed of "high importance"<sup>4</sup> (e.g., proxy contests, mergers, and acquisitions) where ISS

opposes the recommendations of investee company management will be referred to Portfolio Management<sup>5</sup> for case-by-case review and vote determination.

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02 Any proxy matters involving environmental or social issues where ISS opposes the recommendations of investee company management are reviewed by DDWG. If DDWG recommends a vote against investee company management, the recommendation is referred to Portfolio Management<sup>5</sup> for case-by-case review and vote determination.

1. Where provisions of the Investment Company Act of 1940 (the "1940 Act") specify the manner in which items for any third party registered investment companies (e.g., mutual funds, exchange-traded funds and closed-end funds) and business development companies (as defined in Section 2(a)(48) of the 1940 Act) ("Third Party Fund Holding Voting Matters") held by Allspring-advised funds, Allspring shall vote the Third Party Fund Holding Voting Matter on behalf of such funds accordingly.

2. The term "ISS Global Benchmark Policy" means the combination of ISS regional benchmark policies.

3. As directed by certain clients, Allspring applies other ISS guidelines (e.g., ISS Taft-Hartley Guidelines) or custom proxy guidelines provided by the client.

4. The term "high importance" is defined as those items designated Proxy Level 6 or 5 by ISS, which include proxy contests, mergers, and other reorganizations.

5. The Allspring Stewardship Team is part of the Sustainability Team, led by Henrietta Pacquement who reports into the Allspring Chief Investment Officer(s).

**Allspring Proxy Voting Guidelines**

The following reflects Allspring's Proxy Voting Guidelines in effect as of the date of these Policies and Procedures.

We believe that Boards of Directors of investee companies should have strong, independent leadership and should adopt structures and practices that enhance their effectiveness. We recognize that the optimal board size and governance structure can vary by company size, industry, region of operations, and circumstances specific to the company.

■ We generally vote for the election of Directors in uncontested elections. We reserve the right to vote on a case-by-case basis when directors fail to meet their duties as a board member, such as failing to act in the best economic interest of shareholders; failing to maintain independent audit, compensation, nominating committees; and failing to attend at least 75% of meetings, etc.

■ We generally vote for an independent board that has a majority of outside directors who are not affiliated with the top executives and have minimal or no business dealings with the company to avoid potential conflicts of interests.

■ In general, we believe Directors serving on an excessive number of boards could result in time constraints and an inability to fulfill their duties. For Chief Executive Officers, we allow for no more than one outside directorship and for directors at large of operating companies, no more than four in total.<br>We generally support adopting a declassified board structure for public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

■ We generally support annual election of directors of public operating and holding companies. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments.

■ We believe a well-composed board should seek members with a breadth of experiences, perspectives and skillsets in order to create the diversity of thought needed to ensure constructive debate in the boardroom. To this end, we support fulsome disclosure of a board's process for building, assessing and maintaining an effective board, which should include a description of the range of skills, professional experience and personal characteristics (such as age, gender and/or race/ethnicity) represented on the board. We believe a board's composition should comply with the requirements of any relevant market-specific governance frameworks and be consistent with market norms in the market in which the company is listed. To the extent that a board's composition is inconsistent with such requirements or differs from prevailing market norms, we expect the company to disclose the board's rationale for such differences and any anticipated actions to address them. On a case-by-case basis, our assessment of this disclosure may affect our willingness to support the chair of the nominations committee.

We believe it is the responsibility of the Board of Directors to create, enhance, and protect shareholder value and that companies should strive to maximize shareholder rights and representation.

■ We believe that companies should adopt a one-share, one-vote standard and avoid adopting share structures that create unequal voting rights among their shareholders. We will normally support proposals seeking to establish that shareholders are entitled to voting rights in proportion to their economic interests.

■ We believe that directors of public operating and holding companies be elected by a majority of the shares voted. We reserve the right to vote on a case-by-case basis when companies have certain long-term business commitments. This ensures that directors of public operating and holding companies who are not broadly

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supported by shareholders are not elected to serve as their representatives. We will normally support proposals seeking to introduce bylaws requiring a majority vote standard for director elections.

■ We believe a simple majority voting standard should be required to pass proposals. We will normally support proposals seeking to introduce bylaws requiring a simple majority vote.<br>We believe that shareholders who own a meaningful stake in the company and have owned such stake for a sufficient period of time should have, in the form of proxy access, the ability to nominate directors to appear on the management ballot at shareholder meetings. In general, we support market-standardized proxy access proposals, and we will analyze them based on various criteria such as threshold ownership levels, a minimum holding period, and the % and/or number of directors that are subject to nomination.

■ We believe that shareholders should have the right to call a special meeting and not wait for company management to schedule a meeting if there is sufficiently high shareholder support for doing so on issues of substantial importance. In general, we support the right to call a special meeting with a threshold of 15%-25% of shareholder support as we believe it is a reasonable threshold of shareholders and a hurdle high enough to also avoid the waste of corporate resources for narrowly supported interests.

*General Guidelines on Shareholder Proposals*<br>When evaluating shareholder proposals, we consider their materiality to the company and relationship to long-term value generation and/or risk management in light of the company's business model and specific operating context. For instance, certain social issues, such as employee safety, workforce engagement and human rights (including with respect to a company's supply chain), can affect companies' long-term prospects for success. Furthermore, certain environmental issues can present investment risks and opportunities that can impact a company's long-term financial success.

If the issue is deemed material to the company, we then consider salient factors to inform our votes, such as the overall value of any report or other disclosure requested by a proposal, best-in-class practices by peer group companies and best practices in the applicable sector. We will generally avoid supporting proposals that are overly prescriptive, taking into account the current policies, practices, disclosures and regulatory obligations of the company, among other considerations. We generally favor shareholder proposals that improve transparency, as it allows our investment professionals to better understand a company's risks and opportunities and its long-term value drivers.

*Closed-End Funds*<br>We recognize that many exchange-listed closed-end funds ("CEFs") have adopted particular corporate governance practices that deviate from certain policies set forth in these Policies and Procedures. We believe that the distinctive structure of CEFs can provide important benefits to investors but leaves CEFs uniquely vulnerable to short-term oriented activist investors. Thus, to protect the interests of their shareholders, many CEFs have adopted measures to defend against attacks from activist investors. As such, in light of the unique nature of CEFs and their differences in corporate governance practices from operating companies, we will consider on a case-by-case basis proposals involving the adoption of defensive measures by CEFs. This is consistent with our approach to proxy voting that recognizes the importance of case-by-case analysis to ensure alignment with investment team views and voting in accordance with the best interests of shareholders.

*Practical Limitations to Proxy Voting*

While Allspring uses its reasonable best efforts to vote proxies, in certain circumstances, it may be impractical or impossible for Allspring to vote proxies (e.g., limited value or unjustifiable costs). One such instance is "share blocking."

Proxy voting in certain countries requires share blocking, which requires shareholders wishing to vote their proxies to deposit their shares with a designated depository before the date of the meeting. Consequently, the shares may not be sold in the period preceding the proxy vote. Absent compelling reasons, Allspring believes that the benefit derived from voting these shares is outweighed by the burden of limited trading. Therefore, if share blocking is required in certain markets, Allspring will not participate and will refrain from voting proxies for those clients impacted by share blocking.

*Securities on Loan*<br>Clients may have securities lending programs and instruct Allspring to endeavor to recall securities on loan to

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facilitate proxy voting on their behalf. With respect to proxies for loaned securities, if Stewardship is aware of a high importance matter expected on a proxy in time to recall the security, the security will generally be recalled for voting.

*Conflicts of Interest* <br>As a fiduciary to our clients, Allspring seeks to identify and mitigate conflicts of interest that may arise as a result of its proxy voting activities. Allspring may have a conflict of interest regarding a proxy to be voted upon if, for example, Allspring or its affiliates have other relationships with the issuer of the proxy (e.g., if the issuer is a corporate pension fund client of Allspring). When PGC becomes aware of such a conflict of interest, it takes steps to mitigate the conflict by using any of the following methods:

■ Instructing  ISS to vote in accordance with its recommendation

■ Disclosing the conflict to the relevant client and obtaining its consent before voting

■ Submitting the matter to the relevant client to exercise its authority to vote on such matter

■ Engaging an independent fiduciary who will direct the vote on such matter

■ Voting in proportion to other shareholders ("mirror voting")

Finally, Allspring is a private company and controlling interest which is owned by certain private funds managed by GTCR LLC, a private equity firm ("GTCR"). These funds and other funds managed by GTCR also have ownership interests in other companies in which Allspring invests on behalf of its clients. Allspring manages this potential conflict of interest by defaulting all voting of any proxies issued by such companies to the ISS recommendation.

*Records Retention*<br>The Stewardship Team will maintain the following records relating to the implementation of the Policies and Procedures:

■ A copy of these Policies and Procedures

■ Proxy statements received for client securities (which  ISS maintains on behalf of Allspring)

■ Records of votes cast on behalf of investment products and separate account clients (which  ISS maintains on behalf of Allspring)

■ Records of each written client request for proxy voting records and  Allspring's written response to any client request (written or oral) for such records

■ Any documents prepared by Allspring or  ISS that were material to making a proxy voting decision

Such proxy voting books and records shall be maintained for a period of six years.

**Disclosure of Policies and Procedures and Voting Results**

These Policies and Procedures or a summary thereof are disclosed on Allspring's website and as required in relevant regulatory documents.

Upon client request, Allspring will provide clients with proxy statements and any records as to how Allspring voted proxies on their behalf. Clients may contact their relationship manager, call Allspring at 1-866-259-3305 or e-mail: allspring.clientadministration@allspringglobal.com to request a record of proxies voted on their behalf.

Allspring discloses proxy voting results in periodic regulatory reports as required by applicable law. In addition, Allspring may disclose high-level proxy voting statistics in materials on its website. Allspring does not disclose to any issuer or third party how its separate account client proxies are voted.

**<u>Policies and Procedures for Disclosure of Fund Portfolio Holdings</u>**

I. <u>Scope of Policies and Procedures.</u> The following policies and procedures (the "Procedures") govern the disclosure of portfolio holdings and any ongoing arrangements to make available information about portfolio holdings for the separate series of Allspring Funds Trust ("Funds Trust"), Allspring Master Trust ("Master Trust"), Allspring Variable Trust ("Variable Trust"; together with Funds Trust and Master Trust, the "Mutual Fund Trusts"), and Allspring Exchange-Traded Funds Trust ("ETF Trust") (each of Funds Trust, Master Trust, Variable Trust and the ETF Trust are referred to collectively herein as the "Funds" or individually as the "Fund") now existing or hereafter created.

II. <u>Disclosure Philosophy.</u> The Funds have adopted these Procedures to ensure that the disclosure of a Fund's portfolio holdings is accomplished in a manner that is consistent with a Fund's fiduciary duty to its shareholders. For

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purposes of these Procedures, the term "portfolio holdings" means the stock, bond and derivative positions held by a Fund and includes the cash investments held by the Fund. For exchange-traded funds, "portfolio holdings" means the securities, assets or other positions held by the exchange-traded fund.

Under no circumstances shall Allspring Funds Management, LLC ("Allspring Funds Management"), Allspring Global Investments, LLC ("Allspring") or the Funds receive any compensation in return for the disclosure of information about a Fund's portfolio holdings or for any ongoing arrangements to make available information about a Fund's portfolio holdings.

III. <u>Disclosure of Fund Portfolio Holdings</u>.

**<u>Mutual Fund Trusts:</u>**

The complete portfolio holdings and top ten holdings information referenced below (except for the Funds of Master Trust ("Master Portfolios") and Funds of Variable Trust) will be available on the Funds' website until updated for the next applicable period. Allspring Funds Management may withhold any portion of a Fund's portfolio holdings from online disclosure when deemed to be in the best interest of the Fund. Once holdings information has been posted on the website, it may be further disseminated without restriction.

A. <u>Complete Holdings.</u> The complete portfolio holdings for each Fund (except for Money Market Funds and Alternative Fund and Master Portfolios) shall be made publicly available monthly on the Funds' website (www.allspringglobal.com), on a 15-day delayed basis. Money Market Fund portfolio holdings shall be made publicly available daily on the Funds' website, on a 1-day delayed basis. In addition to the foregoing, each Money Market Fund shall post on its website such portfolio holdings and other information required by Rule 2a-7 under the Investment Company Act of 1940, as amended (the "1940 Act"). The categories of information included on the website may differ slightly from what is included in the Funds' financial statements.

B. <u>Top Ten Holdings.</u> Top ten holdings information (excluding derivative positions and affiliated Money Market Funds) for each Fund (except for Money Market Funds, Alternative Fund and Master Portfolios) shall be made publicly available on the Funds' website on a monthly, five-day or more delayed basis.

C. <u>Fund of Funds Structures.</u><br>1. The underlying funds held by a Fund that operates as a fund of funds and invests exclusively in multiple affiliated underlying funds or multiple unaffiliated underlying funds or in a combination of affiliated and unaffiliated underlying funds ("fund of funds") shall be posted to the Funds' website on a monthly, 15-day delayed basis.<br>2. A change to the underlying funds held by a fund of funds or changes in fund of funds' target allocations between or among its fixed-income and/or equity investments may be posted to the Funds' website simultaneous with the occurrence of the change.

D. <u>Specified Alternative Fund.</u><br>The following holdings disclosure policy applies to the Allspring Alternative Risk Premia Fund (the "Alternative Fund"):<br>1. <u>Complete Holdings as of Fiscal Quarter Ends.</u> As of each fiscal quarter end, each Alternative Fund's complete portfolio holdings shall be made publicly available quarterly on the Funds' website, on a 15-day delayed basis.<br>2. <u>Holdings as of Other Month Ends.</u> As of each month end other than a month end that coincides with a fiscal quarter end, each Alternative Fund shall make publicly available monthly on the Funds' website, on a 15-day delayed basis, the following: (i) all portfolio holdings held long other than any put options; (ii) portfolio holdings held short other than short positions in equity securities of single issuers and investment companies; and (iii) the aggregate dollar value of equity securities of single issuers and investment companies held short.<br>3. <u>Top Ten Holdings.</u> Each Alternative Fund shall make publicly available on the Funds' website on a monthly, five-day or more delayed basis information about its top ten long holdings (excluding derivatives positions and affiliated Money Market Funds).

E. <u>Master Portfolios.</u><br>1. The complete portfolio holdings of Master Portfolios, including those Master Portfolios held by Funds that operate as a feeder fund in a master-feeder fund structure, shall be posted to the Funds' website on a monthly, 15-day delayed basis.

**<u>ETF Trust:</u>**

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With respect to those Funds in the ETF Trust that rely on Rule 6c-11 under the 1940 Act, each Fund will adhere to the requirements of such rule, and the Rule 6c-11 Policy, with respect to required holdings disclosures.

**<u>All Funds:</u>**

Each Fund shall file such forms and portfolio holdings information in filings made with the SEC in the manner specified on such forms and with such frequency as required by such forms and applicable SEC rules and regulations.

IV. <u>List of Pre-Approved Recipients Categories.</u> The following list identifies the categories of third parties that are authorized to receive or have access to a Fund's portfolio holdings information in advance of the monthly or other periodic release on the Funds' website. Recipients are included on this list based on a determination that such advance disclosure is supported by a legitimate business purpose and that the recipients, where feasible, are subject to an independent duty or contractual obligation not to disclose or trade on the nonpublic information or trade in shares of the Fund while in possession of the nonpublic information.

A. <u>Allspring Holdings Affiliates.</u> Employees of Allspring Global Investments Holdings, LLC and its affiliates who perform risk management functions and provide other services to the Fund(s), as well as third-party service providers utilized by them to perform such functions and provide such services, shall have full daily access to the portfolio holdings of the Fund(s).

B. <u>Sub-Advisers.</u> Sub-advisers shall have full daily access to fund holdings for the Fund(s) for which they have direct management responsibility. Sub-advisers may also release to and discuss portfolio holdings with various broker/dealers for purposes of analyzing the impact of existing and future market changes on the prices, availability/demand and liquidity of such securities, as well as for the purpose of assisting portfolio managers in the trading of such securities.

A new Fund sub-adviser may periodically receive full portfolio holdings information for such Fund from the date of Board approval through the date upon which they take over day-to-day investment management activities. Such disclosure will be subject to confidential treatment.

C. <u>Money Market Portfolio Management Team.</u> The money market portfolio management team at Allspring Global Investments, LLC ("Allspring Investments") shall have full daily access to daily transaction information across the Funds for purposes of anticipating money market sweep activity which in turn helps to enhance liquidity management within the Money Market Funds.

D. <u>Allspring Funds Management/Allspring Funds Distributor, LLC ("Funds Distributor").</u><br>1. Allspring Funds Management personnel that deal directly with the processing, settlement, review, control, auditing, reporting, and/or valuation of portfolio trades shall have full daily access to Fund portfolio holdings through access to the fund accountant's system.<br>2. Allspring Funds Management personnel that deal directly with investment review and analysis of the Funds shall have full daily access to Fund portfolio holdings through Factset, a program that is used, among other things, to evaluate portfolio characteristics against available benchmarks.<br>3. Allspring Funds Management and Funds Distributor personnel may be given advance disclosure of any changes to the underlying funds in a fund of funds structure or changes in a Fund's target allocations that result in a shift between or among asset classes.

E. <u>External Servicing Agents.</u> Portfolio holdings may be disclosed to servicing agents in connection with the day-to-day operations and management of the Funds. These recipients include, but are not limited to: a Fund's auditors; a Fund's custodians; a Fund's accountants; proxy voting service providers; class action processing service providers; pricing service vendors; prime brokers; securities lending agents; counsel to a Fund or its independent Trustees; regulatory authorities; third parties that assist in the review, processing and/or analysis of Fund portfolio transactions, portfolio accounting and reconciliation, portfolio performance, trade order management, portfolio data analytics, electronic order matching and other analytical or operational systems and services in connection with supporting a fund's operations; a Fund's insurers; financial printers; data and document management vendors engaged to provide marketing support for the Funds; and providers of electronic systems providing access to materials for meetings of a Fund's board of Trustees.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

F. <u>Rating Agencies.</u> Nationally Recognized Statistical Ratings Organizations may receive full Fund holdings for rating purposes.

G. <u>Reorganizations.</u> Entities hired as trading advisors that assist with the analysis and trading associated with transitioning portfolios may receive full portfolio holdings of both the target fund and the acquiring fund. In addition, the portfolio managers of the target fund and acquiring fund may receive full portfolio holdings of the acquiring fund and target fund, respectively, in order to assist with aligning the portfolios prior to the closing date of the reorganization.

H. <u>Investment Company Institute.</u> The Investment Company Institute may receive information about full Money Market Fund holdings concurrently at the time each Money Market Fund files with the SEC a report containing such information.

I. <u>Authorized Participants and Market Makers.</u> In connection the exploration, negotiation and/or execution of a custom basket as described in the Funds' Basket Construction Policy and Procedures by a Fund in ETF Trust, Funds Management or its affiliates may discuss with an authorized participant or market maker the securities the Fund is willing to accept for a creation and securities that the Fund may be willing to provide on a redemption.

J. <u>In-Kind Redemptions.</u> In connection with satisfying in-kind redemption requests made to Funds in the Mutual Fund Trusts, the redeeming shareholders and their advisers and service providers may receive such information regarding Fund holdings as reasonably necessary to operationally process such redemptions or in accordance with limitations on use set forth in an agreement with such party.

V. <u>Authorization to Approve Recipients.</u> The President, Chief Legal Officer and Chief Compliance Officer of the Funds, acting together, are authorized to grant access to a person or persons who are not within the list of pre-approved categories of recipients based on a review of: (i) the type of fund involved; (ii) the purpose for receiving the holdings information; (iii) the intended use of the information; (iv) the frequency of the information to be provided; (v) the length of the lag, if any, between the date of the information and the date on which the information will be disclosed; (vi) the proposed recipient's relationship to the Funds; (vii) the ability of Allspring Funds Management to monitor that such information will be used by the proposed recipient in accordance with the stated purpose for the disclosure; (viii) whether a confidentiality agreement will be in place with such proposed recipient; and (ix) whether any potential conflicts exist regarding such disclosure between the interests of Fund shareholders, on the one hand, and those of the Fund's investment adviser, principal underwriter, or any affiliated person of the Fund. Funds Management shall advise the Board of any such addition at the next regularly scheduled Board meeting that includes reports covering the quarter in which the addition occurred.

VI. <u>Additions to the List of Pre-Approved Recipient Categories.</u> Additions to the pre-approved recipient categories must be approved by the Board of Trustees prior to implementation based on consideration of relevant factors, including those set forth in Section V. above.

VII. <u>Commentaries.</u> <u>Allspring Funds Management</u> and Allspring may disclose any views, opinions, judgments, advice or commentary, or any analytical, statistical, performance or other information in connection with or relating to a Fund or its portfolio holdings (including historical holdings information), or any changes to the portfolio holdings of a Fund. The portfolio commentary and statistical information may be provided to members of the press, shareholders in the Funds, persons considering investment in the Funds or representatives of such shareholders or potential shareholders. The content and nature of the information provided to each of these persons may differ.

Certain of the information described above will be included in periodic fund commentaries (e.g., quarterly, monthly, etc.) and will contain information that includes, among other things, top contributors/detractors from fund performance and significant portfolio changes during the relevant period (e.g., calendar quarter, month, etc.). This information will be posted contemporaneously with their distribution on the Funds' website.

No person shall receive any of the information described above if, in the sole judgment of Allspring Funds Management and Allspring, the information could be used in a manner that would be harmful to the Funds.

VIII. <u>Other Investment Products.</u> Allspring Funds Management, Allspring Investments and/or their affiliates manage other investment products, including investment companies, offshore funds, and separate accounts. Many of these other investment products have strategies that are the same or substantially similar to those of the Funds and thus

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may have the same or substantially similar portfolio holdings. The provision of the portfolio holdings of these other investment products, including any materials or reports regarding such investment products that may disclose, directly or indirectly, such portfolio holdings information, such as trade rotation reports or trade rationales, is excluded from these procedures. Similarly, the provision of a model or reference portfolio, including any materials or reports regarding such model or reference portfolios that may disclose, directly or indirectly, such portfolio holdings information, such as trade rotation reports or trade rationales, to clients, investors and, in some cases, third-party sponsors, in connection with the management or other investment products, is excluded from these procedures, even if the model or reference portfolio is the same as or substantially similar to that of a Fund, provided (1) the model or reference portfolio is not characterized or otherwise identified to the recipient, explicitly or implicitly, as being the portfolio of a Fund and (2) the degree of overlap with the Fund's portfolio or with any portion thereof is not communicated, identified or confirmed to the recipient.

IX. <u>Board Approval.</u> The Board shall review these Procedures, including the list of pre-approved recipient categories, as often as they deem appropriate, but not less often than annually, and will consider for approval any changes that they deem appropriate.

X. <u>Education Component.</u> In order to promote strict compliance with these Procedures, Allspring Funds Management has informed its employees, and other parties possessing Fund portfolio holdings information (such as sub-advisers, the fund accounting agent and the custodian), of the limited circumstances in which the Funds' portfolio holdings may be disclosed in advance of the monthly or other periodic disclosure on the Funds' website and the ramifications, including possible dismissal, if disclosure is made in contravention of these Procedures.

**BROKERAGE**

The Trust has no obligation to deal with any broker-dealer or group of broker-dealers in the execution of transactions in portfolio securities. Subject to the supervision of the Trust's Board and the supervision of the Adviser, the Sub-Advisers are responsible for the Portfolios' portfolio decisions and the placing of portfolio transactions. In placing orders, it is the policy of the Sub-Advisers to obtain the best overall results taking into account various factors, including, but not limited to, the size and type of transaction involved; the broker-dealer's risk in positioning the securities involved; the nature and character of the market for the security; the confidentiality, speed and certainty of effective execution required for the transaction, the general execution and operational capabilities of the broker-dealer; the reputation, reliability, experience and financial condition of the firm, the value and quality of the services rendered by the firm in this and other transactions; and the reasonableness of the spread or commission. While the Sub-Advisers generally seek reasonably competitive spreads or commissions, the Portfolios will not necessarily be paying the lowest spread or commission available.

Purchases and sales of equity securities on a securities exchange are effected through broker-dealers who charge a negotiated commission for their services. Orders may be directed to any broker-dealer including, to the extent and in the manner permitted by applicable law, affiliated broker-dealers. However, the Portfolios and Allspring Funds Management have adopted a policy pursuant to Rule 12b-1(h) under the 1940 Act that prohibits the Portfolios from directing portfolio brokerage to brokers who sell Portfolio Interests as compensation for such selling efforts. In the over-the-counter market, securities are generally traded on a "net" basis with broker-dealers acting as principal for their own accounts without a stated commission, although the price of the security usually includes a profit to the broker-dealer. In underwritten offerings, securities are purchased at a fixed price that includes an amount of compensation to the underwriter, generally referred to as the underwriter's concession or discount.

Purchases and sales of non-equity securities usually will be principal transactions. Portfolio securities normally will be purchased or sold from or to broker-dealers serving as market makers for the securities at a net price. The Portfolios also will purchase portfolio securities in underwritten offerings and may purchase securities directly from the issuer. Generally, municipal obligations and taxable money market securities are traded on a net basis and do not involve brokerage commissions. The cost of executing a Portfolios' portfolio securities transactions will consist primarily of broker-dealer spreads and underwriting commissions. Under the 1940 Act, persons affiliated with the Trust are prohibited from dealing with the Trust as a principal in the purchase and sale of securities unless an exemptive order allowing such transactions is obtained from the SEC or an exemption is otherwise available. The Portfolio may purchase securities from underwriting syndicates of which the Distributor or Allspring Funds

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Management is a member under certain conditions in accordance with the provisions of a rule adopted under the 1940 Act and in compliance with procedures adopted by the Trustees.

In placing orders for portfolio securities of a Portfolio, a Portfolio's Sub-Adviser is required to give primary consideration to obtaining the most favorable price and efficient execution. This means that a Sub-Adviser will seek to execute each transaction at a price and commission, if any, that provide the most favorable total cost or proceeds reasonably attainable in the circumstances. Commission rates are established pursuant to negotiations with the broker-dealer based, in part, on the quality and quantity of execution services provided by the broker-dealer and in the light of generally prevailing rates. Furthermore, the Adviser oversees the trade execution procedures of a Sub-Adviser to ensure that such procedures are in place, that they are adhered to, and that adjustments are made to the procedures to address ongoing changes in the marketplace.

<u>Portfolio Turnover</u>. The portfolio turnover rate is not a limiting factor when Allspring Funds Management deems portfolio changes appropriate. Changes may be made in the portfolios consistent with the investment objectives and policies of the Portfolios whenever such changes are believed to be in the best interests of the Portfolios and their Shareholders. The portfolio turnover rate is calculated by dividing the lesser of purchases or sales of portfolio securities by the average monthly value of the Portfolio's investment securities. For purposes of this calculation, portfolio securities exclude all securities having a maturity when purchased of one year or less. Portfolio turnover generally involves some expense to the Portfolios, including brokerage commissions or dealer mark-ups and other transaction costs on the sale of securities and the reinvestment in other securities. Portfolio turnover may also increase the Portfolio's obligation to make distributions.

From time to time, Allspring Funds Management may waive fees from a Portfolio in whole or in part. Any such waiver will reduce expenses and, accordingly, have a favorable impact on the Portfolio's performance.

The table below shows the following April Portfolios' portfolio turnover rate for the last two fiscal periods.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **April 30, 2025** | **April 30, 2024<sup>1</sup>** |
| &nbsp;&nbsp;Core Bond Portfolio | 373% | 349% |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | 43% | 35% |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | 26% | 52% |
| &nbsp;&nbsp;Macro Strategies Portfolio | 25% | 1% |
| &nbsp;&nbsp;Real Return Portfolio | 61% | 49% |
| &nbsp;&nbsp;Small Company Growth Portfolio | 56% | 40% |
| &nbsp;&nbsp;Small Company Value Portfolio | 114% | 107% |

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1. Each Portfolio changed its fiscal year-end from May 31 to April 30. The information shown for each Portfolio is for this shortened period.

<u>Brokerage Commissions</u>. For the fiscal years indicated below, the May Portfolios listed below paid the following aggregate amounts of brokerage commissions on brokerage transactions.

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| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Commissions Paid** |
| &nbsp;&nbsp;**April 30, 2025** |  |
| &nbsp;&nbsp;Core Bond Portfolio | $0 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $0 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $0 |
| &nbsp;&nbsp;Macro Strategies Portfolio | $615659 |
| &nbsp;&nbsp;Real Return Portfolio | $189891 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $0 |
| &nbsp;&nbsp;Small Company Value Portfolio | $0 |
| &nbsp;&nbsp;**April 30, 2024<sup>1</sup>** |  |
| &nbsp;&nbsp;Core Bond Portfolio | $0 |

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| | |
|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Commissions Paid** |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $283199 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $64411 |
| &nbsp;&nbsp;Macro Strategies Portfolio | $105084 |
| &nbsp;&nbsp;Real Return Portfolio | $77973 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $544193 |
| &nbsp;&nbsp;Small Company Value Portfolio | $876796 |
| &nbsp;&nbsp;**May 31, 2023** |  |
| &nbsp;&nbsp;Core Bond Portfolio | $0 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $108317 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $68140 |
| &nbsp;&nbsp;Real Return Portfolio | $3020 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $573858 |
| &nbsp;&nbsp;Small Company Value Portfolio | $984701 |

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1. Each Portfolio changed its fiscal year-end from May 31 to April 30. The information shown for each Portfolio is for this shortened period.

<u>Commissions Paid to Brokers that Provide Research Services.</u> For the fiscal year ended April 30, 2025, the Portfolios paid the following commissions to brokers the provided research services based on the stated total amount of transactions.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Commissions Paid** | **Transactions Value** |
| &nbsp;&nbsp;Core Bond Portfolio | $0 | $0 |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | $87973.96 | $231442972 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | $21563.30 | $257401568 |
| &nbsp;&nbsp;Macro Strategies Portfolio | $1683.47 | $3767574 |
| &nbsp;&nbsp;Real Return Portfolio | $1008.18 | $458781 |
| &nbsp;&nbsp;Small Company Growth Portfolio | $207965.81 | $179125669.35 |
| &nbsp;&nbsp;Small Company Value Portfolio | $831019.60 | $1611939111 |

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<u>Securities of Regular Broker-Dealers.</u> The Portfolios are required to identify any securities of their "regular brokers or dealers" (as defined under Rule 10b-1 of the 1940 Act) or of their parents that the Portfolios may hold at the close of their most recent fiscal year. As of April 30, 2025, the following Portfolios held securities issued by the Trust's regular broker-dealers (as defined under Rule 10b-1 of the 1940 Act), or their parents companies, in the indicated amounts:

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Broker/Dealer** | &nbsp;&nbsp;&nbsp;**Amount** |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | UBS Securities LLC | &nbsp;&nbsp;&nbsp;$700336 |
| &nbsp;&nbsp;Small Company Value Portfolio | Piper Sandler & Co. | &nbsp;&nbsp;&nbsp;$9590186 |
|  | Stifel, Nicolaus & Company, Incorporated | &nbsp;&nbsp;&nbsp;$9570340 |
| &nbsp;&nbsp;Real Return Portfolio | Citigroup Global Markets Inc. | &nbsp;&nbsp;&nbsp;$24314 |
|  | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;$24314 |
|  | J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;$4361121 |
|  | Jefferies LLC | &nbsp;&nbsp;&nbsp;$612163 |
|  | Macquarie Capital (USA) Inc | &nbsp;&nbsp;&nbsp;$143692 |
| &nbsp;&nbsp;Small Company Growth Portfolio | Stifel Financial Corp. | &nbsp;&nbsp;&nbsp;$7449183 |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | JPMorgan Chase & Co. | &nbsp;&nbsp;&nbsp;$4804237 |
|  | BNY Mellon Capital Markets, LLC | &nbsp;&nbsp;&nbsp;968747 |
|  | Jefferies LLC | &nbsp;&nbsp;&nbsp;807289 |

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Broker/Dealer** | &nbsp;&nbsp;&nbsp;**Amount** |
|  | Citigroup Global Markets Inc. | &nbsp;&nbsp;&nbsp;1521291 |
|  | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;2349465 |
| &nbsp;&nbsp;Core Bond Portfolio | Barclays Capital Inc. | &nbsp;&nbsp;&nbsp;$14010629 |
|  | BMO Capital Markets Corp. | &nbsp;&nbsp;&nbsp;$6232880 |
|  | BNP Paribas Securities Corp. | &nbsp;&nbsp;&nbsp;$14626482 |
|  | BNY Capital Markets, LLC | &nbsp;&nbsp;&nbsp;$5204645 |
|  | Bank of America Securities, Inc. | &nbsp;&nbsp;&nbsp;$15479055 |
|  | Citigroup Global Markets Inc. | &nbsp;&nbsp;&nbsp;$37888008 |
|  | Deutsche Bank Securities Inc. | &nbsp;&nbsp;&nbsp;$7903122 |
|  | Goldman Sachs & Co. LLC | &nbsp;&nbsp;&nbsp;$49162694 |
|  | HSBC Securities (USA) Inc. | &nbsp;&nbsp;&nbsp;$21701207 |
|  | J.P. Morgan Securities LLC | &nbsp;&nbsp;&nbsp;$26165652 |
|  | Morgan Stanley & Co. LLC | &nbsp;&nbsp;&nbsp;$50671962 |
|  | PNC Capital Markets LLC | &nbsp;&nbsp;&nbsp;$4116985 |
|  | Santander Securities LLC | &nbsp;&nbsp;&nbsp;$5271202 |
|  | State Street Global Markets, LLC | &nbsp;&nbsp;&nbsp;$9738066 |
|  | UBS Securities LLCUBS Securities LLC | &nbsp;&nbsp;&nbsp;$5159326 |
|  | Wells Fargo Securities, LLC | &nbsp;&nbsp;&nbsp;$35446390 |

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**VALUATION OF PORTFOLIO ASSETS**

The securities held by a Portfolio are valued 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 Portfolio may deviate from this calculation time under unusual or unexpected circumstances (the "Valuation Time"). Portfolio interest purchase and redemption requests are processed based on the value of a Portfolio's net assets next determined after the request is received in good order. Generally, a Portfolio is not valued, and purchase and redemption requests are not processed, on days that the NYSE is closed for trading; however, under unusual or unexpected circumstances, a Portfolio may elect to remain open even on days that the NYSE is closed or closes early. To the extent that a Portfolio's assets are traded in various markets on days when the Portfolio is closed, the value of the Portfolio's assets may be affected on days when you are unable to buy or sell Portfolio shares. Conversely, trading in some of a Portfolio's assets may not occur on days when the Portfolio is open.

With respect to any portion of a Portfolio's assets that may be invested in other mutual funds, the value of the Portfolio's shares is based on the NAV of the shares of the other mutual funds in which the Portfolio 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 Portfolio invests a portion of its assets in non-registered investment vehicles, the Portfolio's interests in the non-registered vehicles are fair valued at net asset value.

With respect to a Portfolio's assets invested directly in securities, the Portfolio'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

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Valuation Time. 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 Valuation Time, 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 Portfolio's securities and other assets is determined in good faith pursuant to policies and procedures adopted by the Portfolio'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 Portfolio 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 security values that are higher or lower than values based on the closing price or quoted bid price and may result in the value of Portfolio interests being higher or lower than if the security were valued based on the closing or quoted bid price.

**ADDITIONAL PURCHASE AND REDEMPTION INFORMATION**

Beneficial Interests in the Portfolios are issued by the Trust in private placement transactions which do not involve a "public offering" within the meaning of Section 4(2) of the 1933 Act. Investments in the Portfolios may only be made by investment companies or other entities which are "accredited investors" within the meaning of Regulation D under the 1933 Act.

In addition to cash purchases of Interests, if accepted by the Trust, investments in Beneficial Interests of a Portfolio may be made in exchange for securities which are eligible for purchase by the Portfolio and consistent with the Portfolio's investment objective and policies as described in Part A. In connection with an in-kind securities payment, a Portfolio may require, among other things, that the securities (i) be valued on the day of purchase in accordance with the pricing methods used by the Portfolio; (ii) are accompanied by satisfactory assurance that the Portfolio will have good and marketable title to such securities received by it; (iii) are not subject to any restrictions upon resale by the Portfolio; (iv) be in proper form for transfer to the Portfolio; and (v) are accompanied by adequate information concerning the tax basis and other tax matters relating to the securities. All dividends, interest, subscription or other rights pertaining to such securities shall become the property of the Portfolio engaged in the in-kind purchase transaction and must be delivered to such Portfolio by the investor upon receipt from the issuer. Securities acquired through an in-kind purchase will be acquired for investment and not for immediate resale. Interests purchased in exchange for securities generally cannot be redeemed until the transfer has settled.

In 1994, the Commission granted an exemptive order which permitted CT, certain Norwest Advantage funds and other open-end management investment companies or their separate series for which Norwest Bank Minnesota, N.A. ("Norwest") (or any person controlled by, controlling or under common control with Norwest) acts as investment adviser to invest in the core portfolios of CT. The original exemptive order, which imposed several substantive conditions upon CT and Norwest Advantage funds, was amended effective August 6, 1996, to permit any Norwest Advantage fund to invest all or a portion of its assets in a CT portfolio, irrespective of investment style, and which removed certain restrictions imposed on CT thereby permitting CT to accept investments from persons other than Norwest Advantage funds. The exemptive order remains in effect for the successor entities to these parties.

The Trust is required to redeem all full and fractional units of Interests in the Trust. The amount of redemption price proceed is determined using the value of the Portfolio's net assets next determined after receipt by the Portfolio of a request for redemption in proper form.

The Trustees may specify conditions, prices, and places of redemption, and may specify binding requirements for the proper form or forms of requests for redemption. Payment of redemption proceeds may be wholly or partly in securities or other assets using the value of such securities or other assets as next determined after the redemption request is received in good order, or may be in cash. Upon redemption, Interests shall not be canceled and may be reissued from time to time. The Trustees may require Shareholders to redeem Interests for any reason under terms set by the Trustees, including the failure of a Shareholder to supply a personal identification number if required to do so, or to have the minimum investment required, or to pay when due for the purchase of Interests issued to them. To

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the extent permitted by law, the Trustees may retain the proceeds of any redemption of Interests required by them for payment of amount due and owing by an Shareholder to the Trust or any Series or Class. Notwithstanding the foregoing, the Trustees may postpone payment of redemption proceeds and may suspend the right of the Shareholders to require any Series or Class to redeem Interests during any period of time when and to the extent permissible under the 1940 Act.

If the Trustees postpone payment of the redemption proceeds and suspend the right of Shareholders to redeem their Interests, such suspension shall take effect at the time the Trustees shall specify, but not later than the close of business on the business day next following the declaration of suspension. Thereafter Shareholders shall have no right of redemption or payment until the Trustees declare the end of the suspension. If the right of redemption is suspended, an Shareholder may either withdraw his or her request for redemption or receive payment based on the value of the Portfolio's net assets next determined after the suspension terminates.

If the Trustees shall determine that direct or indirect ownership of Interests of any Portfolio has become concentrated in any person to an extent that would disqualify any Portfolio as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code"), then the Trustees shall have the power (but not the obligation) by lot or other means they deem equitable to (a) call for redemption by any such person of a number, or a principal amount, of Interests sufficient to maintain or bring the direct or indirect ownership of Interests into conformity with the requirements for such qualification, and (b) refuse to transfer or issue Interests to any person whose acquisition of Interests in question would, in the Trustee's judgment, result in such disqualification. Any such redemption shall be effected based upon the value of the Portfolio's net assets next determined following the Trustees' decisions and in the manner described above. Shareholders shall upon demand disclose to the Trustees in writing such information concerning direct and indirect ownership of Interests as the Trustees deem necessary to comply with the requirements of any taxing authority.

**U.S. FEDERAL INCOME TAXES**

The Trust is organized as a statutory trust under Delaware law. As long as the Trust has more than one owner for U.S. federal income tax purposes, it is intended that each Portfolio will be treated as a non-publicly traded partnership for such purposes. If the Trust had only one owner (either (i) directly or (ii) indirectly through an entity that is disregarded for U.S. federal income tax purposes), the Trust's existence as an entity separate from such owner would be disregarded for U.S. federal income tax purposes.<br>Whether a Portfolio is a partnership or a disregarded entity for U.S. federal income tax purposes, each Portfolio generally will not be subject to any U.S. federal income tax (except for taxes imposed as a result of an audit as discussed below). However, each investor in a Portfolio will have to take into account allocable share (as determined in accordance with the governing instruments of the Trust) of such Portfolio's income, gains, losses, deductions and credits in determining its U.S. federal income tax liability and, if the investor is intended to qualify as a "regulated investment company" under Subchapter M of the Code (a "RIC"), the investor's share of the Portfolio's income and assets.. The determination of such share will be made in accordance with the Code, and regulations promulgated thereunder. All Portfolios will have less than 100 investors.

Each Portfolio has a taxable year-end of the of April 30.

Although the Trust will not be subject to federal income tax, it will file appropriate federal income tax returns.

It is intended that each Portfolio's assets, income and distributions will be managed in such a way that an entity electing and qualifying as a RIC under the Code can continue to so qualify by investing substantially all of its assets through a Portfolio, provided that the regulated investment company meets other requirements for such qualification not within the control of the Portfolio (e.g., distributing at least 90% of the regulated investment company's "investment company taxable income" annually).

Certain transactions of a Portfolio are subject to special tax rules of the Code that may, among other considerations, (a) affect the character of gains and losses realized, (b) disallow, suspend or otherwise limit the allowance of certain losses or deductions, and (c) accelerate the recognition of income without a corresponding receipt of cash (with which to make the necessary distributions to satisfy distribution requirements applicable to regulated investment

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companies). Operation of these rules could, therefore, affect the character, amount and timing of distributions to investors.<br>Special tax rules also will require certain types of positions to be marked to market (i.e., treated as sold on the last day of the taxable year), which may result in the recognition of income without a corresponding receipt of cash.<br>If a Portfolio is treated as a partnership for U.S. federal income tax purposes, then, in the event of an audit, the U.S. federal income tax treatment of income and deductions of the Portfolio generally will be determined at the Portfolio level in a single proceeding (rather than by individual Internal Revenue Service audits of each investor), which the Portfolio's partnership representative will control. Any adjustment that results in additional tax (including interest and penalties thereon) will be assessed and collected at the Portfolio level in the current taxable year, with each current investor indirectly bearing such cost, unless the Portfolio elects to have the partnership adjustment taken into account by each investor that was an investor in the Portfolio in the year to which the adjustments relates. If the election is made, each investor will be required to take into account such adjustment and pay tax on such adjustment at the investor level, unless, if the investor is a RIC, it timely distributes the adjustment amount in the form of a "deficiency dividend" (within the meaning of section 860(f) of the Code), in which case the investor will only have to pay the interest charge imposed on RICs making a deficiency dividend. The legal and accounting costs incurred in connection with any regular audit of the Portfolio's tax returns will be borne by the Portfolio's investors.<br>Investors are urged to consult their tax advisers with respect to the tax consequences of an investment in the Trust.

**CONTROL PERSONS AND PRINCIPAL FUND HOLDERS**

Under the Amended and Restated Declaration of Trust, the Trustees are authorized to issue Interests in one or more separate and distinct series. Investments in each Portfolio have no preference, preemptive, conversion or similar rights and are fully paid and nonassessable, except as set forth below. Each investor in a Portfolio is entitled to a vote in proportion to the amount of its investment therein. Investors in the Portfolios will all vote together in certain circumstances (e.g., election of the Trustees and ratification of auditors, as required by the 1940 Act and the rules there under). One or more Portfolios could control the outcome of these votes. Investors do not have cumulative voting rights, and investors holding more than 50% of the aggregate Interests in the Trust or in a Portfolio, as the case may be, may control the outcome of votes. The Trust is not required and has no current intention to hold annual meetings of investors, but the Trust will hold special meetings of investors when (1) a majority of the Trustees determines to do so or (2) investors holding at least 10% of the Interests in the Trust (or a Portfolio) request in writing a meeting of investors in the Trust (or Portfolio). Except for certain matters specifically described in the Amended and Restated Declaration of Trust, the Trustees may amend the Trust's Amended and Restated Declaration of Trust without the vote of Shareholders.

The Trust, with respect to a Portfolio, may enter into a merger or consolidation, or sell all or substantially all of its assets, if approved by the Trust's Board. A Portfolio may be terminated (1) upon liquidation and distribution of its assets, if approved by the vote of a majority of the Portfolio's outstanding voting securities (as defined under the 1940 Act) or (2) by the Trustees on written notice to the Portfolio's investors. Upon liquidation or dissolution of any Portfolio, the investors therein would be entitled to share pro rata in its net assets available for distribution to investors.

The Trust is organized as a statutory trust under the laws of the State of Delaware. The Trust's Shareholders are not personally liable for the obligations of the Trust under Delaware law. The Delaware Statutory Trust Act provides that an Shareholder of a Delaware statutory trust shall be entitled to the same limitation of liability extended to shareholders of private corporations for profit. However, no similar statutory or other authority limiting statutory trust Shareholder liability exists in many other states, including Texas. As a result, to the extent that the Trust or an Shareholder is subject to the jurisdiction of courts in those states, the courts may not apply Delaware law, and may thereby subject the Trust to liability. To guard against this risk, the Trust Instrument of the Trust disclaims liability for acts or obligations of the Trust and requires that notice of such disclaimer be given in each agreement, obligation and instrument entered into by the Trust or its Trustees, and provides for indemnification out of Trust property of any Shareholder held personally liable for the obligations of the Trust. Thus, the risk of an Shareholder incurring

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financial loss beyond his investment because of shareholder liability is limited to circumstances in which (1) a court refuses to apply Delaware law, (2) no contractual limitation of liability is in effect, and (3) the Trust itself is unable to meet its obligations.

Set forth below, as of July 31, 2025, is the name and Interest ownership of each Interestholder known by the Trust to have beneficial or record ownership of 5% or more of each Portfolio. The address for each of the Interestholders listed below, unless otherwise indicated, is 525 Market Street, San Francisco, CA 94105. Each Interestholder is both the beneficial and record owner of the Interests in each respective Portfolio.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Portfolio** | **Interest Owner** | **Percentage of Portfolio** |
| &nbsp;&nbsp;Core Bond Portfolio | Core Bond Fund | 98.46% |
| &nbsp;&nbsp;Disciplined International Developed Markets Portfolio | Asset Allocation Fund | 56.77% |
|  | Spectrum Aggressive Growth Fund | 18.26% |
|  | Absolute Return Fund | 9.26% |
|  | Spectrum Moderate Growth Fund | 7.79% |
| &nbsp;&nbsp;Disciplined Large Cap Portfolio | Spectrum Aggressive Growth Fund | 46.98% |
|  | Spectrum Moderate Growth Fund | 22.63% |
|  | Spectrum Growth Fund | 11.06% |
|  | Absolute Return Fund | 9.43% |
|  | Spectrum Conservative Growth Fund | 8.75% |
| &nbsp;&nbsp;Macro Strategies Portfolio | Absolute Return Fund | 100.00% |
| &nbsp;&nbsp;Real Return Portfolio | Real Return Fund | 38.17% |
|  | Asset Allocation Fund | 27.84% |
|  | Spectrum Moderate Growth Fund | 15.51% |
|  | Spectrum Conservative Growth Fund | 7.74% |
|  | Spectrum Growth Fund | 7.33% |
| &nbsp;&nbsp;Small Company Growth Portfolio | Small Company Growth Fund | 99.99% |
| &nbsp;&nbsp;Small Company Value Portfolio | Small Company Value Fund | 91.43% |
|  | Asset Allocation Fund | 6.25% |

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For purposes of the 1940 Act, any person who owns directly or through one or more controlled companies more than 25% of the voting securities of a company is presumed to "control" such company. Accordingly, to the extent that a person identified in the foregoing table is identified as the beneficial owner of more than 25% of a Portfolio, or is identified as the record owner of more than 25% of a Portfolio and has voting and/or investment powers, it may be presumed to control such Portfolio. A controlling person's vote could have a more significant effect on matters presented to shareholders for approval than the vote of other Portfolio shareholders.

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88 Allspring Master Trust

**ALLSPRING MASTER TRUST<br>FILE NO. 811-09689**

**PART C**<br>OTHER INFORMATION

Item 28. Exhibits

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>**Number**</u> | &nbsp;&nbsp;&nbsp;**Exhibit Description** |
| (a) | &nbsp;&nbsp;&nbsp;[Amended and Restated Declaration of Trust dated December 6, 2021, is incorporated by reference to Exhibit (d)(1) to Amendment 120, as filed September 28, 2022.](https://www.sec.gov/Archives/edgar/data/1087961/000108796122000006/a_declorationoftrust.htm) |
| (b) | &nbsp;&nbsp;&nbsp;Not applicable |
| (c) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(d)(1) | &nbsp;&nbsp;&nbsp;[Investment Advisory Agreement with Allspring Funds Management, LLC, is filed herewith.](d1_invadvisoryagrmnt.htm) |
| &nbsp;&nbsp;(d)(2)(i) | &nbsp;&nbsp;&nbsp;[Investment Sub-Advisory Agreement with Allspring Global Investments, LLC, is filed herewith.](d2i_agisubagrmnt.htm)  |
| &nbsp;&nbsp;(d)(2)(ii) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(d)(2)(iii) | &nbsp;&nbsp;&nbsp;[Investment Sub-Advisory Agreement with Peregrine Capital Management, LLC dated November 1, 2021, is incorporated by reference to Exhibit (d)(2)(iii) to Amendment 122, filed June 26, 2023.](https://www.sec.gov/Archives/edgar/data/1087961/000108796123000005/amt-html6591_ex99d2iii.htm) |
| &nbsp;&nbsp;(d)(2)(iv) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(d)(2)(v) | &nbsp;&nbsp;&nbsp;[Investment Sub-Advisory Agreement with Allspring Global Investments (UK) Limited, is filed herewith.](d2v_agiuksubagrmnt.htm) |
| &nbsp;&nbsp;(d)(3) | &nbsp;&nbsp;&nbsp;[Fee and Expense Agreement between Allspring Funds Trust, Allspring Master Trust and Allspring Funds Management, LLC, is filed herewith.](d3_feesandexpenseagrmnt.htm) |
| (e) | &nbsp;&nbsp;&nbsp;Not applicable pursuant to General Instruction (B)(2)(b). |
| (f) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(g)(1) | &nbsp;&nbsp;&nbsp;[Securities Lending Agency Agreement by and among Allspring Master Trust, Allspring Funds Management, LLC and Goldman Sachs Bank USA, dba Goldman Sachs Agency Lending dated April 1, 2010, as amended February 23, 2022, is incorporated by reference to Exhibit (g)(1) to Amendment 122, filed June 26, 2023.](https://www.sec.gov/Archives/edgar/data/1087961/000108796123000005/amt-html6591_ex99g1.htm) |
| &nbsp;&nbsp;(g)(2) | &nbsp;&nbsp;&nbsp;[Master Custodian Agreement with State Street Bank and Trust Company, is filed herewith.](g2_mastercustodianagrmnt.htm) |
| &nbsp;&nbsp;(h)(1) | &nbsp;&nbsp;&nbsp;[Amended and Restated Administration Agreement with Allspring Funds Management, LLC, is filed herewith.](h1_adminagrmnt.htm) |
| &nbsp;&nbsp;(h)(2) | &nbsp;&nbsp;&nbsp;[Amended and Restated Placement Agency Agreement with Allspring Funds Distributor, LLC, is filed herewith.](h2_placementagency.htm) |
| (i) | &nbsp;&nbsp;&nbsp;Not applicable, pursuant to General Instruction (B)(2)(b) |
| (j) | &nbsp;&nbsp;&nbsp;[Consent of Independent Auditors, is filed herewith.](j_kpmgconsent.htm) |
| (k) | &nbsp;&nbsp;&nbsp;Not applicable, pursuant to General Instruction (B)(2)(b) |
| (l) | &nbsp;&nbsp;&nbsp;Not applicable |
| (m) | &nbsp;&nbsp;&nbsp;Not applicable |
| (n) | &nbsp;&nbsp;&nbsp;Not applicable |
| (o) | &nbsp;&nbsp;&nbsp;Not applicable |

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| | |
|:---|:---|
| &nbsp;&nbsp;<u>**Number**</u> | &nbsp;&nbsp;&nbsp;**Exhibit Description** |
| &nbsp;&nbsp;(p)(1) | &nbsp;&nbsp;&nbsp;[Joint Code of Ethics for Allspring Funds Trust, Allspring Master Trust, Allspring Variable Trust, Allspring Exchange-Traded Funds Trust, Allspring Global Dividend Opportunity Fund, Allspring Income Opportunities Fund, Allspring Multi-Sector Income Fund and Allspring Utilities & High Income Fund, is incorporated by reference to Exhibit (p)(1) to Amendment 130, filed January 14, 2025.](https://www.sec.gov/Archives/edgar/data/1087961/000108796125000004/p1coealltrusts.htm) |
| &nbsp;&nbsp;(p)(2) | &nbsp;&nbsp;&nbsp;[Allspring Global Investments Code of Ethics (Joint Code of Ethics for Allspring Global Investments, LLC, Allspring Global Investments (UK) Limited, Allspring Funds Management, LLC, Allspring Funds Distributor, LLC, and Allspring Global Investments Luxembourg S.A.), is incorporated by reference to Exhibit (p)(1) to Amendment 130, filed January 14, 2025.](https://www.sec.gov/Archives/edgar/data/1087961/000108796125000004/p2coeallspring.htm) |
| &nbsp;&nbsp;(p)(3) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(p)(4) | &nbsp;&nbsp;&nbsp;[Peregrine Capital Management, LLC Code of Ethics and Personal Trading Policy is filed herewith.](p4_peregrinecoe.htm) |
| &nbsp;&nbsp;(p)(6) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(p)(7) | &nbsp;&nbsp;&nbsp;Not applicable |
| &nbsp;&nbsp;(p)(8) | &nbsp;&nbsp;&nbsp;Not applicable |

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**Item 29. Persons Controlled by or Under Common Control with Registrant.**

Registrant believes that no person is controlled by or under common control with Registrant.

**Item 30. Indemnification.**

Article V of the Registrant's Declaration of Trust limits the liability and, in certain instances, provides for mandatory indemnification of the Registrant's trustees, officers, employees, agents and holders of beneficial interests in the Trust. In addition, the Trustees are empowered under Article III, Section 1(t) of the Registrant's Declaration of Trust to obtain such insurance policies as they deem necessary or appropriate.

**Item 31. Business or Other Connections of Investment Adviser**

(a) To the knowledge of Registrant, none of the directors or officers of Allspring Funds Management, LLC is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature.

(b) Allspring Global Investments, LLC ("Allspring Investments"), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as sub-adviser to various Funds of the Trust. The descriptions of Allspring Investments in Parts A and B of the Registration Statement are incorporated by reference herein. To the knowledge of the Registrant, none of the directors or officers of Allspring Investments is or has been at any time during the past two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature.

(c) Peregrine Capital Management, LLC ("Peregrine"), serves as sub-adviser to various Portfolios of the Trust. The descriptions of Peregrine in Parts A and B of the Registration Statement are incorporated by reference herein. To the knowledge of the Registrant, none of the directors or officers of Peregrine is or has been at any time during the last two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature.

(d) Allspring Global Investments (UK) Limited ("Allspring UK"), an affiliate of Allspring Funds Management and wholly owned subsidiary of Allspring Global Investments Holdings, LLC, serves as sub-adviser for various funds of the Trust. The descriptions of Allspring UK in Parts A and B of the Registration Statement are incorporated by reference herein. To the knowledge of the Registrant, none of the directors or officers of Allspring UK is or has been at any time during the last two fiscal years engaged in any other business, profession, vocation or employment of a substantial nature.

**Item 32. Principal Underwriter.**

(a) Allspring Funds Distributor, LLC, placement agent for the Registrant, also acts as principal underwriter for Allspring Variable Trust and Allspring Funds Trust, and is the exclusive placement agent for Allspring Master Trust, all of which are registered open-end management investment companies.

(b) The following table provides information for each director and officer of Allspring Funds Distributor, LLC.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp;<u>**Name**</u> | &nbsp;&nbsp;&nbsp;**Positions and Offices with Underwriter** | &nbsp;&nbsp;&nbsp;**Positions and Offices with Fund** |
| &nbsp;&nbsp;John Moninger<br>Allspring Funds Distributor, LLC<br>1415 Vantage Park Drive, 3rd Floor<br>Charlotte, NC 28203 | &nbsp;&nbsp;&nbsp;President, Chairman, Manager |  |
| &nbsp;&nbsp;Kate McKinley<br>Allspring Funds Distributor, LLC<br>525 Market Street, Floor 12<br>San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;Chief Legal Officer, Manager |  |
| &nbsp;&nbsp;Lori Gibson<br>Allspring Funds Distributor, LLC<br>525 Market Street, Floor 12<br>San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;Financial and Operations Principal |  |
| &nbsp;&nbsp;Annette Lege<br>Allspring Funds Distributor, LLC<br>1415 Vantage Park Drive<br>Charlotte, NC 28203 | &nbsp;&nbsp;&nbsp;Chief Financial Officer |  |
| &nbsp;&nbsp;Carolyn Wilary<br>Allspring Funds Distributor, LLC<br>417 E Chicago Street<br>Milwaukee, WI 53202 | &nbsp;&nbsp;&nbsp;Chief Compliance Officer |  |
| &nbsp;&nbsp;Sallie Squire<br>Allspring Funds Distributor, LLC<br>525 Market Street, Floor 12<br>San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;Chief Operating Officer |  |
| &nbsp;&nbsp;Steve Solomon<br>Allspring Funds Distributor, LLC<br>1415 Vantage Park Drive<br>Charlotte, NC 28203 | &nbsp;&nbsp;&nbsp;Chief Accounting Officer |  |
| &nbsp;&nbsp;Michael Jewkes<br>Allspring Funds Distributor, LLC<br>101 Seaport Blvd, 11th Floor<br>Boston, MA 02210 | &nbsp;&nbsp;&nbsp;Secretary |  |
| &nbsp;&nbsp;Eric Braithwaite<br>Allspring Funds Distributor, LLC<br>525 Market Street, Floor 12<br>San Francisco, CA 94105 | &nbsp;&nbsp;&nbsp;Anti-Money Laundering Officer | &nbsp;&nbsp;&nbsp;Anti-Money Laundering Officer |
| &nbsp;&nbsp;John Kenney<br>Allspring Funds Distributor, LLC<br>800 LaSalle Avenue, Suite 1400<br>Minneapolis, MN 55402 | &nbsp;&nbsp;&nbsp;Manager | &nbsp;&nbsp;&nbsp;President |

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&nbsp;&nbsp;&nbsp;&nbsp;(c) Not applicable.

**Item 33. Location of Accounts and Records.**

(a) The Registrant maintains accounts, books and other documents required by Section 31(a) of the Investment Company Act of 1940 and the rules thereunder (collectively, "Records") at the offices of Allspring Funds Management, LLC, 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203.

(b) Allspring Funds Management, LLC maintains all Records relating to its services as investment adviser and administrator at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203.

(c) Allspring Funds Distributor, LLC maintains all Records relating to its services as placement agent at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203.

(d) Allspring Global Investments, LLC maintains all Records relating to its services as investment sub-adviser at 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203.

(e) Peregrine Capital Management, LLC maintains all Records relating to its services as investment sub-adviser at 800 LaSalle Avenue, Suite 1750, Minneapolis, MN 55402.

(f) State Street Bank and Trust Company maintains all Records relating to its service as custodian and fund accountant at One Congress Street, Boston, Massachusetts 02114.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) Allspring Global Investments (UK), Limited, maintains all Records relating to its services as investment sub-adviser at 30 Cannon Street, Third Floor, London, EC4M 6XH, United Kingdom.

**Item 34. Management Services.**

Other than as set forth under the captions "Management, Organization and Capital Structure" in Part A of this Registration Statement and "Management of the Trust" in Part B of this Registration Statement, the Registrant is not a party to any management-related service contract.

**Item 35. Undertakings.**

Not applicable.

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SIGNATURES

Pursuant to the requirements of the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement on Form N-1A to be signed on its behalf by the undersigned, thereto duly authorized, in the City of Boston and State of Massachusetts on the 28th day of August 2025.

ALLSPRING MASTER TRUST

By: /s/ Maureen E. Towle

**Maureen E. Towle**<br>Assistant Secretary

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| | |
|:---|:---|
| (d)(1) | [Investment Advisory Agreement with Allspring Funds Management, LLC](d1_invadvisoryagrmnt.htm) |
| (d)(2)(i) | [Investment Sub-Advisory Agreement with Allspring Global Investments, LLC](d2i_agisubagrmnt.htm) |
| (d)(2)(v) | [Investment Sub-Advisory Agreement with Allspring Global Investments (UK) Limited](d2v_agiuksubagrmnt.htm) |
| (d)(3) | [Fee and Expense Agreement between Allspring Funds Trust, Allspring Master Trust and Allspring Funds Management, LLC](d3_feesandexpenseagrmnt.htm) |
| (g)(2) | [Master Custodian Agreement with State Street Bank and Trust Company](g2_mastercustodianagrmnt.htm) |
| (h)(1) | [Amended and Restated Administration Agreement with Allspring Funds Management, LLC](h1_adminagrmnt.htm) |
| (h)(2) | [Amended and Restated Placement Agency Agreement with Allspring Funds Distributor, LLC](h2_placementagency.htm) |
| (j) | [Consent of Independent Auditors](j_kpmgconsent.htm) |
| (p)(4) | [Peregrine Capital Management, LLC Code of Ethics and Personal Trading Policy](p4_peregrinecoe.htm) |

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## Ex-99.D

**INVESTMENT ADVISORY AGREEMENT**

This **AMENDED AND RESTATED INVESTMENT ADVISORY AGREEMENT** (this "Agreement") is made as of this 1<sup>st</sup> day of November, 2021, as amended and restated as of December 6, 2021, between Allspring Master Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105 and Allspring Funds Management, LLC (the "Adviser"), a limited liability company organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105.

**WHEREAS**, this Investment Advisory Agreement amends and replaces the agreement dated November 1, 2021 previously entered into by and between the parties;

**WHEREAS,** the Trust is registered under the Investment Company Act of 1940, as amended (the "1940 Act") as an open-end management investment company and is authorized to issue interests (as defined in the Trust's Declaration of Trust, as amended and supplemented from time to time), in separate series;

**WHEREAS,** the Adviser is an investment adviser registered with the Securities and Exchange Commission (the "Commission") as such under the Investment Advisers Act of 1940, as amended (the "Advisers Act"); and

**WHEREAS,** the Trust desires that the Adviser provide investment advisory services to each series of the Trust listed on Schedule A hereto as such Schedule may be amended or supplemented from time to time by mutual agreement (each a "Fund" and collectively the "Funds"), and the Adviser is willing to provide those services on the terms and conditions set forth in this Agreement;

**NOW THEREFORE,** the Trust and the Adviser agree as follows:

**Section 1. Appointment of the Adviser.** The Trust is engaged in the business of investing and reinvesting its assets in securities of the type and in accordance with the limitations specified in its Declaration of Trust, as amended and supplemented from time to time, By-Laws (if any) and Registration Statement filed with the Commission under the 1940 Act, including any representations made in the prospectus and statement of additional information relating to the Funds contained therein and as may be amended or supplemented from time to time, all in such manner and to such extent as may from time to time be authorized by the Trust's Board of Trustees (the "Board"). The Board is authorized to issue any unissued shares in any number of additional classes or series.

The investment authority granted to the Adviser shall include the authority to exercise whatever powers the Trust may possess with respect to any of its assets held by the Funds, including, but not limited to, the power to exercise rights, options, warrants, conversion privileges, redemption privileges, and to tender securities pursuant to a tender offer, and participate in class actions and other legal proceedings on behalf of the Funds.

The Trust hereby appoints the Adviser, subject to the direction and control of the Board, to manage the investment and reinvestment of the assets in the Funds and, without limiting the generality of the foregoing, to provide the other services specified in Section 2 hereof.

**Section 2. Duties of the Adviser.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Adviser shall make decisions with respect to all purchases and sales of securities and other investment assets for the Funds. Among other things, the Adviser shall make all decisions with respect to the allocation of the Funds' investments in various securities or other assets, in investment styles and, if applicable, in other investment companies or pooled vehicles in which a Fund may invest. To carry out such decisions, the Adviser is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Trust, to place orders and issue instructions with respect to those transactions of the Funds. In all purchases, sales and other transactions in securities for the Funds, the Adviser is authorized to exercise full discretion and act for the Trust in the same manner and with the same force and effect as the Trust might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Adviser will report to the Board at each regular meeting thereof regarding the investment performance of the Funds since the prior report, and will also keep the Board informed of important developments affecting the Trust, each Fund and the Adviser, and on its own initiative will furnish the Board from time to time with such information as the Adviser may believe appropriate, whether concerning the individual companies whose securities are held by a Fund, the industries in which they engage, or the economic, social or political conditions prevailing in each country in which a Fund maintains investments. The Adviser will also furnish the Board with such statistical and analytical information with respect to securities in the Funds as the Adviser may believe appropriate or as the Board reasonably may request.

The Adviser shall promptly notify the Trust of (i) any changes regarding the Adviser that would impact disclosure in the Trust's Registration Statement, or (ii) any material violation of any requirement, provision, policy or restriction that the Adviser is required to comply with under Section 6 of this Agreement. The Adviser shall immediately notify the Trust of any legal process served upon it in connection with its activities hereunder, including any legal process served upon it on behalf of the Funds or the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) The Adviser may from time to time employ or sub-contract the services to certain persons as the Adviser believes to be appropriate or necessary to assist in the execution of the Adviser's duties hereunder; provided, however, that the employment or sub-contracting with any such person shall not relieve the Adviser of its responsibilities or liabilities hereunder and provided further that the Adviser shall not have the authority to sub-contract advisory responsibilities without the consent of the Trust. The cost of performance of such duties will be borne and paid by the Adviser. No obligation may be imposed on the Trust in any such respect.

The Adviser shall supervise and monitor the activities of its representatives, personnel, sub-contractors, and agents in connection with the execution of its duties and

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obligations hereunder. The appropriate personnel of the Adviser will be made available to consult with the Board at reasonable times and upon reasonable notice concerning the business of the Trust.

**Section 3. Delivery of Documents to the Adviser.** The Trust has furnished the Adviser with true, correct and complete copies of the following documents:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) The Declaration of Trust, as in effect on the date hereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Registration Statement filed with the Commission under the 1940 Act; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Written guidelines, policies and procedures adopted by the Trust.

The Trust will furnish the Adviser with all future amendments and supplements to the foregoing as soon as practicable after such documents become available. The Trust shall furnish the Adviser with any further documents, materials or information that the Adviser may reasonably request in connection with the performance of its duties hereunder.

**Section 4. Delegation of Responsibilities.** The Adviser may carry out any of its obligations under this Agreement by employing, subject to supervision by the Adviser, one or more sub-adviser(s) who are registered as investment advisers pursuant to the Investment Advisers Act of 1940 ("Sub-Advisers"). Each Sub-Adviser's employment will be evidenced by a separate written agreement approved by the Board and if required, receiving any other approvals required under the 1940 Act (unless the Commission or its staff has given or issued authorization, relief, guidance, or interpretation dispensing with any such requirement). The Adviser shall not be liable hereunder for any act or omission of any Sub-Adviser, except for failure to exercise good faith in the employment of the Sub-Adviser and for failure to exercise appropriate supervision of such Sub-Adviser, and as may otherwise be agreed in writing. The Adviser shall be solely responsible for compensating any Sub-Adviser for services rendered under any Sub-Advisory Agreement. The Adviser may, from time to time and at any time, terminate any Sub-Advisory Agreement and reassume the responsibilities assigned to such Sub-Adviser with respect to any Fund without obtaining the approval of the shareholders of the Fund.

**Section 5. Control by Board.** Any investment advisory activities undertaken by the Adviser pursuant to this Agreement, as well as any other activities undertaken by the Adviser on behalf of the Funds, shall at all times be subject to the direction and control of the Board.

**Section 6. Compliance with Applicable Requirements.** In carrying out its obligations under this Agreement, the Adviser shall at all times comply with:

(a) all applicable provisions of the 1940 Act, the Advisers Act and any rules and regulations adopted thereunder;

(b) the Registration Statement of the Trust, as it may be amended from time to time, filed with the Commission under the 1940 Act;

(c) the provisions of the Declaration of Trust of the Trust, as it may be amended from time to time;

(d) the provisions of the Internal Revenue Code of 1986, as amended, applicable to the Trust or the Funds, and any rules and regulations adopted thereunder; and

(e) any other applicable provisions of state or federal law, and any rules and regulations adopted thereunder.

**Section 7. Proxies.** The Adviser shall have responsibility to vote proxies solicited with respect to issuers of securities in which assets of the Funds are invested in accordance with the Trust's policies on proxy voting.

**Section 9. Expenses.** All of the ordinary business expenses incurred in the operations of the Funds and the offering of their shares shall be borne by the Funds unless specifically provided otherwise in this Agreement. The expenses borne by the Trust include, but are not limited to, brokerage commissions, taxes, legal, auditing or governmental fees, the cost of preparing share certificates, custodian, transfer agent and shareholder service agent costs, expense of issue, sale, redemption and repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to trustees and shareholder meetings, the cost of preparing and distributing reports, notices to Fund shareholders, the fees and other expenses

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incurred by the Funds in connection with membership in investment company organizations and the cost of making prospectuses and statements of additional information available to the Funds' shareholders.

The Adviser shall pay its own expenses in connection with the services to be provided by it pursuant to this Agreement and shall, at its own expense, provide its own office space, facilities and equipment. In addition, the Adviser shall be responsible for reasonable out-of-pocket costs and expenses incurred by the Trust: (a) to amend the Trust's registration statement or supplement the Fund's prospectus, and circulate the same, to reflect a change in the personnel of the Adviser responsible for making investment decisions in relation to a Fund; (b) to obtain approval required by the 1940 Act of a new sub-advisory agreement as a result of a "change in control" (as such term in defined in Section 2(a)(9) of the 1940 Act) of the Adviser, if required pursuant to the 1940 Act, or any other applicable statute, law, rule or regulation, as a result of such change; or (c) to meet other legal or regulatory obligations caused by actions of the Adviser.

**Section 10. Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) As compensation for the investment advisory services provided under this Agreement, the Trust shall pay the Adviser fees, payable monthly, at the annual rates indicated on Schedule A hereto, as such Schedule may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) Except as provided in the following paragraph, no fee shall be payable hereunder with respect to a Fund during any period in which the Fund invests all (or substantially all) of its investment assets in a single registered, open-end management investment company, or a single separate series thereof, in accordance with Section 12(d)(1)(E) under the 1940 Act (a "Master-Feeder Fund structure");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) The Adviser shall receive a fee of 0.25% for asset allocation services if a Fund invests some of its investment assets in two or more registered, open-end management investment companies, or separate series thereof, in each case, in accordance with Section 12(d)(1)(G) under the Act, the rules thereunder or an exemptive order issued by the Commission exempting the Fund from the provisions of Section 12(d)(1)(A) under the Act (a "Fund of Funds structure").

**Section 11. Standard of Care.** The Trust will expect of the Adviser, and the Adviser will give the Trust the benefit of, the Adviser's best judgment and efforts in rendering its services to the Trust, and the Adviser shall not be liable hereunder for any mistake in judgment. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of obligations or duties hereunder on the part of the Adviser or any of its officers, directors, employees or agents, the Adviser shall not be subject to liability to the Trust or to any other person for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

**Section 12. Non-Exclusivity.** The services of the Adviser to the Funds are not to be deemed to be exclusive, and the Adviser shall be free to render investment advisory or other

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services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Adviser may serve as officers and directors of the Trust, and that officers or directors of the Trust may serve as officers or directors of the Adviser, to the extent that such services may be permitted by law, and that the officers and directors of the Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

**Section 13. Records**. The Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Adviser pursuant to this Agreement required to be prepared and maintained by the Trust pursuant to the rules and regulations of any national, state, or local government entity with jurisdiction over the Trust, including the Commission and the Internal Revenue Service. The Adviser shall maintain records relating to portfolio transactions and the placing and allocation of brokerage orders, including with respect to orders the Adviser places for the purchase and sale of portfolio securities of the Funds, as are required to be maintained under the 1940 Act as well as such records as the Funds' administrator reasonably requests to be maintained, including, but not limited to, trade tickets and confirmations for portfolio trades. All such records shall be maintained in a form acceptable to the Trust and in compliance with the provisions of Rule 31a-1 or any successor rule. The books and records pertaining to the Trust which are in possession of the Adviser shall be the property of the Trust. The Trust, or the Trust's authorized representatives, shall have access to such books and records at all times during the Adviser's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided promptly by the Adviser to the Trust or the Trust's authorized representatives.

**Section 14**. **Term and Approval.** This Agreement shall become effective with respect to a Fund for an initial two-year term after being approved in accordance with the requirements of the 1940 Act, and executed by the Adviser and the Trust, and shall thereafter continue from year to year, provided that the continuation of the Agreement is specifically approved in accordance with the requirements of the 1940 Act, which currently requires that the continuation be approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) by the Board, or by the vote of "a majority of the outstanding voting securities" of the Fund (as defined in Section 2(a)(42) of the 1940 Act), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) by the affirmative vote of a majority of the Trust's Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

**Section 15. Termination.** As required under the 1940 Act, this Agreement may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of the Board or by vote of a majority of a Fund's outstanding voting securities, or by the Adviser, on sixty (60) days' written notice to the other party. The notice provided for herein may be waived

------

by the party entitled to receipt thereof. This Agreement shall automatically terminate in the event of its assignment, the term "assignment" for purposes of this paragraph having the meaning defined in Section 2(a)(4) of the 1940 Act, as it may be interpreted by the Commission or its staff in interpretive releases, or by the Commission staff in no-action letters issued under the 1940 Act.

This Agreement may also be terminated immediately by the Trust or the Adviser in the event that either party (i) breaches a material term of this Agreement; or (ii) commits a material violation of any governing law or regulation; or (iii) engages in conduct that would have a material adverse effect upon the reputation or business prospects of such other party.

**Section 16. Indemnification by the Adviser.** The Trust shall not be responsible for, and the Adviser shall indemnify and hold the Trust or any Fund harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the willful misfeasance, bad faith, negligent acts or reckless disregard of obligations or duties on the part of the Adviser or any of its officers, directors, employees or agents.

**Section 17. Indemnification by the Trust**. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of duties hereunder on the part of the Adviser or any of its officers, directors, employees or agents, the Trust hereby agrees to indemnify and hold harmless the Adviser against all claims, actions, suits or proceedings at law or in equity whether brought by a private party or a governmental department, commission, board, bureau, agency or instrumentality of any kind, arising from the advertising, solicitation, sale, purchase or pledge of securities, whether of the Funds or other securities, undertaken by the Funds, their officers, directors, employees or affiliates, resulting from any violations of the securities laws, rules, regulations, statutes and codes, whether federal or of any state, by the Funds, their officers, directors, employees or affiliates.

**Section 18. Notices.** Each party giving or making any notice, request, demand or other communication (each, a "Notice") pursuant to this Agreement must give the Notice in writing and use one of the following methods of delivery: personal delivery, U.S. mail, internationally recognized overnight courier (with all fees prepaid), facsimile or e-mail. Any party giving a Notice shall address the Notice to the appropriate Person at the receiving party at the address listed below or to another address as designated by a party in a Notice pursuant to this Clause:

If to the Trust:

525 Market Street, 12th Floor

San Francisco, California 94105

If to the Manager:

525 Market Street, 12th Floor

San Francisco, California 94105

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**Section 19. Questions of Interpretation.** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such terms or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Commission, interpretations of the Commission or its staff, or Commission staff no-action letters, issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified or interpreted by any applicable order or orders of the Commission or any rules or regulations adopted by, or interpretative releases of, the Commission thereunder, such provision will be deemed to incorporate the effect of such order, rule, regulation or interpretative release. The duties and obligations of the parties under this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware to the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted.

**Section 20. Amendment of this Agreement.** No provision of this Agreement may be amended, changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. No amendment shall become effective until approved in accordance with applicable requirements under the 1940 Act.

**Section 21. Risk Acknowledgement.** The Adviser does not guarantee the future performance of the Funds or any specific level of performance, the success of any investment decision or strategy that the Adviser may use, or the success of the Adviser's overall management of the Funds. The Trust understands that investment decisions made for the Funds by the Adviser are subject to various market, currency, economic and business risks, and that those investment decisions will not always be profitable. The Adviser will manage only the securities, cash and other investments for which management responsibility is delegated to it and which are held in the Funds' account(s) and, in making investment decisions for the Funds, the Adviser will not consider any other securities, cash or other investments owned by the Trust.

**Section 22. No Third Party Beneficiaries.** Nothing in this Agreement shall be deemed to confer on any person other than the parties hereto any benefits, rights, remedies, obligations or liabilities under or by reason of this Agreement. No person shall be deemed to be a third-party beneficiary of this Agreement.

**Section 23. Miscellaneous**.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) If any term or provision of this Agreement or the application thereof to any person or circumstance is held to be invalid or unenforceable to any extent, the remainder of this Agreement or the application of such provision to other persons or circumstances shall not be affected thereby and shall be enforced to the fullest extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) This Agreement may be executed by the parties hereto in any number of counterparts, and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

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IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers on the day and year first written above.

![](image1-4.gif)ALLSPRING MASTER TRUST, <br>on behalf of the Funds

By:

Name: Matthew Prasse

Title: Secretary

![](image2-4.gif)ALLSPRING FUNDS MANAGEMENT, LLC

By:

Name: Andrew Owen

Title: President and CEO

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#### SCHEDULE A

#### ALLSPRING FUNDS MANAGEMENT, LLC

#### INVESTMENT ADVISORY AGREEMENT

#### FEE SCHEDULE

#### ALLSPRING MASTER TRUST

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Master Trust Portfolios**  | &nbsp;&nbsp; **Advisory Fee** <br> **(as a % of Average Daily Net Assets)**  | &nbsp;&nbsp; **Advisory Fee** <br> **(as a % of Average Daily Net Assets)**  |
| &nbsp;&nbsp; Allspring Core Bond Portfolio  | &nbsp;&nbsp; First 500M<br>Next 500M <br> Next 2B <br> Next 2B <br> Next 5B <br> Over 10B  | &nbsp;&nbsp; 0.40<br>0.375 <br> 0.35 <br> 0.325 <br> 0.30 <br> 0.29  |
| &nbsp;&nbsp; Allspring Disciplined International Developed Markets Portfolio  | &nbsp;&nbsp; First 1B<br>Next 4B <br> Over 5B  | &nbsp;&nbsp; 0.25 <br> 0.225 <br> 0.20  |
| &nbsp;&nbsp; Allspring Disciplined Large Cap Portfolio  | &nbsp;&nbsp; First 1B <br> Next 4B <br> Over 5B  | &nbsp;&nbsp; 0.25 <br> 0.225 <br> 0.20  |
| &nbsp;&nbsp; Allspring Large Cap Value Portfolio<sup>1</sup><sup>,</sup><sup>2</sup>  | &nbsp;&nbsp; First 500M<br>Next 500M <br> Next 1B <br> Next 2B <br> Next 4B <br> Next 4B <br> Next 4B <br> Over 16B  | &nbsp;&nbsp; 0.65 <br> 0.625 <br> 0.60 <br> 0.575 <br> 0.55 <br> 0.525 <br> 0.50 <br> 0.475  |
| &nbsp;&nbsp; Allspring Macro Strategies Portfolio  | &nbsp;&nbsp; First 1B <br> Next 4B <br> Over 5B  | &nbsp;&nbsp; 0.35 <br> 0.325 <br> 0.30  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the advisory fee change to the Allspring Large Cap Value Portfolio. Effective on or about June 1, 2025, the fee schedule will be as follows: First 1B 0.35; Next 4B 0.325; Over 5B 0.30.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Master Trust Portfolios**  | &nbsp;&nbsp; **Advisory Fee** <br> **(as a % of Average Daily Net Assets)**  | &nbsp;&nbsp; **Advisory Fee** <br> **(as a % of Average Daily Net Assets)**  |
| &nbsp;&nbsp; Allspring Real Return Portfolio  | &nbsp;&nbsp; First 500M<br>Next 500M <br> Next 2B <br> Next 2B <br> Next 5B <br> Over 10B  | &nbsp;&nbsp; 0.40<br>0.375 <br> 0.35 <br> 0.325 <br> 0.30 <br> 0.29  |
| &nbsp;&nbsp; Allspring Small Company Growth Portfolio  | &nbsp;&nbsp; First 500M <br> Next 500M <br> Next 1B <br> Next 1B <br> Next 1B <br> Over 4B  | &nbsp;&nbsp; 0.80 <br> 0.775 <br> 0.75 <br> 0.725 <br> 0.70 <br> 0.68  |
| &nbsp;&nbsp; Allspring Small Company Value Portfolio  | &nbsp;&nbsp; First 500M <br> Next 500M <br> Next 1B <br> Next 1B <br> Next 1B <br> Over 4B  | &nbsp;&nbsp; 0.80 <br> 0.775 <br> 0.75 <br> 0.725 <br> 0.70 <br> 0.68  |

---

Schedule A Amended: May 28, 2025

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The foregoing fee schedule is agreed to as of May 28, 2025 and shall remain in effect until changed in writing by the parties.

![](image1-4.gif)ALLSPRING MASTER TRUST, <br>on behalf of the Funds

By:

Name: Matthew Prasse

Title: Secretary

![](image3-1.jpg)ALLSPRING FUNDS MANAGEMENT, LLC

By:

Name: John Kenney

Title: President and CEO

## Ex-99.D

**SUB-ADVISORY AGREEMENT**

**AMONG ALLSPRING MASTER TRUST,** 

**ALLSPRING FUNDS MANAGEMENT, LLC AND** 

**ALLSPRING GLOBAL INVESTMENTS, LLC**

This **AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** (this "Agreement") is made as of this 1<sup>st</sup> day of November, 2021, as amended and restated as of December 6, 2021, by and among Allspring Master Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105, Allspring Funds Management, LLC (the "Adviser"), a limited liability company organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105, and Allspring Global Investments, LLC, a limited liability company organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor San Francisco, California 94105 (the "Sub-Adviser").

**WHEREAS**, this Sub-Advisory Agreement amends and replaces the agreement dated November 1, 2021 previously entered into by and between the parties;

**WHEREAS,** the Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end, series management investment company; and

**WHEREAS,** the Adviser and Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940; and

**WHEREAS,** the Trust and the Adviser desire that the Sub-Adviser perform investment advisory services for each of the series of the Trust listed in Appendix A hereto (each a "Fund" and collectively the "Funds"), and the Sub-Adviser is willing to perform those services on the terms and conditions set forth in this Agreement;

**NOW THEREFORE,** the Trust, the Adviser and Sub-Adviser agrees as follows:

**Section 1. The Trust; Delivery of Documents.** The Trust is engaged in the business of investing and reinvesting its assets in securities of the type and in accordance with the limitations specified in its Declaration of Trust, as amended or supplemented from time to time, By-Laws (if any) and Registration Statement filed with the Securities and Exchange Commission (the "Commission") under the 1940 Act and the Securities Act of 1933 (the "Securities Act"), including any representations made in the prospectus and statement of additional information relating to the Funds contained therein and as may be supplemented from time to time, all in such manner and to such extent as may from time to time be authorized by the Trust's Board of Trustees (the "Board"). The Board is authorized to issue any unissued shares in any number of additional classes or series. The Trust has delivered copies of the documents listed in this Section to the Sub-Adviser and will from time to time furnish the Sub-Adviser with any amendments thereof.

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**Section 2. Appointment of Sub-Adviser.** Subject to the direction and control of the Board, the Adviser manages the investment and reinvestment of the assets of the Funds and provides for certain management and services as specified in the investment advisory agreement dated November 1, 2021, between the Trust and the Adviser with respect to the Funds (the "Advisory Agreement").

Subject to the direction and control of the Board, the Sub-Adviser shall manage the investment and reinvestment of the assets of the Funds, and without limiting the generality of the foregoing, shall provide the management and other services specified below, all in such manner and to such extent as may be directed from time to time by the Adviser.

The Sub-Adviser acknowledges that the Fund and other mutual funds advised by the Adviser (collectively, the "fund complex") may engage in transactions with certain sub-advisers in the fund complex (and their affiliated persons) in reliance on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub-Adviser hereby agrees that it will not consult with any other sub-adviser of a fund in the fund complex that is not an affiliated person (as that term is defined in the 1940 Act) of the Adviser, or an affiliated person of such a sub-adviser, concerning transactions for a fund in securities or other fund assets. With respect to a multi-managed Fund, the Sub-Adviser shall be limited to managing only the discrete portion of the Fund's portfolio as may be determined from time-to-time by the Board or the Adviser, and shall not consult with any sub-adviser that is not an affiliated person of the Adviser as to any other portion of the Fund's portfolio concerning transactions for the Fund in securities or other Fund assets.

**Section 3. Duties of the Sub-Adviser.**

(a) The Sub-Adviser shall make decisions with respect to all purchases and sales of securities and other investment assets for the Funds. To carry out such decisions, the Sub-Adviser is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Trust, to place orders and issue instructions with respect to those transactions of the Funds. In all purchases, sales and other transactions in securities for the Funds, the Sub-Adviser is authorized to exercise full discretion and act for the Trust in the same manner and with the same force and effect as the Trust might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Sub-Adviser will report to the Board at each regular meeting thereof all material changes in the Funds since the prior report, and will also keep the Board informed of important developments affecting the Trust, the Funds and the Sub-Adviser, and on its own initiative will furnish the Board from time to time with such information as the Sub-Adviser may believe appropriate, whether concerning the individual companies whose securities are held by a Fund, the industries in which they engage, or the economic, social or political conditions prevailing in each country in which the Fund maintains investments. The Sub-Adviser will also furnish the Board with such statistical and analytical information with respect to securities in the Funds as the Sub-Adviser may believe appropriate or as the Board reasonably may request. In making purchases and sales of securities for the Funds, the Sub-Adviser will comply with the

------

policies set from time to time by the Board as well as the limitations imposed by the Trust's Declaration of Trust, as amended or supplemented from time to time, By-Laws (if any), Registration Statement under the 1940 Act and the Securities Act, the limitations in the 1940 Act and in the Internal Revenue Code of 1986, as amended applicable to the Trust and the investment objectives, policies and restrictions of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) The Sub-Adviser may from time to time employ or associate with such persons as the Sub-Adviser believes to be appropriate or necessary to assist in the execution of the Sub-Adviser's duties hereunder, the cost of performance of such duties to be borne and paid by the Sub-Adviser. No obligation may be imposed on the Trust in any such respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) The Sub-Adviser shall maintain records relating to portfolio transactions and the placing and allocation of brokerage orders as are required to be maintained by the Trust under the 1940 Act. The Sub-Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Sub-Adviser pursuant to this Agreement required to be prepared and maintained by the Trust pursuant to the rules and regulations of any national, state, or local government entity with jurisdiction over the Trust, including the Securities and Exchange Commission and the Internal Revenue Service. The books and records pertaining to the Trust which are in possession of the Sub-Adviser shall be the property of the Trust. The Trust, or the Trust's authorized representatives (including the Adviser), shall have access to such books and records at all times during the Sub-Adviser's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided promptly by the Sub-Adviser to the Trust or the Trust's authorized representatives.

**Section 4. Control by Board.** As is the case with respect to the Adviser under the Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser on behalf of the Funds, shall at all times be subject to the direction and control of the Trust's Board.

**Section 5. Compliance with Applicable Requirements.** In carrying out its obligations under this Agreement, the Sub-Adviser shall at all times comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) all applicable provisions of the 1940 Act, and any rules and regulations adopted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) the provisions of the registration statement of the Trust, as it may be amended from time to time, under the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) the provisions of the Declaration of Trust of the Trust, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) the provisions of any By-laws of the Trust, if adopted and as it may be amended from time to time, or resolutions of the Board as may be adopted from time to time;

------

(e) the provisions of the Internal Revenue Code of 1986, as amended, applicable to the Trust or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) any other applicable provisions of state or federal law; and

In addition, any code of ethics adopted by the Sub-Adviser must comply with Rule 17j-1 under the 1940 Act, as it may be amended from time to time, and any broadly accepted industry practices, if requested by the Trust or the Adviser.

**Section 7. Expenses of the Fund.** All of the ordinary business expenses incurred in the operations of the Funds and the offering of their shares shall be borne by the Funds unless specifically provided otherwise in this Agreement. These expenses borne by the Trust include, but are not limited to, brokerage commissions, taxes, legal, auditing or governmental fees, the cost of preparing share certificates, custodian, transfer agent and shareholder service agent costs, expense of issue, sale, redemption and repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to trustees and shareholder meetings, the cost of preparing and distributing reports and notices to shareholders, the fees and other expenses incurred by the Funds in connection with membership in investment company organizations and the cost of printing copies of prospectuses and statements of additional information distributed to the Funds' shareholders.

**Section 8. Compensation.** As compensation for the sub-advisory services provided under this Agreement, the Adviser shall pay the Sub-Adviser fees, payable monthly, at the annual rates indicated on Schedule A hereto, as such Schedule may be amended or supplemented from time to time. It is understood that the Adviser shall be responsible for the Sub-Adviser's fee for its services hereunder, and the Sub-Adviser agrees that it shall have no claim against the Trust or the Funds with respect to compensation under this Agreement.

**Section 9. Standard of Care.** The Trust and Adviser shall expect of the Sub-Adviser, and the Sub-Adviser will give the Trust and the Adviser the benefit of, the Sub-Adviser's best judgment and efforts in rendering its services to the Trust, and as an inducement to the Sub-Adviser's undertaking these services at the compensation level specified, the Sub-Adviser shall not be liable hereunder for any mistake in judgment. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of obligations or duties hereunder on the part of the Sub-Adviser or any of its officers, directors, employees or agents, the Sub-Adviser shall not be subject to liability to the Trust or to any shareholders in the Trust for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

**Section 10. Non-Exclusivity.** The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

**Section 11. Records**. The Sub-Adviser shall, with respect to orders the Sub-Adviser places for the purchase and sale of portfolio securities of the Funds, maintain or arrange for the maintenance of the documents and records required pursuant to Rule 31a-1 under the 1940 Act as well as trade tickets and confirmations of portfolio trades and such other records as the Adviser or the Funds' Administrator reasonably requests to be maintained. All such records shall be maintained in a form acceptable to the Funds and in compliance with the provisions of Rule 31a-1 or any successor rule. All such records will be the property of the Funds, and will be available for inspection and use by the Funds and their authorized representatives (including the Adviser). The Sub-Adviser shall promptly, upon the Trust's request, surrender to the Funds those records which are the property of the Trust or any Fund. The Sub-Adviser will promptly notify the Funds' Administrator if it experiences any difficulty in maintaining the records in an accurate and complete manner.

**Section 12**. **Term and Approval.** This Agreement shall become effective with respect to a Fund for an initial two-year term after it is approved in accordance with the express requirements of the 1940 Act, and executed by the Trust, Adviser and Sub-Adviser and shall thereafter continue from year to year, provided that the continuation of the Agreement is approved in accordance with the requirements of the 1940 Act, which currently requires that the continuation be approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) (i) by the Trust's Board of Trustees or (ii) by the vote of "a majority of the outstanding voting securities" of the Fund (as defined in Section 2(a)(42) of the 1940 Act), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) by the affirmative vote of a majority of the Trust's Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

**Section 13. Termination.** As required under the 1940 Act, this Agreement may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of the Trust's Board of Trustees or by vote of a majority of a Fund's outstanding voting securities, or by the Adviser or Sub-Adviser, on sixty (60) days written notice to the other party. The notice provided for herein may be waived by the party entitled to receipt thereof. This Agreement shall automatically terminate in the event of its assignment, the term "assignment" for purposes of this paragraph having the meaning defined in Section 2(a)(4) of the 1940 Act, as it may be interpreted by the Commission or its staff in interpretive releases, or applied by the Commission staff in no-action letters, issued under the 1940 Act.

**Section 14. Indemnification by the Sub-Adviser.** The Trust shall not be responsible for, and the Sub-Adviser shall indemnify and hold the Trust or any Fund of the Trust harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the willful misfeasance, bad faith, negligent acts or reckless disregard of obligations or duties of the Sub-Adviser or any of its officers, directors, employees or agents.

**Section 15. Indemnification by the Trust**. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of duties hereunder on the part of the Sub-Adviser or any of its officers, directors, employees or agents, the Trust hereby agrees to indemnify and hold harmless the Sub-Adviser against all claims, actions, suits or proceedings at law or in equity whether brought by a private party or a governmental department, commission, board, bureau, agency or instrumentality of any kind, arising from the advertising, solicitation, sale, purchase or pledge of securities, whether of the Funds or other securities, undertaken by the Funds, their officers, directors, employees or affiliates, resulting from any violations of the securities laws, rules, regulations, statutes and codes, whether federal or of any state, by the Funds, their officers, directors, employees or affiliates. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing herein shall constitute a waiver or limitation of any rights which a Fund may have and which may not be waived under any applicable federal and state securities laws.

**Section 16. Notices.** Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Trust shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California, 94105, and that of the Adviser shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105,

------

and that of the Sub-Adviser shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105.

 **Section 17. Questions of Interpretation.** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such terms or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Commission, or interpretations of the Commission or its staff, or Commission staff no-action letters, issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Commission, such provision shall be deemed to incorporate the effect of such rule, regulation or order. The duties and obligations of the parties under this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

**Section 18. Amendment.** No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. If shareholder approval of an amendment is required under the 1940 Act, no such amendment shall become effective until approved by a vote of the majority of the outstanding shares of the affected Funds. Otherwise, a written amendment of this Agreement is effective upon the approval of the Board of Trustees, the Adviser and the Sub-Adviser.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers on the day and year first written above.

ALLSPRING MASTER TRUST

![](image1.gif)on behalf of the Funds

By:

Name: Matthew Prasse

Title: Secretary

![](image2.gif)ALLSPRING FUNDS MANAGEMENT, LLC

By:

Name: Andrew Owen

Title: President and CEO

![](image3.gif)ALLSPRING GLOBAL INVESTMENTS, LLC

By:

Name: Sallie Squire

Title: Chief Operating Officer

------

#### APPENDIX A
**ALLSPRING GLOBAL INVESTMENTS, LLC**

**SUB-ADVISORY AGREEMENT**

#### ALLSPRING MASTER TRUST
**Master Trust Portfolios**

Allspring Core Bond Portfolio

Allspring Disciplined International Developed Markets Portfolio

Allspring Disciplined Large Cap Portfolio

Allspring Large Cap Value Portfolio<sup>1</sup>

Allspring Macro Strategies Portfolio

Allspring Real Return Portfolio

Allspring Small Company Value Portfolio

Appendix A Amended: May 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

------

**SCHEDULE A**

**ALLSPRING GLOBAL INVESTMENTS, LLC**

#### SUB-ADVISORY AGREEMENT
**FEE AGREEMENT**

#### ALLSPRING MASTER TRUST
This fee agreement is made as of the 28<sup>th</sup> day of May, 2025, by and between Allspring Funds Management, LLC (the "Adviser") and Allspring Global Investments, LLC (the "Sub-Adviser"); and

**WHEREAS,** the parties and Allspring Master Trust (the "Trust") have entered into a Sub-Advisory Agreement ("Sub-Advisory Agreement") whereby the Sub-Adviser provides investment management advice to each series of the Trust as listed in Appendix A to the Sub-Advisory Agreement (each a "Portfolio" and collectively the "Portfolios").

**WHEREAS,** the Sub-Advisory Agreement provides that the fees to be paid to the Sub-Adviser are to be as agreed upon in writing by the parties.

**NOW THEREFORE,** the parties agree that the fees to be paid to the Sub-Adviser under the Sub-Advisory Agreement shall be calculated and paid on a monthly basis by applying the annual rates indicated below to the average daily net assets of each Portfolio (or managed portion thereof) throughout the month:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio**  | &nbsp;&nbsp; **Sub-Advisory Rate**  | &nbsp;&nbsp; **Sub-Advisory Rate**  |
| &nbsp;&nbsp; Allspring Core Bond Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 200M <br> Over 500M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15% <br> 0.10%  |
| &nbsp;&nbsp; Allspring Disciplined International Developed Markets Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15%  |
| &nbsp;&nbsp; Allspring Disciplined Large Cap Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15%  |
| &nbsp;&nbsp; Allspring Large Cap Value Portfolio<sup>2</sup>  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 500M <br> Over 800M  | &nbsp;&nbsp; 0.30% <br> 0.275% <br> 0.25% <br> 0.20%  |
| &nbsp;&nbsp; Allspring Macro Strategies Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.10% <br> 0.0875% <br> 0.075%  |
| &nbsp;&nbsp; Allspring Real Return Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 200M <br> Over 500M  | &nbsp;&nbsp; 0.18% <br> 0.165% <br> 0.14% <br> 0.12%  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio**  | &nbsp;&nbsp; **Sub-Advisory Rate**  | &nbsp;&nbsp; **Sub-Advisory Rate**  |
| &nbsp;&nbsp; Allspring Small Company Value Portfolio  | &nbsp;&nbsp; First 100M <br> Next 100M <br> Over 200M  | &nbsp;&nbsp; 0.55% <br> 0.50% <br> 0.40%  |

---

If the Sub-Adviser shall provide management and other services for less than the whole of a month, the foregoing compensation shall be prorated based on the number of days in the month that such Sub-Adviser provided management and other services to the Portfolio.

Amended: May 28, 2025

[*Signature Page Follows*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

------

The foregoing fee schedule is agreed to as of May 28, 2025 and shall remain in effect until changed in writing by the parties.

![](image4.jpg)ALLSPRING FUNDS MANAGEMENT, LLC

By:

Name: John Kenney

Title: President and CEO

![](image3.gif)ALLSPRING GLOBAL INVESTMENTS, LLC

By:

Name: Sallie Squire

Title: Chief Operating Officer

## Ex-99.D

**SUB-ADVISORY AGREEMENT**

**AMONG ALLSPRING MASTER TRUST,** 

**ALLSPRING FUNDS MANAGEMENT, LLC AND** 

**ALLSPRING GLOBAL INVESTMENTS, LLC**

This **AMENDED AND RESTATED SUB-ADVISORY AGREEMENT** (this "Agreement") is made as of this 1<sup>st</sup> day of November, 2021, as amended and restated as of December 6, 2021, by and among Allspring Master Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105, Allspring Funds Management, LLC (the "Adviser"), a limited liability company organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105, and Allspring Global Investments, LLC, a limited liability company organized under the laws of the State of Delaware with its principal place of business at 525 Market Street, 12<sup>th</sup> Floor San Francisco, California 94105 (the "Sub-Adviser").

**WHEREAS**, this Sub-Advisory Agreement amends and replaces the agreement dated November 1, 2021 previously entered into by and between the parties;

**WHEREAS,** the Trust is registered under the Investment Company Act of 1940, as amended, (the "1940 Act"), as an open-end, series management investment company; and

**WHEREAS,** the Adviser and Sub-Adviser are registered investment advisers under the Investment Advisers Act of 1940; and

**WHEREAS,** the Trust and the Adviser desire that the Sub-Adviser perform investment advisory services for each of the series of the Trust listed in Appendix A hereto (each a "Fund" and collectively the "Funds"), and the Sub-Adviser is willing to perform those services on the terms and conditions set forth in this Agreement;

**NOW THEREFORE,** the Trust, the Adviser and Sub-Adviser agrees as follows:

**Section 1. The Trust; Delivery of Documents.** The Trust is engaged in the business of investing and reinvesting its assets in securities of the type and in accordance with the limitations specified in its Declaration of Trust, as amended or supplemented from time to time, By-Laws (if any) and Registration Statement filed with the Securities and Exchange Commission (the "Commission") under the 1940 Act and the Securities Act of 1933 (the "Securities Act"), including any representations made in the prospectus and statement of additional information relating to the Funds contained therein and as may be supplemented from time to time, all in such manner and to such extent as may from time to time be authorized by the Trust's Board of Trustees (the "Board"). The Board is authorized to issue any unissued shares in any number of additional classes or series. The Trust has delivered copies of the documents listed in this Section to the Sub-Adviser and will from time to time furnish the Sub-Adviser with any amendments thereof.

------

**Section 2. Appointment of Sub-Adviser.** Subject to the direction and control of the Board, the Adviser manages the investment and reinvestment of the assets of the Funds and provides for certain management and services as specified in the investment advisory agreement dated November 1, 2021, between the Trust and the Adviser with respect to the Funds (the "Advisory Agreement").

Subject to the direction and control of the Board, the Sub-Adviser shall manage the investment and reinvestment of the assets of the Funds, and without limiting the generality of the foregoing, shall provide the management and other services specified below, all in such manner and to such extent as may be directed from time to time by the Adviser.

The Sub-Adviser acknowledges that the Fund and other mutual funds advised by the Adviser (collectively, the "fund complex") may engage in transactions with certain sub-advisers in the fund complex (and their affiliated persons) in reliance on exemptions under Rule 10f-3, Rule 12d3-1, Rule 17a-10 and Rule 17e-1 under the 1940 Act. Accordingly, the Sub-Adviser hereby agrees that it will not consult with any other sub-adviser of a fund in the fund complex that is not an affiliated person (as that term is defined in the 1940 Act) of the Adviser, or an affiliated person of such a sub-adviser, concerning transactions for a fund in securities or other fund assets. With respect to a multi-managed Fund, the Sub-Adviser shall be limited to managing only the discrete portion of the Fund's portfolio as may be determined from time-to-time by the Board or the Adviser, and shall not consult with any sub-adviser that is not an affiliated person of the Adviser as to any other portion of the Fund's portfolio concerning transactions for the Fund in securities or other Fund assets.

**Section 3. Duties of the Sub-Adviser.**

(a) The Sub-Adviser shall make decisions with respect to all purchases and sales of securities and other investment assets for the Funds. To carry out such decisions, the Sub-Adviser is hereby authorized, as agent and attorney-in-fact for the Trust, for the account of, at the risk of and in the name of the Trust, to place orders and issue instructions with respect to those transactions of the Funds. In all purchases, sales and other transactions in securities for the Funds, the Sub-Adviser is authorized to exercise full discretion and act for the Trust in the same manner and with the same force and effect as the Trust might or could do with respect to such purchases, sales or other transactions, as well as with respect to all other things necessary or incidental to the furtherance or conduct of such purchases, sales or other transactions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Sub-Adviser will report to the Board at each regular meeting thereof all material changes in the Funds since the prior report, and will also keep the Board informed of important developments affecting the Trust, the Funds and the Sub-Adviser, and on its own initiative will furnish the Board from time to time with such information as the Sub-Adviser may believe appropriate, whether concerning the individual companies whose securities are held by a Fund, the industries in which they engage, or the economic, social or political conditions prevailing in each country in which the Fund maintains investments. The Sub-Adviser will also furnish the Board with such statistical and analytical information with respect to securities in the Funds as the Sub-Adviser may believe appropriate or as the Board reasonably may request. In making purchases and sales of securities for the Funds, the Sub-Adviser will comply with the

------

policies set from time to time by the Board as well as the limitations imposed by the Trust's Declaration of Trust, as amended or supplemented from time to time, By-Laws (if any), Registration Statement under the 1940 Act and the Securities Act, the limitations in the 1940 Act and in the Internal Revenue Code of 1986, as amended applicable to the Trust and the investment objectives, policies and restrictions of the Funds.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) The Sub-Adviser may from time to time employ or associate with such persons as the Sub-Adviser believes to be appropriate or necessary to assist in the execution of the Sub-Adviser's duties hereunder, the cost of performance of such duties to be borne and paid by the Sub-Adviser. No obligation may be imposed on the Trust in any such respect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) The Sub-Adviser shall maintain records relating to portfolio transactions and the placing and allocation of brokerage orders as are required to be maintained by the Trust under the 1940 Act. The Sub-Adviser shall prepare and maintain, or cause to be prepared and maintained, in such form, for such periods and in such locations as may be required by applicable law, all documents and records relating to the services provided by the Sub-Adviser pursuant to this Agreement required to be prepared and maintained by the Trust pursuant to the rules and regulations of any national, state, or local government entity with jurisdiction over the Trust, including the Securities and Exchange Commission and the Internal Revenue Service. The books and records pertaining to the Trust which are in possession of the Sub-Adviser shall be the property of the Trust. The Trust, or the Trust's authorized representatives (including the Adviser), shall have access to such books and records at all times during the Sub-Adviser's normal business hours. Upon the reasonable request of the Trust, copies of any such books and records shall be provided promptly by the Sub-Adviser to the Trust or the Trust's authorized representatives.

**Section 4. Control by Board.** As is the case with respect to the Adviser under the Advisory Agreement, any investment activities undertaken by the Sub-Adviser pursuant to this Agreement, as well as any other activities undertaken by the Sub-Adviser on behalf of the Funds, shall at all times be subject to the direction and control of the Trust's Board.

**Section 5. Compliance with Applicable Requirements.** In carrying out its obligations under this Agreement, the Sub-Adviser shall at all times comply with:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) all applicable provisions of the 1940 Act, and any rules and regulations adopted thereunder;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) the provisions of the registration statement of the Trust, as it may be amended from time to time, under the Securities Act and the 1940 Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) the provisions of the Declaration of Trust of the Trust, as it may be amended or supplemented from time to time;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) the provisions of any By-laws of the Trust, if adopted and as it may be amended from time to time, or resolutions of the Board as may be adopted from time to time;

------

(e) the provisions of the Internal Revenue Code of 1986, as amended, applicable to the Trust or the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) any other applicable provisions of state or federal law; and

In addition, any code of ethics adopted by the Sub-Adviser must comply with Rule 17j-1 under the 1940 Act, as it may be amended from time to time, and any broadly accepted industry practices, if requested by the Trust or the Adviser.

**Section 7. Expenses of the Fund.** All of the ordinary business expenses incurred in the operations of the Funds and the offering of their shares shall be borne by the Funds unless specifically provided otherwise in this Agreement. These expenses borne by the Trust include, but are not limited to, brokerage commissions, taxes, legal, auditing or governmental fees, the cost of preparing share certificates, custodian, transfer agent and shareholder service agent costs, expense of issue, sale, redemption and repurchase of shares, expenses of registering and qualifying shares for sale, expenses relating to trustees and shareholder meetings, the cost of preparing and distributing reports and notices to shareholders, the fees and other expenses incurred by the Funds in connection with membership in investment company organizations and the cost of printing copies of prospectuses and statements of additional information distributed to the Funds' shareholders.

**Section 8. Compensation.** As compensation for the sub-advisory services provided under this Agreement, the Adviser shall pay the Sub-Adviser fees, payable monthly, at the annual rates indicated on Schedule A hereto, as such Schedule may be amended or supplemented from time to time. It is understood that the Adviser shall be responsible for the Sub-Adviser's fee for its services hereunder, and the Sub-Adviser agrees that it shall have no claim against the Trust or the Funds with respect to compensation under this Agreement.

**Section 9. Standard of Care.** The Trust and Adviser shall expect of the Sub-Adviser, and the Sub-Adviser will give the Trust and the Adviser the benefit of, the Sub-Adviser's best judgment and efforts in rendering its services to the Trust, and as an inducement to the Sub-Adviser's undertaking these services at the compensation level specified, the Sub-Adviser shall not be liable hereunder for any mistake in judgment. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of obligations or duties hereunder on the part of the Sub-Adviser or any of its officers, directors, employees or agents, the Sub-Adviser shall not be subject to liability to the Trust or to any shareholders in the Trust for any act or omission in the course of, or connected with, rendering services hereunder or for any losses that may be sustained in the purchase, holding or sale of any security.

**Section 10. Non-Exclusivity.** The services of the Sub-Adviser to the Adviser and the Trust are not to be deemed to be exclusive, and the Sub-Adviser shall be free to render investment advisory and administrative or other services to others (including other investment companies) and to engage in other activities. It is understood and agreed that officers or directors of the Sub-Adviser are not prohibited from engaging in any other business activity or from rendering services to any other person, or from serving as partners, officers, directors or trustees of any other firm or trust, including other investment advisory companies.

**Section 11. Records**. The Sub-Adviser shall, with respect to orders the Sub-Adviser places for the purchase and sale of portfolio securities of the Funds, maintain or arrange for the maintenance of the documents and records required pursuant to Rule 31a-1 under the 1940 Act as well as trade tickets and confirmations of portfolio trades and such other records as the Adviser or the Funds' Administrator reasonably requests to be maintained. All such records shall be maintained in a form acceptable to the Funds and in compliance with the provisions of Rule 31a-1 or any successor rule. All such records will be the property of the Funds, and will be available for inspection and use by the Funds and their authorized representatives (including the Adviser). The Sub-Adviser shall promptly, upon the Trust's request, surrender to the Funds those records which are the property of the Trust or any Fund. The Sub-Adviser will promptly notify the Funds' Administrator if it experiences any difficulty in maintaining the records in an accurate and complete manner.

**Section 12**. **Term and Approval.** This Agreement shall become effective with respect to a Fund for an initial two-year term after it is approved in accordance with the express requirements of the 1940 Act, and executed by the Trust, Adviser and Sub-Adviser and shall thereafter continue from year to year, provided that the continuation of the Agreement is approved in accordance with the requirements of the 1940 Act, which currently requires that the continuation be approved at least annually:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) (i) by the Trust's Board of Trustees or (ii) by the vote of "a majority of the outstanding voting securities" of the Fund (as defined in Section 2(a)(42) of the 1940 Act), and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) by the affirmative vote of a majority of the Trust's Trustees who are not parties to this Agreement or "interested persons" (as defined in the 1940 Act) of a party to this Agreement (other than as Trustees of the Trust), by votes cast in person at a meeting specifically called for such purpose.

**Section 13. Termination.** As required under the 1940 Act, this Agreement may be terminated with respect to a Fund at any time, without the payment of any penalty, by vote of the Trust's Board of Trustees or by vote of a majority of a Fund's outstanding voting securities, or by the Adviser or Sub-Adviser, on sixty (60) days written notice to the other party. The notice provided for herein may be waived by the party entitled to receipt thereof. This Agreement shall automatically terminate in the event of its assignment, the term "assignment" for purposes of this paragraph having the meaning defined in Section 2(a)(4) of the 1940 Act, as it may be interpreted by the Commission or its staff in interpretive releases, or applied by the Commission staff in no-action letters, issued under the 1940 Act.

**Section 14. Indemnification by the Sub-Adviser.** The Trust shall not be responsible for, and the Sub-Adviser shall indemnify and hold the Trust or any Fund of the Trust harmless from and against, any and all losses, damages, costs, charges, counsel fees, payments, expenses and liability arising out of or attributable to the willful misfeasance, bad faith, negligent acts or reckless disregard of obligations or duties of the Sub-Adviser or any of its officers, directors, employees or agents.

**Section 15. Indemnification by the Trust**. In the absence of willful misfeasance, bad faith, negligence or reckless disregard of duties hereunder on the part of the Sub-Adviser or any of its officers, directors, employees or agents, the Trust hereby agrees to indemnify and hold harmless the Sub-Adviser against all claims, actions, suits or proceedings at law or in equity whether brought by a private party or a governmental department, commission, board, bureau, agency or instrumentality of any kind, arising from the advertising, solicitation, sale, purchase or pledge of securities, whether of the Funds or other securities, undertaken by the Funds, their officers, directors, employees or affiliates, resulting from any violations of the securities laws, rules, regulations, statutes and codes, whether federal or of any state, by the Funds, their officers, directors, employees or affiliates. Federal and state securities laws impose liabilities under certain circumstances on persons who act in good faith, and nothing herein shall constitute a waiver or limitation of any rights which a Fund may have and which may not be waived under any applicable federal and state securities laws.

**Section 16. Notices.** Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Trust shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California, 94105, and that of the Adviser shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105,

------

and that of the Sub-Adviser shall be 525 Market Street, 12<sup>th</sup> Floor, San Francisco, California 94105.

 **Section 17. Questions of Interpretation.** Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such terms or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the Commission, or interpretations of the Commission or its staff, or Commission staff no-action letters, issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act or the Advisers Act reflected in any provision of this Agreement is revised by rule, regulation or order of the Commission, such provision shall be deemed to incorporate the effect of such rule, regulation or order. The duties and obligations of the parties under this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

**Section 18. Amendment.** No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which enforcement of the change, waiver, discharge or termination is sought. If shareholder approval of an amendment is required under the 1940 Act, no such amendment shall become effective until approved by a vote of the majority of the outstanding shares of the affected Funds. Otherwise, a written amendment of this Agreement is effective upon the approval of the Board of Trustees, the Adviser and the Sub-Adviser.

[*Signature Page Follows*]

------

IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed in duplicate by their respective officers on the day and year first written above.

ALLSPRING MASTER TRUST

on behalf of the Funds

By: <u>/s/ Matthew Prasse</u>

Name: Matthew Prasse

Title: Secretary

ALLSPRING FUNDS MANAGEMENT, LLC

By: <u>/s/ Andrew Owen</u>

Name: Andrew Owen

Title: President and CEO

ALLSPRING GLOBAL INVESTMENTS, LLC

By: <u>/s/ Sallie Squire</u>

Name: Sallie Squire

Title: Chief Operating Officer

------

#### APPENDIX A
**ALLSPRING GLOBAL INVESTMENTS, LLC**

**SUB-ADVISORY AGREEMENT**

#### ALLSPRING MASTER TRUST
**Master Trust Portfolios**

Allspring Core Bond Portfolio

Allspring Disciplined International Developed Markets Portfolio

Allspring Disciplined Large Cap Portfolio

Allspring Large Cap Value Portfolio<sup>1</sup>

Allspring Macro Strategies Portfolio

Allspring Real Return Portfolio

Allspring Small Company Value Portfolio

Appendix A Amended: May 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

------

**SCHEDULE A**

**ALLSPRING GLOBAL INVESTMENTS, LLC**

#### SUB-ADVISORY AGREEMENT
**FEE AGREEMENT**

#### ALLSPRING MASTER TRUST
This fee agreement is made as of the 28<sup>th</sup> day of May, 2025, by and between Allspring Funds Management, LLC (the "Adviser") and Allspring Global Investments, LLC (the "Sub-Adviser"); and

**WHEREAS,** the parties and Allspring Master Trust (the "Trust") have entered into a Sub-Advisory Agreement ("Sub-Advisory Agreement") whereby the Sub-Adviser provides investment management advice to each series of the Trust as listed in Appendix A to the Sub-Advisory Agreement (each a "Portfolio" and collectively the "Portfolios").

**WHEREAS,** the Sub-Advisory Agreement provides that the fees to be paid to the Sub-Adviser are to be as agreed upon in writing by the parties.

**NOW THEREFORE,** the parties agree that the fees to be paid to the Sub-Adviser under the Sub-Advisory Agreement shall be calculated and paid on a monthly basis by applying the annual rates indicated below to the average daily net assets of each Portfolio (or managed portion thereof) throughout the month:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio**  | &nbsp;&nbsp; **Sub-Advisory Rate**  | &nbsp;&nbsp; **Sub-Advisory Rate**  |
| &nbsp;&nbsp; Allspring Core Bond Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 200M <br> Over 500M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15% <br> 0.10%  |
| &nbsp;&nbsp; Allspring Disciplined International Developed Markets Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15%  |
| &nbsp;&nbsp; Allspring Disciplined Large Cap Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.20% <br> 0.175% <br> 0.15%  |
| &nbsp;&nbsp; Allspring Large Cap Value Portfolio<sup>2</sup>  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 500M <br> Over 800M  | &nbsp;&nbsp; 0.30% <br> 0.275% <br> 0.25% <br> 0.20%  |
| &nbsp;&nbsp; Allspring Macro Strategies Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Over 300M  | &nbsp;&nbsp; 0.10% <br> 0.0875% <br> 0.075%  |
| &nbsp;&nbsp; Allspring Real Return Portfolio  | &nbsp;&nbsp; First 100M <br> Next 200M <br> Next 200M <br> Over 500M  | &nbsp;&nbsp; 0.18% <br> 0.165% <br> 0.14% <br> 0.12%  |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; **Name of Portfolio**  | &nbsp;&nbsp; **Sub-Advisory Rate**  | &nbsp;&nbsp; **Sub-Advisory Rate**  |
| &nbsp;&nbsp; Allspring Small Company Value Portfolio  | &nbsp;&nbsp; First 100M <br> Next 100M <br> Over 200M  | &nbsp;&nbsp; 0.55% <br> 0.50% <br> 0.40%  |

---

If the Sub-Adviser shall provide management and other services for less than the whole of a month, the foregoing compensation shall be prorated based on the number of days in the month that such Sub-Adviser provided management and other services to the Portfolio.

Amended: May 28, 2025

[*Signature Page Follows*]

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

------

The foregoing fee schedule is agreed to as of May 28, 2025 and shall remain in effect until changed in writing by the parties.

ALLSPRING FUNDS MANAGEMENT, LLC

By: <u>/s/ John Kenney</u>

Name: John Kenney

Title: President and CEO

ALLSPRING GLOBAL INVESTMENTS, LLC

By: <u>/s/ Sallie Squire</u>

Name: Sallie Squire

Title: Chief Operating Officer

## Ex-99.D

#### FEE AND EXPENSE AGREEMENT
THIS **AMENDED AND RESTATED FEE AND EXPENSE AGREEMENT** is made as of October 3, 2008, as amended and restated as of November 15, 2023, among Allspring Funds Trust (the "Trust"), a Delaware statutory trust, for itself and on behalf of its series listed from time to time in Schedule A and B attached hereto (individually referred to as the "Fund" or collectively referred to as the "Funds"), Allspring Master Trust ("Master Trust"), a Delaware statutory trust, and Allspring Funds Management, LLC ("Funds Management" or the "Adviser"), a limited liability company organized under the laws of the State of Delaware.

WHEREAS, each of the Trust and Master Trust is an open-end investment company registered under the Investment Company Act of 1940; and

WHEREAS, Funds Management serves as investment adviser and/or administrator to each of the Funds pursuant to an investment advisory agreement (the "Investment Advisory Agreement") and/or an administration agreement (the "Administration Agreement");

NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. <u>Limitation on Total Operating Expense Ratios</u>. The Adviser hereby agrees to waive any advisory fees payable to it under the Investment Advisory Agreement, waive any administration fees payable to it under the Administration Agreement, and/or reimburse other expenses of the Funds or a class to the extent necessary to maintain a total operating expense ratio for each class of each Fund that does not exceed its capped operating expense ratio (each, a "Capped Operating Expense Ratio") as set forth from time to time in Schedule A attached hereto (each, a "Commitment"). The operating expenses that may not exceed the Capped Operating Expense Ratio do not include expenses that are not included in calculating a fund's operating expense ratio as reflected in its audited financial highlights (such as brokerage commissions, stamp duty fees, interest, taxes or acquired fund fees and expense), prime broker fees, dividend and interest expense on securities sold short and do not include Extraordinary Expenses. Extraordinary Expenses shall include other expenses as are determined by a vote of the majority of the Trustees to be Extraordinary Expenses for this purpose.

&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup> On November 15, 2023, the Board of Trustees of Allspring Funds Trust approved proposed changes to the Absolute Return Fund effective on or about March 15, 2024.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. <u>Application of the Commitments to Tiered Funds</u>. A Fund that invests in shares of a money market Fund need not attribute the money market Fund's fees to the investing Fund's operating expenses. A non-Spectrum Fund (other than Absolute Return Fund)<sup>1</sup> that invests in shares of a Allspring Master Trust portfolio or in shares of a non-money market Fund shall attribute the portfolio's or non-money market Fund's fees to the investing Fund's operating expenses. A Dynamic Target Date Fund that invests in securities of any registered investment company other than a money market Fund shall attribute the registered investment company's fees to the investing Fund's operating expenses. Absolute Return Fund<sup>1</sup> and each Spectrum Fund that invests in shares of a Allspring Master Trust Portfolio or in shares of a non-money market Fund need not attribute the portfolio's or non-money market Fund's fees to the investing Fund's operating expenses. Except as expressly provided in this Section 2, a Fund that invests in securities of any registered investment company need not attribute the fees of such other registered investment company to the investing Fund's operating expenses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. <u>Duration of the Commitments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) <u>Initial Waiver</u>. The parties agree that Funds Management will maintain the Capped Operating Expense Ratios until the expiration/renewal date specified in Schedule A (the "Expiration/Renewal Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) <u>Automatic Renewal of the Commitments</u>. The parties agree that each Commitment will renew automatically for a period of one year from each anniversary of the Expiration/Renewal Date unless, prior to such anniversary date: (i) Funds Management provides notice to the Board to the effect that it has elected not to renew a Commitment for a full year with respect to one or more specified Funds or classes; (ii) Funds Management provides notice to the Board to the effect that it has elected to reduce a listed Capped Operating Expense Ratio with respect to one or more specified Funds or classes; and/or (iii) the Board approves an increase to the listed Capped Operating Expense Ratio with respect to one or more specified Funds or classes. The notice referred to in subparagraphs (i) and (ii), above, or in subparagraph (i) of Subsection 3(c), may take the form of presentation materials delivered to the Board at or before a meeting of the Board, a presentation to the Board at a meeting that is reflected in the minutes of such meeting, or written notice delivered to the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) <u>Funds Management's Obligations Following Non-Renewal of a Commitment</u>. Following any non-renewal of a Commitment with respect to one or more specified Funds or classes pursuant to Subsection 3(b), Funds Management will nevertheless maintain the listed Capped Operating Expense Ratio of the Fund or class until such time as: (i) Funds Management provides notice to the Board that it is reinstating the Commitment with respect to the Fund or class at the same or a reduced Capped Operating Expense Ratio, in which case the provisions of Subsection 3(b) shall govern thereafter; (ii) the Board approves an increase in the listed Capped Operating Expense Ratio, in which case the provisions of Subsection 3(d) shall govern; or (iii) the Board approves the elimination of any obligation to maintain a specified ratio.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) <u>Board Approval of an Increase in a Capped Operating Expense Ratio</u>. If the Board approves an increase in the listed Capped Operating Expense Ratio of a Fund or class, Funds Management's Commitment to maintain the higher Capped Operating Expenses Ratio will be governed by the renewal and non-renewal provisions of Subsection 3(b).

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) <u>Funds Management's Ability to Reduce a Capped Operating Expense Ratio or Extend the Term of a Commitment</u>. Notwithstanding any other provision of this Agreement, Funds Management may reduce the Capped Operating Expense Ratio of a Fund or a class, or extend the term of the Commitment to maintain the Capped Operating Expense Ratio of a Fund or a class, without prior approval of the Board. Funds Management shall inform the Board of any action taken under this Subsection no later than the next regularly scheduled Board meeting. Unless Funds Management informs the Board that the reduced Capped Operating Expense Ratio will be governed by the renewal and non-renewal provisions of Subsection 3(b), the Capped Operating Expense Ratio of the Fund or class will revert to the Capped Operating Expense Ratio previously in effect at the next Expiration/Renewal Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. <u>Modification; Amendment</u>. No modification or amendment to this Agreement shall be binding unless in writing and executed by Funds Management, the Trust and, if affected thereby, Allspring Master Trust. Notwithstanding the foregoing, the parties hereby agree that the Schedules may be amended or supplemented by having Funds Management, the Trust and, if affected thereby, Allspring Master Trust execute updated Schedules, without having such action constitute a modification or amendment to this Agreement. Among other matters, the parties intend that: (a) Schedule A shall be updated to reflect any additional Funds or classes that are established from time to time by the Trust and as to which a Capped Operating Expense Ratio is established; (b) Schedule A shall be updated to reflect any increases to Capped Operating Expense Ratios that have been approved by the Board or any reductions in Capped Operating Expense Ratios that have been implemented pursuant to the notice provisions of Subsections 3(b) or 3(c), or any reductions implemented by Funds Management pursuant to Subsection 3(e); (c) Schedule A shall be updated to reflect any term extensions implemented by Funds Management pursuant to Section 3(e); and (d) Schedule A shall designate any Funds or classes as to which a Commitment has not been renewed until (i) a Commitment is reinstated pursuant to Subsection 3(c) or 3(d), or (ii) the Board approves the elimination of any obligation to maintain a specified ratio, at which time such Fund or class shall be moved to Schedule B.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. <u>Entire Agreement</u>. This Amended and Restated Agreement constitutes the entire agreement of the parties with respect to its subject matter. Each provision herein shall be treated as separate and independent from any other provision or agreement herein and shall be enforceable notwithstanding the unenforceability of any such other provision or agreement. In addition, each provision herein shall be treated as separate and independent with respect to each Fund.

------

IN WITNESS WHEREOF, the parties have duly executed this Amended and Restated Agreement as of November 15, 2023.

ALLSPRING FUNDS TRUST, for itself and on

behalf of its series listed from time to time on the

Schedules attached hereto

![](image1.jpg)

By

Matthew Prasse

Secretary

ALLSPRING MASTER TRUST

![](image1.jpg)

By

Matthew Prasse

Secretary

![](image2.jpg)ALLSPRING FUNDS MANAGEMENT, LLC

By

Andrew Owen

President

------

#### SCHEDULE A
**FEE AND EXPENSE AGREEMENT**

ALLSPRING FUNDS TRUST

(Capped Operating Expense Ratios)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Absolute Return Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.70% <br> 1.45% <br> 0.28% <br> 0.57% <br> 0.33%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Adjustable Rate Government Fund**<sup>2</sup> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.74% <br> 1.49% <br> 0.60% <br> 0.46%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Alternative Risk Premia Fund** <br> Class R6 <br> Institutional Class  | &nbsp;&nbsp; <br> 0.62% <br> 0.72%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Asset Allocation Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.07% <br> 1.82% <br> 0.90% <br> 0.75%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California Limited-Term Tax-Free Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 0.80% <br> 1.55% <br> 0.60% <br> 0.50%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **California Tax-Free Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <br> 0.75% <br> 1.50% <br> 0.55% <br> 0.48%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Common Stock Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.25% <br> 2.00% <br> 0.83% <br> 1.10% <br> 0.85%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>2</sup>

On May 28, 2025, the Board of Trustees of Allspring Funds Trust approved the reorganization of the Allspring Adjustable Rate Government Fund into the Allspring Ultra Short-Term Income Fund effective on or about July 25, 2025.

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.70% <br> 1.45% <br> 0.33% <br> 0.65% <br> 0.38%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Core Plus Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.67% <br> 1.42% <br> 0.30% <br> 0.60% <br> 0.35%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Disciplined Small Cap Fund** <br> Class A <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.92% <br> 0.50% <br> 0.85% <br> 0.60%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Disciplined U.S. Core Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.86% <br> 1.61% <br> 0.43% <br> 0.74% <br> 0.48%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Discovery Small Cap Growth Fund**<sup>3</sup> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.22% <br> 1.97% <br> 0.80% <br> 1.15% <br> 0.90%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Capital Builder Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.11% <br> 1.86% <br> 1.05% <br> 0.78%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Diversified Income Builder Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.84% <br> 1.59% <br> 0.42% <br> 0.77% <br> 0.52%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Growth Fund** <br> **Class A** <br> Class C <br> Class R6 <br> **Administrator Class** <br> Institutional Class  | &nbsp;&nbsp; <br> 1.22% <br> 1.97% <br> 0.80% <br> 1.15% <br> 0.90%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>3</sup>

On May 28, 2025, the Board of Trustees of Allspring Funds Trust approved the reorganization of the Allspring Discovery Small Cap Growth Fund into the Allspring Emerging Growth Fund effective on or about July 25, 2025.

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.43% <br> 2.18% <br> 1.01% <br> 1.36% <br> 1.11%  | &nbsp;&nbsp; <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Emerging Markets Equity Advantage Fund**<sup>4</sup> <br> **Class A** <br> Class C <br> Class R6 <br> **Administrator Class** <br> Institutional Class  | &nbsp;&nbsp; <br> 1.55% <br> 2.30% <br> 1.17% <br> 1.45% <br> 1.22%  | &nbsp;&nbsp; <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Government Money Market Fund<sup>5</sup>** <br> Class A <br> Administrator Class <br> Elevate Class <br> **Institutional Class** <br> Roberts & Ryan Class <br> Select Class <br> Service Class <br> Sweep Class <br> Tribal Inclusion Class  | &nbsp;&nbsp; <br> 0.58% <br> 0.34% <br> 0.16% <br> 0.20% <br> 0.20% <br> 0.14% <br> 0.50% <br> 0.50% <br> 0.16%  | &nbsp;&nbsp; <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Government Securities Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.84% <br> 1.59% <br> 0.64% <br> 0.48%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.15% <br> 1.90% <br> 0.70% <br> 0.96% <br> 0.75%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **High Yield Bond Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.92% <br> 1.67% <br> 0.80% <br> 0.53%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |

---

On May 28, 2025, the Board of Trustees of Allspring Funds Trust were notified of the following reduction to the net operating expense ratios for the Emerging Markets Equity Advantage Fund effective on or about September 2, 2025 through February 28, 2027: Class A 1.43%, Class C 2.18%, Class R6 1.01%, Administrator Class 1.36%, Institutional Class 1.11%.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>5</sup>

On November 16, 2022, the Board of Trustees of Allspring Funds Trust approved the establishment of the Elevate Class to the Allspring Government Money Market Fund effective at a date to be determined.

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| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **High Yield Municipal Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.80% <br> 1.55% <br> 0.50% <br> 0.70% <br> 0.55%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Income Plus Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.71% <br> 1.46% <br> 0.66% <br> 0.39%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Index Asset Allocation Fund** <br> **Class A** <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.07% <br> 1.82% <br> 0.90% <br> 0.75%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Index Fund** <br> Class A <br> Class C <br> Administrator Class  | &nbsp;&nbsp; <br> 0.44% <br> 1.19% <br> 0.25%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Innovation Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.22% <br> 1.97% <br> 1.15% <br> 0.90%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Intermediate Tax/AMT-Free Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.67% <br> 1.42% <br> 0.30% <br> 0.60% <br> 0.35%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **International Equity Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.14% <br> 1.89% <br> 0.79% <br> 1.14% <br> 0.84%  | &nbsp;&nbsp; <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large Cap Core Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.07% <br> 1.82% <br> 0.65% <br> 0.97% <br> 0.67%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large Cap Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.02% <br> 1.77% <br> 0.60% <br> 0.94% <br> 0.70%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large Cap Value Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.82% <br> 1.57% <br> 0.40% <br> 0.75% <br> 0.50%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Large Company Value Fund<sup>6</sup>** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.82% <br> 1.57% <br> 0.40% <br> 0.75% <br> 0.50%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Mid Cap Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.18% <br> 1.93% <br> 0.80% <br> 1.10% <br> 0.85%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Minnesota Tax-Free Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.84% <br> 1.59% <br> 0.60% <br> 0.52%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Money Market Fund** <br> Class A <br> Class C <br> Premier Class <br> Service Class  | &nbsp;&nbsp; <br> 0.58% <br> 1.33% <br> 0.20% <br> 0.50%  | &nbsp;&nbsp; <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Municipal Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.75% <br> 1.50% <br> 0.40% <br> 0.60% <br> 0.45%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **National Tax-Free Money Market Fund** <br> Class A <br> Administrator Class <br> Premier Class <br> Service Class  | &nbsp;&nbsp; <br> 0.58% <br> 0.30% <br> 0.20% <br> 0.45%  | &nbsp;&nbsp; <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Opportunity Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.17% <br> 1.92% <br> 0.72% <br> 1.00% <br> 0.75%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>6</sup>

On May 28, 2025, the Board of Trustees of Allspring Funds Trust approved the reorganization of the Allspring Large Company Value Fund into the Allspring Special Large Cap Value Fund effective on or about July 25, 2025.

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---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Pennsylvania Tax-Free Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.74% <br> 1.49% <br> 0.49%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Precious Metals Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.09% <br> 1.84% <br> 0.95% <br> 0.79%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Premier Large Company Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.10% <br> 1.85% <br> 0.65% <br> 1.00% <br> 0.70%  | &nbsp;&nbsp; <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025 <br> November 30, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Real Return Fund** <br> Class A <br> Class C <br> Class R6 <br> **Administrator Class** <br> **Institutional Class**  | &nbsp;&nbsp; <br> 0.77% <br> 1.52% <br> 0.40% <br> 0.60% <br> 0.45%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short Duration Government Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.77% <br> 1.52% <br> 0.37% <br> 0.60% <br> 0.42%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Bond Plus Fund** <br> Class A <br> Class C <br> Class R6 <br> Institutional Class  | &nbsp;&nbsp; <br> 0.61% <br> 1.36% <br> 0.24% <br> 0.29%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term High Income Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.81% <br> 1.56% <br> 0.65% <br> 0.50%  | &nbsp;&nbsp; <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025 <br> December 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Short-Term Municipal Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.63% <br> 1.38% <br> 0.35% <br> 0.60% <br> 0.40%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Small Company Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.28% <br> 2.03% <br> 0.86% <br> 1.19% <br> 0.94%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Small Company Value Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.15% <br> 1.90% <br> 0.75% <br> 1.05% <br> 0.85%  | &nbsp;&nbsp; <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025 <br> August 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **SMID Cap Growth Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.21% <br> 1.96% <br> 0.79% <br> 1.14% <br> 0.89%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special Global Small Cap Fund<sup>7</sup>** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.47% <br> 2.22% <br> 1.40% <br> 1.15%  | &nbsp;&nbsp; <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special International Small Cap Fund** <br> Class A <br> Class C <br> Class R6 <br> Institutional Class  | &nbsp;&nbsp; <br> 1.37% <br> 2.12% <br> 0.95% <br> 1.05%  | &nbsp;&nbsp; <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026 <br> February 28, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special Large Cap Value Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.82% <br> 1.57% <br> 0.40% <br> 0.75% <br> 0.50%  | &nbsp;&nbsp; <br> November 30, 2026 <br> November 30, 2026 <br> November 30, 2026 <br> November 30, 2026 <br> November 30, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special Mid Cap Value Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.15% <br> 1.90% <br> 0.73% <br> 1.08% <br> 0.83%  | &nbsp;&nbsp; <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026 <br> January 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Special Small Cap Value Fund**<sup>8</sup> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.31% <br> 2.06% <br> 0.89% <br> 1.20% <br> 0.94%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |

---

On May 28, 2025, the Board of Trustees of Allspring Funds Trust were notified of the following reduction to the net operating expense ratios for the Special Global Small Cap Fund effective on or about September 2, 2025 through February 28, 2027: Class A 1.42%, Class C 2.17%, Administrator Class 1.35%, Institutional Class 1.10%.

On May 28, 2025, the Board of Trustees of Allspring Funds Trust were notified of the following reduction to the net operating expense ratios for the Special Small Cap Value Fund effective on or about August 1, 2025 through July 31, 2026: Class A 1.30%, Class C 2.05%, Class R6 0.88%, Administrator Class 1.19%, Institutional Class 0.94%.

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spectrum Aggressive Growth Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.72% <br> 1.47% <br> 0.65% <br> 0.40%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spectrum Conservative Growth Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.72% <br> 1.47% <br> 0.40%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spectrum Growth Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.72% <br> 1.47% <br> 0.40%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spectrum Income Allocation Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.72% <br> 1.47% <br> 0.40%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Spectrum Moderate Growth Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.70% <br> 1.45% <br> 0.38%  | &nbsp;&nbsp; <br> August 31, 2026 <br> August 31, 2026 <br> August 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Strategic Municipal Bond Fund** <br> Class A <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.79% <br> 1.54% <br> 0.42% <br> 0.68% <br> 0.47%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Treasury Plus Money Market Fund** <br> Class A <br> Administrator Class <br> Institutional Class <br> Roberts & Ryan Class <br> Select Class <br> Service Class  | &nbsp;&nbsp; <br> 0.58% <br> 0.34% <br> 0.20% <br> 0.20% <br> 0.14% <br> 0.45%  | &nbsp;&nbsp; <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ultra Short-Term Income Fund** <br> Class A <br> Class A2 <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.50% <br> 0.40% <br> 1.25% <br> 0.50% <br> 0.25%  | &nbsp;&nbsp; <br> December 31, 2026 <br> December 31, 2026 <br> December 31, 2026 <br> December 31, 2026 <br> December 31, 2026  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Ultra Short-Term Municipal Income Fund** <br> Class A <br> Class A2 <br> Class C <br> Class R6 <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 0.50% <br> 0.40% <br> 1.25% <br> 0.20% <br> 0.50% <br> 0.25%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |

---

------

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp; <br> **FUNDS/CLASSES**  | &nbsp;&nbsp; **Capped Operating** <br> **Expense Ratio**  | &nbsp;&nbsp; <br> **Expiration / Renewal Date**  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Utility and Telecommunications Fund** <br> Class A <br> Class C <br> Administrator Class <br> Institutional Class  | &nbsp;&nbsp; <br> 1.04% <br> 1.79% <br> 0.92% <br> 0.72%  | &nbsp;&nbsp; <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025 <br> July 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Wisconsin Tax-Free Fund** <br> Class A <br> Class C <br> Institutional Class  | &nbsp;&nbsp; <br> 0.70% <br> 1.45% <br> 0.52%  | &nbsp;&nbsp; <br> October 31, 2025 <br> October 31, 2025 <br> October 31, 2025  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **100% Treasury Money Market Fund** <br> Class A <br> Administrator Class <br> Institutional Class <br> Roberts & Ryan Class <br> Service Class <br> Sweep Class  | &nbsp;&nbsp; <br> 0.58% <br> 0.30% <br> 0.20% <br> 0.20% <br> 0.50% <br> 0.50%  | &nbsp;&nbsp; <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026 <br> May 31, 2026  |

---

Schedule A amended: May 28, 2025

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The foregoing schedule of capped operating expense ratios is agreed to as of May 28, 2025 and shall remain in effect until changed in writing by the parties.

**ALLSPRING FUNDS TRUST**

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By:

Matthew Prasse

Secretary

**ALLSPRING FUNDS MANAGEMENT, LLC**

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By:

<br>John Kenney

President

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As of May 18, 2004

Amended and Restated Fee and Expense Agreement

Schedule B

ALLSPRING FUNDS TRUST

Not Subject to Capped Operating Expense Ratios

Name of Fund/Class Date of Removal from Schedule A <br>     <br>

## Ex-99.G

#### Master Custodian Agreement
This Agreement is made as of August 10, 2009 by and among each management investment company identified on Appendix A hereto (each such investment company and each management investment company made subject to this Agreement in accordance with Section 18.5 below, shall hereinafter be referred to as (the "***Fund***"), and State Street Bank and Trust Company, a Massachusetts trust company (the "***Custodian***").

***Witnesseth:***

**Whereas,** each Fund may or may not be authorized to issue shares of common stock or shares of beneficial interest in separate series ("***Shares***"), with each such series representing interests in a separate portfolio of securities and other assets;

**Whereas,** each Fund so authorized intends that this Agreement be applicable to each of its series set forth on Appendix A hereto (such series together with all other series subsequently established by the Fund and made subject to this Agreement in accordance with Section 18.6 below, shall hereinafter be referred to as the "***Portfolio(s)***").

**Whereas,** each Fund not so authorized intends that this Agreement be applicable to it and all references hereinafter to one or more "Portfolio(s)" shall be deemed to refer to such Fund(s); and

**Now, Therefore,** in consideration of the mutual covenants and agreements hereinafter contained, the parties hereto agree as follows:

Section 1.

<u>Employment of Custodian and Property to be Held by It</u>.

Each Fund hereby employs the Custodian as a custodian of assets of the Portfolios, including securities which the Fund, on behalf of the applicable Portfolio, desires to be held in places within the United States ("***domestic securities***") and securities it desires to be held outside the United States ("***foreign securities***"). Each Fund, on behalf of its Portfolio(s), agrees to deliver to the Custodian all securities and cash of the Portfolios, and all payments of income, payments of principal or capital distributions received by it with respect to all securities owned by the Portfolio(s) from time to time, and the cash consideration received by it for such Shares as may be issued or sold from time to time. The Custodian shall not be responsible for any property of a Portfolio which is not received by it or which is delivered out in accordance with Proper Instructions (as such term is defined in Section 7 hereof) including, without limitation, Portfolio property (i) held by brokers, private bankers or other entities on behalf of the Portfolio (each a "***Local Agent***"), (ii) held by Special Sub-Custodians (as such term is defined in Section 5 hereof), (iii) held by entities which have advanced monies to or on behalf of the Portfolio and which have received Portfolio property as security for such advance(s) (each a "***Pledgee***"), or (iv) delivered or otherwise removed from the custody of the Custodian (a) in connection with any Free Trade (as such term is defined in Sections 2.2(14) and 2.6(7) hereof) or (b) pursuant to Special Instructions (as such term is defined in Section 7 hereof). With respect to uncertificated shares (the "***Underlying Shares***") of registered "investment companies" (as defined in Section 3(a)(1) of the Investment Company Act of 1940, as amended from time to time (the "***1940 Act***")), whether in

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the same "group of investment companies" (as defined in Section 12(d)(1)(G)(ii) of the 1940 Act) or otherwise, including pursuant to Section 12(d)(1)(F) of the 1940 Act (hereinafter sometimes referred to as the "***Underlying Portfolios***") the holding of confirmation statements that identify the shares as being recorded in the Custodian's name on behalf of the Portfolios will be deemed custody for purposes hereof.

Upon receipt of Proper Instructions, the Custodian shall on behalf of the applicable Portfolio(s) from time to time employ one or more sub-custodians located in the United States, but only in accordance with an applicable vote by the Board of Trustees or the Board of Directors of the Fund (as appropriate, and in each case, the "***Board***") on behalf of the applicable Portfolio(s), and provided that the Custodian shall have no more or less responsibility or liability to any Fund on account of any actions or omissions of any sub-custodian so employed than any such sub-custodian has to the Custodian. The Custodian may place and maintain each Fund's foreign securities with foreign banking institution sub-custodians employed by the Custodian and/or foreign securities depositories, all as designated in Schedules A and B hereto, but only in accordance with the applicable provisions of Sections 3 and 4 hereof.

Section 2.

<u>Duties of the Custodian with Respect to Property of the Portfolios to be Held in the United States</u>.

Section 2.1

<u>Holding Securities</u>. The Custodian shall hold and physically segregate for the account of each Portfolio all non-cash property, to be held by it in the United States, including all domestic securities owned by such Portfolio other than (a) securities which are maintained pursuant to Section 2.8 in a clearing agency which acts as a securities depository or in a book-entry system authorized by the U.S. Department of the Treasury (each, a "***U.S. Securities System***") and (b) Underlying Shares owned by each Fund which are maintained pursuant to Section 2.10 hereof in an account with State Street Bank and Trust Company or such other entity which may from time to time act as a transfer agent for the Underlying Portfolios and with respect to which the Custodian is provided with Proper Instructions (the "***Underlying Transfer Agent***").

Section 2.2

<u>Delivery of Securities</u>. The Custodian shall release and deliver domestic securities owned by a Portfolio held by the Custodian, in a U.S. Securities System account of the Custodian or in an account at the Underlying Transfer Agent, only upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

1)

Upon sale of such securities for the account of the Portfolio and receipt of payment therefor;

2)

Upon the receipt of payment in connection with any repurchase agreement related to such securities entered into by the Portfolio;

3)

In the case of a sale effected through a U.S. Securities System, in accordance with the provisions of Section 2.8 hereof;

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4)

To the depository agent in connection with tender or other similar offers for securities of the Portfolio;

5)

To the issuer thereof or its agent when such securities are called, redeemed, retired or otherwise become payable; provided that, in any such case, the cash or other consideration is to be delivered to the Custodian;

6)

To the issuer thereof, or its agent, for transfer into the name of the Portfolio or into the name of any nominee or nominees of the Custodian or into the name or nominee name of any agent appointed pursuant to Section 2.7 or into the name or nominee name of any sub-custodian appointed pursuant to Section 1; or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units; provided that, in any such case, the new securities are to be delivered to the Custodian;

7)

Upon the sale of such securities for the account of the Portfolio, to the broker or its clearing agent, against a receipt, for examination in accordance with "street delivery" custom; provided that in any such case, the Custodian shall have no responsibility or liability for any loss arising from the delivery of such securities prior to receiving payment for such securities except as may arise from the Custodian's own negligence or willful misconduct;

8)

For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

9)

In the case of warrants, rights or similar securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities; provided that, in any such case, the new securities and cash, if any, are to be delivered to the Custodian;

10)

For delivery in connection with any loans of securities made by the Portfolio (a) against receipt of collateral as agreed from time to time by the Fund on behalf of the Portfolio, except that in connection with any loans for which collateral is to be credited to the Custodian's account in the book-entry system authorized by the U.S. Department of the Treasury, the Custodian will not be held liable or responsible for the delivery of securities owned by the Portfolio prior to the receipt of such collateral or (b) to the lending agent, or the lending agent's custodian, in accordance with written Proper Instructions (which may not provide for the receipt by the Custodian of collateral therefor) agreed upon from time to time by the Custodian and the Fund;

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11)

For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

12)

For delivery in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Securities Exchange Act of 1934 (the "***Exchange Act***") and a member of the Financial Industry Regulatory Authority, Inc. ("***FINRA***", formerly known as The National Association of Securities Dealers, Inc.), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange, or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Fund on behalf of a Portfolio;

13)

For delivery in accordance with the provisions of any agreement among a Fund on behalf of the Portfolio, the Custodian, and a futures commission merchant registered under the Commodity Exchange Act, relating to compliance with the rules of the Commodity Futures Trading Commission (the "***CFTC***") and/or any contract market, or any similar organization or organizations, regarding account deposits in connection with transactions by the Fund on behalf of a Portfolio;

14)

Upon the sale or other delivery of such investments (including, without limitation, to one or more (a) Special Sub-Custodians or (b) additional custodians appointed by the Fund, and communicated to the Custodian from time to time via a writing duly executed by an authorized officer of the Fund, for the purpose of engaging in repurchase agreement transactions(s), each a "***Repo Custodian***"), and prior to receipt of payment therefor, as set forth in written Proper Instructions (such delivery in advance of payment, along with payment in advance of delivery made in accordance with Section 2.6(7), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall set forth (a) the securities of the Portfolio to be delivered and (b) the person(s) to whom delivery of such securities shall be made;

15)

Upon receipt of instructions from the Fund's transfer agent (the "***Transfer Agent***") for delivery to such Transfer Agent or to the holders of Shares in connection with distributions in kind, as may be described from time to time in the currently effective prospectus and statement of additional information of the Fund related to the Portfolio (the "***Prospectus***"), in satisfaction of requests by holders of Shares for repurchase or redemption;

16)

In the case of a sale processed through the Underlying Transfer Agent of Underlying Shares, in accordance with Section 2.10 hereof;

17)

For delivery as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

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18)

For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the applicable Portfolio specifying (a) the securities of the Portfolio to be delivered and (b) the person or persons to whom delivery of such securities shall be made.

Section 2.3

<u>Registration of Securities</u>. Domestic securities held by the Custodian (other than bearer securities) shall be registered in the name of the Portfolio or in the name of any nominee of a Fund on behalf of the Portfolio or of any nominee of the Custodian which nominee shall be assigned exclusively to the Portfolio, unless the Fund has authorized in writing the appointment of a nominee to be used in common with other registered management investment companies having the same investment adviser as the Portfolio, or in the name or nominee name of any agent appointed pursuant to Section 2.7 or in the name or nominee name of any sub-custodian appointed pursuant to Section 1. All securities accepted by the Custodian on behalf of the Portfolio under the terms of this Agreement shall be in "street name" or other good delivery form. If, however, a Fund directs the Custodian to maintain securities in "street name", the Custodian shall utilize its best efforts only to timely collect income due the Fund on such securities and to notify the Fund on a best efforts basis only of relevant corporate actions including, without limitation, pendency of calls, maturities, tender or exchange offers.

Section 2.4

<u>Bank Accounts</u>. The Custodian shall open and maintain a separate bank account or accounts in the United States in the name of each Portfolio of each Fund, subject only to draft or order by the Custodian acting pursuant to the terms of this Agreement, and shall hold in such account or accounts, subject to the provisions hereof, all cash received by it from or for the account of the Portfolio, other than cash maintained by the Portfolio in a bank account established and used in accordance with Rule 17f-3 under the 1940 Act. Funds held by the Custodian for a Portfolio may be deposited by it to its credit as Custodian in the banking department of the Custodian or in such other banks or trust companies as it may in its discretion deem necessary or desirable; provided, however, that every such bank or trust company shall be qualified to act as a custodian under the 1940 Act and that each such bank or trust company and the funds to be deposited with each such bank or trust company shall on behalf of each applicable Portfolio be approved by vote of a majority of the Board. Such funds shall be deposited by the Custodian in its capacity as Custodian and shall be withdrawable by the Custodian only in that capacity.

Section 2.5

<u>Collection of Income</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14) or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall collect on a timely basis all income and other payments with respect to registered domestic securities held hereunder to which each Portfolio shall be entitled either by law or pursuant to custom in the securities business, and shall collect on a timely basis all income and other payments with respect to bearer domestic securities if, on the date of payment by the issuer, such securities are held by the Custodian or its agent thereof and shall credit such income, as collected, to such Portfolio's custodian account. Without limiting the generality of the foregoing, the Custodian shall detach and present for payment all coupons and other income items requiring presentation as and when they become due and shall collect interest when due on securities held hereunder. Income due each Portfolio on securities loaned pursuant to the provisions of Section 2.2 (10) shall be the responsibility of the applicable Fund. The

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Custodian will have no duty or responsibility in connection therewith, other than to provide the Fund with such information or data as may be necessary to assist the Fund in arranging for the timely delivery to the Custodian of the income to which the Portfolio is properly entitled.

Section 2.6

<u>Payment of Fund Monies</u>. Upon receipt of Proper Instructions on behalf of the applicable Portfolio, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out monies of a Portfolio in the following cases only:

1)

Upon the purchase of domestic securities, options, futures contracts or options on futures contracts for the account of the Portfolio but only (a) against the delivery of such securities or evidence of title to such options, futures contracts or options on futures contracts to the Custodian (or any bank, banking firm or trust company doing business in the United States or abroad which is qualified under the 1940 Act to act as a custodian and has been designated by the Custodian as its agent for this purpose) registered in the name of the Portfolio or in the name of a nominee of the Custodian referred to in Section 2.3 hereof or in proper form for transfer; (b) in the case of a purchase effected through a U.S. Securities System, in accordance with the conditions set forth in Section 2.8 hereof; (c) in the case of a purchase of Underlying Shares, in accordance with the conditions set forth in Section 2.10 hereof; (d) in the case of repurchase agreements entered into between the applicable Fund on behalf of a Portfolio and the Custodian, or another bank, or a broker-dealer which is a member of FINRA, (i) against delivery of the securities either in certificate form or through an entry crediting the Custodian's account at the Federal Reserve Bank with such securities or (ii) against delivery of the receipt evidencing purchase by the Portfolio of securities owned by the Custodian along with written evidence of the agreement by the Custodian to repurchase such securities from the Portfolio; or (e) for transfer to a time deposit account of the Fund in any bank, whether domestic or foreign; such transfer may be effected prior to receipt of a confirmation from a broker and/or the applicable bank pursuant to Proper Instructions from the Fund as defined herein;

2)

In connection with conversion, exchange or surrender of securities owned by the Portfolio as set forth in Section 2.2 hereof;

3)

For the redemption or repurchase of Shares issued as set forth in Section 6 hereof;

4)

For the payment of any expense or liability incurred by the Portfolio, including but not limited to the following payments for the account of the Portfolio: interest, taxes, management, accounting, transfer agent and legal fees, and operating expenses of the Fund whether or not such expenses are to be in whole or part capitalized or treated as deferred expenses;

5)

For the payment of any dividends on Shares declared pursuant to the Fund's articles of incorporation or organization and by-laws or agreement or declaration of trust, as applicable, and Prospectus (collectively, "***Governing Documents***");

6)

For payment of the amount of dividends received in respect of securities sold short;

7)

Upon the purchase of domestic investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), and prior to receipt of such investments, as set forth in written Proper Instructions (such payment in advance of delivery, along with delivery in advance of payment made in accordance with Section 2.2(14), as applicable, shall each be referred to herein as a "***Free Trade***"), provided that such Proper Instructions shall also set forth (a) the amount of such payment and (b) the person(s) to whom such payment is made;

8)

For payment as initial or variation margin in connection with futures or options on futures contracts entered into by the Fund on behalf of the Portfolio; and

9)

For any other purpose, but only upon receipt of Proper Instructions from the Fund on behalf of the Portfolio specifying (a) the amount of such payment and (b) the person or persons to whom such payment is to be made.

Section 2.7

<u>Appointment of Agents</u>. The Custodian may at any time or times in its discretion appoint (and may at any time remove) any other bank or trust company which is itself qualified under the 1940 Act to act as a custodian, as its agent to carry out such of the provisions of this Section 2 as the Custodian may from time to time direct; provided, however, that the appointment of any agent shall not relieve the Custodian of its responsibilities or liabilities hereunder. The Underlying Transfer Agent shall not be deemed an agent or sub-custodian of the Custodian for purposes of this Section 2.7 or any other provision of this Agreement.

Section 2.8

<u>Deposit of Fund Assets in U.S. Securities Systems</u>. The Custodian may deposit and/or maintain securities owned by a Portfolio in a U.S. Securities System in compliance with the conditions of Rule 17f-4 under the 1940 Act, as amended from time to time.

Section 2.9

<u>Segregated Account</u>. The Custodian shall upon receipt of Proper Instructions on behalf of each applicable Portfolio, establish and maintain a segregated account or accounts for and on behalf of each such Portfolio, into which account or accounts may be transferred cash and/or securities, including securities maintained in an account by the Custodian pursuant to Section 2.8 hereof, (a) in accordance with the provisions of any agreement among the Fund on behalf of the Portfolio, the Custodian and a broker-dealer registered under the Exchange Act and a member of the FINRA (or any futures commission merchant registered under the Commodity Exchange Act), relating to compliance with the rules of The Options Clearing Corporation and of any registered national securities exchange (or the CFTC or any registered contract market), or of any similar organization or organizations, regarding escrow or other arrangements in connection with transactions by the Portfolio, (b) for purposes of segregating cash or government securities in connection with options purchased, sold or written by the Portfolio or commodity futures contracts or options thereon purchased or sold by the Portfolio, (c) for the purposes of compliance by the Portfolio with the procedures required by Investment Company Act

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Release No. 10666, or any subsequent release of the U.S. Securities and Exchange Commission (the "***SEC***"), or interpretative opinion of the staff of the SEC, relating to the maintenance of segregated accounts by registered management investment companies, and (d) for any other purpose in accordance with Proper Instructions.

Section 2.10

<u>Deposit of Fund Assets with the Underlying Transfer Agent</u>. Underlying Shares beneficially owned by the Fund, on behalf of a Portfolio, shall be deposited and/or maintained in an account or accounts maintained with an Underlying Transfer Agent and the Custodian's only responsibilities with respect thereto shall be limited to the following:

1)

Upon receipt of a confirmation or statement from an Underlying Transfer Agent that such Underlying Transfer Agent is holding or maintaining Underlying Shares in the name of the Custodian (or a nominee of the Custodian) for the benefit of a Portfolio, the Custodian shall identify by book-entry that such Underlying Shares are being held by it as custodian for the benefit of such Portfolio.

2)

In respect of the purchase of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall pay out monies of such Portfolio as so directed, and record such payment from the account of such Portfolio on the Custodian's books and records.

3)

In respect of the sale or redemption of Underlying Shares for the account of a Portfolio, upon receipt of Proper Instructions, the Custodian shall transfer such Underlying Shares as so directed, record such transfer from the account of such Portfolio on the Custodian's books and records and, upon the Custodian's receipt of the proceeds therefor, record such payment for the account of such Portfolio on the Custodian's books and records.

The Custodian shall not be liable to the Fund for any loss or damage to the Fund or any Portfolio resulting from the maintenance of Underlying Shares with an Underlying Transfer Agent except for losses resulting directly from the fraud, negligence or willful misconduct of the Custodian or any of its agents or of any of its or their employees.

Section 2.11

<u>Ownership Certificates for Tax Purposes</u>. The Custodian shall execute ownership and other certificates and affidavits for all federal and state tax purposes in connection with receipt of income or other payments with respect to domestic securities of each Portfolio held by it and in connection with transfers of securities.

Section 2.12

<u>Proxies</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), the Custodian shall, with respect to the domestic securities held hereunder, cause to be promptly executed by the registered holder of such securities, if the securities are registered otherwise than in the name of the Portfolio or a nominee of the Portfolio, all proxies, without indication of the manner in which such proxies are to be voted, and shall promptly deliver to the Fund such proxies, all proxy soliciting materials and all notices relating to such securities.

Section 2.13

<u>Communications Relating to Portfolio Securities</u>. Except with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7), and subject to the provisions of Section 2.3, the Custodian shall transmit promptly to the applicable Fund for each Portfolio all written information (including, without limitation, pendency of calls and maturities of domestic securities and expirations of rights in connection therewith and notices of exercise of call and put options written by the Fund on behalf of the Portfolio and the maturity of futures contracts purchased or sold by the Fund on behalf of the Portfolio) received by the Custodian from issuers of the securities being held for the Portfolio. With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund all written information received by the Custodian from issuers of the securities whose tender or exchange is sought and from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with domestic securities or other property of the Portfolios at any time held by it unless (i) the Custodian is in actual possession of such domestic securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the applicable Fund for each Portfolio all written information received by the Custodian regarding any class action or other litigation in connection with Portfolio securities or other assets issued in the United States and then held, or previously held, during the term of this Agreement by the Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 2.13.

Section 3.

<u>Provisions Relating to Rules 17f-5 and 17f-7</u>.

Section 3.1.

<u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

"***Country Risk***" means all factors reasonably related to the systemic risk of holding Foreign Assets in a particular country including, but not limited to, such country's political environment, economic and financial infrastructure (including any Eligible Securities Depository operating in the country), prevailing or developing custody and settlement practices, and laws and regulations applicable to the safekeeping and recovery of Foreign Assets held in custody in that country.

"***Eligible Foreign Custodian***" has the meaning set forth in section (a)(1) of Rule 17f-5, including a majority-owned or indirect subsidiary of a U.S. Bank (as defined in Rule 17f-5), a bank holding company meeting the requirements of an Eligible Foreign Custodian (as set forth in Rule 17f-5 or by other appropriate action of the SEC), or a foreign branch of a Bank (as defined in Section 2(a)(5) of the 1940 Act) meeting the requirements of a custodian under Section 17(f) of the 1940 Act; the term does not include any Eligible Securities Depository.

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"***Eligible Securities Depository***" has the meaning set forth in section (b)(1) of Rule 17f-7.

"***Foreign Assets***" means any of the Portfolios' investments (including foreign currencies) for which the primary market is outside the United States and such cash and cash equivalents as are reasonably necessary to effect the Portfolios' transactions in such investments.

"***Foreign Custody Manager***" has the meaning set forth in section (a)(3) of Rule 17f-5.

"***Rule 17f-5***" means Rule 17f-5 promulgated under the 1940 Act.

"***Rule 17f-7***" means Rule 17f-7 promulgated under the 1940 Act.

Section 3.2.

<u>The Custodian as Foreign Custody Manager</u>.

3.2.1 <u>Delegation to the Custodian as Foreign Custody Manager</u>. Each Fund, by resolution adopted by its Board, hereby delegates to the Custodian, subject to Section (b) of Rule 17f-5, the responsibilities set forth in this Section 3.2 with respect to Foreign Assets of the Portfolios held outside the United States, and the Custodian hereby accepts such delegation as Foreign Custody Manager with respect to the Portfolios.

3.2.2 <u>Countries Covered</u>. The Foreign Custody Manager shall be responsible for performing the delegated responsibilities defined below only with respect to the countries and custody arrangements for each such country listed on Schedule A to this Agreement, which list of countries may be amended from time to time by any Fund with the agreement of the Foreign Custody Manager. The Foreign Custody Manager shall list on Schedule A the Eligible Foreign Custodians selected by the Foreign Custody Manager to maintain the assets of the Portfolios, which list of Eligible Foreign Custodians may be amended from time to time in the sole discretion of the Foreign Custody Manager. The Foreign Custody Manager will provide amended versions of Schedule A in accordance with Section 3.2.5 hereof.

Upon the receipt by the Foreign Custody Manager of Proper Instructions to open an account or to place or maintain Foreign Assets in a country listed on Schedule A, and the fulfillment by each Fund, on behalf of the applicable Portfolio(s), of the applicable account opening requirements for such country, the Foreign Custody Manager shall be deemed to have been delegated by such Fund's Board on behalf of such Portfolio(s) responsibility as Foreign Custody Manager with respect to that country and to have accepted such delegation. Execution of this Agreement by each Fund shall be deemed to be a Proper Instruction to open an account, or to place or maintain Foreign Assets, in each country listed on Schedule A. Following the receipt of Proper Instructions directing the Foreign Custody Manager to close the account of a Portfolio with the Eligible Foreign Custodian selected by the Foreign Custody Manager in a designated country, the delegation by the Board on behalf of such Portfolio to the Custodian as Foreign Custody Manager for that country shall be deemed to have been withdrawn and the Custodian shall immediately cease to be the Foreign Custody Manager with respect to such Portfolio with respect to that country.

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The Foreign Custody Manager may withdraw its acceptance of delegated responsibilities with respect to a designated country upon written notice to the Fund. Thirty days (or such longer period to which the parties agree in writing) after receipt of any such notice by the Fund, the Custodian shall have no further responsibility in its capacity as Foreign Custody Manager to the Fund with respect to the country as to which the Custodian's acceptance of delegation is withdrawn.

3.2.3 <u>Scope of Delegated Responsibilities</u>:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) <u>Selection of Eligible Foreign Custodians</u>. Subject to the provisions of this Section 3.2, the Foreign Custody Manager may place and maintain the Foreign Assets in the care of the Eligible Foreign Custodian selected by the Foreign Custody Manager in each country listed on Schedule A, as amended from time to time. In performing its delegated responsibilities as Foreign Custody Manager to place or maintain Foreign Assets with an Eligible Foreign Custodian, the Foreign Custody Manager shall determine that the Foreign Assets will be subject to reasonable care, based on the standards applicable to custodians in the country in which the Foreign Assets will be held by that Eligible Foreign Custodian, after considering all factors relevant to the safekeeping of such assets, including, without limitation the factors specified in Rule 17f-5(c)(1).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) <u>Contracts With Eligible Foreign Custodians</u>. The Foreign Custody Manager shall determine that the contract governing the foreign custody arrangements with each Eligible Foreign Custodian selected by the Foreign Custody Manager will satisfy the requirements of Rule 17f-5(c)(2).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) <u>Monitoring</u>. In each case in which the Foreign Custody Manager maintains Foreign Assets with an Eligible Foreign Custodian selected by the Foreign Custody Manager, the Foreign Custody Manager shall establish a system to monitor (i) the appropriateness of maintaining the Foreign Assets with such Eligible Foreign Custodian and (ii) the contract governing the custody arrangements established by the Foreign Custody Manager with the Eligible Foreign Custodian. In the event the Foreign Custody Manager determines that the custody arrangements with an Eligible Foreign Custodian it has selected are no longer appropriate, the Foreign Custody Manager shall notify the Board in accordance with Section 3.2.5 hereunder.

3.2.4 <u>Guidelines for the Exercise of Delegated Authority</u>. For purposes of this Section 3.2, the Board shall be deemed to have considered and determined to accept such Country Risk as is incurred by placing and maintaining the Foreign Assets in each country for which the Custodian is serving as Foreign Custody Manager of the Portfolios.

3.2.5 <u>Reporting Requirements</u>. The Foreign Custody Manager shall report the withdrawal of the Foreign Assets from an Eligible Foreign Custodian and the placement of such Foreign Assets with another Eligible Foreign Custodian by providing to the Board an amended Schedule A at the end of the calendar quarter in which an amendment to such Schedule has occurred. The Foreign Custody Manager shall make written reports notifying the Board of any other material change in the foreign custody arrangements of the Portfolios described in this Section 3.2 after the occurrence of the material change.

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3.2.6 <u>Standard of Care as Foreign Custody Manager of a Portfolio</u>. In performing the responsibilities delegated to it, the Foreign Custody Manager agrees to exercise reasonable care, prudence and diligence such as a person having responsibility for the safekeeping of assets of management investment companies registered under the 1940 Act would exercise.

3.2.7 <u>Representations with Respect to Rule 17f-5</u>. The Foreign Custody Manager represents to each Fund that it is a U.S. Bank as defined in section (a)(7) of Rule 17f-5. Each Fund represents to the Custodian that its Board has determined that it is reasonable for such Board to rely on the Custodian to perform the responsibilities delegated pursuant to this Agreement to the Custodian as the Foreign Custody Manager of the Portfolios.

3.2.8 <u>Effective Date and Termination of the Custodian as Foreign Custody Manager</u>. Each Board's delegation to the Custodian as Foreign Custody Manager of the Portfolios shall be effective as of the date hereof and shall remain in effect until terminated at any time, without penalty, by written notice from the terminating party to the non-terminating party. Termination will become effective thirty (30) days after receipt by the non-terminating party of such notice. The provisions of Section 3.2.2 hereof shall govern the delegation to and termination of the Custodian as Foreign Custody Manager of the Portfolios with respect to designated countries.

Section 3.3

<u>Eligible Securities Depositories</u>.

3.3.1 <u>Analysis and Monitoring</u>. The Custodian shall (a) provide the Fund (or its duly-authorized investment manager or investment adviser) with an analysis of the custody risks associated with maintaining assets with the Eligible Securities Depositories set forth on Schedule B hereto in accordance with section (a)(1)(i)(A) of Rule 17f-7, and (b) monitor such risks on a continuing basis, and promptly notify the Fund (or its duly-authorized investment manager or investment adviser) of any material change in such risks, in accordance with section (a)(1)(i)(B) of Rule 17f-7.

3.3.2 <u>Standard of Care</u>. The Custodian agrees to exercise reasonable care, prudence and diligence in performing the duties set forth in Section 3.3.1.

Section 4.

<u>Duties of the Custodian with Respect to Property of the Portfolios to be Held Outside the United States</u>.

Section 4.1

<u>Definitions</u>. As used throughout this Agreement, the capitalized terms set forth below shall have the indicated meanings:

"***Foreign Securities System***" means an Eligible Securities Depository listed on Schedule B hereto.

"***Foreign Sub-Custodian***" means a foreign banking institution serving as an Eligible Foreign Custodian.

Section 4.2.

<u>Holding Securities</u>. The Custodian shall identify on its books as belonging to the Portfolios the foreign securities held by each Foreign Sub-Custodian or Foreign Securities System. The Custodian may hold foreign securities for all of its customers, including the Portfolios, with any Foreign Sub-Custodian in an account that is identified as belonging to the Custodian for the benefit of its customers, provided however, that (i) the records of the Custodian with respect to foreign securities of the Portfolios which are maintained in such account shall identify those securities as belonging to the Portfolios and (ii), to the extent permitted and customary in the market in which the account is maintained, the Custodian shall require that securities so held by the Foreign Sub-Custodian be held separately from any assets of such Foreign Sub-Custodian or of other customers of such Foreign Sub-Custodian.

Section 4.3.

<u>Foreign Securities Systems</u>. Foreign securities shall be maintained in a Foreign Securities System in a designated country through arrangements implemented by the Custodian or a Foreign Sub-Custodian, as applicable, in such country.

Section 4.4.

<u>Transactions in Foreign Custody Account</u>.

4.4.1. <u>Delivery of Foreign Assets</u>. The Custodian or a Foreign Sub-Custodian shall release and deliver foreign securities of the Portfolios held by the Custodian or such Foreign Sub-Custodian, or in a Foreign Securities System account, only upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, and only in the following cases:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Upon the sale of such foreign securities for the Portfolio in accordance with commercially reasonable market practice in the country where such foreign securities are held or traded, including, without limitation: (A) delivery against expectation of receiving later payment; or (B) in the case of a sale effected through a Foreign Securities System, in accordance with the rules governing the operation of the Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) In connection with any repurchase agreement related to foreign securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) To the depository agent in connection with tender or other similar offers for foreign securities of the Portfolios;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iv) To the issuer thereof or its agent when such foreign securities are called, redeemed, retired or otherwise become payable;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(v) To the issuer thereof, or its agent, for transfer into the name of the Custodian (or the name of the respective Foreign Sub-Custodian or of any nominee of the Custodian or such Foreign Sub-Custodian) or for exchange for a different number of bonds, certificates or other evidence representing the same aggregate face amount or number of units;

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(vi) To brokers, clearing banks or other clearing agents for examination or trade execution in accordance with market custom; provided that in any such case, the Foreign Sub-Custodian shall have no responsibility or liability for any loss arising from the delivery of such foreign securities prior to receiving payment for such foreign securities except as may arise from the Foreign Sub-Custodian's own negligence or willful misconduct;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(vii) For exchange or conversion pursuant to any plan of merger, consolidation, recapitalization, reorganization or readjustment of the securities of the issuer of such securities, or pursuant to provisions for conversion contained in such securities, or pursuant to any deposit agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(viii) In the case of warrants, rights or similar foreign securities, the surrender thereof in the exercise of such warrants, rights or similar securities or the surrender of interim receipts or temporary securities for definitive securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ix) For delivery as security in connection with any borrowing by a Fund on behalf of a Portfolio requiring a pledge of assets by the Fund on behalf of such Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(x) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(xi) Upon the sale or other delivery of such foreign securities (including, without limitation, to one or more Special Sub-Custodians or Repo Custodians) as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the foreign securities to be delivered and (B) the person or persons to whom delivery shall be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(xii) In connection with the lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(xiii) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the foreign securities to be delivered and (B) the person or persons to whom delivery of such securities shall be made.

4.4.2. <u>Payment of Portfolio Monies</u>. Upon receipt of Proper Instructions, which may be continuing instructions when deemed appropriate by the parties, the Custodian shall pay out, or direct the respective Foreign Sub-Custodian or the respective Foreign Securities System to pay out, monies of a Portfolio in the following cases only:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) Upon the purchase of foreign securities for the Portfolio, unless otherwise directed by Proper Instructions, by (A) delivering money to the seller thereof or to a dealer therefor (or an agent for such seller or dealer) against expectation of receiving later delivery of such foreign securities; or (B) in the case of a purchase effected through a Foreign Securities System, in accordance with the rules governing the operation of such Foreign Securities System;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ii) In connection with the conversion, exchange or surrender of foreign securities of the Portfolio;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iii) For the payment of any expense or liability of the Portfolio, including but not limited to the following payments: interest, taxes, investment advisory fees, transfer agency fees, fees under this Agreement, legal fees, accounting fees, and other operating expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(iv) For the purchase or sale of foreign exchange or foreign exchange contracts for the Portfolio, including transactions executed with or through the Custodian or its Foreign Sub-Custodians;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(v) In connection with trading in options and futures contracts, including delivery as original margin and variation margin;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(vi) Upon the purchase of foreign investments including, without limitation, repurchase agreement transactions involving delivery of Portfolio monies to Repo Custodian(s), as a Free Trade, provided that applicable Proper Instructions shall set forth (A) the amount of such payment and (B) the person or persons to whom payment shall be made;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(vii) For payment of part or all of the dividends received in respect of securities sold short;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(viii) In connection with the borrowing or lending of foreign securities; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(ix) For any other purpose, but only upon receipt of Proper Instructions specifying (A) the amount of such payment and (B) the person or persons to whom such payment is to be made.

4.4.3. <u>Market Conditions</u>. Notwithstanding any provision of this Agreement to the contrary, settlement and payment for Foreign Assets received for the account of the Portfolios and delivery of Foreign Assets maintained for the account of the Portfolios may be effected in accordance with the customary established securities trading or processing practices and procedures in the country or market in which the transaction occurs, including, without limitation, delivering Foreign Assets to the purchaser thereof or to a dealer therefor (or an agent for such purchaser or dealer) with the expectation of receiving later payment for such Foreign Assets from such purchaser or dealer.

The Custodian shall provide to each Board the information with respect to custody and settlement practices in countries in which the Custodian employs a Foreign Sub-Custodian described on Schedule C hereto at the time or times set forth on such Schedule. The Custodian may revise Schedule C from time to time, provided that no such revision shall result in a Board being provided with substantively less information than had been previously provided hereunder.

Section 4.5.

<u>Registration of Foreign Securities</u>. The foreign securities maintained in the custody of a Foreign Sub-Custodian (other than bearer securities) shall be registered in the name of the applicable Portfolio or in the name of the Custodian or in the name of any Foreign Sub-Custodian or in the name of any nominee of the foregoing, and the applicable Fund on behalf of such Portfolio agrees to hold any such nominee harmless from any liability as a holder of record of such foreign securities. The Custodian or a Foreign Sub-Custodian shall not be obligated to accept securities on behalf of a Portfolio under the terms of this Agreement unless the form of such securities and the manner in which they are delivered are in accordance with reasonable market practice.

Section 4.6

<u>Bank Accounts</u>. The Custodian shall identify on its books as belonging to the applicable Fund cash (including cash denominated in foreign currencies) deposited with the Custodian. Where the Custodian is unable to maintain, or market practice does not facilitate the maintenance of, cash on the books of the Custodian, a bank account or bank accounts shall be opened and maintained outside the United States on behalf of a Portfolio with a Foreign Sub-Custodian. All accounts referred to in this Section shall be subject only to draft or order by the Custodian (or, if applicable, such Foreign Sub-Custodian) acting pursuant to the terms of this Agreement to hold cash received by or from or for the account of the Portfolio. Cash maintained on the books of the Custodian (including its branches, subsidiaries and affiliates), regardless of currency denomination, is maintained in bank accounts established under, and subject to the laws of, The Commonwealth of Massachusetts.

Section 4.7.

<u>Collection of Income</u>. The Custodian shall use reasonable commercial efforts to collect all income and other payments with respect to the Foreign Assets held hereunder to which the Portfolios shall be entitled and shall credit such income, as collected, to the applicable Portfolio. In the event that extraordinary measures are required to collect such income, the Fund and the Custodian shall consult as to such measures and as to the compensation and expenses of the Custodian relating to such measures.

Section 4.8

<u>Shareholder Rights</u>. With respect to the foreign securities held pursuant to this Section 4, the Custodian shall use reasonable commercial efforts to facilitate the exercise of voting and other shareholder rights, subject always to the laws, regulations and practical constraints that may exist in the country where such securities are issued. Each Fund acknowledges that local conditions, including lack of regulation, onerous procedural obligations, lack of notice and other factors may have the effect of severely limiting the ability of such Fund to exercise shareholder rights.

Section 4.9.

<u>Communications Relating to Foreign Securities</u>. The Custodian shall transmit promptly to the applicable Fund written information with respect to materials received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios (including, without limitation, pendency of calls and maturities of foreign securities and expirations of rights in connection therewith). With respect to tender or exchange offers, the Custodian shall transmit promptly to the applicable Fund written information with respect to materials so received by the Custodian from issuers of the foreign securities whose

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tender or exchange is sought or from the party (or its agents) making the tender or exchange offer. The Custodian shall not be liable for any untimely exercise of any tender, exchange or other right or power in connection with foreign securities or other property of the Portfolios at any time held by it unless (i) the Custodian or the respective Foreign Sub-Custodian is in actual possession of such foreign securities or property and (ii) the Custodian receives Proper Instructions with regard to the exercise of any such right or power, and both (i) and (ii) occur at least three business days prior to the date on which the Custodian is to take action to exercise such right or power. The Custodian shall also transmit promptly to the applicable Fund all written information received by the Custodian via the Foreign Sub-Custodians from issuers of the foreign securities being held for the account of the Portfolios regarding any class action or other litigation in connection with Portfolio foreign securities or other assets issued outside the United States and then held, or previously held, during the term of this Agreement by the Custodian via a Foreign Sub-Custodian for the account of the Fund for such Portfolio, including, but not limited to, opt-out notices and proof-of-claim forms. For avoidance of doubt, upon and after the effective date of any termination of this Agreement, with respect to a Fund or its Portfolio(s), as may be applicable, the Custodian shall have no responsibility to so transmit any information under this Section 4.9.

Section 4.10.

<u>Liability of Foreign Sub-Custodians</u>. Each agreement pursuant to which the Custodian employs a Foreign Sub-Custodian shall, to the extent possible, require the Foreign Sub-Custodian to exercise reasonable care in the performance of its duties, and to indemnify, and hold harmless, the Custodian from and against any loss, damage, cost, expense, liability or claim arising out of or in connection with the Foreign Sub-Custodian's performance of such obligations. At a Fund's election, the Portfolios shall be entitled to be subrogated to the rights of the Custodian with respect to any claims against a Foreign Sub-Custodian as a consequence of any such loss, damage, cost, expense, liability or claim if and to the extent that the Portfolios have not been made whole for any such loss, damage, cost, expense, liability or claim.

Section 4.11

<u>Tax Law</u>. The Custodian shall have no responsibility or liability for any obligations now or hereafter imposed on any Fund, the Portfolios or the Custodian as custodian of the Portfolios by the tax law of the United States or of any state or political subdivision thereof. It shall be the responsibility of each Fund to notify the Custodian of the obligations imposed on such Fund with respect to the Portfolios or the Custodian as custodian of the Portfolios by the tax law of countries other than those mentioned in the above sentence, including responsibility for withholding and other taxes, assessments or other governmental charges, certifications and governmental reporting. The sole responsibility of the Custodian with regard to such tax law shall be to use reasonable efforts to assist the Fund with respect to any claim for exemption or refund under the tax law of countries for which such Fund has provided such information.

Section 4.12.

<u>Liability of Custodian</u>. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement and, regardless of whether assets are maintained in the custody of a Foreign Sub-Custodian or a Foreign Securities System, the Custodian shall not be liable for any loss, damage, cost, expense, liability or claim resulting from nationalization, expropriation, currency restrictions, or acts of war or terrorism, or any other loss where the Sub-Custodian has otherwise acted with reasonable care.

Section 5.

<u>Special Sub-Custodians</u>.

Upon receipt of Special Instructions (as such term is defined in Section 7 hereof), the Custodian shall, on behalf of one or more Portfolios, appoint one or more banks, trust companies or other entities designated in such Special Instructions to act as a sub-custodian for the purposes of effecting such transaction(s) as may be designated by a Fund in Special Instructions. Each such designated sub-custodian is referred to herein as a "***Special Sub-Custodian***." Each such duly appointed Special Sub-Custodian shall be listed on Schedule D hereto, as it may be amended from time to time by a Fund, with the acknowledgment of the Custodian. In connection with the appointment of any Special Sub-Custodian, and in accordance with Special Instructions, the Custodian shall enter into a sub-custodian agreement with the Fund and the Special Sub-Custodian in form and substance approved by such Fund, provided that such agreement shall in all events comply with the provisions of the 1940 Act and the rules and regulations thereunder and the terms and provisions of this Agreement.

Section 6.

<u>Payments for Sales or Repurchases or Redemptions of Shares</u>.

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund. The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

Section 7.

<u>Proper Instructions and Special Instructions</u>.

"***Proper Instructions***," which may also be standing instructions, as such term is used throughout this Agreement shall mean instructions received by the Custodian from a Fund, a Fund's duly authorized investment manager or investment adviser, or a person or entity duly authorized by either of them. Such instructions may be in writing signed by the authorized person or persons or may be in a tested communication or in a communication utilizing access codes effected between electro-mechanical or electronic devices or may be by such other means and utilizing such intermediary systems and utilities as may be agreed from time to time by the Custodian and the person(s) or entity giving such instruction, provided that the Fund has followed any security

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procedures agreed to from time to time by the applicable Fund and the Custodian including, but not limited to, the security procedures selected by the Fund via the form of Funds Transfer Addendum hereto, the terms of which are hereby agreed to. Oral instructions will be considered Proper Instructions if the Custodian reasonably believes them to have been given by a person authorized to provide such instructions with respect to the transaction involved; the Fund shall cause all oral instructions to be confirmed in writing. For purposes of this Section, Proper Instructions shall include instructions received by the Custodian pursuant to any multi-party agreement which requires a segregated asset account in accordance with Section 2.9 hereof.

"***Special Instructions***," as such term is used throughout this Agreement, means Proper Instructions countersigned or confirmed in writing by the Treasurer or any Assistant Treasurer of the applicable Fund or any other person designated in writing by the Treasurer of such Fund, which countersignature or confirmation shall be (a) included on the same instrument containing the Proper Instructions or on a separate instrument clearly relating thereto and (b) delivered by hand, by facsimile transmission, or in such other manner as the Fund and the Custodian agree in writing.

Concurrently with the execution of this Agreement, and from time to time thereafter, as appropriate, each Fund shall deliver to the Custodian, duly certified by such Fund's Treasurer or Assistant Treasurer, a certificate setting forth: (i) the names, titles, signatures and scope of authority of all persons authorized to give Proper Instructions or any other notice, request, direction, instruction, certificate or instrument on behalf of the Fund and (ii) the names, titles and signatures of those persons authorized to give Special Instructions. Such certificate may be accepted and relied upon by the Custodian as conclusive evidence of the facts set forth therein and shall be considered to be in full force and effect until receipt by the Custodian of a similar certificate to the contrary.

Section 8.

<u>Evidence of Authority</u>.

The Custodian shall be protected in acting upon any instructions, notice, request, consent, certificate or other instrument or paper believed by it to be genuine and to have been properly executed by or on behalf of the applicable Fund. The Custodian may receive and accept a copy of a resolution certified by the Secretary or an Assistant Secretary of any Fund as conclusive evidence (a) of the authority of any person to act in accordance with such resolution or (b) of any determination or of any action by the applicable Board as described in such resolution, and such resolution may be considered as in full force and effect until receipt by the Custodian of written notice to the contrary.

Section 9.

<u>Actions Permitted without Express Authority</u>.

The Custodian may in its discretion, without express authority from the applicable Fund on behalf of each applicable Portfolio:

1)

Make payments to itself or others for minor expenses of handling securities or other similar items relating to its duties under this Agreement; provided that all such payments shall be accounted for to the Fund on behalf of the Portfolio;

2)

Surrender securities in temporary form for securities in definitive form;

3)

Endorse for collection, in the name of the Portfolio, checks, drafts and other negotiable instruments; and

4)

In general, attend to all non-discretionary details in connection with the sale, exchange, substitution, purchase, transfer and other dealings with the securities and property of the Portfolio except as otherwise directed by the applicable Board.

Section 10.

<u>Duties of Custodian with Respect to the Books of Account and Calculation of Net Asset Value and Net Income</u>.

The Custodian shall cooperate with and supply necessary information to the entity or entities appointed by the applicable Board to keep the books of account of each Portfolio and/or compute the net asset value per Share of the outstanding Shares or, if directed in writing to do so by a Fund on behalf of a Portfolio, shall itself keep such books of account and/or compute such net asset value per Share. If so directed, the Custodian shall also calculate daily the net income of the Portfolio as described in the Prospectus and shall advise the Fund and the Transfer Agent daily of the total amounts of such net income and, if instructed in writing by an officer of the Fund to do so, shall advise the Transfer Agent periodically of the division of such net income among its various components. Each Fund acknowledges and agrees that, with respect to investments maintained with the Underlying Transfer Agent, the Underlying Transfer Agent is the sole source of information on the number of shares of a fund held by it on behalf of a Portfolio and that the Custodian has the right to rely on holdings information furnished by the Underlying Transfer Agent to the Custodian in performing its duties under this Agreement, including without limitation, the duties set forth in this Section 10 and in Section 11 hereof; provided, however, that the Custodian shall be obligated to reconcile information as to purchases and sales of Underlying Shares contained in trade instructions and confirmations received by the Custodian and to report promptly any discrepancies to the Underlying Transfer Agent. The calculations of the net asset value per Share and the daily income of each Portfolio shall be made at the time or times described from time to time in the Prospectus. Each Fund acknowledges that, in keeping the books of account of the Portfolio and/or making the calculations described herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund's counterparty(ies), or the agents of either of them.

Section 11.

<u>Records</u>.

The Custodian shall with respect to each Portfolio create and maintain all records relating to its activities and obligations under this Agreement in such manner as will meet the obligations of each Fund under the 1940 Act, with particular attention to section 31 thereof and Rules 31a-1 and 31a-2 thereunder. All such records shall be the property of the Fund and shall at all times during the regular business hours of the Custodian be open for inspection by duly authorized officers,

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employees or agents of such Fund and employees and agents of the SEC. The Custodian shall, at a Fund's request, supply the Fund with a tabulation of securities owned by each Portfolio and held by the Custodian and shall, when requested to do so by the Fund and for such compensation as shall be agreed upon between the Fund and the Custodian, include certificate numbers in such tabulations. Each Fund acknowledges that, in creating and maintaining the records as set forth herein with respect to Portfolio property released and delivered pursuant to Section 2.2(14), or purchased pursuant to Section 2.6(7) hereof, the Custodian is authorized and instructed to rely upon information provided to it by the Fund, the Fund's counterparty(ies), or the agents of either of them.

Section 12.

<u>Opinion of Fund's Independent Accountant</u>.

The Custodian shall take all reasonable action, as a Fund with respect to a Portfolio may from time to time request, to obtain from year to year favorable opinions from the Fund's independent accountants with respect to its activities hereunder in connection with the preparation of the Fund's Form N-1A or Form N-2, as applicable, and Form N-SAR or other annual reports to the SEC and with respect to any other requirements thereof.

Section 13.

<u>Reports to Fund by Independent Public Accountants</u>.

The Custodian shall provide the applicable Fund, on behalf of each of the Portfolios at such times as such Fund may reasonably require, with reports by independent public accountants on the accounting system, internal accounting control and procedures for safeguarding securities, futures contracts and options on futures contracts, including securities deposited and/or maintained in a U.S. Securities System or a Foreign Securities System (either, a "***Securities System***"), relating to the services provided by the Custodian under this Agreement; such reports, shall be of sufficient scope and in sufficient detail, as may reasonably be required by the Fund to provide reasonable assurance that any material inadequacies would be disclosed by such examination, and, if there are no such inadequacies, the reports shall so state.

Section 14.

<u>Compensation of Custodian</u>.

The Custodian shall be entitled to reasonable compensation for its services and expenses as Custodian, as agreed upon from time to time between each Fund on behalf of each applicable Portfolio and the Custodian.

Section 15.

<u>Responsibility of Custodian</u>.

So long as and to the extent that it is in the exercise of reasonable care, the Custodian shall not be responsible for the title, validity or genuineness of any property or evidence of title thereto received by it or delivered by it pursuant to this Agreement and shall be held harmless in acting upon any notice, request, consent, certificate or other instrument reasonably believed by it to be genuine and to be signed by the proper party or parties, including any futures commission merchant acting pursuant to the terms of a three-party futures or options agreement. The Custodian shall be held to the exercise of reasonable care in carrying out the provisions of this Agreement, but shall be

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kept indemnified by and shall be without liability to any Fund for any action taken or omitted by it in good faith without negligence, including, without limitation, acting in accordance with any Proper Instruction. It shall be entitled to rely on and may act upon advice of counsel (who may be counsel for the Fund) on all matters, and shall be without liability for any action reasonably taken or omitted pursuant to such advice. The Custodian shall be without liability to any Fund or Portfolio for any loss, liability, claim or expense resulting from or caused by anything that is part of Country Risk, including without limitation nationalization, expropriation, currency restrictions, insolvency of a Foreign Sub-custodian, acts of war, revolution, riots or terrorism.

Except as may arise from the Custodian's own negligence or willful misconduct or the negligence or willful misconduct of a sub-custodian or agent, the Custodian shall be without liability to any Fund for any loss, liability, claim or expense resulting from or caused by; (i) events or circumstances beyond the reasonable control of the Custodian or any sub-custodian or Securities System or any agent or nominee of any of the foregoing, including, without limitation, the interruption, suspension or restriction of trading on or the closure of any securities market, power or other mechanical or technological failures or interruptions, computer viruses or communications disruptions, work stoppages, natural disasters, or other similar events or acts; (ii) errors by any Fund or its duly authorized investment manager or investment adviser in their instructions to the Custodian provided such instructions have been in accordance with this Agreement; (iii) the insolvency of or acts or omissions by a Securities System; (iv) any act or omission of a Special Sub-Custodian including, without limitation, reliance on reports prepared by a Special Sub-Custodian; (v) any delay or failure of any broker, agent or intermediary, central bank or other commercially prevalent payment or clearing system to deliver to the Custodian's sub-custodian or agent securities purchased or in the remittance or payment made in connection with securities sold; (vi) any delay or failure of any company, corporation, or other body in charge of registering or transferring securities in the name of the Custodian, any Fund, the Custodian's sub-custodians, nominees or agents or any consequential losses arising out of such delay or failure to transfer such securities including non-receipt of bonus, dividends and rights and other accretions or benefits; (vii) delays or inability to perform its duties due to any disorder in market infrastructure with respect to any particular security or Securities System; and (viii) any provision of any present or future law or regulation or order of the United States of America, or any state thereof, or any other country, or political subdivision thereof or of any court of competent jurisdiction. The Custodian shall be liable for the acts or omissions of a Foreign Sub-Custodian to the same extent as set forth with respect to sub-custodians generally in this Agreement.

If a Fund on behalf of a Portfolio requires the Custodian to take any action with respect to securities, which action involves the payment of money or which action may, in the opinion of the Custodian, result in the Custodian or its nominee assigned to the Fund or the Portfolio being liable for the payment of money or incurring liability of some other form, such Fund on behalf of the Portfolio, as a prerequisite to requiring the Custodian to take such action, shall provide indemnity to the Custodian in an amount and form satisfactory to it.

If a Fund requires the Custodian, its affiliates, subsidiaries or agents, to advance cash or securities for any purpose (including but not limited to securities settlements, foreign exchange contracts and assumed settlement) or in the event that the Custodian or its nominee shall incur or be assessed

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any taxes, charges, expenses, assessments, claims or liabilities in connection with the performance of this Agreement, except such as may arise from its or its nominee's own negligent action, negligent failure to act or willful misconduct, any property at any time held for the account of the applicable Portfolio shall be security therefor and should the Fund fail to repay the Custodian promptly, the Custodian shall be entitled to utilize available cash and to dispose of such Portfolio's assets to the extent necessary to obtain reimbursement.

Except as may arise from the Custodian's own negligence or willful misconduct, each Fund shall indemnify and hold the Custodian harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities which may be asserted against the Custodian (a) acting in accordance with any Proper Instruction or Special Instruction including, without limitation, any Proper Instruction with respect to Free Trades including, but not limited to, cost, expense, loss, damage, liability, tax, charge, assessment or claim resulting from (i) the failure of the applicable Fund to receive income with respect to purchased investments, (ii) the failure of the applicable Fund to recover amounts invested on maturity of purchased investments, (iii) the failure of the Custodian to respond to or be aware of notices or other corporate communications with respect to purchased investments, or (iv) the Custodian's reliance upon information provided by the applicable Fund, such Fund's counterparty(ies) or the agents of either of them with respect to Fund property released, delivered or purchased pursuant to either of Section 2.2(14) or Section 2.6(7) hereof; (b) for the acts or omissions of any Special Sub-Custodian; or (c) for the acts or omissions of any Local Agent or Pledgee.

In no event shall the Custodian be liable for indirect, special or consequential damages.

Section 16.

<u>Effective Period, Termination and Amendment</u>.

This Agreement shall remain in full force and effect for an initial term ending August 10, 2014 (the "***Initial Term***"). After the expiration of the Initial Term, this Agreement shall renew, subject to written notice from the Funds of their intent to renew (such notice to be delivered at least ninety (90) days prior to the end of the Initial Term or the then-current term, which notice period may be waived by the Custodian) for additional successive two-year terms (each, a "***Renewal Term***"), and may be terminated by any party with respect to such party during any Renewal Term by written instrument delivered or mailed, such termination to take effect not sooner than ninety (90) days after the date of such delivery or mailing. During the Initial Term and thereafter, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. In addition, a Fund may terminate this Agreement during the Initial Term and thereafter if, in such Fund's reasonable opinion, the Custodian has not achieved one or more of the performance measures set forth in any service level document (a "***Service Level Document***") that may be established in good faith by the parties, and a plan or revised plan has not been put into place in accordance with the following procedures: In the event that such Fund reasonably believes that the Custodian has not met one or more of the performance measures set forth in any

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Service Level Document during any calendar quarter, the Fund may, in its discretion, submit a written deficiency notice to the Custodian outlining the performance deficiencies ("***Deficiency Notice***"). Such Deficiency Notice shall be provided to the Custodian within 20 days of the end of such calendar quarter. After receipt of such notice, the Custodian shall present the Fund with a written plan (the "***Plan***") to address the deficiencies set forth in the Deficiency Notice. Such Plan must be provided to the Fund within 30 days after receipt of the Deficiency Notice. If the Custodian fails to submit a Plan within such 30-day period, the Fund may terminate this Agreement upon 60 days' written notice to the Custodian. The Fund, in its discretion, may accept or reject the Plan by notifying the Custodian in writing (***"Plan Notice***") within 15 days after submission of the Plan. If the Fund fails to provide a Plan Notice within such 15-day period, it shall be presumed that the Fund accepted the Plan. In the event the Fund submits a Plan Notice rejecting the Plan, the Custodian shall submit a revised plan ("***Revised Plan***") within 30 days after provision of such Plan Notice. If the Custodian fails to submit a Revised Plan within such 30-day period, the Fund may terminate the Agreement upon 60 days' written notice to the Custodian. The Fund, in its discretion, may accept or reject the Revised Plan by notifying the Custodian in writing ("***Revised Plan Notice***") within 15 days after provision of the Revised Plan. If the Fund fails to provide a Revised Plan Notice within such 15-day period, it shall be presumed that the Fund accepted the Revised Plan. If the Fund provides a Revised Plan Notice to the Custodian that rejects the Revised Plan, the Fund may, in its discretion, terminate this Agreement upon 60 days' written notice to the Custodian. Such termination notice must be submitted to the Custodian within 60 days after provision of the Revised Plan Notice. Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio, the applicable Fund shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.

In the event of: (i) any Fund's termination of this Agreement with respect to such Fund or its Portfolio(s) for any reason other than as set forth in the foregoing paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to a Fund or Portfolio (or its respective successor), the applicable Fund shall pay the Custodian its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Custodian with respect to such Fund or Portfolio) and shall reimburse the Custodian for its costs, expenses and disbursements. Upon receipt of such payment and reimbursement, the Custodian will deliver such Fund's or Portfolio's securities and cash as set forth hereinbelow. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another entity, the sale by a Fund or Portfolio of all, or substantially all, of its assets to another entity, or the liquidation or dissolution of a Fund or Portfolio and distribution of such Fund's or Portfolio's assets, in each case where the Custodian is retained to continue providing services to such Fund or Portfolio (or its respective successor) on substantially the same terms as this Agreement.

Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties under this Agreement with respect to any other Fund or Portfolio. The provisions of Sections 4.11, 14 and 15 of this Agreement shall survive termination of this Agreement for any reason.

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This Agreement may be amended at any time in writing by mutual agreement of the parties hereto.

Section 17.

<u>Successor Custodian</u>.

If a successor custodian for one or more Portfolios shall be appointed by the applicable Board, the Custodian shall, upon termination and receipt of Proper Instructions, deliver to such successor custodian at the office of the Custodian, duly endorsed and in the form for transfer, all securities of each applicable Portfolio then held by it hereunder and shall transfer to an account of the successor custodian all of the securities of each such Portfolio held in a Securities System or at the Underlying Transfer Agent.

If no such successor custodian shall be appointed, the Custodian shall, in like manner, upon receipt of Proper Instructions, deliver at the office of the Custodian and transfer such securities, funds and other properties in accordance with such resolution.

In the event that no Proper Instructions designating a successor custodian or alternative arrangements shall have been delivered to the Custodian on or before the date when such termination shall become effective, then the Custodian shall have the right to deliver to a bank or trust company, which is a "bank" as defined in the 1940 Act, doing business in Boston, Massachusetts or New York, New York, of its own selection, having an aggregate capital, surplus, and undivided profits, as shown by its last published report, of not less than $25,000,000, all securities, funds and other properties held by the Custodian on behalf of each applicable Portfolio and all instruments held by the Custodian relative thereto and all other property held by it under this Agreement on behalf of each applicable Portfolio, and to transfer to an account of such successor custodian all of the securities of each such Portfolio held in any Securities System or at the Underlying Transfer Agent. Thereafter, such bank or trust company shall be the successor of the Custodian under this Agreement.

In the event that securities, funds and other properties remain in the possession of the Custodian after the date of termination hereof owing to failure of any Fund to provide Proper Instructions as aforesaid, the Custodian shall be entitled to fair compensation for its services during such period as the Custodian retains possession of such securities, funds and other properties and the provisions of this Agreement relating to the duties and obligations of the Custodian shall remain in full force and effect.

Section 18. <u>General</u>.

Section 18.1 <u>Massachusetts Law to Apply</u>. This Agreement shall be construed and the provisions thereof interpreted under and in accordance with laws of The Commonwealth of Massachusetts.

Section 18.2 <u>Prior Agreements</u>. This Agreement supersedes and terminates, as of the date hereof, all prior Agreements between each Fund on behalf of each of the Portfolios and the Custodian relating to the custody of such Fund's assets.

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Section 18.3 <u>Assignment</u>. This Agreement may not be assigned by (a) any Fund without the written consent of the Custodian or (b) by the Custodian without the written consent of each applicable Fund.

Section 18.4 <u>Interpretive and Additional Provisions.</u> In connection with the operation of this Agreement, the Custodian and each Fund on behalf of each of the Portfolios, may from time to time agree on such provisions interpretive of or in addition to the provisions of this Agreement as may in their joint opinion be consistent with the general tenor of this Agreement. Any such interpretive or additional provisions shall be in a writing signed by all parties and shall be annexed hereto, provided that no such interpretive or additional provisions shall contravene any applicable federal or state regulations or any provision of a Fund's Governing Documents. No interpretive or additional provisions made as provided in the preceding sentence shall be deemed to be an amendment of this Agreement.

Section 18.5 <u>Additional Funds</u>. In the event that any management investment company in addition to those listed on Appendix A hereto desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such management investment company shall become a Fund hereunder and be bound by all terms and conditions and provisions hereof including, without limitation, the representations and warranties set forth in Section 18.7 below.

Section 18.6 <u>Additional Portfolios</u>. In the event that any Fund establishes one or more series of Shares in addition to those set forth on Appendix A hereto with respect to which it desires to have the Custodian render services as custodian under the terms hereof, it shall so notify the Custodian in writing, and if the Custodian agrees in writing to provide such services, such series of Shares shall become a Portfolio hereunder.

Section 18.7 <u>The Parties</u>. All references herein to the "Fund" are to each of the management investment companies listed on Appendix A hereto, and each management investment company made subject to this Agreement in accordance with Section 18.5 above, individually, as if this Agreement were between such individual Fund and the Custodian. In the case of a series corporation, trust or other entity, all references herein to the "Portfolio" are to the individual series or portfolio of such corporation, trust or other entity, or to such corporation, trust or other entity on behalf of the individual series or portfolio, as appropriate. Any reference in this Agreement to "the parties" shall mean the Custodian and such other individual Fund as to which the matter pertains. Each Fund hereby represents and warrants that (a) it is duly incorporated or organized and is validly existing in good standing in its jurisdiction of incorporation or organization; (b) it has the requisite power and authority under applicable law and its Governing Documents to enter into and perform this Agreement; (c) all requisite proceedings have been taken to authorize it to enter into and perform this Agreement; (d) this Agreement constitutes its legal, valid, binding and enforceable agreement; and (e) its entrance into this Agreement shall not cause a material breach or be in material conflict with any other agreement or obligation of the Fund or any law or regulation applicable to it.

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Section 18.8 <u>Remote Access Services Addendum</u>. The Custodian and each Fund agree to be bound by the terms of the Remote Access Services Addendum hereto.

Section 18.9 <u>Notices</u>. Any notice, instruction or other instrument required to be given hereunder may be delivered in person to the offices of the parties as set forth herein during normal business hours or delivered prepaid registered mail or by telex, cable or telecopy to the parties at the following addresses or such other addresses as may be notified by any party from time to time.

To any Fund:

c/o Wells fargo

200 Berkeley Street, Suite 2100

Boston, MA 02118

Attention: Kasey Phillips, Senior Vice President

Telephone: 617-210-3272

Telecopy: 617-210-2722

To the Custodian:

State Street Bank and Trust Company

2 Avenue de Lafayette

Boston, MA 02111

Attention: Neal J. Chansky, Senior Vice President

Telephone: 617-662-1376

Telecopy: 617-662-2204

Such notice, instruction or other instrument shall be deemed to have been served in the case of a registered letter at the expiration of five business days after posting, in the case of cable twenty-four hours after dispatch and, in the case of telex, immediately on dispatch and if delivered outside normal business hours it shall be deemed to have been received at the next time after delivery when normal business hours commence and in the case of cable, telex or telecopy on the business day after the receipt thereof. Evidence that the notice was properly addressed, stamped and put into the post shall be conclusive evidence of posting.

Section 18.10 <u>Counterparts</u>. This Agreement may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Agreement.

Section 18.11 <u>Severability</u>. If any provision or provisions of this Agreement shall be held to be invalid, unlawful or unenforceable, the validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired.

Section 18.12 <u>Confidentiality</u>. The parties hereto agree that each shall treat confidentially all information provided by each party to the other party regarding its business and operations. All confidential information provided by a party hereto shall be used by any other party hereto solely for the purpose of rendering or receiving services pursuant to this Agreement and, except as may be required in carrying out this Agreement, shall not be disclosed to any third party. The foregoing shall not be applicable to any information (i) that is publicly available when

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provided or thereafter becomes publicly available, other than through a breach of this Agreement, or that is independently derived by any party hereto without the use of any information provided by the other party hereto in connection with this Agreement, (ii) that is required in any legal or regulatory proceeding, investigation, audit, examination, subpoena, civil investigative demand or other similar process, or by operation of law or regulation, or (iii) where the party seeking to disclose has received the prior written consent of the party providing the information, which consent shall not be unreasonably withheld. Notwithstanding anything herein to the contrary, the Custodian and its affiliates may report and use nonpublic portfolio holdings information of its clients, including a Fund or Portfolio, on an aggregated basis with all or substantially all other client information and without specific reference to any Fund or Portfolio.

The receiving party acknowledges it would be difficult to fully compensate the disclosing party for damages that may result from the breach or threatened breach of this section and, accordingly, the disclosing party will be entitled to seek injunctive relief, including temporary restraining orders, preliminary injunctions, and permanent injunctions, to enforce such provisions. This provision with respect to injunctive relief will not, however, diminish the disclosing party's right to seek other legal, contractual or equitable remedies, or to claim and recover damages.

Section 18.13 <u>Business Continuity/Disaster Recovery</u>. In the event of equipment failure, work stoppage, governmental action, communication disruption or other impossibility of performance beyond the Custodian's control, the Custodian shall take reasonable steps to minimize service interruptions. The Custodian shall enter into and shall maintain in effect at all times during the term of this Agreement with appropriate parties one or more agreements making reasonable provision for (i) periodic back-up of the computer files and data with respect to the Funds; and (ii) emergency use of electronic data processing equipment to provide services under this Agreement. Upon reasonable request, the Custodian shall discuss with senior management of the Funds any business continuity/disaster recovery plan of the Custodian and/or provide a high-level presentation summarizing such plan.

Section 18.14. <u>Information Security</u>. Custodian's information security program has been reasonably designed and is and will continue to be implemented in an effort to (i) mitigate the risks identified by either of the parties to this agreement, and (ii) maintain adequate controls regarding the services provided under this agreement. Custodian has established and will maintain reasonable safeguards against the destruction, loss, alteration of or unauthorized disclosure or access to each Fund's data in its possession.

With respect to information security, each Fund reserves the right to conduct (i) an initial risk assessment prior to commencing receipt of services under this agreement, (ii) additional risk assessments annually thereafter, and (iii) risk assessments upon a material modification of existing services to be provided, all to identify the risks associated with the services to be provided, and, depending on the results of such risks assessments, each Fund may also conduct a site visit or other reasonable evaluations of Custodian's information security program acceptable to Custodian. Any such visits, assessments or evaluations will be (i) subject to reasonable limitations required by Custodian relating to confidentiality and privacy and shall be limited solely to systems handling information and data of the Fund, (ii) conducted so as to not unreasonably interfere with the

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operations of Custodian, (iii) conducted at times and locations mutually agreeable to the Fund and Custodian with representatives of Custodian present at all times, and (iv) subject to the confidentiality provisions in Section 18.12 hereof. Custodian will reasonably cooperate in such risk assessments. Custodian reasonably believes that its information security program reflects information security standards, which may include (i) administrative, technical and physical safeguards appropriate for the size and complexity of Custodian's operations and the nature and scope of the services to be provided and reasonably designed to maintain the confidentiality, integrity and availability of each Fund's confidential information, (ii) policies and procedures reasonably designed and regularly tested to detect, assess, control and respond to any unauthorized access to a Fund's confidential information, or (iii) information regarding the risk assessment, risk management and control, training of Custodian's personnel on compliance with the information security program, testing of the information security program, oversight of any subcontractor arrangements, periodic reports to each Fund in respect thereof, and the process for the annual certification of the Custodian in relation to its information security program. The risk assessments will be conducted by each Fund or its designee (who will be a nationally known security firm) identified to and acceptable to Custodian. Should any risk assessment result in the discovery of what a Fund reasonably determines to be material security risks, the Fund will promptly notify Custodian of such risks and the parties will discuss such risks and Custodian's plan to address them if Custodian reasonably agrees that such risks are material to its provision of services hereunder.

If and to the extent applicable to the services provided hereunder, Custodian represents and warrants that: (i) it will not alter or disable any hardware or software security programs residing on a Fund's hardware or systems, and (ii) it will take reasonable steps to not allow unauthorized traffic to pass as a result of its access to the Fund's networks. If, and to the extent applicable to the services provided hereunder, Custodian does allow unauthorized traffic to pass into a Fund's networks, it may immediately terminate this access. Further, if remote access is granted to Custodian's employees telecommuting in any capacity and to the extent applicable to the services provided hereunder, then Custodian may be subject to additional data security obligations, such as a system access agreement to the extent acceptable to Custodian.

If a network connection is established between a Fund and the computing environment(s) used by Custodian, Custodian will take reasonable steps so that (i) the Fund is permitted to perform network assessments of such computing environment(s) based on a mutually-agreed annual schedule, and (ii) Custodian maintains an alert status regarding the security of such computing environments, including all vulnerabilities and security patches or corrective actions, by subscribing to an industry-recognized service. Further, Custodian will furnish the Fund with a high-level summary of reports prepared by a nationally known independent auditor of such testing of its systems. Custodian understands that, should a Fund assessment or determination reveal inappropriate or inadequate security in the reasonable opinion of Fund and based on the pre-defined requirements for security that are acceptable to Custodian, the Fund may, in addition to other remedies it may have, remove access by Custodian's personnel to the Fund's network until Custodian satisfactorily complies with applicable security requirements. Custodian shall be relieved from its obligations hereunder if performance of such obligations is impeded or otherwise adversely affected by Custodian's not having access to a Fund's network.

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To the extent consistent with Custodian's customary and standard employment practices and policies: (a) Custodian warrants and agrees that it will cause to be conducted criminal background checks on each of its employees who will perform Sensitive Services (as defined below), and that no Ineligible Personnel will perform Sensitive Services. "Ineligible Personnel" means any person who, as evidenced by such background checks (i) has been convicted at any time of any material criminal offense involving dishonesty, a breach of trust, or money laundering, or who has entered into a pre-trial diversion or similar program in connection with a prosecution for such offense, or (ii) has been convicted of a felony. "Sensitive Services" means those services provided hereunder that (i) require access to customer information; (ii) related to a Fund's computer networks, information systems, databases or secure facilities under circumstances that would permit modifications to such systems; or (iii) involve primarily unsupervised access to secure facilities. (b) Upon reasonable request but no more than once annually, Custodian will provide written confirmation that all its employees providing Sensitive Services have undergone a criminal background check and are eligible to provide Sensitive Services.

In the event Custodian becomes aware of any actual security breach that compromises a Fund's confidential information, including customer information (e.g., physical trespass on a secure facility, computing systems intrusion/hacking, loss/theft of a PC (laptop or desktop), or loss/theft of printed materials) (collectively, a "Security Breach"), unless prohibited by law or regulation and following completion of internal incident review, Custodian will promptly notify security personnel of such Security Breach at the following twenty-four (24) hour phone number: <u>800-947-4915</u> (or other number provided to Custodian from time to time in writing in accordance with Section 18.9 hereof), and will take reasonable steps to investigate and remedy the security breach. Except as may be required by its regulators or otherwise by applicable law, regulation, subpoena, or government or court order, Custodian agrees that it will not inform any third party, other than regulators or agents of Custodian, of the Fund's involvement with any such security breach without a Fund's prior written consent, which shall not be unreasonably withheld; however, if such disclosure is so required, Custodian will endeavor, to the extent practicable and permissible, to obtain a Fund's approval regarding the content of such disclosure so as to minimize any potential adverse impact upon a Fund. Custodian will maintain records of any known or suspected security breaches in connection with the services provided hereunder to the Funds in accordance with its customary practices, and if not prohibited by applicable law, regulation or confidentiality requirement, will make such records available to a Fund for review at Custodian's office upon reasonable request.

Each Fund or its representatives ("Auditors"), not more than once annually, will have the right to audit Custodian's performance hereunder solely as necessary to determine its compliance with this Section 18.14 ("Audit"). The Auditors will be granted reasonable access, subject to reasonable restrictions imposed by Custodian relating to confidentiality, security and privacy, and Custodian will cooperate with the Auditors and provide them with such reasonable assistance as they may reasonably request solely to verify the provision of services in accordance with this Section 18.14, provided that (i) Audits may only occur during normal business hours at the locations where the Custodian's personnel provide services hereunder or retain records hereunder at mutually agreeable times; (ii) Audits will be conducted in a manner that is designed to minimize any adverse impact on normal business operations and with representatives of Custodian present at all times; (iii) Auditors will comply with all standard safety and security procedures of the

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Custodian in conducting any such Audits; and (iv) any information accessed by Auditors in the performance of any such Audit will be deemed to be the confidential information of the Custodian, and any such Audit shall be subject to the confidentiality provisions in Section 18.12 hereof or if the Auditor is not a Fund, the execution of a confidentiality agreement between such Auditor and Custodian; however, the results of the Audit will be the property of the Funds, or the Auditor, as applicable and subject to ongoing obligations of confidentiality. If an Audit identifies a critical control weakness or risk that in the reasonable opinion of the Fund will adversely impact Custodian's ability to provide services as agreed, comply with applicable law, or meet Custodian's business continuity obligations hereunder, a Fund will promptly inform Custodian in writing of such opinion of control weakness. Custodian will have thirty (30) business days to respond to this written notice. Nothing contained herein shall obligate Custodian to provide access to or otherwise disclose: (i) any information that is unrelated to the relevant Fund and the provision of the services hereunder to such Fund; (ii) any information that is treated as confidential under the Custodian's corporate policies, including, without limitation, internal audit reports, compliance or risk management plans or reports, work papers and other reports and information relating to management functions; or (iii) any other documents, reports or other information that the Custodian is obligated to maintain in confidence by contract, by its regulators or otherwise as a matter of law or regulation. In addition, any access provided hereunder to technology shall be limited to a demonstration by the Custodian of the functionality thereof and a reasonable opportunity to communicate with the Custodian personnel regarding such technology.

Section 18.15 <u>Reproduction of Documents</u>. This Agreement and all schedules, addenda, exhibits, appendices, attachments and amendments hereto may be reproduced by any photographic, photostatic, microfilm, micro-card, miniature photographic or other similar process. The parties hereto all/each agree that any such reproduction shall be admissible in evidence as the original itself in any judicial or administrative proceeding, whether or not the original is in existence and whether or not such reproduction was made by a party in the regular course of business, and that any enlargement, facsimile or further reproduction of such reproduction shall likewise be admissible in evidence.

Section 18.16 <u>Shareholder Communications Election</u>. SEC Rule 14b-2 requires banks which hold securities for the account of customers to respond to requests by issuers of securities for the names, addresses and holdings of beneficial owners of securities of that issuer held by the bank unless the beneficial owner has expressly objected to disclosure of this information. In order to comply with the rule, the Custodian needs each Fund to indicate whether it authorizes the Custodian to provide such Fund's name, address, and share position to requesting companies whose securities the Fund owns. If a Fund tells the Custodian "no," the Custodian will not provide this information to requesting companies. If a Fund tells the Custodian "yes" or does not check either "yes" or "no" below, the Custodian is required by the rule to treat the Fund as consenting to disclosure of this information for all securities owned by the Fund or any funds or accounts established by the Fund. For a Fund's protection, the Rule prohibits the requesting company from using the Fund's name and address for any purpose other than corporate communications. Please indicate below whether the Fund consents or objects by checking one of the alternatives below.

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YES [ ]

The Custodian is authorized to release the Fund's name, address, and share positions.

NO [X]

The Custodian is not authorized to release the Fund's name, address, and share positions.

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**<u>Signature Page</u>**

**In Witness Whereof**, each of the parties has caused this instrument to be executed in its name and behalf by its duly authorized representative under seal as of the date first above-written.

**EACH OF THE ENTITIES** 

**SET FORTH ON APPENDIX A HERETO**

By: ________________________________

Name: Karla Rabusch

Title: President

**STATE STREET BANK AND TRUST COMPANY**

By:________________________________

Name: Joseph C. Antonellis

Title: Vice Chairman

**Master Custodian Agreement**

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**APPENDIX A**

**<u>Master Custodian Agreement</u>**

Effective as of July 1, 2025

Management Investment Companies Registered with the

<u>SEC and Portfolios thereof, If Any</u>

**<u>Allspring Funds Trust</u>**

100% Treasury Money Market Fund

Absolute Return Fund

Adjustable Rate Government Fund

Alternative Risk Premia Fund

Asset Allocation Fund

California Limited-Term Tax-Free Fund

California Tax-Free Fund

Common Stock Fund

Core Bond Fund

Core Plus Bond Fund

Disciplined Small Cap Fund

Disciplined U.S. Core Fund

Discovery Small Cap Growth Fund

Diversified Capital Builder Fund

Diversified Income Builder Fund

Emerging Growth Fund

Emerging Markets Equity Fund

Emerging Markets Equity Advantage Fund

Government Money Market Fund

Government Securities Fund

Growth Fund

High Yield Bond Fund

High Yield Municipal Bond Fund

Income Plus Fund

Index Asset Allocation Fund

Index Fund

Innovation Fund

Intermediate Tax/AMT-Free Fund

International Equity Fund

Large Cap Core Fund

Large Cap Growth Fund

Large Cap Value Fund

Large Company Value Fund

Managed Account CoreBuilder Shares – Series CP

Managed Account CoreBuilder Shares – Series EM

Managed Account CoreBuilder Shares – Series EPI

Managed Account CoreBuilder Shares – Series M

Managed Account CoreBuilder Shares – Series SP

Mid Cap Growth Fund

Minnesota Tax-Free Fund

Money Market Fund

Municipal Bond Fund

------

National Tax-Free Money Market Fund

Opportunity Fund

Pennsylvania Tax-Free Fund

Precious Metals Fund

Premier Large Company Growth Fund

Real Return Fund

Short Duration Government Bond Fund

Short-Term Bond Plus Fund

Short-Term High Income Fund

Short-Term Municipal Bond Fund

Small Company Growth Fund

Small Company Value Fund

SMID Cap Growth Fund

Special Global Small Cap Fund

Special International Small Cap Fund

Special Large Cap Value Fund

Special Mid Cap Value Fund

Special Small Cap Value Fund

Spectrum Aggressive Growth Fund

Spectrum Conservative Growth Fund

Spectrum Growth Fund

Spectrum Income Allocation Fund

Spectrum Moderate Growth Fund

Strategic Municipal Bond Fund

Treasury Plus Money Market Fund

Ultra Short-Term Income Fund

Ultra Short-Term Municipal Income Fund

Utility and Telecommunications Fund

Wisconsin Tax-Free Fund

**Allspring Global Dividend Opportunity Fund (EOD)**

**Allspring Income Opportunities Fund (EAD)**

**Allspring Multi-Sector Income Fund (ERC)**

**Allspring Utilities and High Income Fund (ERH)**

**<u>Allspring Variable Trust</u>**

VT Discovery All Cap Growth Fund

VT Discovery SMID Cap Growth Fund

VT Index Asset Allocation Fund

VT Opportunity Fund

VT Small Cap Growth Fund

**<u>Allspring Master Trust</u>**

Core Bond Portfolio

Disciplined International Developed Markets Portfolio

Disciplined Large Cap Portfolio

Large Cap Value Portfolio

Macro Strategies Portfolio

Real Return Portfolio

Small Company Growth Portfolio

------

Small Company Value Portfolio

**<u>Allspring Exchange-Traded Funds Trust</u>**

Allspring Broad Market Core Bond ETF (AFIX)

Allspring Core Plus ETF (APLU)

Allspring Income Plus ETF (AINP)

*<u>Allspring LT Large Core ETF (ALRG)</u>*

Allspring LT Large Growth ETF (AGRW)

Allspring Special Large Value ETF (ASLV)

*<u>Allspring SMID Core ETF (ASCE)</u>*

*<u>Allspring Ultra Short Municipal ETF (AUSM)</u>*

------

STATE STREET

**SCHEDULE A**

GLOBAL CUSTODY NETWORK

SUBCUSTODIANS

**Market**

**Subcustodian**

Argentina

Citibank, N.A.

Australia

The Hongkong and Shanghai Banking Corporation Limited

Citigroup Pty. Limited

Austria

UniCredit Bank Austria AG

Bahrain

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Bangladesh

Standard Chartered Bank

Belgium

Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Brussels branch)

Benin

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Bermuda

Bank of Bermuda Limited

Botswana

Barclays Bank of Botswana Limited

Brazil

Citibank, N.A.

Bulgaria

ING Bank N.V.

Burkina Faso

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Canada

State Street Trust Company Canada

Cayman Islands

Close Trustees (Cayman) Limited

Chile

Banco Itaú Chile

People's Republic

HSBC Bank (China) Company Limited

of China

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

(Shanghai and Shenzhen)

Colombia

Cititrust Colombia S.A. Sociedad Fiduciaria

Costa Rica

Banco BCT S.A.

Croatia

Privredna Banka Zagreb d.d.

Cyprus

BNP Paribas Securities Services, S.A., Greece (operating through its Athens branch)

Czech Republic

Československá obchodní banka, a.s.

Denmark

Skandinaviska Enskilda Banken AB, Sweden (operating through its Copenhagen branch)

Ecuador

Banco de la Producción S.A. PRODUBANCO

As of 6/30/09

------

STATE STREET

**SCHEDULE A**

GLOBAL CUSTODY NETWORK

SUBCUSTODIANS

**Market**

**Subcustodian**

Egypt

HSBC Bank Egypt S.A.E.

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Estonia

AS SEB Pank

Finland

Skandinaviska Enskilda Banken AB, Sweden (operating through its Helsinki branch)

France

Deutsche Bank AG, Netherlands (operating through its Amsterdam branch with support from its Paris branch)

Germany

Deutsche Bank AG

Ghana

Barclays Bank of Ghana Limited

Greece

BNP Paribas Securities Services, S.A.

Guinea-Bissau

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Hong Kong

Standard Chartered Bank (Hong Kong) Limited

Hungary

UniCredit Bank Hungary Zrt.

Iceland

New Kaupthing Banki hf.

India

Deutsche Bank AG

The Hongkong and Shanghai Banking Corporation Limited

Indonesia

Deutsche Bank AG

Ireland

Bank of Ireland

Israel

Bank Hapoalim B.M.

Italy

Deutsche Bank S.p.A.

Ivory Coast

Société Générale de Banques en Côte d'Ivoire

Jamaica

Bank of Nova Scotia Jamaica Limited

Japan

Mizuho Corporate Bank Limited

Sumitomo Mitsui Banking Corporation

Jordan

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Kazakhstan

SB HSBC Bank Kazakhstan JSC

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Kenya

Barclays Bank of Kenya Limited

As of 6/30/09

------

STATE STREET

**SCHEDULE A**

GLOBAL CUSTODY NETWORK

SUBCUSTODIANS

**Market**

**Subcustodian**

Republic of Korea

Deutsche Bank AG

The Hongkong and Shanghai Banking Corporation Limited

Kuwait

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Latvia

AS SEB Banka

Lebanon

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Lithuania

AB SEB Bankas

Malaysia

Standard Chartered Bank Malaysia Berhad

Mali

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Malta

The Hongkong and Shanghai Banking Corporation Limited

Mauritius

The Hongkong and Shanghai Banking Corporation Limited

Mexico

Banco Nacional de México S.A.

Morocco

Citibank Maghreb

Namibia

Standard Bank Namibia Limited

Netherlands

Deutsche Bank AG

New Zealand

The Hongkong and Shanghai Banking Corporation Limited

Niger

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Nigeria

Stanbic IBTC Bank Plc.

Norway

Skandinaviska Enskilda Banken AB, Sweden (operating through its Oslo branch)

Oman

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Pakistan

Deutsche Bank AG

Palestine

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Peru

Citibank del Perú, S.A.

Philippines

Standard Chartered Bank

Poland

Bank Handlowy w Warszawie S.A.

As of 6/30/09

------

STATE STREET

**SCHEDULE A**

GLOBAL CUSTODY NETWORK

SUBCUSTODIANS

**Market**

**Subcustodian**

Portugal

Banco Comercial Português S.A.

Puerto Rico

Citibank N.A.

Qatar

HSBC Bank Middle East Limited

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Romania

ING Bank N.V.

Russia

ING Bank (Eurasia) ZAO, Moscow

Saudi Arabia

Saudi British Bank

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Senegal

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Serbia

UniCredit Bank Serbia JSC

Singapore

DBS Bank Limited

United Overseas Bank Limited

Slovak Republic

Československá obchodna banka, a.s.

Slovenia

UniCredit Banka Slovenija d.d.

South Africa

Nedbank Limited

Standard Bank of South Africa Limited

Spain

Deutsche Bank S.A.E.

Sri Lanka

The Hongkong and Shanghai Banking Corporation Limited

Swaziland

Standard Bank Swaziland Limited

Sweden

Skandinaviska Enskilda Banken AB

Switzerland

UBS AG

Credit Suisse

Taiwan - R.O.C.

Bank of Taiwan

Thailand

Standard Chartered Bank (Thai) Public Company Limited

Togo

via Société Générale de Banques en Côte d'Ivoire, Abidjan, Ivory Coast

Trinidad & Tobago

Republic Bank Limited

Tunisia

Banque Internationale Arabe de Tunisie

Turkey

Citibank, A.S.

As of 6/30/09

------

STATE STREET

**SCHEDULE A**

GLOBAL CUSTODY NETWORK

SUBCUSTODIANS

**Market**

**Subcustodian**

Uganda

Barclays Bank of Uganda Limited

Ukraine

ING Bank Ukraine

United Arab Emirates –

HSBC Bank Middle East Limited

Dubai Financial Market

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

United Arab Emirates –

HSBC Bank Middle East Limited

Dubai International

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

Financial Center

United Arab Emirates –

HSBC Bank Middle East Limited

Abu Dhabi

(as delegate of The Hongkong and Shanghai Banking Corporation Limited)

United Kingdom

State Street Bank and Trust Company, United Kingdom branch

Uruguay

Banco Itaú Uruguay S.A.

Venezuela

Citibank, N.A.

Vietnam

HSBC Bank (Vietnam) Limited

Zambia

Barclays Bank of Zambia Plc.

Zimbabwe

Barclays Bank of Zimbabwe Limited

As of 6/30/09

------

STATE STREET

**SCHEDULE B**

GLOBAL CUSTODY NETWORK

DEPOSITORIES OPERATING IN NETWORK MARKETS

**Market**

**Depository**

Argentina

Caja de Valores S.A.

Australia

Austraclear Limited

Austria

Oesterreichische Kontrollbank AG (Wertpapiersammelbank Division)

Bahrain

Clearing, Settlement, and Depository System of the Bahrain Stock Exchange

Bangladesh

Central Depository Bangladesh Limited

Belgium

National Bank of Belgium

Euroclear Belgium

Benin

Dépositaire Central – Banque de Règlement

Bermuda

Bermuda Securities Depository

Botswana

Central Securities Depository Company of Botswana Ltd.

Brazil

Central de Custódia e de Liquidação Financeira de Títulos Privados (CETIP)

Companhia Brasileira de Liquidação e Custódia

Sistema Especial de Liquidação e de Custódia (SELIC)

Bulgaria

Bulgarian National Bank

Central Depository AD

Burkina Faso

Dépositaire Central – Banque de Règlement

Canada

The Canadian Depository for Securities Limited

Chile

Depósito Central de Valores S.A.

People's Republic

China Securities Depository and Clearing Corporation Limited, Shanghai Branch

of China

China Securities Depository and Clearing Corporation Limited, Shenzhen Branch

Colombia

Depósito Central de Valores

Depósito Centralizado de Valores de Colombia S.A. (DECEVAL)

Costa Rica

Central de Valores S.A.

Croatia

Sredisnje klirinsko depozitarno drustvo d.d.

Cyprus

Central Depository and Central Registry

Czech Republic

Czech National Bank

Středisko cenných papíru - Ceská republika

Denmark

VP Securities A/S

As of 6/30/09

------

STATE STREET

**SCHEDULE B**

GLOBAL CUSTODY NETWORK

DEPOSITORIES OPERATING IN NETWORK MARKETS

**Market**

**Depository**

Egypt

Misr for Central Clearing, Depository and Registry S.A.E.

Central Bank of Egypt

Estonia

AS Eesti Väärtpaberikeskus

Finland

Euroclear Finland

France

Euroclear France

Germany

Clearstream Banking AG, Frankfurt

Ghana

GSE Securities Depository Company Ltd.

Greece

Kentriko Apothetirio Aksion, a department of Hellenic Exchanges S.A. Holding

Bank of Greece, System for Monitoring Transactions in Securities in Book-Entry Form

Guinea-Bissau

Dépositaire Central – Banque de Règlement

Hong Kong

Central Moneymarkets Unit

Hong Kong Securities Clearing Company Limited

Hungary

Központi Elszámolóház és Értéktár (Budapest) Zrt. (KELER)

Iceland

Icelandic Securities Depository Limited

India

Central Depository Services (India) Limited

National Securities Depository Limited

Reserve Bank of India

Indonesia

Bank Indonesia

PT Kustodian Sentral Efek Indonesia

Israel

Tel Aviv Stock Exchange Clearing House Ltd. (TASE Clearing House)

Italy

Monte Titoli S.p.A.

Ivory Coast

Dépositaire Central – Banque de Règlement

Jamaica

Jamaica Central Securities Depository

Japan

Bank of Japan – Net System

Japan Securities Depository Center (JASDEC) Incorporated

Jordan

Securities Depository Center

Kazakhstan

Central Securities Depository

Kenya

Central Depository and Settlement Corporation Limited

Central Bank of Kenya

As of 6/30/09

------

STATE STREET

**SCHEDULE B**

GLOBAL CUSTODY NETWORK

DEPOSITORIES OPERATING IN NETWORK MARKETS

**Market**

**Depository**

Republic of Korea

Korea Securities Depository

Kuwait

Kuwait Clearing Company

Latvia

Latvian Central Depository

Lebanon

Banque du Liban

Custodian and Clearing Center of Financial Instruments

for Lebanon and the Middle East (Midclear) S.A.L.

Lithuania

Central Securities Depository of Lithuania

Malaysia

Bank Negara Malaysia

Bursa Malaysia Depository Sdn. Bhd.

Mali

Dépositaire Central – Banque de Règlement

Malta

Central Securities Depository of the Malta Stock Exchange

Mauritius

Bank of Mauritius

Central Depository and Settlement Co. Ltd.

Mexico

S.D. Indeval, S.A. de C.V.

Morocco

Maroclear

Namibia

Bank of Namibia

Netherlands

Euroclear Nederland

New Zealand

New Zealand Central Securities Depository Limited

Niger

Dépositaire Central – Banque de Règlement

Nigeria

Central Securities Clearing System Limited

Norway

Verdipapirsentralen

Oman

Muscat Depository & Securities Registration Company, SAOC

Pakistan

Central Depository Company of Pakistan Limited

State Bank of Pakistan

Palestine

Clearing, Depository and Settlement system, a department of the Palestine Securities

Exchange

Peru

CAVALI S.A. Institución de Compensación y Liquidación de Valores

Philippines

Philippine Depository & Trust Corporation

Registry of Scripless Securities (ROSS) of the Bureau of Treasury

Poland

Rejestr Papierów Wartościowych

Krajowy Depozyt Papierów Wartos´ciowych S.A.

Portugal

INTERBOLSA - Sociedad Gestora de Sistemas

de Liquidação e de Sistemas Centralizados de Valores Mobiliários, S.A.

Qatar

Central Clearing and Registration (CCR), a department of the Qatar Exchange

Romania

S.C. Depozitarul Central S.A.

National Bank of Romania

Russia

Vneshtorgbank, Bank for Foreign Trade of the Russian Federation

National Depository Center

Saudi Arabia

Tadawul Central Securities Depository

Saudi Arabian Monetary Agency

Senegal

Dépositaire Central – Banque de Règlement

Serbia

Central Registrar Depository and Clearinghouse

Singapore

The Central Depository (Pte) Limited

Monetary Authority of Singapore

Slovak Republic

Centralny depozitar cenných papierov SR, a.s.

Slovenia

KDD - Centralna klirinsko depotna druzba d.d.

South Africa

Strate Ltd.

Spain

IBERCLEAR

Sri Lanka

Central Bank of Sri Lanka

Central Depository System (Pvt) Limited

Sweden

Euroclear Sweden

Switzerland

SIX SIS AG

Taiwan - R.O.C.

Taiwan Depository and Clearing Corporation

Central Bank of China

Thailand

Thailand Securities Depository Company Limited

Togo

Dépositaire Central – Banque de Règlement

Trinidad and Tobago

Central Bank of Trinidad and Tobago

Trinidad and Tobago Central Depository Limited

Tunisia

Société Tunisienne Interprofessionelle pour la

Compensation et le Dépôts des Valeurs Mobilières (STICODEVAM)

Turkey

Central Bank of Turkey

Central Registry Agency

Uganda

Bank of Uganda

Ukraine

Mizhregionalny Fondovy Souz

National Bank of Ukraine

United Arab Emirates -

Clearing and Depository System, a department of the Dubai Financial Market

Dubai Financial Market

United Arab Emirates -

Central Securities Depository, owned and operated by NASDAQ Dubai Limited

Dubai International

Financial Center

United Arab Emirates -

Clearing, Settlement, Depository and Registry department

Abu Dhabi

of the Abu Dhabi Securities Exchange

United Kingdom

Euroclear UK & Ireland Limited

Uruguay

Banco Central del Uruguay

Venezuela

Banco Central de Venezuela

Caja Venezolana de Valores

Vietnam

Vietnam Securities Depository

Zambia

Bank of Zambia

LuSE Central Shares Depository Limited

TRANSNATIONAL

Euroclear Bank S.A./N.V.

Clearstream Banking, S.A.

As of 6/30/09

------

**SCHEDULE C**

**MARKET INFORMATION**

**<u>Publication/Type of Information</u> <u>Brief Description</u>**

**(scheduled frequency)**

*<u>The Guide to Custody in World Markets</u>* 

An overview of settlement and safekeeping procedures,

(hardcopy annually and regular

custody practices and foreign investor considerations for the

website updates)

markets in which State Street offers custodial services.

*<u>Global Custody Network Review</u>* 

Information relating to Foreign Sub-Custodians in State Street's

(annually)

Global Custody Network. The Review stands as an integral part of the materials that State Street provides to its U.S. mutual fund clients to assist them in complying with SEC Rule 17f-5. The Review also gives insight into State Street's market expansion and Foreign Sub-Custodian selection processes, as well as the procedures and controls used to monitor the financial condition and performance of our Foreign Sub-Custodian banks.

*<u>Securities Depository Review</u>*

Custody risk analyses of the Foreign Securities Depositories presently

(annually)

*<u>Global Legal Survey</u>* 

With respect to each market in which State Street offers custodial

(annually)

services, opinions relating to whether local law restricts (i) access of a fund's independent public accountants to books and records of a Foreign Sub-Custodian or Foreign Securities System, (ii) a fund's ability to recover in the event of bankruptcy or insolvency of a Foreign Sub-Custodian or Foreign Securities System, (iii) a fund's ability to recover in the event of a loss by a Foreign Sub-Custodian or Foreign Securities System, and (iv) the ability of a foreign investor to convert cash and cash equivalents to U.S. dollars.

*<u>Subcustodian Agreements</u>* 

Copies of the contracts that State Street has entered into with each

(annually)

Foreign Sub-Custodian that maintains U.S. mutual fund assets in the markets in which State Street offers custodial services.

*<u>Global Market Bulletin</u>*

Information on changing settlement and custody conditions in

(daily or as necessary)

markets where State Street offers custodial services. Includes changes in

market and tax regulations, depository developments, dematerialization

information, as well as other market changes that may impact State Street's

clients.

*<u>Foreign Custody</u> Advisories*

For those markets where State Street offers custodial services that exhibit

(as necessary)

special risks or infrastructures impacting custody, State Street issues

market advisories to highlight those unique market factors which might

impact our ability to offer recognized custody service levels.

*<u>Material Change Notices</u>*

Informational letters and accompanying materials confirming

(presently on a quarterly basis or

summary of material changes with Foreign Sub-Custodians that have occurred

State Street's foreign custody

during the previous quarter. The notices also identify any material changes in the

arrangements, including a as otherwise

custodial risks associated with maintaining assets with Foreign Securities

necessary)

Depositories.

------

**SCHEDULE D**

**to**

Special Sub-Custodians:

None

------

![](image1-1.gif)

***F****UNDS* ***T****RANSFER* ***A****DDENDUM*

<u>OPERATING GUIDELINES</u>

1. **Obligation of the Sender**: State Street is authorized to promptly debit Client's account(s) upon the receipt of a payment order in compliance with the selected Security Procedure chosen for funds transfer and in the amount of money that State Street has been instructed to transfer. State Street shall execute payment orders in compliance with the Security Procedure and with the Client's instructions on the execution date provided that such payment order is received by the customary deadline for processing such a request, unless the payment order specifies a later time. All payment orders and communications received after this time will be deemed to have been received on the next business day.

2. **Security Procedure**: The Client acknowledges that the Security Procedure it has designated on the Selection Form was selected by the Client from Security Procedures offered by State Street. The Client agrees that the Security Procedures are reasonable and adequate for its wire transfer transactions and agrees to be bound by any payment orders, amendments and cancellations, whether or not authorized, issued in its name and accepted by State Street after being confirmed by any of the selected Security Procedures. The Client also agrees to be bound by any other valid and authorized payment order accepted by State Street. The Client shall restrict access to confidential information relating to the Security Procedure to authorized persons as communicated in writing to State Street. The Client must notify State Street immediately if it has reason to believe unauthorized persons may have obtained access to such information or of any change in the Client's authorized personnel. State Street shall verify the authenticity of all instructions according to the Security Procedure.

3. **Account Numbers:** State Street shall process all payment orders on the basis of the account number contained in the payment order. In the event of a discrepancy between any name indicated on the payment order and the account number, the account number shall take precedence and govern. Financial institutions that receive payment orders initiated by State Street at the instruction of the Client may also process payment orders on the basis of account numbers, regardless of any name included in the payment order. State Street will also rely on any financial institution identification numbers included in any payment order, regardless of any financial institution name included in the payment order.

4. **Rejection:** State Street reserves the right to decline to process or delay the processing of a payment order which (a) is in excess of the collected balance in the account to be charged at the time of State Street's receipt of such payment order; (b) if initiating such payment order would cause State Street, in State Street's sole judgment, to exceed any volume, aggregate dollar, network, time, credit or similar limits upon wire transfers which are applicable to State Street; or (c) if State Street, in good faith, is unable to satisfy itself that the transaction has been properly authorized.

5. **Cancellation or Amendment**: State Street shall use reasonable efforts to act on all authorized requests to cancel or amend payment orders received in compliance with the Security Procedure provided that such requests are received in a timely manner affording State Street reasonable opportunity to act. However, State Street assumes no liability if the request for amendment or cancellation cannot be satisfied.

6. **Errors:** State Street shall assume no responsibility for failure to detect any erroneous payment order provided that State Street complies with the payment order instructions as received and State Street complies with the Security Procedure. The Security Procedure is established for the purpose of authenticating payment orders only and not for the detection of errors in payment orders.

7. **Interest and Liability Limits**: State Street shall assume no responsibility for lost interest with respect to the refundable amount of any unauthorized payment order, unless State Street is notified of the unauthorized payment order within thirty (30) days of notification by State Street of the acceptance of such payment order. In no event shall State Street be liable for special, indirect or consequential damages, even if advised of the possibility of such damages and even for failure to execute a payment order.

8. **Automated Clearing House ("ACH") Credit Entries/Provisional Payments**: When a Client initiates or receives ACH credit and debit entries pursuant to these Guidelines and the rules of the National Automated Clearing House Association and the New England Clearing House Association, State Street will act as an Originating Depository Financial Institution and/or Receiving Depository Institution, as the case may be, with respect to such entries. Credits given by State Street with respect to an ACH credit entry are provisional until State Street receives final settlement for such entry from the Federal Reserve Bank. If State Street does not receive such final settlement, the Client agrees that State Street shall receive a refund of the amount credited to the Client in connection with such entry, and the party making payment to the Client via such entry shall not be deemed to have paid the amount of the entry.

9. **Confirmation Statements:** Confirmation of State Street's execution of payment orders shall ordinarily be provided within 24 hours. Notice may be delivered through State Street's proprietary information systems, such as, but not limited to Horizon and GlobalQuest®, account statements, advices, or by facsimile or callback. The Client must report any objections to the execution of a payment order within 30 days.

10. **Liability on Foreign Accounts**: State Street shall not be required to repay any deposit made at a non-U.S. branch of State Street, or any deposit made with State Street and denominated in a non-U.S. dollar currency, if repayment of such deposit or the use of assets denominated in the non-U.S. dollar currency is prevented, prohibited or otherwise blocked due to: (a) an act of war, insurrection or civil strife; (b) any action by a non-U.S. government or instrumentality or authority asserting governmental, military or police power of any kind, whether such authority be recognized as a defacto or a dejure government, or by any entity, political or revolutionary movement or otherwise that usurps, supervenes or otherwise materially impairs the normal operation of civil authority; or(c) the closure of a non-U.S. branch of State Street in order to prevent, in the reasonable judgment of State Street, harm to the employees or property of State Street. The obligation to repay any such deposit shall not be transferred to and may not be enforced against any other branch of State Street.

The foregoing provisions constitute the disclosure required by Massachusetts General Laws, Chapter 167D, Section 36.

While State Street is not obligated to repay any deposit made at a non-U.S. branch or any deposit denominated in a non-U.S. currency during the period in which its repayment has been prevented, prohibited or otherwise blocked, State Street will repay such deposit when and if all circumstances preventing, prohibiting or otherwise blocking repayment cease to exist.

11. **MISCELLANEOUS:** State Street and the Client agree to cooperate to attempt to recover any funds erroneously paid to the wrong party or parties, regardless of any fault of State Street or the Client, but the party responsible for the erroneous payment shall bear all costs and expenses incurred in trying to effect such recovery. These Guidelines may not be amended except by a written agreement signed by the parties.

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![](image1-1.gif)

***F****UNDS* ***T****RANSFER* ***A****DDENDUM*

<u>Security Procedure(s) Selection Form</u>

Please select one or more of the funds transfer security procedures indicated below.

**X SWIFT** 

SWIFT (Society for Worldwide Interbank Financial Telecommunication) is a cooperative society owned and operated by member financial institutions that provides telecommunication services for its membership. Participation is limited to securities brokers and dealers, clearing and depository institutions, recognized exchanges for securities, and investment management institutions. SWIFT provides a number of security features through encryption and authentication to protect against unauthorized access, loss or wrong delivery of messages, transmission errors, loss of confidentiality and fraudulent changes to messages. SWIFT is considered to be one of the most secure and efficient networks for the delivery of funds transfer instructions.

*Selection of this security procedure would be most appropriate for existing SWIFT members.*

**Standing Instructions**

Standing Instructions may be used where funds are transferred to a broker on the Client's established list of brokers with which it engages in foreign exchange transactions. Only the date, the currency and the currency amount are variable. In order to establish this procedure, State Street will send to the Client a list of the brokers that State Street has determined are used by the Client. The Client will confirm the list in writing, and State Street will verify the written confirmation by telephone. Standing Instructions will be subject to a mutually agreed upon limit. If the payment order exceeds the established limit, the Standing Instruction will be confirmed by telephone prior to execution.

**Remote Batch Transmission**

Wire transfer instructions are delivered via Computer-to-Computer (CPU-CPU) data communications between the Client and State Street. Security procedures include encryption and or the use of a test key by those individuals authorized as Automated Batch Verifiers.

*Clients selecting this option should have an existing facility for completing CPU-CPU transmissions. This delivery mechanism is typically used for high-volume business.*

**Global Horizon Interchangesm Funds Transfer Service**

Global Horizon Interchange Funds Transfer Service (FTS) is a State Street proprietary microcomputer-based wire initiation system. FTS enables Clients to electronically transmit authenticated Fedwire, CHIPS or internal book transfer instructions to State Street.

*This delivery mechanism is most appropriate for Clients with a low-to-medium number of transactions (5-75 per day), allowing Clients to enter, batch, and review wire transfer instructions on their PC prior to release to State Street.*

**X Telephone Confirmation (Callback)**

Telephone confirmation will be used to verify all non-repetitive funds transfer instructions received via untested facsimile or phone. This procedure requires Clients to designate individuals as authorized initiators and authorized verifiers. State Street will verify that the instruction contains the signature of an authorized person and prior to execution, will contact someone other than the originator at the Client's location to authenticate the instruction.

*Selection of this alternative is appropriate for Clients who do not have the capability to use other security procedures.*

**X Repetitive Wires**

For situations where funds are transferred periodically (minimum of one instruction per calendar quarter) from an existing authorized account to the same payee (destination bank and account number) and only the date and currency amount are variable, a repetitive wire may be implemented. Repetitive wires will be subject to a mutually agreed upon limit. If the payment order exceeds the established limit, the instruction will be confirmed by telephone prior to execution. Telephone confirmation is used to establish this process. Repetitive wire instructions must be reconfirmed annually.

*This alternative is recommended whenever funds are frequently transferred between the same two accounts.*

**Transfers Initiated by Facsimile**

The Client faxes wire transfer instructions directly to State Street Mutual Fund Services. Standard security procedure requires the use of a random number test key for all transfers. Every six months the Client receives test key logs from State Street. The test key contains alpha-numeric characters, which the Client puts on each document faxed to State Street. This procedure ensures all wire instructions received via fax are authorized by the Client.

*We provide this option for Clients who wish to batch wire instructions and transmit these as a group to State Street Mutual Fund Services once or several times a day.*

**Instruct**

Instruct is a State Street web-based application designed to provide internet-enabled remote access that allows for the capturing, verification and processing of various instruction types, including securities, cash and foreign exchange transactions. Instruct is designed using industry standard formats to facilitate straight-through processing. Instruct provides a number of security features

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![](image1-1.gif)

***F****UNDS* ***T****RANSFER* ***A****DDENDUM*

through user entitlements, industry standard encryption protocols, digital security certificates and multiple tiers of user authentication requirements.

**Secure Transport** 

Secure Transport is a file transfer application based upon the Secure File Transfer Protocol standard that is designed to enable State Street clients/ investment managers to send file based transfer and transaction instructions over the internet. Secure Transport features multi-factor authenticators such as SecurID and digital certificates, and incorporates industry-standard encryption protocols.

**Automated Clearing House (ACH)**

State Street receives an automated transmission or a magnetic tape from a Client for the initiation of payment (credit) or collection (debit) transactions through the ACH network. The transactions contained on each transmission or tape must be authenticated by the Client. Clients using ACH must select one or more of the following delivery options:

**Global Horizon Interchange Automated Clearing House Service** 

Transactions are created on a microcomputer, assembled into batches and delivered to State Street via fully authenticated electronic transmissions in standard NACHA formats.

Transmission from Client PC to State Street Mainframe with Telephone Callback

Transmission from Client Mainframe to State Street Mainframe with Telephone Callback

Transmission from DST Systems to State Street Mainframe with Encryption

Magnetic Tape Delivered to State Street with Telephone Callback

State Street is hereby instructed to accept funds transfer instructions only via the delivery methods and security procedures indicated. The selected delivery methods and security procedure(s) will be effective August 17, 2009 for payment orders initiated by our organization.

**Key Contact Information**

Whom shall we contact to implement your selection(s)?

**Client operations contact**

**Alternate Contact**

Jeremy DePalma

David Berardi

200 Berkeley Street

200 Berkeley Street

Boston, MA 02116-5022

Boston, MA 02116-5022

617-210-3588 (Telephone)

617-210-3548 (Telephone)

617-954-0634 (Facsimile)

617-954-0634 (Facsimile)

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**<u>INSTRUCTION(S)</u>**

**<u>TELEPHONE CONFIRMATION</u>**

**Fund** See wave conversion timeline

**Investment Adviser**

**Authorized Initiators**

Please Type or Print

*Please provide a listing of Fund officers or other individuals who are currently authorized to* ***initiate*** *wire transfer instructions to State Street:* **Please use previously provided list of authorized persons (FMG)**

**NAME**

**TITLE** (Specify whether position

**SPECIMEN SIGNATURE**

is with Fund or Investment

Adviser)

**Please see attached authorized signer lists for IMs.**

**Authorized Verifiers**

Please Type or Print

*Please provide a listing of Fund officers or other individuals who will be* ***CALLED BACK*** *to verify the initiation of repetitive wires of $10 million or more and all non-repetitive wire instructions:*

**NAME**

**CALLBACK PHONE NUMBER**

**DOLLAR LIMITATION (IF ANY)**

**Please use previously provided list of authorized administrative persons (FMG)**

**Please see attached authorized signers lists for IMs.**

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**REMOTE ACCESS SERVICES ADDENDUM**

**TO MASTER CUSTODIAN AGREEMENT**

ADDENDUM to that certain Master Custodian Agreement dated as of July 1, 2009 (the "Custodian Agreement") by and among each management investment company identified on Appendix A thereto or made subject thereto pursuant to Section 19.5 thereof (each, a "Customer") and State Street Bank and Trust Company, including its subsidiaries and affiliates ("State Street").

State Street has developed and/or utilizes proprietary or third-party accounting and other systems in conjunction with the services that State Street provides to the Customer. In this regard, State Street maintains certain information in databases under its ownership and/or control that it makes available to its customers (the "Remote Access Services").

#### The Services
State Street agrees to provide the Customer, and its designated investment advisors, consultants or other third parties who agree to abide by the terms of this Addendum ("Authorized Designees") with access to State Street propriety and third-party systems as may be offered by State Street from time to time (each, a "System") on a remote basis.

#### Security Procedures
The Customer agrees to comply, and to cause its Authorized Designees to comply, with remote access operating standards and procedures and with user identification or other password control requirements and other security devices and procedures as may be issued or required from time to time by State Street or its third-party vendors for use of the System and access to the Remote Access Services. The Customer is responsible for any use and/or misuse of the System and Remote Access Services by its Authorized Designees. The Customer agrees to advise State Street immediately in the event that it learns or has reason to believe that any person to whom it has given access to the System or the Remote Access Services has violated or intends to violate the terms of this Addendum and the Customer will cooperate with State Street in seeking injunctive or other equitable relief. The Customer agrees to discontinue use of the System and Remote Access Services, if requested, for any security reasons cited by State Street and State Street may restrict access of the System and Remote Access Services by the Customer or any Authorized Designee for security reasons or noncompliance with the terms of this Addendum at any time.

#### Fees
Fees and charges for the use of the System and the Remote Access Services and related payment terms shall be as set forth in the fee schedule in effect from time to time between the parties. The Customer shall be responsible for any tariffs, duties or taxes imposed or levied by any government or governmental agency by reason of the transactions contemplated by this Addendum, including, without limitation, federal, state and local taxes, use, value added and personal property taxes (other than income, franchise or similar taxes which may be imposed or assessed against State Street). Any claimed exemption from such tariffs, duties or taxes shall be supported by proper documentary evidence delivered to State Street.

#### Proprietary Information/Injunctive Relief
The System and Remote Access Services described herein and the databases, computer programs, screen formats, report formats, interactive design techniques, formulae, processes, systems, software, know- how, algorithms, programs, training aids, printed materials, methods, books, records, files, documentation and other information made available to the Customer by State Street as part of the Remote Access Services and through

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the use of the System and all copyrights, patents, trade secrets and other proprietary and intellectual property rights of State Street and third-party vendors related thereto are the exclusive, valuable and confidential proprietary property of State Street and its relevant licensors and third-party vendors (the "Proprietary Information"). The Customer agrees on behalf of itself and its Authorized Designees to keep the Proprietary Information confidential and to limit access to its employees and Authorized Designees (under a similar duty of confidentiality) who require access to the System for the purposes intended. The foregoing shall not apply to Proprietary Information in the public domain or required by law to be made public.

The Customer agrees to use the Remote Access Services only in connection with the proper purposes of this Addendum. The Customer will not, and will cause its employees and Authorized Designees not to, (i) permit any third party to use the System or the Remote Access Services, (ii) sell, rent, license or otherwise use the System or the Remote Access Services in the operation of a service bureau or for any purpose other than as expressly authorized under this Addendum, (iii) use the System or the Remote Access Services for any fund, trust or other investment vehicle without the prior written consent of State Street, or (iv) allow or cause any information transmitted from State Street's databases, including data from third-party sources, available through use of the System or the Remote Access Services, to be published, redistributed or retransmitted for other than use for or on behalf of the Customer, as State Street's customer.

The Customer agrees that neither it nor its Authorized Designees will modify the System in any way, enhance, copy or otherwise create derivative works based upon the System, nor will the Customer or its Authorized Designees reverse engineer, decompile or otherwise attempt to secure the source code for all or any part of the System.

The Customer acknowledges that the disclosure of any Proprietary Information, or of any information which at law or equity ought to remain confidential, will immediately give rise to continuing irreparable injury to State Street or its third-party licensors and vendors inadequately compensable in damages at law and that State Street shall be entitled to obtain immediate injunctive relief against the breach or threatened breach of any of the foregoing undertakings, in addition to any other legal remedies which may be available.

<u>Limited Warranties</u>

State Street represents and warrants that it is the owner of and/or has the right to grant access to the System and to provide the Remote Access Services contemplated herein. Because of the nature of computer information technology including, but not limited to the use of the Internet, and the necessity of relying upon third-party sources, and data and pricing information obtained from third parties, the System and Remote Access Services are provided "AS IS" without warranty express or implied including as to availability of the System, and the Customer and its Authorized Designees shall be solely responsible for the use of the System and Remote Access Services and investment decisions, results obtained, regulatory reports and statements produced using the Remote Access Services. State Street and its relevant licensors and third-party vendors will not be liable to the Customer or its Authorized Designees for any direct or indirect, special, incidental, punitive or consequential damages arising out of or in any way connected with the System or the Remote Access Services, nor shall any party be responsible for delays or nonperformance under this Addendum arising out of any cause or event beyond such party's control.

EXCEPT AS EXPRESSLY SET FORTH IN THIS ADDENDUM, STATE STREET, FOR ITSELF AND ITS RELEVANT LICENSORS AND THIRD-PARTY VENDORS EXPRESSLY DISCLAIMS ANY AND ALL WARRANTIES CONCERNING THE SYSTEM AND THE SERVICES TO BE RENDERED HEREUNDER, WHETHER EXPRESS OR IMPLIED INCLUDING, WITHOUT LIMITATION, ANY WARRANTY OF MERCHANTIBILITY OR FITNESS FOR A PARTICULAR PURPOSE.

<u>Infringement</u>

State Street will defend or, at its option, settle any claim or action brought against the Customer to the extent that it is based upon an assertion that access to or use of State Street proprietary systems by the Customer under this Addendum constitutes direct infringement of any United States patent or copyright or misappropriation of a trade secret, provided that the Customer notifies State Street promptly in writing of any such claim or proceeding, cooperates with State Street in the defense of such claim or proceeding and allows State Street sole control over such claim or proceeding. Should the State Street proprietary system or any part thereof become, or in State Street's opinion be likely to become, the subject of a claim of infringement or the like under any applicable patent, copyright or trade secret laws, State Street shall have the right, at State Street's sole option, to (i) procure for the Customer the right to continue using the State Street proprietary system, (ii) replace or modify the State Street proprietary system so that the State Street proprietary system becomes noninfringing, or (iii) terminate this Addendum without further obligation. This section constitutes the sole remedy to the Customer for the matters described in this section.

<u>Termination</u>

Either party to the Custodian Agreement may terminate this Addendum (i) for any reason by giving the other party at least one-hundred and eighty (180) days prior written notice in the case of notice of termination by State Street to the Customer or thirty (30) days notice in the case of notice from the Customer to State Street of termination, or (ii) immediately for failure of the other party to comply with any material term and condition of the Addendum by giving the other party written notice of termination. This Addendum shall in any event terminate within ninety (90) days after the termination of any service agreement applicable to the Customer. The Customer's use of any third-party System is contingent upon its compliance with any terms of use of such system imposed by such third party and State Street's continued access to, and use of, such third-party system. In the event of termination, the Customer will return to State Street all copies of documentation and other confidential information in its possession or in the possession of its Authorized Designees and immediately cease access to the System and Remote Access Services. The foregoing provisions with respect to confidentiality and infringement will survive termination for a period of three (3) years.

<u>Miscellaneous</u>

This Addendum constitutes the entire understanding of the parties to the Custodian Agreement with respect to access to the System and the Remote Access Services. This Addendum cannot be modified or altered except in a writing duly executed by each of State Street and the Customer and shall be governed by and construed in accordance with the laws of The Commonwealth of Massachusetts.

By its execution of the Custodian Agreement, the Customer: (a) confirms to State Street that it informs all Authorized Designees of the terms of this Addendum; (b) accepts responsibility for its and its Authorized Designees' compliance with the terms of this Addendum; and (c) indemnifies and holds State Street harmless from and against any and all costs, expenses, losses, damages, charges, counsel fees, payments and liabilities arising from any failure of the Customer or any of its Authorized Designees to abide by the terms of this Addendum.

------

**AMENDMENT<br>TO**

**MASTER CUSTODIAN AGREEMENT**

This Amendment to the Master Custodian Agreement (the "Amendment") is made this November 17, 2022 by and among State Street Bank and Trust Company (the "Custodian") and each Fund, and the Portfolios thereof, if any, set forth on Appendix A attached to this Amendment (the "Funds").

WHEREAS, the Custodian and the Funds entered into the Master Custodian Agreement dated as of August 10, 2009 (as amended, supplemented, restated or otherwise modified from time to time the "Agreement"); and

WHEREAS, the Custodian and the Funds desire to renew and amend the Agreement as set forth below.

NOW, THEREFORE, in consideration of the mutual agreements herein contained and other good and valuable consideration the sufficiency of which is hereby acknowledged, the parties hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. Section 16 of the Agreement is hereby replaced in its entirety with the following:

"SECTION 16. EFFECTIVE PERIOD, TERMINATION AND AMENDMENT.

This Agreement shall remain in full force and effect until August 31, 2028 (the "Initial Term"). After the expiration of the Initial Term, this Agreement shall renew, subject to written notice from the Funds of their intent to renew (such notice to be delivered at least ninety (90) days prior to the end of the Initial Term or the then-current term, which notice period may be waived by the Custodian) for additional terms, the duration of which to be agreed to in writing by the parties (each, a "Renewal Term"). During the Initial Term or any Renewal Term, either party may terminate this Agreement: (i) in the event of the other party's material breach of a material provision of this Agreement that the other party has either (a) failed to cure or (b) failed to establish a remedial plan to cure that is reasonably acceptable, within 60 days' written notice of such breach, or (ii) in the event of the appointment of a conservator or receiver for the other party or upon the happening of a like event to the other party at the direction of an appropriate agency or court of competent jurisdiction. In addition, a Fund may terminate this Agreement during the Initial Term and thereafter if, in such Fund's reasonable opinion, the Custodian has not achieved one or more of the performance measures set forth in any service level document (a "Service Level Document") that may be established in good faith by the parties, and a plan or revised plan has not been put into place in accordance with the following procedures: In the event that such Fund reasonably believes that the Custodian has not met one or more of the performance measures set forth in any Service Level Document, the Fund may, in its discretion, submit a written deficiency notice to the Custodian outlining the performance deficiencies ("Deficiency Notice"). Such Deficiency Notice shall be provided to the Custodian within 30 days of the date that the

------

Fund becomes aware of such deficiency. After receipt of such notice, the Custodian shall present the Fund with a written plan (the "Plan") to address the deficiencies set forth in the Deficiency Notice. Such Plan must be provided to the Fund within 30 days after receipt of the Deficiency Notice. If the Custodian fails to submit a Plan within such 30-day period, the Fund may terminate this Agreement upon 60 days' written notice to the Custodian. The Fund, in its discretion, may accept or reject the Plan by notifying the Custodian in writing ("Plan Notice") within 15 days after submission of the Plan. If the Fund fails to provide a Plan Notice within such 15-day period, it shall be presumed that the Fund accepted the Plan. In the event the Fund submits a Plan Notice rejecting the Plan, the Custodian shall submit a revised plan ("Revised Plan") within 30 days after provision of such Plan Notice. If the Custodian fails to submit a Revised Plan within such 30-day period, the Fund may terminate the Agreement upon 60 days' written notice to the Custodian. The Fund, in its discretion, may accept or reject the Revised Plan by notifying the Custodian in writing ("Revised Plan Notice") within 15 days after provision of the Revised Plan. If the Fund fails to provide a Revised Plan Notice within such 15-day period, it shall be presumed that the Fund accepted the Revised Plan. If the Fund provides a Revised Plan Notice to the Custodian that rejects the Revised Plan, the Fund may, in its discretion, terminate this Agreement upon 60 days' written notice to the Custodian. Such termination notice must be submitted to the Custodian within 60 days after provision of the Revised Plan Notice. Upon termination of this Agreement pursuant to this paragraph with respect to any Fund or Portfolio, the applicable Fund shall pay Custodian its compensation due and shall reimburse Custodian for its costs, expenses and disbursements.

In the event of: (i) any Fund's termination of this Agreement during the Initial Term or any Renewal Term with respect to such Fund or its Portfolio(s) for any reason other than as set forth in the foregoing paragraph or (ii) a transaction not in the ordinary course of business pursuant to which the Custodian is not retained to continue providing services hereunder to such Fund or Portfolio (or its respective successor), the applicable Fund shall pay the Custodian its compensation due through the end of the then-current term (based upon the average monthly compensation previously earned by Custodian with respect to such Fund or Portfolio) and shall reimburse the Custodian for its costs, expenses and disbursements. For the avoidance of doubt, no payment will be required pursuant to clause (ii) of this paragraph in the event of any transaction such as a merger of a Fund or Portfolio into, or the consolidation of a Fund or Portfolio with, another entity, the sale by a Fund or Portfolio of all, or substantially all, of its assets to another entity, or the liquidation or dissolution of a Fund or Portfolio and distribution of such Fund's or Portfolio's assets, in each case where the Custodian is retained to continue providing services to such Fund or Portfolio (or its respective successor) on substantially the same terms as this Agreement. Termination of this Agreement with respect to any one particular Fund or Portfolio shall in no way affect the rights and duties of the parties under this Agreement with respect to any other Fund or Portfolio.

Upon the termination of the Agreement, the Custodian will provide to the Funds termination assistance as reasonably requested in order to provide an orderly transition of Portfolio assets from the Custodian to the Funds or a custodian designated by the Funds ("Transition Assistance"). In connection with this Transition Assistance, the Custodian

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will: (a) reasonably cooperate with the Funds in the transition of the Portfolio assets from the Custodian to the Funds or a custodian designated by the Funds; (b) maintain the service levels provided in the Agreement during the transition period; and (c) not reassign the personnel, who provide the services to the Funds pursuant to the Agreement, in a manner that causes a substantive change in the quality of the service. The transition period shall not exceed six months unless a longer period is mutually agreed upon in writing by the parties. During the transition period, the Custodian will be compensated under the terms of the fee schedule; provided, that the parties shall mutually agree upon reasonable fees that the Custodian shall also be entitled to charge for any Transition Assistance that requires the use of resources other than the resources generally used to perform the services hereunder. If the parties agree in writing to extend the transition period beyond six months, the Custodian will continue to provide the same services on a month-to-month basis, as mutually agreed to each month, for up to twelve (12) months from the date of termination, and will continue to be compensated under the terms of the fee schedule.

This Agreement may be amended at any time in writing by mutual agreement of the parties hereto."

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. Appendix A to the Agreement is hereby deleted in its entirety and replaced with the revised Appendix A attached hereto.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. This Amendment may be executed in multiple counterparts, which together shall constitute one instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

*[Signature page immediately follows]*

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IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

**STATE STREET BANK AND TRUST COMPANY**

By: <u>/s/ Kevin Connolly</u>

Name: Title:

Kevin Connolly

Senior Vice President, Senior Managing Director

**ALLSPRING FUNDS TRUST ALLSPRING MASTER TRUST ALLSPRING VARIABLE TRUST**

**ALLSPRING GLOBAL DIVIDEND OPPORTUNITY FUND ALLSPRING INCOME OPPORTUNITIES FUND ALLSPRING MULTI-SECTOR INCOME FUND** 

**ALLSPRING UTILITIES AND HIGH INCOME FUND**

By: <u>/s/ Jeremy DePalma</u>

Name: Jeremy DePalma

Title:

Treasurer

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APPENDIX A

**<u>Master Custodian Agreement</u>**

Effective as of November 17, 2022

Management Investment Companies Registered with the

<u>SEC and Portfolios thereof, If Any</u>

**<u>Allspring Funds Trust</u>**

100% Treasury Money Market Fund

Absolute Return Fund

Adjustable Rate Government Fund

Alternative Risk Premia Fund

Asset Allocation Fund

C&B Large Cap Value Fund

C&B Mid Cap Value Fund

California Limited-Term Tax-Free Fund

California Tax-Free Fund

Common Stock Fund

Conservative Income Fund

Core Bond Fund

Core Plus Bond Fund

Disciplined Small Cap Fund

Disciplined U.S. Core Fund

Discovery All Cap Growth Fund

Discovery Innovation Fund

Discovery Large Cap Growth Fund

Discovery Mid Cap Growth Fund

Discovery Small Cap Growth Fund

Discovery SMID Cap Growth Fund

Diversified Capital Builder Fund

Diversified Income Builder Fund

Dynamic Target Today Fund

Dynamic Target 2015 Fund

Dynamic Target 2020 Fund

Dynamic Target 2025 Fund

Dynamic Target 2030 Fund

Dynamic Target 2035 Fund

Dynamic Target 2040 Fund

Dynamic Target 2045 Fund

Dynamic Target 2050 Fund

Dynamic Target 2055 Fund

Dynamic Target 2060 Fund

Dynamic Target 2065 Fund

Emerging Growth Fund

Emerging Markets Equity Fund

Emerging Markets Equity Income Fund

**<u>Allspring Funds Trust</u>** *(continued)* 

Global Investment Grade Credit Fund

Government Money Market Fund

Government Securities Fund

Growth Balanced Fund Growth Fund

Heritage Money Market Fund

High Yield Bond Fund

High Yield Municipal Bond Fund

Income Plus Fund

Index Asset Allocation Fund

Index Fund

Intermediate Tax/AMT-Free Fund

International Bond Fund

International Equity Fund

Large Cap Core Fund

Large Cap Growth Fund

Large Company Value Fund

Managed Account CoreBuilder Shares – Series CP Managed Account CoreBuilder Shares – Series M Managed Account CoreBuilder Shares – Series SM Minnesota Tax-Free Fund

Moderate Balanced Fund

Money Market Fund

Municipal Bond Fund

Municipal Cash Management

Money Market Fund

Municipal Sustainability Fund

National Tax-Free Money Market Fund

Opportunity Fund

Pennsylvania Tax-Free Fund

Precious Metals Fund

Premier Large Company Growth Fund

Real Return Fund

Short Duration Government Bond Fund

Short-Term Bond Plus Fund

Short-Term High Yield Bond Fund

Short-Term Municipal Bond Fund

Small Cap Fund

Small Company Growth Fund

Small Company Value Fund

Special Global Small Cap Fund

Special International Small Cap Fund

Special Large Cap Value Fund

Special Mid Cap Value Fund

Special Small Cap Value Fund

Spectrum Aggressive Growth Fund

Spectrum Conservative Growth Fund

------

**<u>Allspring Funds Trust</u>** *(continued)* 

Spectrum Growth Fund

Spectrum Income Allocation Fund

Spectrum Moderate Growth Fund

Strategic Municipal Bond Fund

Treasury Plus Money Market Fund

Ultra Short-Term Income Fund

Ultra Short-Term Municipal Income Fund Utility and Telecommunications Fund Wisconsin Tax-Free Fund

**Allspring Global Dividend Opportunity Fund** 

**Allspring Income Opportunities Fund** 

**Allspring Multi-Sector Income Fund** 

**Allspring Utilities and High Income Fund**

**<u>Allspring Variable Trust</u>**

VT Discovery Fund

VT Index Asset Allocation Fund

VT International Equity Fund

VT Omega Growth Fund

VT Opportunity Fund

VT Small Cap Growth Fund

**<u>Allspring Master Trust</u>**

Bloomberg US Aggregate ex-Corporate Portfolio

C&B Large Cap Value Portfolio

Core Bond Portfolio

Disciplined International Developed Markets Portfolio Disciplined Large Cap Portfolio

Diversified Large Cap Growth Portfolio

Emerging Growth Portfolio

Emerging Markets Bond Portfolio

Factor Enhanced Emerging Markets Equity Portfolio

Factor Enhanced International Equity Portfolio

Factor Enhanced U.S. Large Cap Equity Portfolio

Factor Enhanced U.S. Small Cap Equity Portfolio

High Yield Corporate Bond Portfolio

Investment Grade Corporate Bond Portfolio

Large Company Value Portfolio

Managed Fixed Income Portfolio

Real Return Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

Strategic Retirement Bond Portfolio

U.S. REIT Portfolio

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**AMENDMENT TO MASTER CUSTODIAN AGREEMENT**

This Amendment (the "***Amendment***") is entered into and effective as of the 13<sup>th</sup> day of November, 2024 (the "***Effective Date***"), amending the Master Custodian Agreement dated August 10, 2009 (as amended, supplemented, restated, or otherwise modified from time to time, the "***Agreement***"), by and between each management investment company identified on <u>Appendix A</u> thereto (each such management investment company and each management investment company made subject to the Agreement in accordance with Section 18.5 thereof, the "***Fund***") and **State Street Bank and Trust Company** (the "***Custodian***").

<u>W I T N E S S E T H:</u>

WHERAS, the Allspring Exchange-Traded Funds Trust (the "***Allspring ETF Trust***") desires to be included as an additional Fund under the Agreement and to have the Custodian render services to each exchange-traded fund organized as a series of the Allspring ETF Trust and identified on <u>Appendix A</u> hereto (each, an "***Allspring ETF***") pursuant to the terms of the Agreement and to have each Allspring ETF become an additional Portfolio thereunder;

WHEREAS, each Allspring ETF has been formed as a separate series of the Allspring ETF Trust, which is registered as a management investment company under the Investment Company Act of 1940, as amended;

WHEREAS, each Allspring ETF will issue and redeem shares only in aggregations of Portfolio Interests (as defined in Section 6.1 of the Agreement, as amended hereby) known as "***Creation Units***", generally in exchange for a basket of certain equity or fixed income securities or other assets and a specified cash payment, as more fully described in the currently effective prospectus and statement of additional information of the Allspring ETF Trust related to each Allspring ETF.

WHEREAS**,** each Fund (including the Allspring ETF Trust) and State Street (each a "***Party***" and collectively the "***Parties***") desire to amend the Agreement as set forth herein.

NOW, THEREFORE, in further consideration of the premises and mutual covenants contained herein and other good and valuable consideration, the receipt and adequacy of which are hereby acknowledged, the Parties hereto agree as follows:

1. <u>Additional Fund/Portfolios</u>. Effective as of the Effective Date, the Agreement is hereby amended to add the Allspring ETF Trust as a Fund and each Allspring ETF as a Portfolio thereunder. By execution of this Amendment, from and after the Effective Date, the Allspring ETF Trust hereby confirms to the Custodian the representations and warranties set forth in Section 18.7 of the Agreement. The Custodian and the Allspring ETF Trust hereby agree that the services to be provided to each Allspring ETF shall be those set forth in the Agreement.

For purposes of clarity, <u>Appendix A</u> to the Agreement is hereby deleted in its entirety and replaced with the <u>Appendix A</u> attached hereto.

2. <u>Amendment of Section 2 (Duties of the Custodian with Respect to Property of the Portfolios to Be Held in the United States)</u>. Section 2 (Duties of the Custodian with Respect to Property of the Portfolios to Be Held in the United States) of the Agreement is hereby amended to add the following thereto:

------

"Section 2.14

<u>Exchange-Traded Fund Provisions.</u>

Each Portfolio of Allspring Exchange-Traded Funds Trust ("***Allspring ETF Trust***") is an exchange-traded fund that will issue and redeem Shares only in aggregations of a specified number of Shares, each called a "***Creation Unit***," generally in exchange for a basket of securities and/or instruments and a specified cash payment, as more fully described in each Portfolio's currently effective prospectus and statement of additional information (collectively, the "***Prospectus***"). Capitalized terms used in this Section 2.14 without definition shall have the meanings given to them in the Prospectus. For the avoidance of doubt, this Section 2.14 will only apply with respect to the Portfolios of Allspring ETF Trust.

Section 2.14.1

<u>Determination of Fund Deposit, etc.</u> Subject to and in accordance with the directions of the Allspring ETF Trust or its duly authorized investment manager or the investment adviser, the Custodian shall determine for each Portfolio after the end of each trading day on the New York Stock Exchange (the "***NYSE***"), in accordance with the respective Portfolio's policies and procedures set forth in the Prospectus, (i) the identity and weighting of the securities in the Deposit Securities and the Fund Securities, (ii) the cash component, and (iii) the amount of cash redemption proceeds (all as described in the Prospectus) required for the issuance or redemption, as the case may be, of Shares in Creation Unit aggregations of such Portfolio on such date. The Custodian shall provide or cause to be provided this information to the Portfolios' distributor and other persons as instructed according to the Portfolio's policies and procedures and shall disseminate such information on each day that the NYSE is open, including through the facilities of the National Securities Clearing Corporation (the "***NSCC***"), prior to the opening of trading on the NYSE.

Section 2.15

<u>Allocation of Deposit Security Shortfalls</u>. Each Fund acknowledges that the Custodian maintains only one account on the books of the NSCC for the benefit of all exchange-traded funds for which the Custodian serves as custodian, including the Portfolios of the Allspring ETF Trust (collectively, the "***ETF Custody Clients***"). In the event that (a) two or more ETF Custody Clients require delivery of the same Deposit Security in order to purchase a Creation Unit, and (b) the NSCC, pursuant to its Continuous Net Settlement system, delivers to the Custodian's NSCC account less than the full amount of such Deposit Security necessary to satisfy in full each affected ETF Custody Client's required amount (a "***Common Deposit Security Shortfall***"), then, until all Common Deposit Security Shortfalls for a given Deposit Security are satisfied in full, the Custodian will allocate to each affected ETF Custody Client, on a pro rata basis, securities and/or cash received in the Custodian's NSCC account relating to such shortfall, first to satisfy any prior unsatisfied Common Deposit Security Shortfall, and then to satisfy the current Common Deposit Security Shortfall."

3. <u>Amendment of Section 6 (Payments for Sales or Repurchases or Redemptions of Shares)</u>. Section 6 (Payments for Sales or Repurchases or Redemptions of Shares) of the Agreement is hereby deleted in its entirety and replaced with the following:

"SECTION 6A.

PAYMENTS FOR SALES OR REPURCHASES OR REDEMPTIONS OF SHARES By Portfolios Organized as Mutual Funds.

------

The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for Shares thereof issued or sold from time to time by the applicable Fund on behalf of the Portfolio. The Custodian will provide timely notification to such Fund on behalf of each such Portfolio and the Transfer Agent of any receipt by it of payments for Shares of such Portfolio.

From such funds as may be available for the purpose, the Custodian shall, upon receipt of instructions from the Transfer Agent, make funds available for payment to holders of Shares who have delivered to the Transfer Agent a request for redemption or repurchase of their Shares. In connection with the redemption or repurchase of Shares, the Custodian is authorized upon receipt of instructions from the Transfer Agent to wire funds to or through a commercial bank designated by the redeeming shareholders. In connection with the redemption or repurchase of Shares, the Custodian shall honor checks drawn on the Custodian by a holder of Shares, which checks have been furnished by a Fund to the holder of Shares, when presented to the Custodian in accordance with such procedures and controls as are mutually agreed upon from time to time between such Fund and the Custodian.

SECTION 6B.

PAYMENTS FOR SALES OR REPURCHASES OR REDEMPTIONS OF SHARES By Portfolios Organized as Exchange-Traded Funds.

Section 6B.1

<u>Payment for Shares Issued</u>. The Custodian shall receive from the distributor of the Shares or from the Transfer Agent and deposit into the account of the appropriate Portfolio such payments as are received for such Shares, in Creation Unit aggregations, issued or sold from time to time by the applicable Fund on behalf of the Portfolio. The Custodian will provide timely notification to the Fund on behalf of the Portfolio and the Transfer Agent of any receipt of the payments by the Custodian.

Section 6B.2

<u>Payment for Shares Redeemed</u>. With respect to requests by Authorized Participants (as defined in the Prospectus) to redeem their Shares, in Creation Unit aggregations, that have been accepted by the Transfer Agent, the Custodian shall, upon receipt of instructions from the Transfer Agent, set aside from the applicable Portfolio the Fund Securities (or such securities in lieu thereof as may be designated by the investment manager or investment adviser in accordance with the Prospectus) and/or the Cash Redemption Amount (as defined in the Prospectus), if applicable, less any applicable Redemption Transaction Fee (as defined in the Prospectus). The Custodian will transfer the Fund Securities to or on the order of the Authorized Participant. Any Cash Redemption Amount (less any applicable Redemption Transaction Fee) due to the Authorized Participant on redemption shall be effected through the DTC system or through wire transfer in the case of redemptions effected outside of the DTC system."

4. <u>Amendment and Restatement of Section 10 (Duties of Custodian With Respect to the Books of Account and Calculation of Net Asset Value and Net Income)</u>. Section 10 (Duties of Custodian With Respect to the Books of Account and Calculation of Net Asset Value and Net Income) of the Agreement is hereby revised to add the following sentence at the end of such section:

------

"For each Portfolio of the Allspring ETF Trust, the Custodian shall transmit the net asset value per share of each Portfolio to the Transfer Agent, the distributor, the NYSE and such other entities as directed in writing by Allspring ETF Trust."

5. <u>Amendment and Restatement of Section 18.12 (Confidentiality)</u>. Section 18.12 (Confidentiality) of the Agreement is hereby renamed to "Confidentiality and Use of Data" and deleted in its entirety and replaced with the following:

"Section 18.12

<u>Confidentiality and Use of Data</u>.

A. <u>Confidentiality</u>.

All information provided under this agreement by a party (the "***Disclosing Party***") to the other party (the "***Receiving Party***"), or collected by a Receiving Party, under or pursuant to this Agreement that is marked "confidential", "restricted", "proprietary" or with a similar designation, or that the Receiving Party knows or reasonably should know is confidential, proprietary or a trade secret, shall be treated as confidential and shall be "***Confidential Information***" hereunder. The terms and conditions of this Agreement (including any related fee schedule or arrangement) and any fees will be treated as Confidential Information as to which party is a Disclosing Party. Notwithstanding the foregoing, Confidential Information will not include information (i) that is publicly available when provided or thereafter becomes publicly available, other than through a breach of this Agreement, (ii) that is independently developed by the Receiving Party without the use of other Confidential Information, (iii) was known to the Receiving Party (without an obligation of confidentiality) prior to its disclosure, or (iv) is rightfully obtained on a non-confidential basis from a third party source.

Subject to Sections B and C below, Confidential Information will not be disclosed by the Receiving Party to any third party without the prior consent of the Disclosing Party, which consent shall not be unreasonably withheld. Except as expressly contemplated by this Agreement, nothing in this Section 18.12 will limit the confidentiality and data-protection obligations of the Custodian and each of its parent company, branches, and affiliates (collectively, "***Affiliates***") under this Agreement and the laws and regulations applicable to the Custodian.

B. <u>Use of Confidential Information and Data</u>.

Subject to this Section B and to Section C below, all Confidential Information provided under this Agreement by the Disclosing Party shall be used by the Receiving Party solely for the purpose of performing or receiving the services, as applicable, pursuant to this Agreement or otherwise discharging its obligations under this Agreement.

The Custodian and/or its Affiliates may use any Confidential Information of each Fund, including data regarding transactions and portfolio holdings relating to each Fund, obtained by such entities in the performance of their services under this Agreement or any other agreement between each Fund and the Custodian or one of its Affiliates (collectively, "***Data***"), to develop, publish or otherwise distribute to third parties certain investor behavior "indicators" or "indices" that represent broad trends in the flow of investment funds into various markets, sectors or investment instruments (collectively, the "***Indicators***"), but only so long as (i) the Data is combined or aggregated with (A) information of other customers of the Custodian and/or (B) information derived from other sources, in each case such that the Indicators do not allow for attribution or identification of such Data with each Fund, (ii) the

------

Data represents less than a statistically meaningful portion of all of the data used to create the Indicators and (iii) the Custodian publishes or otherwise distributes to third parties only the Indicators and under no circumstance publishes, makes available, distributes or otherwise discloses any of the Data to any third party, whether aggregated, anonymized or otherwise, except as expressly permitted under this Agreement. Each Fund acknowledges that the Custodian may seek to realize economic benefit from the publication or distribution of the Indicators.

C. <u>Disclosure of Confidential Information and Data</u>.

The Receiving Party may, without the Disclosing Party's consent, disclose the Disclosing Party's Confidential Information to its attorneys, accountants, auditors, consultants and other similar advisors that have a reasonable need to know such Confidential Information (collectively, "***Representatives***"), provided such Confidential Information is disclosed under obligations of confidentiality that prohibit the disclosure or use of such Confidential Information by the Representatives for any purpose other than the specific engagement with the Receiving Party for which the Representative has been retained and that are otherwise no less restrictive than the confidentiality obligations contained in this Agreement. The parties acknowledge that use of Confidential Information by a Representative to represent its other clients in dealing with the Disclosing Party would constitute a breach of this Section C. Where the Custodian is the Receiving Party, "***Representatives***" will include its Affiliates and Service Providers (as defined below). Each party will be responsible for any use or disclosure of Confidential Information of the Disclosing Party in breach of this Agreement by its Representatives as though such party had used or disclosed such Confidential Information itself.

The Custodian may disclose and permit use (as applicable) of the Confidential Information of each Fund and each Portfolio without each Fund's consent: (i) to its Affiliates and any of its third-party agents and service providers ("***Service Providers***") in connection with the provision of services, the discharge of its obligations under this Agreement or the carrying out of any proper instruction, including in accordance with the standard practices or requirements of any financial market utility or in connection with the settlement, holding or administration of cash, securities or other instruments; and (ii) to its Affiliates in connection with the management of the businesses of the Custodian and its Affiliates, including, but not limited to, financial and operational management and reporting, risk management, legal and regulatory compliance and client service management and marketing. The Custodian shall cause any Affiliate or Service Provider to which it has disclosed Confidential Information to comply at all times with the confidentiality and data-protection obligations under this Section 18.12 as if it were a party to this Agreement.

The Receiving Party may disclose the Disclosing Party's Confidential Information to the extent such disclosure is required to satisfy any legal requirement, including in response to court-issued orders, investigative demands, subpoenas or similar processes or to satisfy the requirements of any applicable regulatory authority.

Each party acknowledges that the disclosure to any non-authorized third party of Confidential Information or the use of Confidential Information in breach of this Agreement may immediately give rise to continuing irreparable injury that is inadequately compensable in damages at law, and in such cases the Receiving Party agrees to waive any defense that an adequate remedy at law is available if the Disclosing Party seeks to obtain injunctive relief against any such breach or any threatened breach.

------

Each party may store Confidential Information with third-party providers of information technology services, and permit access to Confidential Information by such providers as reasonably necessary for the receipt of cloud computing and storage services and related hardware and software maintenance and support, provided such providers are under obligations of confidentiality with respect to such Confidential Information.

In no event will the Custodian allow representatives of its asset management division or Affiliates engaged in asset management to have access to or to use Confidential Information, including Data."

6. <u>Defined Terms</u>. Terms used in this Amendment but not defined herein shall have the meaning ascribed to them in the Agreement.

7. <u>One Agreement</u>. Except as amended herein, no other terms or provisions of the Agreement are amended or modified by this Amendment. Upon the execution of this Amendment, this Amendment and the Agreement shall form one agreement.

8. <u>Governing Law</u>. This Amendment shall be governed by, and construed in accordance with, the choice of law set forth in the Agreement (excluding the law thereof which requires the application of or reference to the law of any other jurisdiction).

9. <u>Counterparts</u>. This Amendment may be executed in several counterparts, each of which shall be deemed to be an original, and all such counterparts taken together shall constitute one and the same Amendment. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the Parties hereby adopt as original any signatures received via electronically transmitted form.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF, this Amendment has been executed for and on behalf of the undersigned as of the day and year first written above.

STATE STREET BANK AND TRUST COMPANY

By: _____________

Name:

Stefanie B. Mansfield

Title:

Managing Director,

Global Relationship Management

EACH OF THE ENTITIES SET FORTH ON <u>APPENDIX A</u> HERETO

By: <u>_________________</u>

Name:

Jeremy DePalma

Title:

Treasurer

------

**<u>Appendix A</u>**

**<u>To</u>**

**<u>Master Custodian Agreement</u>**

<u>Management Investment Companies Registered with the SEC and Portfolios Thereof, If Any</u>

November 13, 2024

**<u>Allspring Funds Trust</u>**

100% Treasury Money Market Fund

Absolute Return Fund

Adjustable Rate Government Fund

Alternative Risk Premia Fund

Asset Allocation Fund

Large Cap Value Fund

California Limited-Term Tax-Free Fund

California Tax-Free Fund

Common Stock Fund

Core Bond Fund

Core Plus Bond Fund

Disciplined Small Cap Fund

Disciplined U.S. Core Fund

Innovation Fund

Large Cap Growth Fund

Mid Cap Growth Fund

Discovery Small Cap Growth Fund

SMID Cap Growth Fund

Diversified Capital Builder Fund

Diversified Income Builder Fund

Emerging Growth Fund

Emerging Markets Equity Fund

Emerging Markets Equity Income Fund

Global Investment Grade Credit Fund

Global Long/Short Equity Fund

Government Money Market Fund

Government Securities Fund

Growth Fund

High Yield Bond Fund

High Yield Municipal Bond Fund

Income Plus Fund

Index Asset Allocation Fund

Index Fund

Intermediate Tax/AMT-Free Fund

International Equity Fund

Large Cap Core Fund

Large Cap Growth Fund

Large Company Value Fund

Managed Account CoreBuilder Shares – Series CP

Managed Account CoreBuilder Shares – Series EM

Managed Account CoreBuilder Shares – Series EPI

Managed Account CoreBuilder Shares – Series M

Managed Account CoreBuilder Shares – Series SP (effective November 15, 2024)

Minnesota Tax-Free Fund

Money Market Fund

------

Municipal Bond Fund

National Tax-Free Money Market Fund

Opportunity Fund

Pennsylvania Tax-Free Fund

Precious Metals Fund

Premier Large Company Growth Fund

Real Return Fund

Short Duration Government Bond Fund

Short-Term Bond Plus Fund

Short-Term High Income Fund

Short-Term Municipal Bond Fund

Small Company Growth Fund

Small Company Value Fund

Special Global Small Cap Fund

Special International Small Cap Fund

Special Large Cap Value Fund

Special Mid Cap Value Fund

Special Small Cap Value Fund

Spectrum Aggressive Growth Fund

Spectrum Conservative Growth Fund

Spectrum Growth Fund

Spectrum Income Allocation Fund

Spectrum Moderate Growth Fund

Strategic Municipal Bond Fund

Treasury Plus Money Market Fund

Ultra Short-Term Income Fund

Ultra Short-Term Municipal Income Fund

Utility and Telecommunications Fund

Wisconsin Tax-Free Fund

**Allspring Global Dividend Opportunity Fund (EOD)**

**Allspring Income Opportunities Fund (EAD)**

**Allspring Multi-Sector Income Fund (ERC)**

**Allspring Utilities and High Income Fund (ERH)**

**<u>Allspring Variable Trust</u>**

VT Discovery SMID Cap Growth Fund

VT Index Asset Allocation Fund

VT Discovery All Cap Growth Fund

VT Opportunity Fund

VT Small Cap Growth Fund

**<u>Allspring Master Trust</u>**

Large Cap Value Portfolio

Core Bond Portfolio

Disciplined International Developed Markets Portfolio

Disciplined Large Cap Portfolio

Diversified Large Cap Growth Portfolio

Large Company Value Portfolio

Macro Strategies Portfolio

Managed Fixed Income Portfolio

Real Return Portfolio

------

Small Company Growth Portfolio

Small Company Value Portfolio

**<u>Allspring Exchange-Traded Funds Trust</u>**

Allspring Broad Market Core Bond ETF (AFIX)

Allspring Core Plus ETF (APLU)

Allspring Income Plus ETF (AINP)

Allspring LT Large Core ETF (ALRG)

Allspring LT Large Growth ETF (AGRW)

Allspring Special Large Value ETF (ASLV)

------

**AMENDMENT TO MASTER CUSTODIAN AGREEMENT**

This Amendment (the "***Amendment***") is entered into and effective as of the 3rd day of July, 2025 (the "***Effective Date***"), amending the Master Custodian Agreement dated August 10, 2009 (as amended, supplemented, restated, or otherwise modified from time to time, the "***Agreement***"), by and between each management investment company identified on Appendix A thereto (each such management investment company and each management investment company made subject to the Agreement in accordance with Section 18.5 thereof, the "***Fund***") and STATE STREET BANK AND TRUST COMPANY (the "***Custodian***").

WHEREAS, effective November 13, 2024, the Agreement was amended to add the Allspring Exchange-Traded Funds Trust (the "***Allspring ETF Trust***") as a Fund and certain exchange-traded funds organized as a series of the Allspring ETF Trust (each, an "***Allspring ETF***") as Portfolios (the "**November 13, 2024 Amendment**"); and

WHEREAS, the November 13, 2024 Amendment added the Allspring LT Large Core ETF (ALRG) as a Portfolio, and the Parties desire instead to add the Allspring LT Large Core ETF (ALRG), as of the Effective Date above; and

WHEREAS, the Parties desire to further amend the Agreement to add certain additional Allspring ETFs as Portfolios as of the Effective Date above;

NOW, THEREFORE, in consideration of the mutual agreements herein contained, the Parties hereto agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;

1. <u>November 13, 2024 Amendment</u>. The Agreement is hereby amended to remove the Allspring LT Large Core ETF (ALRG) as a Portfolio of the Allspring ETF Trust, effective November 13, 2024.

&nbsp;&nbsp;&nbsp;&nbsp;

2. <u>Additional Fund/ Portfolios</u>. As of the Effective Date above, the Agreement is amended to add the following Allspring ETFs as Portfolios of the Allspring ETF Trust:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring LT Large Core ETF (*ALRG*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring SMID Core ETF (*ASCE*)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

● Allspring Ultra Short Municipal ETF (*AUSM)*

The Custodian and the Allspring ETF Trust hereby agree that the services to be provided to each Allspring ETF shall be those set forth in the Agreement. For purposes of clarity, <u>Appendix A</u> to the Agreement is hereby deleted in its entirety and replaced with the revised <u>Appendix A</u> attached hereto.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

3. <u>Representations and Warranties.</u> By execution of this Amendment, from and after the Effective Date, the Allspring ETF Trust hereby confirms to the Custodian the representations and warranties set forth in Section 18.7 of the Agreement. <br>

------

&nbsp;&nbsp;&nbsp;&nbsp;

4. <u>Defined Terms</u>. Capitalized terms used herein without definition shall have the meanings ascribed to them in the Agreement.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

5. <u>One Agreement</u>. Except as specifically amended hereby, all other terms and conditions of the Agreement shall remain in full force and effect. <br>

&nbsp;&nbsp;&nbsp;&nbsp;

6. <u>Counterparts</u>. This Amendment may be executed in multiple counterparts, which together shall constitute one instrument. Counterparts may be executed in either original or electronically transmitted form (e.g., faxes or emailed portable document format (PDF) form), and the parties hereby adopt as original any signatures received via electronically transmitted form.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

------

IN WITNESS WHEREOF, the Parties hereto have caused this Amendment to be executed by their officers designated below as of the date first written above.

**EACH OF THE ENTITIES SET FORTH ON <u>APPENDIX A</u> HERETO**

By: ______________________________

Name: Jeremy DePalma

Title: Treasurer

**STATE STREET BANK AND TRUST COMPANY**

By: ______________________________

Name: Stefanie B. Mansfield

Title: Managing Director,<br> Global Relationship Management

------

**APPENDIX A**

**TO**

**MASTER CUSTODIAN AGREEMENT**

Management Investment Companies Registered with the SEC and Portfolios Thereof, If Any

July 1, 2025

**<u>Allspring Funds Trust</u>**

100% Treasury Money Market Fund

Absolute Return Fund

Adjustable Rate Government Fund

Alternative Risk Premia Fund

Asset Allocation Fund

California Limited-Term Tax-Free Fund

California Tax-Free Fund

Common Stock Fund

Core Bond Fund

Core Plus Bond Fund

Disciplined Small Cap Fund

Disciplined U.S. Core Fund

Discovery Small Cap Growth Fund

Diversified Capital Builder Fund

Diversified Income Builder Fund

Emerging Growth Fund

Emerging Markets Equity Fund

Emerging Markets Equity Advantage Fund

Government Money Market Fund

Government Securities Fund

Growth Fund

High Yield Bond Fund

High Yield Municipal Bond Fund

Income Plus Fund

Index Asset Allocation Fund

Index Fund

Innovation Fund

Intermediate Tax/AMT-Free Fund

International Equity Fund

Large Cap Core Fund

Large Cap Growth Fund

Large Cap Value Fund

Large Company Value Fund

Managed Account CoreBuilder Shares – Series CP

Managed Account CoreBuilder Shares – Series EM

Managed Account CoreBuilder Shares – Series EPI

Managed Account CoreBuilder Shares – Series M

Managed Account CoreBuilder Shares – Series SP

Mid Cap Growth Fund

------

Minnesota Tax-Free Fund

Money Market Fund

Municipal Bond Fund

National Tax-Free Money Market Fund

Opportunity Fund

Pennsylvania Tax-Free Fund

Precious Metals Fund

Premier Large Company Growth Fund

Real Return Fund

Short Duration Government Bond Fund

Short-Term Bond Plus Fund

Short-Term High Income Fund

Short-Term Municipal Bond Fund

Small Company Growth Fund

Small Company Value Fund

SMID Cap Growth Fund

Special Global Small Cap Fund

Special International Small Cap Fund

Special Large Cap Value Fund

Special Mid Cap Value Fund

Special Small Cap Value Fund

Spectrum Aggressive Growth Fund

Spectrum Conservative Growth Fund

Spectrum Growth Fund

Spectrum Income Allocation Fund

Spectrum Moderate Growth Fund

Strategic Municipal Bond Fund

Treasury Plus Money Market Fund

Ultra Short-Term Income Fund

Ultra Short-Term Municipal Income Fund

Utility and Telecommunications Fund

Wisconsin Tax-Free Fund

**Allspring Global Dividend Opportunity Fund (EOD)**

**Allspring Income Opportunities Fund (EAD)**

**Allspring Multi-Sector Income Fund (ERC)**

**Allspring Utilities and High Income Fund (ERH)**

**<u>Allspring Variable Trust</u>**

VT Discovery All Cap Growth Fund

VT Discovery SMID Cap Growth Fund

VT Index Asset Allocation Fund

VT Opportunity Fund

VT Small Cap Growth Fund

**<u>Allspring Master Trust</u>**

Core Bond Portfolio

Disciplined International Developed Markets Portfolio

------

Disciplined Large Cap Portfolio

Large Cap Value Portfolio

Macro Strategies Portfolio

Real Return Portfolio

Small Company Growth Portfolio

Small Company Value Portfolio

**<u>Allspring Exchange-Traded Funds Trust</u>**

Allspring Broad Market Core Bond ETF (AFIX)

Allspring Core Plus ETF (APLU)

Allspring Income Plus ETF (AINP)

*<u>Allspring LT Large Core ETF (ALRG)</u>*

Allspring LT Large Growth ETF (AGRW)

Allspring Special Large Value ETF (ASLV)

*<u>Allspring SMID Core ETF (ASCE)</u>*

*<u>Allspring Ultra Short Municipal ETF (AUSM)</u>*

## Ex-99.H

#### ADMINISTRATION AGREEMENT
This **AMENDED AND RESTATED ADMINISTRATION AGREEMENT** (this "Agreement") is made as of this 25<sup>th</sup> day of March, 2011, as amended and restated as of December 6, 2021, between Allspring Master Trust (the "Trust"), a statutory trust organized under the laws of the State of Delaware and Allspring Funds Management, LLC ("Funds Management"), a limited liability company organized under the laws of the State of Delaware.

WHEREAS, this Administration Agreement amends and replaces the agreement dated March 25, 2011 previously entered into by and between the parties;

WHEREAS, the Trust is registered as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"); and

WHEREAS, the Trust desires to retain Funds Management to render certain administrative services to the Trust's investment portfolios listed on Appendix A (individually, a "Fund" and collectively, the "Funds"), and Funds Management is willing to render such services.

NOW, THEREFORE, in consideration of the premises and mutual covenants herein contained, the parties agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1. <u>Appointment</u>. The Trust hereby appoints Funds Management to act as Administrator of the Funds, and Funds Management hereby accepts such appointment and agrees to render such services and duties set forth in Paragraph 3, for the compensation and on the terms herein provided. Each new investment portfolio established in the future by the Trust shall automatically become a "Fund" for all purposes hereunder as if it were listed on Appendix A, absent written notification to the contrary by either the Trust or Funds Management.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2. <u>Delivery of Documents</u>. The Trust shall furnish to, or cause to be furnished to, Funds Management originals of, or copies of, all books, records, and other documents and papers related in any way to the administration of the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3. <u>Duties as Administrator</u>. Funds Management shall, at its expense, provide the following administrative services in connection with the operations of the Trust and the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(a) receive and tabulate shareholder votes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) furnish statistical and research data;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) coordinate (or assist in) the preparation and filing with the U.S. Securities and Exchange Commission ("SEC") of registration statements, notices, shareholder reports, and other material required to be filed under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(d) prepare and file with the states registration statements, notices, reports, and other material required to be filed under applicable laws;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) prepare and file Form 24F-2s and N-CENs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) review bills submitted to the Funds and, upon determining that a bill is appropriate, allocate amounts to the appropriate Funds and instruct the Funds' custodian to pay such bills;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(g) coordinate (or assist in) the preparation of reports and other information materials regarding the Funds including proxies and other shareholder communications, and review prospectuses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(h) prepare expense table information for annual updates;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(i) provide legal and regulatory advice to the Funds in connection with its other administrative functions, including assignment of matters to outside legal counsel on behalf of the Trust and supervision of the work of such counsel;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(j) provide office facilities and clerical support for the Funds;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(k) develop and implement procedures for monitoring compliance with regulatory requirements and compliance with the Funds' investment objectives, policies and restrictions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(l) serve as liaison between the Funds and their independent auditors;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(m) prepare and file tax returns;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(n) review payments of Fund expenses;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(o) prepare expense budgeting and accruals;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(p) provide communication, coordination, and supervision services with regard to the Funds' transfer agent, custodian, fund accountant, any co-administrators, and other service organizations that render recordkeeping or shareholder communication services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(q) provide information to the Funds' distributor concerning fund performance and administration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(r) provide reports to the Funds' Board of Trustees ("Board") regarding its activities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(s) assist in the preparation and assembly of meeting materials, including comparable fee information, as required, for the Funds' Board; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(t) provide any other administrative services reasonably necessary for the operation of the Funds other than those services that are to be provided by the Trust's

------

transfer and dividend disbursing agent, custodian, and fund accountant, provided that nothing in this Agreement shall be deemed to require Funds Management to provide any services that may not be provided by it under applicable banking laws and regulations.

In performing all services under this Agreement, Funds Management shall: (a) act in conformity with the Trust's Declaration of Trust (and By-Laws, if any), the 1940 Act, and any other applicable laws as may be amended from time to time, and with the Trust's registration statement under the Securities Act of 1933 and the 1940 Act, as may be amended from time to time; (b) consult and coordinate with legal counsel to the Trust as necessary and appropriate; and (c) advise and report to the Trust and its legal counsel, as necessary and appropriate, with respect to any compliance or other matters that come to its attention.

In connection with its duties under this Paragraph, Funds Management may, at its own expense, enter into sub-administration agreements with other service providers, provided that each such service provider agrees with Funds Management to comply with this Agreement and all relevant provisions of the 1940 Act, the Investment Advisers Act of 1940, any other applicable laws as may be amended from time to time, and all relevant rules thereunder. Funds Management will provide the Trust with a copy of each sub-administration agreement it executes relating to the Trust. Funds Management will be liable for acts or omissions of any such sub-administrators under the standards of care described herein under Paragraph 5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

4. <u>Compensation</u>. In consideration of the administration services to be rendered by Funds Management under this Agreement, the Trust shall pay Funds Management a monthly fee, as shown on Appendix A, of the average daily value (as determined on each business day at the time set forth in the Prospectus for determining net asset value per share) of the Funds' net assets during the preceding month. If the fee payable to Funds Management pursuant to this Paragraph begins to accrue before the end of any month or if this Agreement terminates before the end of any month, the fee for the period from the effective date to the end of that month or from the beginning of that month to the termination date, respectively, shall be prorated according to the proportion that the period bears to the full month in which the effectiveness or termination occurs. For purposes of calculating each such monthly fee, the value of each Fund's net assets shall be computed in the manner specified in that Fund's registration statement as then on file with the SEC for the computation of the value of the Fund's net assets in connection with the determination of the net asset value of Fund shares. For purposes of this Agreement, a "business day" is any day that the Trust is open for trading.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. <u>Limitation of Liability; Indemnification</u>.

(a) Funds Management shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust in connection with the performance of its obligations and duties under this Agreement, except a loss resulting from Funds Management's willful misfeasance, bad faith, or negligence in the performance of its obligations and duties or that of its agents or sub-administrators, or by reason of its or their reckless disregard thereof. Any person, even though also an officer, director, employee or agent of Funds Management, shall be deemed, when rendering services to the Trust or acting on any business of the Trust (other

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than services or business in connection with Funds Management's duties as Administrator hereunder), to be acting solely for the Trust and not as an officer, director, employee, or agent or one under the control or discretion of Funds Management even though paid by it.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(b) The Trust, on behalf of each Fund, will indemnify Funds Management against and hold it harmless from any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit relating to the particular Fund and not resulting from willful misfeasance, bad faith, or negligence of Funds Management or its agents or sub-administrators in the performance of their obligations and duties, or by reason of its or their reckless disregard thereof. Funds Management will not confess any claim or settle or make any compromise in any instance in which the Trust will be asked to provide indemnification, except with the Trust's prior written consent. Any amounts payable by the Trust under this Subparagraph shall be satisfied only against the assets of the Fund involved in the claim, demand, action, or suit and not against the assets of any other Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(c) Funds Management will indemnify the Trust against and hold it harmless from any and all losses, claims, damages, liabilities, or expenses (including reasonable counsel fees and expenses) resulting from any claim, demand, action, or suit against the Trust or any Fund that resulted from a failure of Funds Management or its agents to act in accordance with the standard of care set forth in Subparagraph (a) above; provided that such loss, claim, damage, liability or expense did not result primarily from willful misfeasance, bad faith, or negligence of the Trust or its agents (other than Funds Management or agents of Funds Management) in the performance of their obligations and duties, or by reason of its or their reckless disregard thereof. The Trust will not confess any claim or settle or make any compromise in any instance in which Funds Management will be asked to provide indemnification, except with Funds Management's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

6. <u>Allocation of Expenses</u>. Funds Management assumes and shall pay for maintaining the staff and personnel necessary to perform its obligations under this Agreement and shall, at its own expense, provide its own office space, facilities and equipment. In addition to the fees described in Section 4 of this Agreement, the Trust (or its other service providers, as may be provided pursuant to their respective agreements and contracts with the Trust) shall pay all of its expenses which are not expressly assumed by Funds Management hereunder. The expenses of legal counsel and accounting experts retained by Funds Management, after consulting with the Trust's legal counsel and independent auditors, as may be reasonably necessary or appropriate for the performance by Funds Management of its duties under this Agreement shall be deemed to be expenses of, and shall be paid for by, the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;

7. <u>Amendments</u>. This Agreement may be amended at any time by mutual agreement in writing of the Trust and Funds Management, provided that the Board, including a majority of the trustees who are not interested persons of the Trust or any party to this Agreement, as defined by the 1940 Act, approves any such amendment in advance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. <u>Administrator's Other Businesses</u>. Except to the extent necessary to perform Funds Management's obligations under this Agreement, nothing herein shall be deemed to limit or restrict the right of Funds Management, or any affiliate or employee of Funds Management, to

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engage in any other business or to devote time and attention to the management or other aspects of any other business, whether of a similar or dissimilar nature, or to render services of any kind to any other corporation, firm, individual or association.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. <u>Duration</u>. This Agreement shall become effective on its execution date and shall remain in full force and effect for one year or until terminated pursuant to the provisions in Paragraph 10, and it may be reapproved at least annually by the Board, including a majority of the directors who are not interested persons of the Trust or any party to this Agreement, as defined by the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. <u>Termination of Agreement</u>. This Agreement may be terminated at any time, without the payment of any penalty, by a vote of a majority of the members of the Board, on 60 days' written notice to Funds Management; or by Funds Management on 60 days' written notice to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

11. <u>Expense Waivers</u>. If in any fiscal year the total expenses of a Fund incurred by, or allocated to, the Fund, excluding taxes, interest, brokerage commissions and other portfolio transaction expenses, other expenditures that are capitalized in accordance with generally accepted accounting principles, extraordinary expenses and amounts accrued or paid under a Rule 12b-1 Plan of the Fund and including only the fees provided for in Paragraph 4 and those provided for pursuant to the Fund's advisory agreement ("includible expenses"), exceed the applicable voluntary expense waivers, if any, set forth in the Prospectus, Funds Management shall waive or reimburse that portion of the excess derived by multiplying the excess by a fraction, the numerator of which shall be the percentage at which the fee payable pursuant to this Agreement is calculated under Paragraph 4, and the denominator of which shall be the sum of such percentage plus the percentage at which the fee payable pursuant to the Fund's advisory agreement is calculated (the "Applicable Ratio"), but only to the extent of the fee hereunder for the fiscal year. If the fees payable under this Agreement and/or the Fund's advisory agreement contributing to such excess portion are calculated at more than one percentage rate, the Applicable Ratio shall be calculated separately for and applied separately to the portions of excess attributable to, the period to which a particular percentage rate applied. At the end of each month of the Trust's fiscal year, the Trust shall review the includible expenses accrued during that fiscal year to the end of that period and shall estimate the includible expenses for the balance of that fiscal year. If as a result of that review and estimation it appears likely that the includible expenses will exceed the limitations referred to in this Paragraph for a fiscal year with respect to the Fund, the monthly fee set forth in Paragraph 4 payable to Funds Management for such month shall be reduced, subject to a later adjustment, by an amount equal to the Applicable Ratio times the estimated excess pro rated over the remaining months of the fiscal year (including the month just ended). For purposes of computing the excess, if any, the value of the Fund's net assets shall be computed in the manner specified in Paragraph 4, and any reimbursements required to be made by Funds Management shall be made once a year promptly after the end of the Trust's fiscal year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. <u>Trust not bound to violate its Articles</u>. Nothing in this Agreement shall require the Trust to take any action contrary to any provision of its Declaration of Trust or to any applicable statute or regulation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

13. <u>Miscellaneous</u>.

(a) Any notice or other instrument authorized or required by this Agreement to be given in writing to the Trust or Funds Management shall be sufficiently given if addressed to that party and received by it at its office set forth below or at such other place as it may from time to time designate in writing.

To the Trust:

Allspring Master Trust

525 Market Street, 12th Floor

San Francisco, California 94105

To Funds Management:

Allspring Funds Management, LLC

525 Market Street, 12th Floor

San Francisco, California 94105

(b) This Agreement shall extend to and be binding upon the parties hereto and their respective successors and assigns; provided, however, that this Agreement shall not be subject to assignment (as that term is defined under the 1940 Act) without the written consent of the other party.

(c) This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware.

(d) This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an original, and which collectively shall be deemed to constitute only one agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(e) The captions of this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

(f) If any provision of this Agreement is declared to be prohibited or unenforceable, the remaining provisions of this Agreement shall continue to be valid and fully enforceable.

[*Signature page follows*]

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IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their duly authorized officers as of the day and year first above written.

ALLSPRING MASTER TRUST

By:

<u>/s/ Matthew Prasse</u>

Name: Matthew Prasse

Title: Secretary

ALLSPRING FUNDS MANAGEMENT, LLC

By:

<u>/s/ Andrew Owen</u>

Name: Andrew Owen

Title: President and CEO

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**APPENDIX A**

#### ALLSPRING MASTER TRUST
**ADMINISTRATION AGREEMENT**

**Funds of Allspring Master Trust Covered by This Agreement**

<u>Fee of 0.15% of average daily net assets</u>: except that no administration fee will be charged to the Master Trust Portfolios, so long as an administration fee is charged to the Gateway Funds of Allspring Funds Trust.

Allspring Core Bond Portfolio

Allspring Disciplined International Developed Markets Portfolio

Allspring Disciplined Large Cap Portfolio

Allspring Large Cap Value Portfolio<sup>1</sup>

Allspring Macro Strategies Portfolio

Allspring Real Return Portfolio

Allspring Small Company Growth Portfolio

Allspring Small Company Value Portfolio

Appendix A amended: May 28, 2025

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The foregoing fee schedule is agreed to as of May 28, 2025 and shall remain in effect until changed in writing by the parties.

ALLSPRING MASTER TRUST

By:

<u>/s/ Matthew Prasse</u>

Name: Matthew Prasse

Title: Secretary

ALLSPRING FUNDS MANAGEMENT, LLC

By:

<u>/s/ John Kenney</u>

Name: John Kenney

Title: President and CEO

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

## Ex-99.H

**PLACEMENT AGENCY AGREEMENT**

This **AMENDED AND RESTATED PLACEMENT AGENCY AGREEMENT** (this "Agreement") is made as of November 1, 2021, as amended and restated as of December 6, 2021, by and between Allspring Master Trust, a Delaware statutory trust (the "Trust") on behalf of each series of the Trust now or hereafter identified on Schedule I (each, a "Portfolio" and collectively, the "Portfolios"), and Allspring Funds Distributor, LLC, a Delaware limited liability company (the "Placement Agent"). Absent written notification to the contrary by either the Trust or the Placement Agent, each new investment portfolio established in the future shall automatically become a "Portfolio" for all purposes hereunder and shares of beneficial interest established in the future shall automatically become "Shares" for all purposes hereunder as if set forth on Schedule I.

WHEREAS, this Placement Agency Agreement amends and replaces the agreement dated November 1, 2021 previously entered into by and between the parties;

WHEREAS, the Trust is registered with the Securities and Exchange Commission (the "SEC") as an open-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act");

WHEREAS, the Trust desires to retain the Placement Agent as the exclusive placement agent of the units of beneficial interest ("Shares") of the Portfolios, and the Placement Agent is willing to render such services; and

WHEREAS, the Placement Agent is registered as a broker-dealer under the Securities Exchange Act of 1934, as amended (the "1934 Act") and is a member of the Financial Industry Regulatory Authority ("FINRA").

NOW THEREFORE, in consideration of the promises and mutual covenants herein contained, it is agreed between the parties hereto as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1. **<u>Services as Placement Agent</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.1. The Placement Agent will act as agent for the private placement of Shares in accordance with any instructions of the Trust's Board of Trustees ("Board") and with the Trust's registration statement then in effect under the 1940 Act, and will transmit promptly any orders properly received by it for the purchase or redemption of Shares to the Trust or the transfer and dividend disbursing agent for the Trust of which the Trust has notified the Placement Agent in writing, or their designated agents. As used in this Agreement, the term "registration statement" shall mean any registration statement, specifically including, among other items, any then-current Part A/prospectus together with any related then-current Part B/statement of additional information, filed with the SEC with respect to the Portfolios, and any amendments and supplements thereto which at any time shall have been filed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.2. The Placement Agent agrees to use appropriate efforts, consistent with privately placing the Shares in transactions that do not involve a public offering of such

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Shares, to offer and sell Shares at the applicable offering price which is the net asset value next determined after an order is received. The Trust understands that the Placement Agent is and may in the future be the placement agent of shares of other investment company portfolios including portfolios having investment objectives similar to those of the Portfolios. The Trust further understands that existing and future investors in the Portfolios may invest in shares of such other portfolios. The Trust agrees that the Placement Agent's duties to such portfolios shall not be deemed in conflict with its duties to the Trust under this paragraph 1.2.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.3. In acting as placement agent under this Agreement, the Placement Agent shall not make any offer or sale of Shares in a manner that would require the offer or sale of the Shares to be registered under the Securities Act of 1933, as amended (the "1933 Act"). The Placement Agent shall, at its own expense, finance such activities as it deems reasonable and which are primarily intended to result in the sale of Shares, including, but not limited to, advertising, compensation of underwriters, dealers and sales personnel, the printing and mailing of Parts A/prospectuses to other than current interestholders, and the printing and mailing of sales literature. The Placement Agent shall be responsible for reviewing and providing advice on all sales literature (*e.g*., advertisements, brochures and interestholder communications) with respect to each of the Portfolios, and shall file with FINRA or the appropriate regulators all such materials as are required to be filed under applicable laws and regulations in compliance with such laws and regulations. In addition, the Placement Agent will provide sufficient personnel, during normal business hours, reasonably necessary to respond to telephone questions with respect to the Portfolios.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.4. In connection with all matters relating to this Agreement, the Placement Agent agrees to comply with all applicable laws, rules and regulations, including, without limitation, all rules and regulations made or adopted pursuant to the 1933 Act, the 1934 Act, the 1940 Act, the regulations of FINRA and all other applicable federal and state laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.5. Whenever in their judgment such action is warranted by unusual market, economic or political conditions, or by other circumstances of any kind, the Trust's officers may decline to accept any orders for, or make any sales of Shares until such time as those officers deem it advisable to accept such orders and to make such sales.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.6. The Trust shall furnish from time to time, for use in connection with the sale of Shares, such information with respect to the Portfolios and Shares as the Placement Agent may reasonably request and the Trust warrants that the statements contained in any such information shall fairly show or represent what they purport to show or represent. The Trust shall also furnish the Placement Agent upon request with: (a) audited annual and unaudited semi-annual statements of the Trust's books and accounts with respect to each Portfolio, and (b) from time to time such additional information regarding the Portfolios' financial condition as the Placement Agent may reasonably request.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.7. The Placement Agent shall prepare reports for the Board regarding its activities under this Agreement as from time to time shall be reasonably requested by the Board.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

1.8. The Placement Agent may, at its own cost and expense, appoint or employ agents to assist in carrying out its obligations under this Agreement, but no such appointment or employment shall relieve the Placement Agent of its responsibilities or obligations to the Trust under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. **<u>Representations</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.1. The Trust represents to the Placement Agent that all registration statements filed by the Trust with the SEC under the 1940 Act, with respect to Shares have been prepared in conformity with the requirements of the 1940 Act and rules and regulations of the SEC thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2.2. The Trust represents and warrants to the Placement Agent that any registration statement, when such registration statement becomes effective, will contain all statements required to be stated therein in conformity with the 1940 Act and the rules and regulations of the SEC; that all statements of fact contained in any such registration statement will be true and correct when such registration statement becomes effective; and that no registration statement, when such registration statement becomes effective, will include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein not misleading to a purchaser of Shares. The Trust authorizes the Placement Agent to use any Part A/prospectus or Part B/statement of additional information in the form furnished from time to time in connection with the sale of Shares and represented by the Trust as being the then-current form of Part A/prospectus or then-current form of Part B/statement of additional information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3. **<u>Indemnification</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.1. The Trust agrees to indemnify, defend and hold the Placement Agent, its several officers and directors, and any person who controls the Placement Agent within the meaning of Section 15 of the 1933 Act harmless from and against any and all claims, demands, liabilities and expenses (including the cost of investigating or defending such claims, demands or liabilities and any counsel fees incurred in connection therewith) which the Placement Agent, its officers and directors, or any such controlling person, may incur under the 1933 Act or under common law or otherwise, arising out of or based upon any untrue statement, or alleged untrue statement, of a material fact contained in any registration statement or arising out of or based upon any omission, or alleged omission, to state a material fact required to be stated in any registration statement or necessary to make any statement in such documents not misleading; provided, however, that the Trust's agreement to indemnify the Placement Agent, its officers and directors, and any such controlling person shall not be deemed to cover any claims, demands, liabilities or expenses arising out of any untrue statement or alleged untrue statement or omission or alleged omission made in any registration statement or in any financial or

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other statements in reliance upon and in conformity with any information furnished to the Trust by the Placement Agent or any affiliate thereof and used in the preparation thereof; and further provided that the Trust's agreement to indemnify the Placement Agent, its officers and directors, and any such controlling person shall not be deemed to cover any liability to the Trust or its interestholders to which the Placement Agent, its officers and directors, or any such controlling person would otherwise be subject by reason of willful misfeasance, bad faith or negligence in the performance of the Placement Agent's, its officer's or director's, or any such controlling person's duties, or by reason of the Placement Agent's, its officer's or director's, or any such controlling person's reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

3.2. The Placement Agent agrees to indemnify, defend and hold the Trust, its several officers and Trustees, and any person who controls the Trust within the meaning of Section 15 of the 1933 Act harmless from and against any and all claims, demands, liabilities and expenses (including the costs of investigation or defending such claims, demands or liabilities and any counsel fees incurred in connection therewith) which the Trust, its officers or Trustees or any such controlling person, may incur under the 1933 Act or under common law or otherwise, but only to the extent that such liability or expense incurred by the Trust, its officers or Trustees, or such controlling person resulting from such claims or demands, shall arise out of or be based upon (a) any untrue, or alleged untrue, statement of a material fact contained in information furnished by the Placement Agent or any affiliate thereof to the Trust or its counsel and used in the Trust's registration statement, or shall arise out of or be based upon any omission, or alleged omission, to state a material fact in connection with such information furnished by the Placement Agent or any affiliate thereof to the Trust or its counsel required to be stated in such answers or necessary to make such information not misleading or (b) any alleged willful misfeasance, bad faith or negligence in the performance of the Placement Agent's obligations and duties under the Agreement or by reason of its alleged reckless disregard thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4. **<u>Confidentiality</u>.**

The Placement Agent agrees on behalf of itself and its employees to treat confidentially and as proprietary information of the Trust all records and other information relative to the Portfolios and/or the Trust and its prior, present or potential interestholders, and not to use such records and information for any purpose other than performance of its responsibilities and duties hereunder, except when so requested by the Trust or after prior notification to and approval in writing by the Trust, which approval shall not be unreasonably withheld and may not be withheld where the Placement Agent may be exposed to civil or criminal contempt proceedings for failure to comply, when requested to divulge such information by duly constituted authorities.

In accordance with Regulation S-P, the Placement Agent and its affiliates will not disclose any non-public personal information, as defined in Regulation S-P, received from the Trust or any Portfolio regarding any interestholder; provided, however, that the Placement Agent and its affiliates may disclose such information to any party as necessary in the ordinary course of business to carry out the purposes for which such information was disclosed to the Placement

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Agent and its affiliates, or as may be permitted by law. The Placement Agent agrees to use reasonable precautions to protect and prevent the unintentional disclosure of such non-public personal information.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5. **<u>Anti-Money Laundering Program</u>.**

The Placement Agent represents and warrants that it (a) has adopted an anti-money laundering compliance program ("AML Program") that satisfies the requirements of all applicable laws and regulations; and (b) will notify the Trust promptly if an inspection by the appropriate regulatory authorities of its AML Program identifies any material deficiency, and will promptly remedy any material deficiency of which it learns.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6. **<u>Limitations of Liability</u>.**

Except as provided in paragraph 3.2, the Placement Agent shall not be liable for any error of judgment or mistake of law or for any loss suffered by the Trust or any Portfolio in connection with matters to which this Agreement relates, except a loss resulting from willful misfeasance, bad faith or negligence on its part in the performance of its duties or from reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7. **<u>Term</u>.**

This Agreement shall become effective on the date of its execution and, unless sooner terminated as provided herein, shall continue in effect for a period of two years from the date written above. This Agreement shall thereafter continue from year to year, provided such continuance is specifically approved at least annually by (i) the Board, or (ii) a vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of the Portfolio, *provided* that in either event the continuance is also approved by the majority of the members of the Board who are not parties to this Agreement or interested persons (as defined in the 1940 Act) of any such party, by vote cast in person at a meeting called for the purpose of voting on such approval. This Agreement is not assignable and is terminable with respect to a Portfolio, without penalty, on not less than sixty (60) days' written notice, by the Board, by vote of a majority (as defined in the 1940 Act) of the outstanding voting securities of such Portfolio, or by the Placement Agent. This Agreement will also terminate automatically in the event of its assignment (as defined in the 1940 Act).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

8. **<u>Release.</u>**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9. **<u>Miscellaneous</u>.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9.1. No provision of this Agreement may be changed, waived, discharged or terminated orally, but only by an instrument in writing signed by the party against which an enforcement of the change, waiver, discharge or termination is sought.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

9.2. This Agreement shall be governed by the laws of the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

10. **<u>Notices</u>.** 

Each party giving or making any notice, request, demand or other communication (each, a "Notice") pursuant to this Agreement must give the Notice in writing and use one of the following methods of delivery: personal delivery, U.S. mail, internationally recognized overnight courier (with all fees prepaid), facsimile or e-mail. Any party giving a Notice shall address the Notice to the appropriate Person at the receiving party at the address listed below or to another address as designated by a party in a Notice pursuant to this Clause:

If to the Trust:

525 Market Street, 12<sup>th</sup> Floor

San Francisco, California 94105

If to the Placement Agent:

525 Market Street, 12<sup>th</sup> Floor

San Francisco, California 94105

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11. **<u>Questions of Interpretation</u>.**

Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the 1940 Act shall be resolved by reference to such terms or provision of the 1940 Act and to interpretations thereof, if any, by the United States Courts or in the absence of any controlling decision of any such court, by rules, regulations or orders of the SEC, interpretations of the SEC or its staff, or SEC staff no-action letters, issued pursuant to the 1940 Act. In addition, where the effect of a requirement of the 1940 Act reflected in any provision of this Agreement is modified or interpreted by any applicable order or orders of the SEC or any rules or regulations adopted by, or interpretative releases of, the SEC thereunder, such provision will be deemed to incorporate the effect of such order, rule, regulation or interpretive release. The duties and obligations of the parties under this Agreement shall be governed by and construed in accordance with the laws of the State of Delaware to the extent that state law is not preempted by the provisions of any law of the United States heretofore or hereafter enacted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

12. **<u>Counterparts</u>.**

This Agreement may be executed in any manner of counterparts, each of which shall be deemed an original.

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IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by their officers designated below as of the day and year first above written.

ALLSPRING MASTER TRUST

on behalf of the Portfolios

![](image1-1.jpg)

By:

Name: Matthew Prasse

Title: Secretary

ALLSPRING FUNDS DISTRIBUTOR, LLC

![](image2-1.gif)

By:

Name: Loriani Eckerle

Title: Secretary

------

**Schedule I**

**PLACEMENT AGENCY AGREEMENT**

**Allspring Master Trust**

<u>Master Trust Portfolios</u> 

Allspring Core Bond Portfolio

Allspring Disciplined International Developed Markets Portfolio

Allspring Disciplined Large Cap Portfolio

Allspring Large Cap Value Portfolio<sup>1</sup>

Allspring Macro Strategies Portfolio

Allspring Real Return Portfolio

Allspring Small Company Growth Portfolio

Allspring Small Company Value Portfolio

Schedule I Amended: May 28, 2025

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <sup>1</sup>

On May 28, 2025, the Board of Trustees of Allspring Master Trust approved the liquidation and termination of the Allspring Large Cap Value Portfolio effective on or about August 8, 2025.

## Ex-99.J

![](image2-2.gif) <br>

**Consent of Independent Registered Public Accounting Firm**

We consent to the use of our reports dated June 26, 2025, with respect to the financial statements of Allspring Core Bond Portfolio, Allspring Disciplined International Developed Markets Portfolio, Allspring Disciplined Large Cap Portfolio, Allspring Macro Strategies Portfolio, Allspring Real Return Portfolio, Allspring Small Company Growth Portfolio, and Allspring Small Company Value Portfolio, seven of the portfolios comprising Allspring Master Trust, as of April 30, 2025, incorporated herein by reference and to the references to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

&nbsp;&nbsp; ![](image1-2.gif) <br>

Boston, Massachusetts<br>August 25, 2025

## Ex-99.P

![](image1-3.gif)

Peregrine Capital Management, LLC

Code of Ethics and Personal Trading Policy

February 1, 2025

------

**Table of Contents**

---

| | |
|:---|:---|
| [Core Principles and Standards of Conduct](#_Toc189064222) | [1](#_Toc189064222) |
| [Employee Conflicts of Interest](#_Toc189064223) | [2](#_Toc189064223) |
| [Confidential Information](#_Toc189064224) | [3](#_Toc189064224) |
| [Inside Information](#_Toc189064225) | [4](#_Toc189064225) |
| [Gifts and Entertainment](#_Toc189064226) | [6](#_Toc189064226) |
| [Political Contributions](#_Toc189064227) | [7](#_Toc189064227) |
| [Employees Serving in Other Official Capacities](#_Toc189064228) | [9](#_Toc189064228) |
| [Personal Securities Transactions](#_Toc189064229) | [10](#_Toc189064229) |
| [Distribution of Code and Acknowledgement of Receipt](#_Toc189064230) | [16](#_Toc189064230) |
| [Appendix A](#_Toc189064231) | [17](#_Toc189064231) |

---

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### Core Principles and Standards of Conduct
The Investment Advisers Act of 1940, as amended (the "Advisers Act") imposes a fiduciary duty on all investment advisers, including Peregrine Capital Management, LLC ("Peregrine"). As a fiduciary, Peregrine has a duty to act in the best interests of our clients. This fiduciary duty means employees must act in a manner which merits trust and confidence from clients and maintains Peregrine's reputation for integrity, and in accordance with the following core principles.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Misstating or omitting material information in communication with clients, prospective clients and/or regulators or engaging in any activity which is fraudulent, deceptive or manipulative is strictly prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. Employees must observe Peregrine's Code of Ethics and Personal Trading Policy (the "Code"). The concept of acting in our clients' best interest is the central focus of the Code. Whether the requirements contained in the Code stem from regulation, industry best practice, or simply from doing what is right, employees are required to comply with all aspects and requirements of the Code. Not only must we prevent technical violations of the Code; it is essential that we avoid even the appearance of impropriety. It is not enough to comply with just the letter of the Code, but with the spirit of the Code as well.

&nbsp;&nbsp;&nbsp;&nbsp;

3. Employees must comply with applicable laws and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;

4. Violating the Code will subject employees to disciplinary action, which could include dismissal from employment with Peregrine.

&nbsp;&nbsp;&nbsp;&nbsp;

5. If an employee becomes aware of a violation or potential violation of the Code, the employee is required to report the matter to Peregrine's Chief Compliance Officer/Chief Legal Officer (the "CCO/CLO"). The reporter's identity will be shared only on a "need to know" basis, and the reporter will be protected from retribution, provided the employee was and is acting in good faith.

&nbsp;&nbsp;&nbsp;&nbsp;

6. The Dodd-Frank Act contains provisions to protect whistleblowers, and the Securities and Exchange Commission (the "SEC") will pay awards to eligible whistleblowers who voluntarily provide the SEC with original information that leads to successful enforcement action.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. Nothing in the Code or any of Peregrine's policies, whether a process, procedure, policy or requirement, including those related to confidentiality of certain information, shall supersede any rights of communication, incentive or otherwise employees may have under Rule 21F-17(a) of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which provides employees with the ability to file statements with federal, state or local government agencies or commission (each, a "government agency"), to participate in any investigation or proceeding that may be conducted by any government agency, and to provide documents or information (including those containing confidential information), without notice to or permission from Peregrine and without limitations on the right to receive a reward for providing information to government agencies.

------

### Employee Conflicts of Interest
Employees must avoid situations that might lead to an actual or apparent conflict of interest with clients. A conflict of interest exists when a person's private interests interfere or appear to interfere with the interests of a client. A conflict of interest may also arise when Peregrine or an employee has a reason to favor the interests of one client over those of another client. If any conflicts of interest with respect to a client do arise, employees must fully disclose to the CCO/CLO all material facts concerning such conflict.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Using Peregrine employment, directly or indirectly, for private gain, to advance personal interests or to obtain favors or personal benefits for another person is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. Employees are required to disclose to the CCO/CLO any matters, transactions or relationships in which the employee or a member of the employee's family has an interest which might affect the employee's judgment on behalf of a client. Any questions about a transaction or relationship that might cause a conflict of interest should be directed to the CCO/CLO. <br>

&nbsp;&nbsp;&nbsp;&nbsp;

3. Employees must conduct personal securities trading, addressed in more detail below, in a manner as to be consistent with the Code and to avoid any actual or potential conflict of interest or any abuse of the employee's position of trust and responsibility.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

4. Employees are prohibited from favoring the interests of one client over another because of differences among clients, such as larger account size or accounts with different compensation arrangements.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

5. Engaging in personal transactions with Peregrine's clients is prohibited. The only exception to this prohibition is if an institutional client has an affiliated broker that employees may use, for a fee, for personal brokerage services, provided that the account and the employee's transactions are reported in accordance with this Code.

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### Confidential Information
Information obtained in the course of an employee's employment with Peregrine is confidential and may only be shared on a "need to know" basis for the proper conduct of business.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Permitting others to use information acquired through employment with Peregrine to further a personal interest or as a means of making a profit is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. Disclosing or discussing client relationships is not allowed with anyone other than those who have a business need to know the information for the performance of their duties and persons with beneficial interests in the account, and their duly authorized representatives, unless required by law or unless authorized in writing by the client, or their duly authorized representatives.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

3. Written permission from the applicable client and the CCO/CLO is required to disclose client names or to use them as a reference.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

4. Peregrine-developed intellectual property is proprietary to Peregrine, must reside on a Peregrine managed repository and must not be shared.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

5. Employees may disclose portfolio holdings to third parties only if permitted by client-specific guidelines or unless required by law. Accounts may be used as "representative portfolios" provided the client remains anonymous.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

6. Questions about the propriety of releasing information should be discussed with the CCO/CLO.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

7. Written approval must be received from the CCO/CLO prior to disseminating either internally and/or externally prepared reviews and examinations (i.e., audits, mock examinations, etc.) to any third party. Exceptions to this policy are the Global Information Performance Standards ("GIPS") verification report. <br>

&nbsp;&nbsp;&nbsp;&nbsp;

8. The release of client information is also subject to the restrictions set forth in Peregrine's Privacy Policy and Procedures.

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### Inside Information
The "Insider Trading" doctrine under United States securities laws generally prohibits any person (including investment advisers and their personnel) from:

&nbsp;&nbsp;&nbsp;&nbsp;

● Trading in a security while in possession of material, non-public information regarding the issuer of the security;

&nbsp;&nbsp;&nbsp;&nbsp;

● Tipping such information to others;

&nbsp;&nbsp;&nbsp;&nbsp;

● Recommending the purchase or sale of securities while in possession of such information and

&nbsp;&nbsp;&nbsp;&nbsp;

● Assisting someone who is engaged in any of the above activities.<br>

Thus, "insider trading" is not limited to insiders of the issuer whose securities are being traded. It can also apply to non-insiders, such as investment analysts, portfolio managers, consultants and stockbrokers. In addition, it is not limited to person who trade. It also covers persons who tip material, non-public information or recommend transactions in securities while in possession of such information.

The four critical concepts under United States law in insider trading cases are:

&nbsp;&nbsp;&nbsp;&nbsp;

1. Breach of a fiduciary duty/misappropriation

&nbsp;&nbsp;&nbsp;&nbsp;

2. Materiality

&nbsp;&nbsp;&nbsp;&nbsp;

3. Non-public, and

&nbsp;&nbsp;&nbsp;&nbsp;

4. Use/possession

***Breach of a Fiduciary duty*** – This element of insider trading cases often comes into play when an insider, such as a corporate officer or director becomes aware of material non-public (inside) information and because of their position, has a fiduciary duty to the company and to its shareholders to not share that information. Any such insider who shares such information has committed a breach of fiduciary duty. Non-insiders can acquire fiduciary status in certain circumstances, such as through a confidential relationship with the company or as a "tippee" who obtains confidential information from an insider. Another basis for insider trading liability is "misappropriation" which comes into play when someone without a direct fiduciary duty (e.g., a spouse) misappropriates information from another person with a fiduciary duty, such as an officer or director, and uses the information shared.

***Materiality*** – Material information that is the type of information which reasonable investors would consider important in making purchase, sale or hold decisions.

***Non-Public*** – Information is considered public if it has been disseminated in a manner making it available to investors generally. If information has not yet been disseminated in such a manner, it is considered non-public.

***Use/possession*** – It is illegal to transact in any publicly-traded security while in possession of material non-public information.

------

Employees may not purchase or sell securities based on material nonpublic information for themselves or clients, disclose material nonpublic information in their possession to others or recommend the purchase or sale of securities based on such material nonpublic information. Employees must immediately report their receipt of material nonpublic information and potential material nonpublic information to the CCO/CLO.

All employees should take steps to avoid inadvertently receiving material nonpublic information, such as from brokers or company representatives (e.g., by communicating with third parties that Peregrine is a professional investor and does not want to receive material nonpublic information).

Questions as to whether the information is material and/or nonpublic, must be resolved before trading, recommending trading, or divulging the information. Unresolved questions as to the applicability or interpretation of the foregoing standards or the propriety of desired action must be discussed with the CCO/CLO prior to trading or recommending trading. Information in an employee's possession that is determined to be material, nonpublic information may not be communicated to anyone other than the CCO/CLO and must be safeguarded to prevent access by others.<br>

If the CCO/CLO determines that Peregrine is in receipt of material nonpublic information, the CCO/CLO will place the security on Peregrine's List of Securities Restricted Due to Potential Inside Information (the "Restricted List"). This Restricted List is updated both within Eze, the Order Management System as well as in ORION, the personal trading system. Updating these lists prevents any trading in the restricted securities, both on behalf of Peregrine's clients and by any Peregrine employees <br>When the CCO/CLO determines that the information which caused a particular security to be added to the Restricted List has either become public or is no longer material, the CCO/CLO will remove the security from the Restricted List. Upon removal from the Restricted List, trading both for client accounts and for personal accounts may resume.

***"Over-The-Wall" or "Wall Crossing."*** In limited situations, the CCO/CLO may approve Peregrine receiving material nonpublic information from a particular company by being brought "over the wall." This may occur, for example, when an issuer wishes to provide Peregrine with information about a potential offering or transaction before the information has been publicly announced. In these limited instances, in order to participate in the "wall crossing," Peregrine must agree to non-disclosure of the information being shared until it becomes public. If Peregrine employees participate in being brought "over the wall," they will be in possession of material non-public information. Therefore, all Peregrine personnel who are interested in being brought "over-the-wall" regarding any company must preclear their request with the CCO/CLO. If the request is granted, the CCO/CLO will follow the same procedures discussed above for placing a security on the Restricted List.

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### Gifts and Entertainment
Subject to the limitations described below, employees may generally give and receive gifts and entertainment provided such gifts and entertainment are not lavish or excessive, and do not give the appearance of being designed to improperly influence the recipient. Gifts and entertainment given to clients or vendors by Peregrine employees, and gifts and entertainment given to employees by clients or vendors must be reasonable and customary and avoid the appearance of interfering with an employee's responsibilities to Peregrine or its clients. Gifts and entertainment are subject to the standards below:

&nbsp;&nbsp;&nbsp;&nbsp;

1. Accepting or giving cash or cash equivalents (i.e., VISA gift cards or prepaid credit cards) is strictly prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. Accepting or seeking anything of value from a person intending to be influenced or rewarded in connection with business or transactions involving Peregrine is prohibited.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

3. Employees are required to disclose to the CCO/CLO gifts or entertainment given or received valued at more than $100 within 30 days of the quarter-end in which such a gift or entertainment is given or received.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

4. Gifts or entertainment of any value made to unions or union officials must be precleared with the CCO/CLO prior to them being given. (Unions and union officials are limited to no more than $250 in any calendar year).<br>

The Foreign Corrupt Practices Act ("FCPA") prohibits the direct or indirect giving of, or a promise to give, "things of value" in order to corruptly obtain a business benefit from an officer, employee, or other "intrumentality" of a foreign government. Employees must comply with the spirit and letter of the FCPA at all times. Employss must obtain written preclearance from the CCO/CLO prior to giving anything of value that might be subject to the FCPA except food and beverages that are provided during a legitimate business meeting and that are clearly not lavish or excessive.<br>

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### Political Contributions
Peregrine prohibits its employees from making Political Contributions.

***<u>Definitions (as used within this policy)</u>***

<br> &nbsp;&nbsp;&nbsp;&nbsp;

1. "Election" means each opportunity for eligible voters to lawfully vote. Primary and General elections are considered separate elections for contribution limit purposes.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. "Official" means any person, including any election committee for such person, who was, at the time of the contribution, an incumbent, candidate or successful candidate for an elective office of a government entity.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

3. "Payment" includes any gift, subscription, loan, advance, money or anything of value.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

4. "Political Contribution" means any payment made for the purpose of influencing any election for state or local office or where an incumbent state or local official is running for federal office. <br>Political Contributions include:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Payments made directly to an official of a government entity who is in a position to influence the selection of Peregrine as an investment adviser;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Payments to a political party of a state or locality in which Peregrine is providing or seeking to provide investment advisory services to a government entity; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Payments made indirectly through a third party that, if done directly, would violate Rule 206(4)-5 under the Advisers Act. Third parties include family members, consultants, attorneys, friends, political action committees or companies affiliated with Peregrine.

<br>Political Contributions do not include payments to federal incumbents seeking a federal position, a federal candidate not holding any office, or national committees.

<br> ***<u>Policy</u>***

<br> &nbsp;&nbsp;&nbsp;&nbsp;

1. Peregrine employees are prohibited from making Political Contributions, as defined above.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. New employees are required to report Political Contributions for a two-year look-back period.<br>

Neither Peregrine nor its employees may coordinate or solicit any person or political action committee (an organization that raises money privately to influence elections or legislation) to make contributions that would violate this policy. Examples of soliciting include but are not limited to: sponsoring an event where a candidate will engage in fundraising; authorizing the use of the Peregrine logo or letterhead in connection with fundraising activities; and coordinating small contributions from a large number of individuals.

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Peregrine will not hire a third-party solicitor to solicit government clients.

The CCO/CLO is responsible for oversight of this policy, including reviewing all Political Contributions reported and performing a risk-based annual review of public websites. <br>

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### Employees Serving in Other Official Capacities
Employees may not accept appointment as an officer, director, trustee or another similar capacity for a for-profit organization or for any other organization, if compensated, without prior approval from the CCO/CLO.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Employees are encouraged to serve as officers and directors of nonprofit organizations provided that there is no conflict of interest and there is no interference with the employee's duties and responsibilities to Peregrine. If any employee wishes to accept such a position and has any question about whether or not such acceptance may cause a conflict of interest with Peregrine and/or any Peregrine clients, the employee must raise the issue with the CCO/CLO to ensure that any such potential conflict is addressed.

&nbsp;&nbsp;&nbsp;&nbsp;

2. Employees must obtain written approval from the CCO/CLO before accepting or engaging in other types of outside business activities for compensation. The CCO/CLO will consider the time required to serve in such capacity and the functions being performed to evaluate whether serving in such capacity creates a conflict with the employee's duties to Peregrine.<br>

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### Personal Securities Transactions<br>
All Peregrine employees are considered "Access Persons." Access Persons cannot engage in securities transactions, including gifts of securities, which would violate Peregrine policies or create a conflict of interest with clients.

&nbsp;&nbsp;&nbsp;&nbsp;

1. Peregrine has contracted with Orion to assist with tracking and recording preclearance requirements and quarterly and annual reporting requirements found within this Code.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

2. Access Persons are required to obtain preclearance from Compliance by entering desired trades into Orion before executing security transactions in accounts in which the Access Person has direct or indirect beneficial ownership. Such transactions include, but are not limited to, purchases or sales of securities in public markets (including Initial Public Offerings ("IPOs"), in private placements or limited offerings, purchases, sales, and exercises of puts, calls, and warrants and gifts of securities (regardless of recipient). A gift of a security is considered a sale. No Access Person may approve their own transactions.

&nbsp;&nbsp;&nbsp;&nbsp;

3. Access Persons are generally considered to have "beneficial ownership" of a security in which they have a direct or indirect financial interest. Access Persons should consider themselves the beneficial owner of securities held by a spouse, minor children, a relative who shares their home, or other persons because of a contract, arrangement, understanding or relationship that provides the Access Person with sole or shared voting or investment power. Any uncertainty as to whether an Access Person beneficially owns a security should be brought to the attention of the CCO/CLO.

&nbsp;&nbsp;&nbsp;&nbsp;

4. Access Persons may only execute an approved security transaction on the same business day that the approval is received. If the Access Person fails to execute any approved transaction on the day of approval and wishes to execute on the following business day, the Access Person must start the process of pre-approval over.

&nbsp;&nbsp;&nbsp;&nbsp;

5. Access Person are prohibited from executing a transaction that would:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Result in the buying or selling of securities in competition with client buy or sell orders;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Result in the buying or selling of securities to take advantage of recent or imminent client trades;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Involve the security of a company concerning which the Access Person or Peregrine has material nonpublic information;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. Involve short-selling or trading options on any of the stocks held by or contemplated for any client; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

e. Involve the acquisition of a direct or indirect beneficial interest in an IPO.

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&nbsp;&nbsp;&nbsp;&nbsp;

6. Access Persons are prohibited from purchasing or selling a security that is being considered for purchase or sale (i.e., under discussion between members of an investment team, "Investment Decision Trade") for clients. If Peregrine is notified by any client of any incoming or outgoing cash flow which will result in a passive trade (a "Client Cash-Flow Trade"), Access Persons are restricted from trading in advance of the Client Cash-Flow Trade for a period of five business days prior to the trade. This five-business-day period is referred to as the "Client Pre-Trade Blackout Period". The purpose of this Client Pre-Trade Blackout Period is to prevent Access Persons from trading in particular securities when a known Client Cash-Flow Trade is pending, while not unreasonably restricting Access Persons from trading for a prolonged period of time due to client notification in excess of ![](image2-3.gif)five business days.<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

7. Access Persons are prohibited from transacting in any security that is bought or sold for any client account until two trading days *following any Investment Decision Trade* in that same security, regardless of direction of the client transaction or the Access Person's desired transaction. This two-day time period is referred to as the "Client Post-Trade Blackout Period." For purposes of this prohibition, the date of the client transaction is considered day one (1) (e.g. if an Investment Decision Trade in security X occurs on Monday, the Access Person will not be precleared to transact in security X until Wednesday, assuming no U.S. Federal holidays fall within that timeframe).<br>The Client Post Trade Blackout Period does not apply to client transactions that are Client Cash-Flow Trades (passive trades intended merely to rebalance, liquidate, or open client accounts) for the following reasons:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Peregrine generally manages each investment strategy in a consistent manner with target portfolio weightings (i.e., each portfolio managed in a particular strategy targets the same holdings with the same allocations), absent any specific contrary direction provided by a client (i.e., sin stocks are prohibited).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Any Peregrine client may add or withdraw funds, and open or close accounts on a daily basis which requires Peregrine to purchase or sell securities for that account.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. The trades generated by these activities are unpredictable, and are not caused by a change in the investment opinion of any Peregrine investment team.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. These trades tend to be, although are not always, small in size with little or no market impact (they are administrative in nature), and

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

e. If each such trade triggered a Blackout Period, they could have the effect of "blacking out" every security traded by any Peregrine client on every trading day.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. ![](image3-1.gif)Access Persons are encouraged to invest in the same securities that Peregrine recommends to clients as this process can assist with demonstrating Peregrine's conviction in its investment process.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

8. Access Person may not cause or attempt to cause clients to purchase, sell or hold a security in a manner calculated to create personal benefit to the Access Person. Access Persons may not recommend security transactions for client accounts without having disclosed to the CCO/CLO their interest in such securities or the issuer thereof, including, without limitation: <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Their direct or indirect beneficial ownership of securities of such issuer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. A position with such issuer or its affiliates; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. The present or proposed business relationship between such issuer or its affiliates and the Access Person or party in which the Access Person has an interest. <br>

&nbsp;&nbsp;&nbsp;&nbsp;

9. Peregrine has worked with Orion to set up secure electronic feeds directly from many external brokers. For any personal brokerage accounts set up with any broker with whom Orion does have such a feed in place, the Access Person is required to have their transaction information for reportable securities sent electronically to Orion unless that Access Person has requested and received an exception to this requirement from the CCO/CLO. Any Access Person who has a brokerage account at a broker with whom Orion does not have such a feed set up must either arrange to have transaction information sent directly from their broker to the Compliance Department at Peregrine or must manually upload transaction information into Orion.<br>

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&nbsp;&nbsp;&nbsp;&nbsp;

10. Access Persons must promptly disclose new brokerage accounts held at any broker, dealer or bank with which the Access Person maintains an account in which any securities are held for the Access Person's direct or indirect benefit (referred to in this Code as "brokerage accounts"). Similar to the requirement above for confirmations, any brokerage account with an automatic electronic feed to Orion must have these statements send to Orion electronically unless the CCO/CLO has granted an exception.

<br>***Quarterly Transaction Reports***

<br> &nbsp;&nbsp;&nbsp;&nbsp;

11. Access Persons are required to provide a quarterly statement for each brokerage account (the "Quarterly Transactions Report") to Peregrine's Compliance Department. This statement should be submitted electronically via Orion when possible, unless the CCO/CLO grants an exception to this policy. This report should be submitted to the CCO/CLO no later than 15 days after the end of each calendar quarter. The Quarterly Transactions Report must contain all personal securities transactions for the preceding quarter. These reports require the following information:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Date of the transaction;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Name, ticker or CUSIP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Type of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. Number of shares, interest rate and maturity date (if applicable);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

e. Principal amount of each security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. Nature of the transaction (i.e., purchase, sale or other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

g. Transaction price;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

h. Name of the broker, dealer or bank with or through which the transaction was effected; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

i. Report date. <br>

***Annual Holdings Report*****

<br> &nbsp;&nbsp;&nbsp;&nbsp;

12. Access Persons are required to submit to Peregrine's Compliance Department an annual list of the securities, private placements and brokerage accounts in which Access Persons have a direct or indirect beneficial ownership (the "Annual Holdings Report"). These Annual Holdings Reports must be submitted electronically via Orion when possible, unless an exception is granted by the CCO/CLO. These reports require the following information (which must be current as of a date no more than 45 days before the annual report is submitted): <br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Name, ticker or CUSIP;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Type of security;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Number of shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. Principal amount of each security in which the Access Person had direct or indirect beneficial ownership when the person became an Access Person or upon annual submittal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

e. Name of the broker, dealer or bank with whom the Access Person maintained an account in which securities were held for the direct or indirect benefit of the Access Person as of the date the person became an Access Person or the date of the annual submittal; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. Date the report is submitted by the Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;

13. New Access Persons must submit a list of the securities, private placements and brokerage accounts in which they have a direct or indirect beneficial ownership no later than 10 days of beginning employment, which includes the same information reported in the Annual Holdings Report (see above). Information must be current as of a date no more than 45 days before the initial report is submitted.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

14. Revealing information relating to the investment intentions or activities relating to clients or securities that are under consideration for purchase or sale on behalf of clients, except as required in the normal course of business, is prohibited.<br>

***Preclearance, Quarterly Transaction Reports and Annual Holdings Report***

<br> &nbsp;&nbsp;&nbsp;&nbsp;

15. Preclearance is *not* required for:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Purchases or sales for any account over which the Access Person has no direct or indirect influence or control;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Purchases which are part of an automatic dividend reinvestment plan or automatic withdrawal; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Purchases made in the exercise of rights issued by an issuer pro rata to all holders of a class of its securities, to the extent such rights were initially acquired from the issuer.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

16. Preclearance is *not* required, but Quarterly Transactions Reports and Annual Holdings Reports *are* required for:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Transactions in bonds (except bonds with an equity component i.e., convertible bonds), including related derivatives (because Peregrine does not typically invest in fixed income instruments);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Transactions in open-end mutual funds subadvised by Peregrine; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Transactions in ETFs, including related derivatives.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

17. Preclearance, Quarterly Transactions Reports and Annual Holdings Reports are *not* required for:<br>

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

a. Securities issued or guaranteed by the U.S. Treasury or other "Government Security" as defined in Section 2(a)(16) of the Investment Company Act of 1940, including related derivatives;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

b. Banker's acceptances;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

c. Bank certificates of deposit;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

d. Commercial paper;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

e. Repurchase agreements covering the foregoing;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

f. Shares of registered, open-end investment companies not advised or subadvised by Peregrine (including such shares held in either a 529 Plan or a 401(k) Plan, provided these plans to not provide an open investment/self-directed brokerage option);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

g. Index derivatives; or

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

h. Cryptocurrency.<br>![](image4.gif)

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&nbsp;&nbsp;&nbsp;&nbsp;

18. Violation of these policies will be subject to disciplinary action. Personal transactions conflicting with client trades must be canceled or reversed at a loss or with profits disgorged. The CCO/CLO will determine appropriate disciplinary actions that may include restricting or prohibiting personal trading, fines, write-ups in the employee's personnel file, and/or termination, provided that the Board of Peregrine will make such determinations in connection with violations by the CCO/CLO. All violations of this policy by members of the Board, as well as any material violations of this policy by Access Persons who are not members of the Board will be reported to the Board.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

19. Exceptions to personal security trading policies require prior approval in writing from the CCO/CLO.<br>

&nbsp;&nbsp;&nbsp;&nbsp;

20. See Appendix A for a detailed flowchart of the Preclearance Approval Process.<br>

### Distribution of Code and Acknowledgement of Receipt <br>
Peregrine will distribute this Code to each employee upon commencment of employment, annually, and upon any amendment to the Code.

All employees must acknowledge in writing that they have received, read, understood, and agree to comply with this code.

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### Appendix A
![](image5.gif)