Galliard Capital Management LLC

ITEM 5 – FEES AND COMPENSATION

Galliard charges fees for investment management services based on a limited number of
major distinctions among its clients.      Galliard has various fee schedules for clients investing
directly in Galliard ’s stable value or fixed income strateg ies through either a collective fund ,
separate account , or private fund .

Management fees for stable value collective funds or stable value separate accounts are
typically calculated and      accrued daily based on prior day net asset value and paid           quarterly
as calculated by Galliard or specified by the client.          Management fees for advisory services
for assets solely invested in fixed income collective funds or fixed income separate accounts
are typically calculated and billed based on          the market value of fund assets    as calculated by
Galliard or as specified by the      client. If requested by clients, fee s can be based on a different
methodology, including monthly calculation and monthly billing               . Certain employee benefit
plan portfolios are valued daily and accru         e an advisory fee based on the daily     book value of
the plan portfolio. These fees are typically paid quarterly.

The specific manner in which fees are charged is established in a client’s written          investment
management agreement with Galliard. Reduced or negotiated fees                   could be applicable to
accounts with special circumstances,       such as large asset balances, wholesale relationships,
and competitive bids through formal requests for proposals. Fixed dollar fees                    can be
negotiated where clients receive advice but not discretionary management. In certain
special circumstances, fees       are paid in advance       (and will be refunded pro rata upon
termination of the investment agreement by either party          ). Below is a summary of the vari    ous
fee schedules for investment advisory services.

Management fees for the P rivate Funds are paid by the Private Funds in respect of each of
their investors and are based on each such investor’s capital account balance                . Management
fees are calculated by Galliard and billed quarterly in arrears as of the last day of each
calendar quarter . Galliard may agree in its sole discretion to reduce, waive or rebate the
payment of all or part of the management fee payable with respect to any investor in a
Private Fund or charge a different management fee to a particular investor                 .

Allspring Funds Management, LLC                             – Allspring Broad Market Core Bond ETF
For assets in the Allspring Broad Market Core Bond ETF in the Allspring Funds
Management – Exchange Trade Fund Portfolio, Galliard receives an advisory fee based on
the average daily net assets of the Allspring Broad Market Core Bond ETF.

Galliard Fee Schedules
Galliard’s minimum account/relationship size        for stable value strategy      is generally $ 100
million for separate accounts    . There is no minimum      for accounts invest ed in stable value
collective funds . Minimum account size for fixed income strategy is generally $25               million

         Galliard Capital Management | 800 LaSalle Avenue, Suite 1400 | Minneapolis, MN 55402-2054 | www.galliard.com | 800-717-1617

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for separate accounts and generally $10 million          for investment in collective funds.  Minimum
initial investment for the Private Funds is generally $5 million.           Minimum account size   can
be waived based on expected growth, total relationship or other factors as determined by
Galliard.     Minimum initial investment for the Private Funds can be lowered or raised as
determined by Galliard in its sole discretion.

        Stable Value Management

        Collective Funds
        For the portion of a client’s assets invested in                          SRF or MIF collective funds                  the
        maximum fee applicable is        :

                  0.2 5% of assets under stable value management.

        Separately Managed Accounts
        For stable value separate accounts sourced by Galliard,                                    the maximum fee
        applicable is:

                  0.20% of assets under stable value management.

        Fixed Income Management

        For th e portion of a client’s assets that are invested in a fixed income investment
        strategy , whether in separate accounts or     c ollective funds, the maximum fee
        schedule applicable      is :

                  0.25% of assets under fixed income management.

Assets that are invested in a     collective fund are subject to management fees from either
Galliard or the trustee , but not both. Clients investing in a   collective fund sign a participation
agreement with      the trustee to invest in collective funds and the clients are provided a
disclos ure of any applicable fees including but not limited to operational and/or trustee
fees.

        Private Funds

        The fee schedule s for the Private Funds                         are found in         each Private Fund’s respective
        offering document s.

Other Fees
In addition to the collective investment funds advised by Galliard and described in Item 4
above, Allspring     Holdings has other subsidiaries that also advise or sub           -advise collective
investment funds , private funds or mutual funds.

         Galliard Capital Management | 800 LaSalle Avenue, Suite 1400 | Minneapolis, MN 55402-2054 | www.galliard.com | 800-717-1617

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Galliard’s investment advice will be based on each client’s individual needs, investment
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ITEM 7 – TYPES OF CLIENTS

Galliard provides investment        advisory services to institutional investors, including but not
limited to: Banking or    Thrift institutions; Corporate and Public Employee Benefit Plans; Taft            -
Hartley Plans; Private and Public Foundations and Endowments; Public Entities;                    Insurance
Company Separate Accounts;           Private Funds, corporate operating funds,           other taxable and
tax -exempt organizations and trusts         ; as well as Bank Owned Life Insurance (“BOLI”) and
Company Owned Life Insurance           .

         Galliard Capital Management | 800 LaSalle Avenue, Suite 1400 | Minneapolis, MN 55402-2054 | www.galliard.com | 800-717-1617

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ITEM 8 – METHODS OF                          A NALYSIS , INVESTMENT                                STR ATEGIES                  AND
R ISK OF L OSS

Galliard’s Investment Co      uncil provides formal oversight of Galliard’s stable value and fixed
income investment strategies, portfolio positioning, economic outlook, trading and
performance and generally meets on a monthly basis. The                     Investment C ouncil is also
responsible for validating risk parameters for all investment strategies.                 The Investment
Co uncil and its sub      -groups and working groups oversee Galliard’s integrated team
approach to the management of its clients’ stable value and fixed income portfolios.                 Refer
to Item 4 for addit ional information about the sub groups and working groups.

Fixed Income Investment Decision Making
Galliard’s fixed income approach emphasizes high quality and broad diversification with an
emphasis on risk control and is the foundation for both fixed income and stable value
portfolios (Galliard also has the ability to use below investment grade securities in portfolios
at a client's direction ). Galliard’s fixed income portfolios are managed blending top down
and bottom up disciplines into the overall investment decision               -making process. Galliard’s
Fixed Income Team         implement s the investment strategy on a daily basis for each client
portfolio. This includes idea generation, relative value analysis, credit review and analysis,
and trading. While most trade ideas are discussed before execution among traders, analysts
and , if needed , client portfolio managers,           all transactions are reviewed in the daily
investment meetings        that are attended by the investment staff        and typically includes one or
more Senior Managing Principals .

Galliard’s approach to fixed income credit analysis recognizes that ESG factors can be
financially material risks.     Galliard subscribes to the MSCI ESG         Ratings to obtain a limited
scope of ESG data.       Like any other data point, ESG factors may be considered as part of the
overall credit analysis at times, insofar as they are deemed to be relevant and material to the
value of prospective investments.          ESG factors are a component of Galliard’s analysis       when
applicable but are not the sole determinant of investment decisions. Galliard is a signatory
of the United Nations Principles for Responsible Investment. Galliard does not offer ESG
specific products or strateg       ies.

Galliard’s Fixed Income Team is comprised of Sector Teams and                        the Client Portfolio
Management Team.             Following is additional information regarding the structure and
responsibilities of Galliard’s Sector and Client Portfolio Management Teams.

Sector Team s: Galliard’s Credit Sector Team and Structured Sector Team are responsible
for implementation of sector strategies and individual security selection within client
portfolios. Each team consists of a sector head, traders and designated analysts who meet
peri odically to discuss and refine current sector strategy, discuss credit reviews and
investment opportunities and provide information to the Investment Co                 uncil .

         Galliard Capital Management | 800 LaSalle Avenue, Suite 1400 | Minneapolis, MN 55402-2054 | www.galliard.com | 800-717-1617

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Client Portfolio Management Team. The Client Portfolio Management Team is responsible
for monitoring client accounts, including reviewing portfolio activity and positioning
regularly. The Client Portfolio Management Team works in conjunction with the Sec                                                      tor
Teams and the Investment Co           uncil to ensure client portfolios are managed in accordance
with a client’s specific guidelines and objectives and within or consistent with the
established investment strategy for that account.

Stable Value Investment Decision Making
Galliard ’s stable value investment decision -making process is integrated with the broader
fixed income management process as described in the Fixed Income Investment Decision
Making section       above . Galliard employs techniques with particular emphasis on high
quality securities, broad diversification, adequate liquidity, controll        ing interest rate risk
(duration) , and a disciplined risk management and investment process designed to identify
the best fundamental values         across eligible fixed income sectors.

The stable value       investment decision -making process incorporates input from                Galliard’s
Fixed Income Team and Galliard ’s Stable Value Strategy and              C ontract Team and is overseen
by Galliard’s Stable Value Strategy        Group . The Stable Value Strategy and Contract Team              is
primarily responsible for        maintaining Galliard’s      investment contract issuer relationships         ,
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