Global Dividend Payers SMA

Given limitations of the data vendor, which elects to state the dividend yield of certain ADRs net of maximum potential withholding and periodically and systematically reports some OTC ADR yields as 0% as the result of missing data rather than company action, the above yield likely understates the actual / comparable gross yield of the same portfolio as measured in other data systems by approximately 30-40 bps.

The values of, and/or the income generated by, securities held by a strategy 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. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign investments may involve exposure to changes in foreign currency exchange rates and may be subject to higher withholding and other taxes. A strategy that invests a significant portion of its assets in one country or geographic region will be more vulnerable than a strategy that invests its assets more broadly to the economic, financial, political or other developments affecting that country or region. Such developments may have a significant impact on the strategy’s investment performance causing such performance to be more volatile than the investment performance of a more geographically diversified strategy.

Allspring Managed Account Services (the firm) is a unit within Allspring Global Investments and is responsible for the management and administration of the Allspring Funds Management, LLC, retail separately managed account portfolios (wrap portfolios). Allspring Funds Management acts as a discretionary manager for separately managed accounts ("SMA") and as a non-discretionary model provider in a variety of managed account or wrap fee programs (“MA Programs”) sponsored by third party investment advisers, broker-dealers, or other financial services firms (a “Sponsor”). When acting as non-discretionary model provider, Allspring Funds Management responsibility is limited to providing non-discretionary investment recommendations (in the form of model portfolios) to the Sponsor. The Sponsor may use these recommendations in connection with its management of MA Program accounts. In these “model-based” programs, the Sponsor serves as the investment manager and maintains trade implementation responsibility.