Notes to consolidated portfolio of investments
The Fund invests in direct or indirect investments in various derivatives, including
commodity-linked derivatives, through Alt Risk Premia Special Investments (Cayman) Ltd. (the “Subsidiary”), a wholly owned subsidiary incorporated on October 2, 2018 under the laws of the Cayman Islands as an exempted segregated portfolio company with limited liability. As of September 30,
2024, the Subsidiary had $15,326,867 of investments in affiliates and cash at broker segregated for futures contacts representing 104.36% of its net assets.
As of September 30, 2024, the Fund held $14,686,326 in the Subsidiary, representing 14.97% of the Fund’s net assets prior to consolidation. The consolidated net assets of the Fund includes the Subsidiary. The Consolidated Portfolio of Investments includes positions of the Fund and the Subsidiary.
All investments are valued each business day as of the close of regular trading on
the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing
service (e.g., taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the
quoted bid price from an independent broker-dealer.
Forward foreign currency contracts are recorded at the forward rate provided by an
independent foreign currency pricing source at a time each business day specified by the Valuation Committee at Allspring Funds Management, LLC (“Allspring Funds Management”).
Futures contracts that are listed on a foreign or domestic exchange or market are
valued at the official closing price or, if none, the last sales price.
Swap contracts are valued at the evaluated price provided by an independent pricing
service or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on
a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their
fair value, as determined in good faith by Allspring Funds Management, which was named the valuation designee by the Board of Trustees. As the
valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these
responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding
the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio
securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis,
the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other
assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency
pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted
at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign
currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts
of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized
foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from
changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from
changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
Forward foreign currency contracts
A forward foreign currency contract is an agreement between two parties to purchase
or sell a specific currency for an agreed-upon price at a future date. The Fund enters into forward foreign currency contracts to facilitate transactions
in foreign-denominated securities and to attempt to minimize the risk to the Fund from adverse changes in the relationship between currencies. Forward
foreign currency contracts are recorded at the forward rate and marked-to-market daily. When the contracts are closed, realized gains and losses arising
from such transactions are recorded as realized gains or losses on forward foreign currency contracts. The Fund is subject to foreign currency risk
and may be exposed to risks if the counterparties to the contracts are unable to meet the terms of their contracts or if the value of the foreign currency
changes unfavorably. The Fund’s maximum risk of loss from counterparty credit risk is the unrealized gains on the contracts. This risk may be
mitigated if there is a master netting arrangement between the Fund and the counterparty.
Futures contracts are agreements between the Fund and the Subsidiary and a counterparty
to buy or sell a specific amount of a commodity, financial instrument or currency at a specified price and on a specified date. The Fund and
the Subsidiary may buy and sell futures contracts in order to gain exposure to, or protect against, changes in interest rates, security values, commodity
prices and is subject to interest rate risk, equity price risk and
