EX-99.(D)(2) 3 feeexpensed2.htm FEE AND EXPENSE AGREEMENT BETWEEN ALLSPRING FUNDS TRUST, ALLSPRING MASTER TRUST AND ALLSPRING FUNDS MANAGEMENT, LLC
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 January 1, 2022, 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:  
1.
Limitation on Total Operating Expense Ratios.  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.
 
1
 
2.
Application of the Commitments to Tiered Funds.  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 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.  A 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.
3.
Duration of the Commitments.  
(a)
Initial Waiver.  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”).  
(b)
Automatic Renewal of the Commitments.  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.  
(c)
Funds Management’s Obligations Following Non-Renewal of a Commitment.  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.  
(d)
Board Approval of an Increase in a Capped Operating Expense Ratio.  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).
 
2
 
(e)
Funds Management’s Ability to Reduce a Capped Operating Expense Ratio or Extend the Term of a Commitment.  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.  
4.
Modification; Amendment.  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.  
5.
Entire Agreement.  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.
 
3
 
IN WITNESS WHEREOF, the parties have duly executed this Amended and Restated Agreement as of January 1, 2022.
  
ALLSPRING FUNDS TRUST, for itself and on
behalf of its series listed from time to time on the
Schedules attached hereto
 
 
By
 
Matthew Prasse
Secretary
 
 
 
ALLSPRING MASTER TRUST
 
 
By
 
Matthew Prasse
Secretary
 
 
 
ALLSPRING FUNDS MANAGEMENT, LLC
 
 
By
 
Andrew Owen
President
 
 
 
 
 
4
 
SCHEDULE A
FEE AND EXPENSE AGREEMENT
ALLSPRING FUNDS TRUST
 
(Capped Operating Expense Ratios)
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Absolute Return Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
0.71%
1.46%
0.96%
0.28%
0.57%
0.33%
 
August 31, 2023
August 31, 2023
August 31, 2023
August 31, 2023
August 31, 2023
August 31, 2023
Adjustable Rate Government Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.74%
1.49%
0.60%
0.46%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Alternative Risk Premia Fund
Class R6
Institutional Class
 
0.62%
0.72%
 
October 31, 2022
October 31, 2022
Asset Allocation Fund
Class A
Class C
Class R
Administrator Class
Institutional Class
 
1.13%
1.88%
1.38%
0.95%
0.80%
 
August 31, 2023
August 31, 2023
August 31, 2023
August 31, 2023
August 31, 2023
C&B Large Cap Value Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.08%
1.83%
0.65%
1.00%
0.75%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
C&B Mid Cap Value Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.25%
2.00%
0.80%
1.15%
0.90%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
California Limited-Term Tax-Free Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.80%
1.55%
0.60%
0.50%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
California Tax-Free Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.75%
1.50%
0.55%
0.48%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
 
A-1
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Common Stock Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.26%
2.01%
0.83%
1.10%
0.85%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Conservative Income Fund
Class A2
Institutional Class
 
0.40%
0.25%
 
December 31, 2023
December 31, 2022
Core Bond Fund
Class A
Class C
Class R
Class R4
Class R6
Administrator Class
Institutional Class
 
0.78%
1.53%
1.03%
0.52%
0.37%
0.70%
0.42%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
Core Plus Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.68%
1.43%
0.30%
0.60%
0.35%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Disciplined Small Cap Fund
Class A
Class R6
Administrator Class
Institutional Class
 
0.93%
0.50%
0.85%
0.60%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
Disciplined U.S. Core Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
0.87%
1.62%
1.12%
0.43%
0.74%
0.48%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Discovery All Cap Growth Fund
Class A
Class C
Class R
Administrator Class
Institutional Class
 
1.26%
2.01%
1.51%
1.10%
0.85%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Discovery Innovation Fund
Class A
Class C
Administrator Class
Institutional Class
 
1.25%
1.98%
1.15%
0.90%
 
July 31, 2024
July 31, 2024
July 31, 2024
July 31, 2024
 
A-2
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Discovery Large Cap Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.03%
1.78%
0.60%
0.94%
0.70%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Discovery Mid Cap Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.18%
1.93%
0.80%
1.10%
0.85%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Discovery Small Cap Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.23%
1.98%
0.80%
1.15%
0.90%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
Discovery SMID Cap Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.22%
1.97%
0.79%
1.14%
0.89%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Diversified Capital Builder Fund1
Class A
Class C
Administrator Class
Institutional Class
 
1.13%
1.88%
1.05%
0.78%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Diversified Income Builder Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.85%
1.60%
0.42%
0.77%
0.52%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Dynamic Target Today Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
 
1  On May 24, 2022 the Board of Trustees of Allspring Funds Trust were notified of the expense cap reductions to Class A and Class C of the Allspring Diversified Capital Builder Fund.  Effective February 1, 2023 the capped net operating expense ratio for Class A and C will be 1.12% and 1.87%, respectively, with an expiration date of January 31, 2024.
 
A-3
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Dynamic Target 2015 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2020 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024June 30, 2024
June 30, 2024
Dynamic Target 2025 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2030 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2035 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2040 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2045 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2050 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
 
A-4
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Dynamic Target 2055 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2060 Fund
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Dynamic Target 2065 Fund2
Class A
Class C
Class R4
Class R6
Administrator Class
 
0.60%
1.35%
0.29%
0.14%
0.49%
 
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
June 30, 2024
Emerging Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.28%
2.03%
0.85%
1.20%
0.90%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
Emerging Markets Equity Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.44%
2.19%
1.01%
1.36%
1.11%
 
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
Emerging Markets Equity Income Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.55%
2.30%
1.80%
1.17%
1.45%
1.22%
 
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
Global Investment Grade Credit Fund
Class A
Class C
Class R6
Institutional Class
 
0.83%
1.58%
0.45%
0.50%
 
January 31, 2024
January 31, 2024
January 31, 2024
January 31, 2024
Global Long/Short Equity Fund3
Class A
Class C
Class R6
Institutional Class
 
1.73%
2.48%
1.30%
1.40%
 
February 29, 2024
February 29, 2024
February 29, 2024
February 29, 2024
 
2 On May 24, 2022 the Board of Trustees of Allspring Funds Trust approved the establishment and launch of the Allspring Dynamic Target 2065 Fund, effective on or about September 13, 2022.
3  On August 17, 2022 the Board of Trustees of Allspring Funds Trust approved the establishment and launch of the Allspring Global Long/Short Equity Fund (“Global Fund”), as a result of the approval to adopt and merge the 361 Global Long/Short Equity Fund into the Global Fund.  Pending shareholder approval of the merger, the Global Fund will become effective in the fourth quarter 2022.
 
A-5
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Government Money Market Fund
Class A
Administrator Class
Institutional Class
Select Class
Service Class
Sweep Class
 
0.60%
0.34%
0.20%
0.14%
0.50%
0.50%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
Government Securities Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.85%
1.60%
0.64%
0.48%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Growth Balanced Fund
Class A
Class C
Administrator Class
 
1.13%
1.88%
0.95%
 
September 30, 2022
September 30, 2022
September 30, 2022
Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.16%
1.91%
0.70%
0.96%
0.75%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Heritage Money Market Fund
Administrator Class
Institutional Class
Select Class
Service Class
 
0.33%
0.20%
0.13%
0.43%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
High Yield Bond Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.93%
1.68%
0.80%
0.53%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
High Yield Municipal Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.80%
1.55%
0.50%
0.70%
0.55%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
Income Plus Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.90%
1.65%
0.75%
0.60%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
 
A-6
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Index Asset Allocation Fund
Class A
Class C
Administrator Class
Institutional Class
 
1.08%
1.83%
0.90%
0.75%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Index Fund
Class A
Class C
Administrator Class
 
0.45%
1.20%
0.25%
 
September 30, 2022
September 30, 2022
September 30, 2022
Intermediate Tax/AMT-Free Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.70%
1.45%
0.40%
0.60%
0.45%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
International Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.03%
1.78%
0.65%
0.85%
0.70%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
International Equity Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.14%
1.89%
1.39%
0.79%
1.14%
0.84%
 
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
Large Cap Core Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.08%
1.83%
1.33%
0.65%
0.97%
0.67%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Large Cap Growth Fund
Class A
Class C
Class R
Class R4
Class R6
Administrator Class
Institutional Class
 
1.07%
1.82%
1.32%
0.80%
0.65%
0.95%
0.75%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Large Company Value Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.83%
1.58%
0.40%
0.75%
0.50%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
 
A-7
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Minnesota Tax-Free Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.85%
1.60%
0.60%
0.52%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
Moderate Balanced Fund
Class A
Class C
Administrator Class
Institutional Class
 
1.15%
1.90%
0.90%
0.80%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
Money Market Fund
Class A
Class C
Premier Class
Service Class
 
0.60%
1.35%
0.20%
0.50%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
Municipal Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.75%
1.50%
0.40%
0.60%
0.45%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
Municipal Cash Management Money Market Fund
Administrator Class
Institutional Class
Service Class
 
0.30%
0.20%
0.45%
 
May 31, 2023
May 31, 2023
May 31, 2023
Municipal Sustainability Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.75%
1.50%
0.40%
0.60%
0.45%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
National Tax-Free Money Market Fund
Class A
Administrator Class
Premier Class
Service Class
 
0.60%
0.30%
0.20%
0.45%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
Opportunity Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.18%
1.93%
0.72%
1.00%
0.75%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Pennsylvania Tax-Free Fund
Class A
Class C
Institutional Class
 
0.74%
1.49%
0.49%
 
October 31, 2022
October 31, 2022
October 31, 2022
Precious Metals Fund
Class A
Class C
Administrator Class
Institutional Class
 
1.09%
1.84%
0.95%
0.79%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
 
A-8
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Premier Large Company Growth Fund
Class A
Class C
Class R4
Class R6
Administrator Class
Institutional Class
 
1.11%
1.86%
0.80%
0.65%
1.00%
0.70%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Real Return Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.78%
1.53%
0.40%
0.60%
0.45%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
Short Duration Government Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.78%
1.53%
0.37%
0.60%
0.42%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Short-Term Bond Plus Fund
Class A
Class C
Class R6
Institutional Class
 
0.72%
1.47%
0.40%
0.45%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Short-Term High Yield Bond Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.81%
1.56%
0.65%
0.50%
 
December 31, 2022
December 31, 2022
December 31, 2022
December 31, 2022
Short-Term Municipal Bond Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.63%
1.38%
0.35%
0.60%
0.40%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
Small Cap Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.23%
1.98%
0.80%
1.15%
0.90%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
Small Company Growth Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.29%
2.04%
0.86%
1.19%
0.94%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
 
A-9
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Small Company Value Fund
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
1.15%
1.90%
0.75%
1.05%
0.85%
 
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
September 30, 2022
Special Global Small Cap Fund4
Class A
Class C
Administrator Class
Institutional Class
 
1.55%
2.30%
1.40%
1.15%
 
February 28, 2023
February 28, 2023
February 28, 2023
February 28, 2023
Special International Small Cap Fund
Class A
Class C
Class R6
Institutional Class
 
1.38%
2.13%
0.95%
1.05%
 
February 28, 2024
February 28, 2024
February 28, 2024
February 28, 2024
Special Large Cap Value Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.11%
1.86%
1.36%
0.65%
0.95%
0.70%
 
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
November 30, 2022
Special Mid Cap Value Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.16%
1.91%
1.41%
0.73%
1.08%
0.83%
 
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
January 31, 2023
Special Small Cap Value Fund
Class A
Class C
Class R
Class R6
Administrator Class
Institutional Class
 
1.31%
2.06%
1.56%
0.89%
1.20%
0.94%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
Spectrum Aggressive Growth Fund
Class A
Class C
Administrator Class
Institutional Class
 
0.75%
1.50%
0.67%
0.42%
 
September 30, 2023
September 30, 2023
September 30, 2023
September 30, 2023
Spectrum Conservative Growth Fund
Class A
Class C
Institutional Class
 
0.75%
1.50%
0.42%
 
September 30, 2022
September 30, 2022
September 30, 2022
 
4  On May 24, 2022 the Board of Trustees of Allspring Funds Trust were notified of the expense cap reductions to Class A and Class C of the Allspring Special Global Small Cap Fund.  Effective March 1, 2023 the capped net operating expense ratio for Class A and C will be 1.50% and 2.25%, respectively, with an expiration date of February 28, 2024.
 
A-10
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Spectrum Growth Fund
Class A
Class C
Institutional Class
 
0.75%
1.50%
0.42%
 
September 30, 2022
September 30, 2022
September 30, 2022
Spectrum Income Allocation Fund
Class A
Class C
Institutional Class
 
0.75%
1.50%
0.42%
 
September 30, 2022
September 30, 2022
September 30, 2022
Spectrum Moderate Growth Fund
Class A
Class C
Institutional Class
 
0.75%
1.50%
0.42%
 
September 30, 2022
September 30, 2022
September 30, 2022
Strategic Municipal Bond Fund5
Class A
Class C
Class R6
Administrator Class
Institutional Class
 
0.81%
1.56%
0.43%
0.68%
0.48%
 
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
Treasury Plus Money Market Fund
Class A
Administrator Class
Institutional Class
Select Class
Service Class
 
0.60%
0.34%
0.20%
0.14%
0.45%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
Ultra Short-Term Income Fund
Class A
Class A2
Class C
Administrator Class
Institutional Class
 
0.50%
0.40%
1.25%
0.50%
0.25%
 
December 31, 2022
December 31, 2023
December 31, 2022
December 31, 2022
December 31, 2022
Ultra Short-Term Municipal Income Fund
Class A
Class A2
Class C
Class R6
Administrator Class
Institutional Class
 
0.50%
0.40%
1.25%
0.20%
0.50%
0.25%
 
October 31, 2022
October 31, 2023
October 31, 2022
October 31, 2022
October 31, 2022
October 31, 2022
U.S. Long/Short Equity Fund6
Class A
Class C
Class R6
Institutional Class
 
1.58%
2.33%
1.15%
1.25%
 
February 29, 2024
February 29, 2024
February 29, 2024
February 29, 2024
 
5  On May 24, 2022 the Board of Trustees of Allspring Funds Trust were notified of the expense cap reductions to Class A, C, Institutional and R6 of the Allspring Strategic Municipal Bond Fund.  Effective November 1, 2022 the capped net operating expense ratio for Class A, C, Institutional and R6 will be 0.80%, 1.55%, 0.47% and 0.42%, respectively, with an expiration date of October 31, 2023.
6On August 17, 2022 the Board of Trustees of Allspring Funds Trust approved the establishment and launch of the Allspring U.S. Long/Short Equity Fund (“U.S. Fund”), as a result of the approval to adopt and merge the 361 Domestic Long/Short Equity Fund into the U.S. Fund.  Pending shareholder approval of the merger, the U.S. Fund will become effective in the fourth quarter 2022.
 
A-11
 
FUNDS/CLASSES
Capped Operating
Expense Ratio
 
Expiration / Renewal Date
Utility and Telecommunications Fund
Class A
Class C
Administrator Class
Institutional Class
 
1.05%
1.80%
0.92%
0.72%
 
July 31, 2023
July 31, 2023
July 31, 2023
July 31, 2023
Wisconsin Tax-Free Fund
Class A
Class C
Institutional Class
 
0.70%
1.45%
0.52%
 
October 31, 2022
October 31, 2022
October 31, 2022
100% Treasury Money Market Fund
Class A
Administrator Class
Institutional Class
Service Class
Sweep Class
 
0.60%
0.30%
0.20%
0.50%
0.50%
 
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
May 31, 2023
 
Schedule A amended:  September 6, 2022
 
A-12
The foregoing schedule of capped operating expense ratios is agreed to as of September 6, 2022 and shall remain in effect until changed in writing by the parties.
 
ALLSPRING FUNDS TRUST
 
By:  
 
 
 
Matthew Prasse
 
 
Secretary
 
 
ALLSPRING FUNDS MANAGEMENT, LLC
 
By:  
 
 

Andrew Owen
President
 
 
 
 
 
A-13
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