Semi-Annual Report by Investment Company (Form N-CSRS)

Semi-Annual Report

April 30, 2026

 

Notice to Shareholders

• On November 13, 2025, the Fund announced a renewal of its open-market share repurchase program (the "Buyback Program"). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open market transactions during the period beginning on January 1, 2026 and ending on December 31, 2026. The Fund's Board of Trustees has delegated to Allspring Funds Management, LLC, the Fund's adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.

• The Fund's managed distribution plan provides for the declaration of quarterly distributions to common shareholders of the Fund at an annual minimum fixed rate of 9% based on the Fund's average monthly net asset value per share over the prior 12 months. Under the managed distribution plan, quarterly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a quarterly basis, the Fund may distribute long-term capital gains and/or return of capital to its shareholders in order to maintain its managed distribution level. You should not draw any conclusions about the Fund's investment performance from the amount of the Fund's distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is described later in this report.

 

Performance highlights	2
Portfolio of investments	9
Financial statements
Statement of assets and liabilities	24
Statement of operations	25
Statement of changes in net assets	26
Statement of cash flows	27
Financial highlights	28
Notes to financial statements	29
Other information	35
Automatic dividend reinvestment plan	41

Performance highlights 

Investment objective	The Fund's primary investment objective is to seek a high level of current income. The Fund's secondary objective is long-term growth of capital.
Strategy summary	The Fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the Fund allocates approximately 80% of its total assets to an equity sleeve comprised primarily of common stocks and other equity securities that offer above-average potential for current and/or future dividends. This sleeve normally invests in approximately 60 to 80 securities, broadly diversified among major sectors and regions. The sector and region weights are typically within+/- 5 percent of weights in the MSCI ACWI (Net)†. The remaining approximately 20% of the Fund's total assets is allocated to a sleeve consisting of below investment grade (high yield) debt, loans, and preferred stocks. The Fund also employs an option strategy in an attempt to generate gains on call options written by the Fund.
Adviser	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Justin P. Carr, CFA, Vince Fioramonti, CFA, Megan Miller, CFA, Michael J. Schueller, CFA, Xin ("Steven") Zhao, FRM

 

Average annual total returns (%) as of April 30, 20261
	6 months	1 year	5 year	10 year
Based on market value	15.06	38.79	13.54	11.45
Based on net asset value (NAV)	10.75	34.16	13.22	10.55
Global Dividend Opportunity Blended Index2	6.73	26.35	9.46	10.65
MSCI ACWI (Net)†	7.75	31.00	10.68	12.25

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance figures of the Fund do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. If taxes and such brokerage commissions had been reflected, performance would have been lower. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund's performance, especially for short time periods, should not be the sole factor in making your investment decision.

The Fund's annualized expense ratio for the six months ended April 30, 2026, was 2.08% which includes 0.89% of dividends on securities sold short and interest expense.  

1	Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and at the end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund's Automatic Dividend Reinvestment Plan.
2	Source:  Allspring Funds Management, LLC. The Global Dividend Opportunity Blended Index is composed of 80% MSCI All Country World Index (ACWI) (Net) and 20% ICE BofA U.S. High Yield Constrained Index††. Prior to October 15, 2019, the Global Dividend Opportunity Blended Index was composed 65% of the MSCI ACWI (Net), 20% of the ICE BofA U.S. High Yield Constrained Index, and 15% of the ICE BofA Core Fixed Rate Preferred Securities Index. Prior to May 1, 2017, the Global Dividend Opportunity Blended Index was composed 65% of the MSCI ACWI (Net) and 35% of the ICE BofA Core Fixed Rate Preferred Securities Index. You cannot invest directly in an index.

 

†	The MSCI ACWI (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Source:  MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index. †† The ICE BofA U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/Baa3 but are not in default. The ICE BofA U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. Returns shown are net of transaction costs beginning on July 1, 2022. You cannot invest directly in an index. Copyright 2026. ICE Data Indices, LLC. All rights reserved.
FRM®(Financial Risk Manager) designation is a trademark owned by the Global Association of Risk Professionals (GARP).
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

 

Growth of $10,000 investment as of April 30, 20261

  

1	The chart compares the performance of the Fund for the most recent ten years with the Global Dividend Opportunity Blended Index and MSCI ACWI (Net). The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund.

 

Comparison of NAV vs. market value1

  

1	This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund's common shares. Dividends and distributions paid by the Fund are included in the Fund's average annual total returns but have the effect of reducing the Fund's NAV.

Risk summary

Shares of this closed-end fund are only available for purchase and sale at the current market price on the stock exchange on which it is listed. Shares of the Fund may trade at either a premium or discount relative to the Fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Small- and mid-cap securities may be subject to special risks associated with narrower product lines and limited financial resources compared with their large-cap counterparts and, as a result, small- and mid-cap securities may decline significantly in market downturns and may be more volatile than those of larger companies due to their higher risk of failure. Debt securities are subject to credit risk and interest rate risk, and high-yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Risks of foreign investing are magnified in emerging or developing markets. Derivatives involve risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track. There are numerous risks associated with transactions in options on securities and/or indexes. As a writer of an index call option, the Fund forgoes the opportunity to profit from increases in the values of securities held by the Fund. However, the Fund has retained the risk of loss (net of premiums received) should the price of the Fund's portfolio securities decline. Similar risks are involved with writing call options or secured put options on individual securities and/or indexes held in the Fund's portfolio. This combination of potentially limited appreciation and potentially unlimited depreciation over time may lead to a decline in the net asset value of the Fund. The Fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of the net asset value and the market value of common shares.

MANAGER'S DISCUSSION

Overview

The Fund's return based on market value was 15.06% for the six-month period that ended April 30, 2026. During the same period, the Fund's return based on its net asset value (NAV) was 10.75%. Based on both its market value and NAV return, the Fund outperformed the Global Dividend Opportunity Blended Index, which returned 6.73% for the period.

Global equities were mixed to end 2025 and begin 2026.

Global equity returns were volatile over the six months that ended April 30, 2026, as financial markets carried forward strong momentum from late 2025 to early 2026, were disrupted by volatile geopolitical headlines related to the conflict in the Middle East, and then sharply rebounded in April. For the past six months, international value stocks outperformed growth stocks by 10.2%, with the MSCI ACWI Value Index* gaining 13.0% and the MSCI ACWI Growth Index** returning 2.8%. The Fund's equity sleeve historically has outperformed the benchmark MSCI ACWI (Net) when value outperforms growth, as occurred over the trailing six-month period.

Annualized gross domestic product (GDP) in the G20 (Group of Twenty) area expanded by 3.4% during the fourth quarter of 2025, ticking up slightly from the 3.1% growth of the prior quarter. Economic growth rebounded sharply in Japan and Mexico, and activity strengthened in Australia, Brazil, China, Germany, and Italy. In contrast, Canada's and Korea's economies contracted, while growth slowed in the United States, Turkey, France, and India. U.S. real GDP growth slowed sharply during the fourth quarter, expanding at a 0.7% annualized rate, a steep deceleration from the prior quarter's robust 4.4% GDP growth. The slowdown reflected weaker exports, a moderation in consumer spending, and a pronounced decline in government spending, largely attributed to the quarter's record-long federal government shutdown. U.S. consumer confidence deteriorated during the first quarter, with rising energy prices, tariff-related concerns, and higher inflation expectations weighing heavily on sentiment.

In March, the U.S. Federal Open Market Committee (FOMC) left the federal funds rate unchanged at a 3.50-3.75% target range, signaling a continued "high-rate stalemate" as policymakers balanced steady but moderating growth against persistent inflation and a cooling labor market. The cautious global economic outlook prompted several major central banks to keep policy rates steady during the first quarter. The Bank of England maintained its policy rate at 3.75%, China maintained the base interest rate on one-year loans at 3.0%, the European Central Bank kept its policy rate at 2.0%, and the Bank of Japan held its policy rate at 0.75%.

To deliver a higher dividend relative to the benchmark, the equity sleeve has greater exposure to dividend payers and less exposure to growth

companies that do not pay dividends. The equity sleeve was overweight in Europe and Latin America as these regions have more stocks that pay a higher dividend. The equity sleeve was underweight the North American and Asia Pacific ex Japan markets. The strategy maintains an overweight to the financials, real estate, and utilities sectors while it is underweight the industrials, communications services, and materials sectors.

 

Ten largest holdings (%) as of April 30, 20261
NVIDIA Corp.	4.62
Alphabet, Inc. Class A	3.97
Apple, Inc.	3.17
Microsoft Corp.	2.77
Taiwan Semiconductor Manufacturing Co. Ltd.	2.53
Broadcom, Inc.	2.39
Amazon.com, Inc.	2.35
Samsung Electronics Co. Ltd.	1.98
Citigroup, Inc.	1.78
Sompo Holdings, Inc.	1.75

 

1	Figures represent the percentage of the Fund's net assets. Holdings are subject to change and may have changed since the date specified.

The equity sleeve benefited from stock selection within financials, health care, and utilities.

Positive stock selection within the financials sector contributed to significant returns for the portfolio. Plus500 Ltd., surged 49%, while Citigroup, Inc. and Virtu Financial, Inc. returned 27% and 44%, respectively. Two health care holdings, Merck & Co., Inc.*** and Bristol-Myers Squibb Co., generated strong earnings and returned 42% and 34%, respectively. Within utilities, Engie SA and UGI Corp.*** rallied 46% and 11%, respectively. The equity sleeve also benefited from an underweight to consumer staples.

Stock selection within consumer discretionary, information technology, and materials detracted from relative performance.

Negative stock selection within consumer discretionary detracted from performance over the period. Specifically, Sony Group Corp. and Booking Holdings, Inc. sold off 28% and 17%, respectively. Two holdings within IT fell over the course of the quarter:  Atlassian Corp. declined 57% and Pegasystems, Inc. fell 38%. The portfolio's underweight to the industrials sector also detracted from performance.

The global economy is volatile and uncertain.

As we began 2026, global equity markets were balancing the line between bullish optimism and growing investor caution. U.S. stocks hovered near record highs, supported by resilient corporate earnings, sustained momentum in artificial intelligence (AI) innovation, and improving visibility about monetary policy. Despite this positive backdrop, investors remained vigilant about persistent inflation, tariff risks, margin pressures, and signs of labor market weakness.

During the first quarter, concerns emerged around the scale and sustainability of AI-related capital spending, particularly as continued datacenter expansion coincided with rising energy costs and heightened scrutiny of capital intensity, financing structures, and return on invested capital. January's geopolitical uncertainty rattled markets as the U.S. captured Venezuelan President Maduro and tensions flared between the U.S. and NATO allies over tariff threats and President Trump's bid to acquire Greenland. Volatility spiked even further in March as military conflict between the U.S., Israel, and Iran pushed commodity prices higher and triggered a risk-off response across financial markets.

Looking ahead to the remainder of 2026, we anticipate volatile and range-bound market conditions in the near term as investors weigh moderating growth, restrictive financial conditions, fiscal challenges, and geopolitical tensions against durable secular tailwinds. Structural themes such as AI adoption, datacenter expansion, electrification, grid modernization, and infrastructure resilience remain firmly intact and continue to attract long-term capital despite periodic market dislocations. We believe this environment will continue to create opportunities to invest in high-quality businesses with strong fundamentals at reasonable valuations. We will continue to diligently focus on company fundamentals and disciplined portfolio risk management while neutralizing our exposures to

macroeconomic and geopolitical risks where possible. 

Sector allocation as of April 30, 20261

  

1	Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified.

The Fund's option overlay detracted from performance.

The option overlay* is a short-call strategy written on a portion of the Fund's global equity allocation. The combined global equity and short option portfolio creates a global covered call portfolio. Over the long run, a covered call strategy aims to add yield and lower risk compared with a passive allocation to equity. The option overlay is expected to add value in flat-to-down global equity markets and in above-average volatility environments.

Global equity markets were volatile, but positive during this six-month period with the MSCI ACWI (Net) returning 7.75%. The performance in

*

The option overlay is compared with the option-only returns of the U.S.-based covered call benchmarks, the Chicago Board Options Exchange (CBOE) S&P 500 Buy Write (BXM) Index and the CBOE S&P 500 2% OTM Buy Write (BXY) Index. The BXM is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. The BXY Index is a new index that uses the same methodology as BXM, but is calculated using out-of-the-money S&P 500 Index (SPX) call options, rather than at-the-money SPX call options. We adjust the benchmarks to assume 50% written on equity and report only the option return. The unadjusted BXM Index and BXY Index returned 6.85% and 5.95%, respectively, from October 31, 2025 to April 30, 2026. You cannot invest directly in an index.

equities caused option-implied volatility, as measured by the VIX Index*, to be mixed over the six-month period. The VIX Index was relatively steady early in the period, largely attributed to strong equity market performance and limited macroeconomic surprises. During the first quarter of 2026, the VIX rose as equity markets rotated away from the AI theme and geopolitical conflict arose in the Middle East. Following the first-quarter decline, equity markets sharply rebounded in April, as the MSCI ACWI (Net) posted a 10.2% return, and the VIX fell. The option overlay detracted from

the Fund's performance on an absolute basis during the period. 

Credit quality as of April 30, 20261

  

1

The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor's, Moody's Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody's rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody's rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

U.S. economy slowed modestly amid elevated policy uncertainty.

Over the past six months, U.S. economic growth slowed but remained resilient, continuing to grow near its longer-run trend, while inflation remained above the Federal Reserve's (Fed's) target. Following three rate cuts totaling 75 basis points (bps; 100 bps equal 1.00%), in the second half of 2025, the Fed held policy rates steady during the period as it evaluated progress on inflation and broader economic conditions. The U.S. labor market showed signs of gradual cooling but remained resilient, supported by solid household balance sheets. Policy uncertainty stayed elevated as trade, fiscal, and regulatory initiatives evolved, while ongoing geopolitical

tensions in the Middle East contributed to periodic market volatility and heightened risk sensitivity.

In the six-month period that ended April 30, 2026, the ICE BofA U.S. High Yield Constrained Index returned 2.31%, driven by coupon income. Credit spreads began the period at relatively tight levels, limiting the scope for broad-based compression. CCC-rated bonds underperformed BB- and B-rated credits, largely reflecting weakness in the distressed segment of the CCC cohort, which weighed on overall returns. While default rates remained manageable, pockets of stress persisted among issuers with high leverage, near-term maturities, or weaker free cash flow generation.

The high yield sleeve moved up the credit rating spectrum.

Over the past six months, the high yield sleeve increased its allocation to higher-quality credits by adding exposure to BBB-rated bonds while reducing allocations to lower-rated cohorts. During the period, the sleeve increased exposure to the insurance and banking sectors and reduced exposure to the communications and electric sectors.

High yield sleeve outperformance was driven by security selection.

The Fund's high yield sleeve outperformed the ICE BofA U.S. High Yield Constrained Index in the six-month period that ended April 30, 2026, driven by positive security selection. Enviva, Inc. and Multi-Color Corp.** added the most to relative performance, while Paramount Global and Cornerstone Building Brands, Inc.** detracted the most from performance. Among sectors, an underweight to capital goods and overweight to utilities were most additive to relative performance while an underweight

to energy and an overweight to banking were most detrimental. 

Geographic allocation as of April 30, 20261

  

1	Figures represent the percentage of the Fund's long-term investments. Allocations are subject to change and may have changed since the date specified.

Leverage had a positive impact.

The Fund's use of leverage through bank borrowings had a positive impact on the NAV total return performance during this period. As of April 30,

**This security was no longer held at the end of the reporting period.

2026, the Fund had approximately 13.6% leverage as a percentage of total assets.

Higher-quality high yield credits are expected to weather uncertainty.

While overall issuer fundamentals remain relatively healthy, leverage and coverage metrics have begun to modestly weaken. The outlook for high yield remains constructive, although this is reflected in tight spreads.

 

 

		Interest rate	Maturity date	Principal		Value
Asset-backed securities:  0.05%
Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A		6.37 %	4-20-2055	$	140,000	$142,100
Total asset-backed securities (Cost $140,000)						142,100

 

				Shares
Common stocks:  92.84%
Australia:  0.95%
Fortescue Ltd. (Materials, Metals & mining)					193,571	2,789,952
Brazil:  2.35%
Axia Energia SA (Utilities, Electric utilities)					268,738	3,367,501
BB Seguridade Participacoes SA (Financials, Insurance)					517,623	3,541,554
						6,909,055
Canada:  1.55%
Power Corp. of Canada (Financials, Insurance)					81,682	4,556,898
China:  2.03%
China Construction Bank Corp. Class H (Financials, Banks)					2,867,000	3,236,267
Ping An Insurance Group Co. of China Ltd. Class H (Financials, Insurance)					336,000	2,731,041
						5,967,308
France:  5.33%
Bouygues SA (Industrials, Construction & engineering)					73,707	4,359,014
Capgemini SE (Information technology, IT services)					19,790	2,406,787
Engie SA (Utilities, Multi-utilities)					90,489	2,982,746
Publicis Groupe SA (Communication services, Media)					33,078	3,090,718
Sanofi SA (Health care, Pharmaceuticals)					29,842	2,795,620
						15,634,885
Germany:  2.68%
Mercedes-Benz Group AG (Consumer discretionary, Automobiles)					44,240	2,578,754
Muenchener Rueckversicherungs-Gesellschaft AG in Muenchen (Financials, Insurance)					4,326	2,587,691
Siemens AG (Industrials, Industrial conglomerates)					9,080	2,698,223
						7,864,668
Ireland:  3.31%
Accenture PLC Class A (Information technology, IT services)					11,762	2,101,987
nVent Electric PLC (Industrials, Electrical equipment)					21,343	3,049,914
Seagate Technology Holdings PLC (Information technology, Technology hardware, storage & peripherals)					6,759	4,553,133
						9,705,034
Israel:  1.08%
Plus500 Ltd. (Financials, Capital markets)					52,302	3,177,013

 

 

 

 

		Interest rate	Maturity date	Principal		Value
Corporate bonds and notes:  15.69%
United States:  15.69%
AdaptHealth LLC (Consumer, non-cyclical, Pharmaceuticals)144A		5.13 %	3-1-2030	$	205,000	$199,363
Adient Global Holdings Ltd. (Consumer, cyclical, Auto parts & equipment)144A		7.50	2-15-2033		230,000	235,277
Adient Global Holdings Ltd. (Consumer, cyclical, Auto parts & equipment)144A		8.25	4-15-2031		40,000	41,725
ADT Security Corp. (Consumer, non-cyclical, Commercial services)144A		5.88	10-15-2033		100,000	98,515
Advance Auto Parts, Inc. (Consumer, cyclical, Retail)144A		7.38	8-1-2033		260,000	268,276
AES Corp. (5 Year Treasury Constant Maturity+2.89%) (Utilities, Electric)±		6.95	7-15-2055		120,000	117,066
AES Corp. (5 Year Treasury Constant Maturity+3.20%) (Utilities, Electric)±		7.60	1-15-2055		145,000	147,716
Aethon United BR LP/Aethon United Finance Corp. (Energy, Oil & gas)144A		7.50	10-1-2029		115,000	120,140
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer (Financial, Insurance)144A		7.38	10-1-2032		570,000	560,076
Allied Universal Holdco LLC (Consumer, non-cyclical, Commercial services)144A		7.88	2-15-2031		185,000	194,041
American Axle & Manufacturing, Inc. (Consumer, cyclical, Auto parts & equipment)		5.00	10-1-2029		150,000	145,754
American Axle & Manufacturing, Inc. (Consumer, cyclical, Auto parts & equipment)144A		7.75	10-15-2033		105,000	102,514
AmWINS Group, Inc. (Financial, Insurance)144A		6.38	2-15-2029		130,000	131,515
Antero Midstream Partners LP/Antero Midstream Finance Corp. (Energy, Pipelines)144A		5.75	10-15-2033		120,000	119,763
APLD ComputeCo 2 LLC (Communications, Telecommunications)144A		6.75	3-15-2031		145,000	143,558
Arches Buyer, Inc. (Communications, Internet)144A		4.25	6-1-2028		105,000	102,759
Arches Buyer, Inc. (Communications, Internet)144A		6.13	12-1-2028		275,000	267,367
Archrock Partners LP/Archrock Partners Finance Corp. (Energy, Oil & gas services)144A		6.63	9-1-2032		205,000	210,936
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging Finance PLC (Industrial, Packaging & containers)144A		4.00	9-1-2029		220,000	205,901
Ashton Woods USA LLC/Ashton Woods Finance Co. (Consumer, cyclical, Home builders)144A		6.88	8-1-2033		260,000	255,107
Asurion LLC/Asurion Co-Issuer, Inc. (Financial, Insurance)144A		8.00	12-31-2032		85,000	88,790
Asurion LLC/Asurion Co-Issuer, Inc. (Financial, Insurance)144A		8.38	2-1-2034		235,000	231,853
AthenaHealth Group, Inc. (Technology, Software)144A		6.50	2-15-2030		455,000	433,682
Athene Holding Ltd. (5 Year Treasury Constant Maturity+2.58%) (Financial, Insurance)±		6.88	6-28-2055		150,000	145,562
Azorra Finance Ltd. (Financial, Diversified financial services)144A		7.25	1-15-2031		75,000	76,825
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group Holdings Finance (Financial, Insurance)144A		7.13	5-15-2031		140,000	141,747
Beach Acquisition Bidco LLC (PIK at 10.75%) (Consumer, cyclical, Apparel)144A¥		10.00	7-15-2033		353,918	389,313
Black Pearl Compute LLC (Communications, Telecommunications)144A		6.13	2-15-2031		145,000	147,115
Blackstone Mortgage Trust, Inc. (Financial, REITs)144A		7.75	12-1-2029		185,000	196,237

 

 

 

 

 

 

 

		Interest rate	Maturity date	Principal		Value
Loans:  0.77%
American Greetings Corp. (U.S. SOFR 1 Month+5.75%) (Consumer, cyclical, Housewares)±		9.40 %	10-30-2029		197,997	$197,255
Asurion LLC (U.S. SOFR 1 Month+4.25%) (Financial, Insurance)±		7.90	9-19-2030		83,707	83,707
Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%) (Consumer, non- cyclical, Healthcare-products)±		7.40	1-15-2031		109,450	109,963
Connect Finco Sarl (U.S. SOFR 1 Month+4.50%) (Communications, Telecommunications)±		8.15	9-27-2029		138,937	139,223
Crescent Midstream Intermediate Holdings LLC (U.S. SOFR 3 Month+3.75%) (Energy, Pipelines)±		7.42	2-18-2033		145,000	145,605
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%) (Communications, Media)±		9.18	8-2-2029		170,893	171,187
EW Scripps Co. (U.S. SOFR 1 Month+5.75%) (Communications, Media)±		9.53	6-30-2028		66,562	66,826
Mauser Packaging Solutions Holding Co. (U.S. SOFR 3 Month+3.50%) (Industrial, Packaging & containers)±		7.16	4-15-2030		145,000	142,251
McAfee Corp. (U.S. SOFR 1 Month+3.00%) (Technology, Computers)±		6.65	3-1-2029		133,313	117,148
Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%) (Consumer, non- cyclical, Healthcare-services)±		8.70	12-30-2032		131,942	116,768
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%) (Consumer, non-cyclical, Healthcare-services)±		7.41	12-31-2030		19,507	19,468
Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%) (Industrial, Packaging & containers)±		6.65	9-30-2032		149,625	147,381
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+4.25%) (Consumer, cyclical, Retail)±		7.95	2-3-2031		165,000	163,721
Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%) (Energy, Pipelines)±		6.90	8-1-2029		78,411	78,706
Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%) (Technology, Software)±		7.40	11-28-2028		53,906	51,341
TK Elevator Midco GmbH (U.S. SOFR 3 Month+2.75%) (Industrial, Machinery-diversified)±		6.44	4-30-2030		205,000	206,537
Tory Burch LLC (U.S. SOFR 1 Month+4.00%) (Consumer, cyclical, Retail)±		7.65	4-30-2031		145,000	143,731
Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%) (Consumer, cyclical, Airlines)±		7.44	4-1-2031		157,645	156,097
Total loans (Cost $2,287,269)						2,256,915

 

		Dividend rate		Shares
Preferred stocks:  1.81%
Brazil:  1.61%
Petroleo Brasileiro SA (Energy, Oil, gas & consumable fuels)		0.13			477,239	4,730,177
United States:  0.20%
CoBank ACB (U.S. SOFR 3 Month+1.44%) (Financials, Banks)144A±		5.12			750	586,500
Total preferred stocks (Cost $3,909,015)						5,316,677

 

 

		Interest rate	Maturity date	Principal		Value
Yankee corporate bonds and notes:  2.97%
Canada:  0.91%
1261229 BC Ltd. (Consumer, non-cyclical, Pharmaceuticals)144A		10.00 %	4-15-2032	$	410,000	$423,439
Air Canada Pass-Through Trust Series 2020-1 Class C (Consumer, cyclical, Airlines)144A		10.50	7-15-2026		250,000	252,802
Algonquin Power & Utilities Corp. (5 Year Treasury Constant Maturity+3.25%) (Utilities, Electric)±		4.75	1-18-2082		280,000	276,452
Bausch & Lomb Corp. (Consumer, non-cyclical, Healthcare- products)144A		8.38	10-1-2028		225,000	232,312
Bausch Health Cos., Inc. (Consumer, non-cyclical, Pharmaceuticals)144A		6.25	2-15-2029		105,000	77,241
Enbridge, Inc. (5 Year Treasury Constant Maturity+3.71%) (Energy, Pipelines)±		7.38	1-15-2083		325,000	332,944
goeasy Ltd. (Financial, Diversified financial services)144A		7.63	7-1-2029		280,000	250,927
Rogers Communications, Inc. (5 Year Treasury Constant Maturity+2.62%) (Communications, Telecommunications)±		7.13	4-15-2055		440,000	453,909
Saturn Oil & Gas, Inc. (Energy, Oil & gas)144A		9.63	6-15-2029		79,000	82,841
TELUS Corp. (5 Year Treasury Constant Maturity+2.52%) (Communications, Telecommunications)±		6.63	6-9-2056		55,000	54,697
TELUS Corp. (5 Year Treasury Constant Maturity+2.77%) (Communications, Telecommunications)±		6.63	10-15-2055		235,000	237,625
						2,675,189
France:  0.27%
Banijay Entertainment SASU (Consumer, cyclical, Entertainment)144A		8.13	5-1-2029		110,000	113,539
BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%) (Financial, Banks)144Aʊ±		6.88	12-15-2033		175,000	173,814
BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%) (Financial, Banks)144Aʊ±		8.00	8-22-2031		215,000	230,071
Opal Bidco SAS (Consumer, non-cyclical, Cosmetics/Personal Care)144A		6.50	3-31-2032		280,000	285,063
						802,487
Ireland:  0.21%
GGAM Finance Ltd. (Financial, Diversified financial services)144A		5.88	3-15-2030		275,000	277,027
Perrigo Finance Unlimited Co. (Consumer, non-cyclical, Cosmetics/Personal Care)		6.13	9-30-2032		370,000	348,158
						625,185
Japan:  0.24%
Kioxia Holdings Corp. (Technology, Semiconductors)144A		6.63	7-24-2033		140,000	146,351
Nissan Motor Co. Ltd. (Consumer, cyclical, Auto manufacturers)144A		8.13	7-17-2035		190,000	200,464
Rakuten Group, Inc. (Communications, Internet)144A		9.75	4-15-2029		315,000	345,558
						692,373
Liberia:  0.02%
Royal Caribbean Cruises Ltd. (Consumer, cyclical, Leisure time)144A		5.63	9-30-2031		60,000	60,825

 

 

 

		Yield		Shares		Value
Short-term investments:  2.12%
Investment companies:  2.12%
Allspring Government Money Market Fund Select Class♠∞##		3.60 %			6,218,420	$6,218,420
Total short-term investments (Cost $6,218,420)						6,218,420
Total investments in securities (Cost $251,754,324)	116.25 %					341,275,327
Other assets and liabilities, net	(16.25 )					(47,703,444 )
Total net assets	100.00 %					$293,571,883

 

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
#	All or a portion of this security is segregated as collateral for investments in derivative instruments.
†	Non-income-earning security
˃	Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $286,209 (original cost of $81,126), representing 0.10% of its net assets as of period end.
±	Variable rate investment. The rate shown is the rate in effect at period end.
¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end.
ʊ	Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
%%	The security is purchased on a when-issued basis.
♦	The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.
##	All or a portion of this security is segregated as collateral for when-issued securities.

 

Abbreviations:
ADR	American depositary receipt
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate

Investments in affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows: 

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$5,417,110	$66,332,341	$(65,531,031 )	$0	$0	$6,218,420	6,218,420	$80,969

Written options 

Description	Counterparty	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Call
iShares MSCI EAFE ETF	Morgan Stanley Co.	(9 )	$(84,150 )	$93.50	5-1-2026	$(7,650 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(133 )	(1,323,350 )	99.50	5-8-2026	(43,957 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(347 )	(3,123,000 )	90.00	6-18-2026	(432,015 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(46 )	(409,400 )	89.00	6-18-2026	(63,365 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(275 )	(2,805,000 )	102.00	6-18-2026	(58,712 )
iShares MSCI EAFE ETF	Morgan Stanley Co.	(273 )	(2,675,400 )	98.00	6-18-2026	(139,912 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(1,102 )	(6,777,300 )	61.50	5-1-2026	(343,273 )

 

Written options (continued)

Description	Counterparty	Number of contracts	Notional amount	Exercise price	Expiration date	Value
Call (continued)
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(43 )	$(258,000 )	$60.00	5-8-2026	$(18,039 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(4,242 )	(29,694,000 )	70.00	5-15-2026	(46,662 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(846 )	(5,752,800 )	68.00	5-15-2026	(18,189 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(88 )	(554,400 )	63.00	6-18-2026	(25,564 )
iShares MSCI Emerging Markets ETF	Morgan Stanley Co.	(743 )	(5,349,600 )	72.00	6-18-2026	(39,179 )
Russell 2000 Index	Morgan Stanley Co.	(27 )	(7,438,500 )	2,755.00	5-1-2026	(128,250 )
Russell 2000 Index	Morgan Stanley Co.	(14 )	(3,990,000 )	2,850.00	5-8-2026	(18,410 )
Russell 2000 Index	Morgan Stanley Co.	(66 )	(19,602,000 )	2,970.00	5-15-2026	(18,150 )
Russell 2000 Index	Morgan Stanley Co.	(75 )	(22,350,000 )	2,980.00	5-22-2026	(39,000 )
Russell 2000 Index	Morgan Stanley Co.	(6 )	(1,776,000 )	2,960.00	5-29-2026	(6,780 )
S&P 500 Index	Morgan Stanley Co.	(2 )	(1,290,000 )	6,450.00	5-1-2026	(153,280 )
S&P 500 Index	Morgan Stanley Co.	(3 )	(1,917,000 )	6,390.00	5-1-2026	(247,905 )
S&P 500 Index	Morgan Stanley Co.	(4 )	(2,672,000 )	6,680.00	5-8-2026	(216,400 )
S&P 500 Index	Morgan Stanley Co.	(12 )	(8,670,000 )	7,225.00	5-8-2026	(61,500 )
S&P 500 Index	Morgan Stanley Co.	(5 )	(3,495,000 )	6,990.00	5-15-2026	(128,425 )
S&P 500 Index	Morgan Stanley Co.	(7 )	(4,928,000 )	7,040.00	5-22-2026	(163,450 )
SPDR Dow Jones Industrial Average ETF	Morgan Stanley Co.	(10 )	(450,000 )	450.00	5-15-2026	(48,000 )
SPDR Dow Jones Industrial Average ETF	Morgan Stanley Co.	(11 )	(550,000 )	500.00	5-15-2026	(7,425 )
						$(2,473,492 )

Financial statements

Statement of assets and liabilities 

Assets
Investments in unaffiliated securities, at value (cost $245,535,904)	$335,056,907
Investments in affiliated securities, at value (cost $6,218,420)	6,218,420
Cash	1,009,760
Foreign currency, at value (cost $366,554)	368,066
Receivable for investments sold	4,542,755
Receivable for dividends and interest	2,798,777
Prepaid expenses and other assets	104,310
Total assets	350,098,995
Liabilities
Secured borrowing payable	47,500,000
Payable for investments purchased	6,135,029
Written options, at value (premiums received $1,614,485)	2,473,492
Advisory fee payable	232,939
Administration fee payable	13,702
Accrued expenses and other liabilities	171,950
Total liabilities	56,527,112
Total net assets	$293,571,883
Net assets consist of
Paid-in capital	$319,997,166
Total distributable loss	(26,425,283 )
Total net assets	$293,571,883
Net asset value per share
Based on $293,571,883 divided by 43,065,914 shares issued and outstanding (unlimited number of shares authorized)	$6.82