LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-CSR

 

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22005

 

 

Allspring Global Dividend Opportunity Fund

(Exact name of registrant as specified in charter)

 

 

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

 

 

Matthew Prasse

Allspring Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: October 31

Date of reporting period: October 31, 2021

 

 

 


ITEM 1.

REPORT TO STOCKHOLDERS


Annual Report
October 31, 2021
Allspring Global Dividend Opportunity Fund (EOD)




Contents
The views expressed and any forward-looking statements are as of October 31, 2021, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring Global Dividend Opportunity Fund  |  1


Letter to shareholders (unaudited)
Andrew Owen
President
Allspring Funds
Dear Shareholder:
We are pleased to offer you this annual report for the Allspring Global Dividend Opportunity Fund for the 12-month period that ended October 31, 2021. Global stocks continued to rally as the global economy continued to emerge from the haze of COVID-19. Tailwinds were provided by global stimulus programs, a rapid vaccination rollout, and recovering consumer and corporate sentiment. The bond market had mostly positive returns during the period.
For the 12-month period, equities had robust returns, as policymakers continued to fight the effects of COVID-19. U.S. stocks led both non-U.S. developed market equities and emerging market stocks. Gains by fixed-income securities were varied, though mostly positive. For the period, U.S. stocks, based on the S&P 500 Index,1 gained 42.91%. International stocks, as measured by the MSCI ACWI ex USA Index (Net),2 returned 29.66%, while the MSCI EM Index (Net) (USD),3 had a weaker performance, with a 16.96% gain. Among bond indexes, the Bloomberg U.S. Aggregate Bond Index,4 returned -0.48%, the Bloomberg Global Aggregate ex-USD Index (unhedged),5 returned -1.99%, and the Bloomberg Municipal Bond Index,6 gained 2.64%, and the ICE BofA U.S. High Yield Index,7 returned 10.74%.
Efforts to contain COVID-19 drove market performance.
Global stocks rallied in November 2020, propelled by optimism over three promising COVID-19 vaccines. Reversing trends recent to November 2020, value stocks outperformed growth stocks and cyclical stocks outpaced information technology (IT) stocks. However, U.S. unemployment remained elevated, with a net job loss of 10 million since February 2020. The eurozone services Purchasing Managers' Index, a monthly survey of purchasing managers, contracted sharply while the region’s manufacturing activity grew. The U.S. election results added to the upbeat mood as investors anticipated more consistent policies in the new administration.
Financial markets ended 2020 with strength on high expectations for a rapid rollout of the COVID-19 vaccines, the successful passage of a $900 billion stimulus package, and rising expectations of additional economic support from a Democratic-led Congress. U.S. economic data were mixed with still-elevated unemployment and weak retail sales but growth in manufacturing output. In contrast, China’s economic expansion continued in both manufacturing and nonmanufacturing. U.S. COVID-19 infection rates continued to rise even as new state and local lockdown measures were implemented.
The year 2021 began with emerging market stocks leading all major asset classes in January, driven by China’s strong economic growth and a broad recovery in corporate earnings, which propelled China’s stock market higher. In the U.S., positive news on vaccine trials and January expansion in both the manufacturing and services sectors were offset by a weak December monthly jobs report. This was compounded by technical factors as some hedge funds were forced to sell stocks to protect themselves against a well-publicized short squeeze coordinated by a group of retail investors. Eurozone sentiment and economic growth were particularly weak, reflecting the impact of a new lockdown with stricter social distancing along with a slow vaccine rollout.

1 The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.
2 The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the U.S. 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.
3 The MSCI Emerging Markets (EM) Index (Net) (USD) is a free-float-adjusted market-capitalization-weighted index that is designed to measure equity market performance of emerging markets. You cannot invest directly in an index.
4 The Bloomberg U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S.-dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.
5 The Bloomberg Global Aggregate ex-USD Index (unhedged) is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S.-dollar-denominated debt market. You cannot invest directly in an index.
6 The Bloomberg Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.
7 The ICE BofA U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.

2  |  Allspring Global Dividend Opportunity Fund


Letter to shareholders (unaudited)
February saw major domestic equity indexes driven higher on the hope of a new stimulus bill, improving COVID-19 vaccination numbers, and the gradual reopening of the economy. Most S&P 500 companies reported better-than-expected earnings, with positive surprises coming from the financials, IT, health care, and materials sectors. Japan saw its economy strengthen as a result of strong export numbers. Meanwhile, crude oil prices continued their climb, rising more than 25% for the year. Domestic government bonds experienced a sharp sell-off in late February as markets priced in a more robust economic recovery and higher future growth and inflation expectations.
The passage of the massive domestic stimulus bill highlighted March activity, leading to increased forecasts for U.S. growth in 2021. Domestic employment surged as COVID-19 vaccinations and an increasingly open economy spurred hiring. A majority of U.S. small companies reported they were operating at pre-pandemic capacity or higher. Value stocks continued their outperformance of growth stocks in the month, continuing the trend that started in late 2020. Meanwhile, most major developed global equity indexes are up month to date on the back of rising optimism regarding the outlook for global growth. While the U.S. and the U.K. have been the most successful in terms of the vaccine rollout, even in markets where the vaccine has lagged, such as in the eurozone and Japan, equity indexes in many of those countries have also been in positive territory for the year through March 2021.
Equity markets produced another strong showing in April. Domestically, the continued reopening of the economy had a strong impact on positive equity performance, as people started leaving their households and jobless claims continued to fall. Domestic corporate bonds performed well and the U.S. dollar weakened. Meanwhile, the U.S. government continued to seek to invest in the recovery, this time by outlining a package of over $2 trillion to improve infrastructure. The primary headwind in April was inflation, as investors tried to determine the breadth and longevity of recent price increases. Developed Europe has been supported by a meaningful increase in the pace of vaccinations. Unfortunately many emerging market countries have not been as successful. India in particular saw COVID-19 cases surge, serving as an example of the need to get vaccinations rolled out to less developed nations.
Vaccine rollouts continued in May, leading to loosened restrictions globally. As a result, equity markets in general saw a minor increase in returns. Concerns that the continued economic rebound could result in inflation increases becoming more than transitory were supported by the higher input costs businesses were experiencing. Meanwhile, those inflation concerns were tempered by the U.S. Federal Reserve (Fed), which stayed steady on its view of the economy and eased fears of a sudden and substantial policy change. Positive performance in the emerging market equity space was supported this month by steady consumer demand and strong commodity prices. Fixed-income markets were also slightly positive for the month, driven by inflation uncertainty and a softer U.S. dollar.
June witnessed the S&P 500 Index reach a new all-time high. 2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances. Late June saw a deal reached on a U.S. infrastructure package of approximately $1 trillion for road, bridge, and broadband network upgrades over the next eight years. The Fed’s June meeting yielded no change to policy, but its projections pointed to a possible interest rate rise in 2023. This, combined with a rebound in economic activity and investors searching for yield, led to U.S. Treasury yields being down for the month. Many European and Asian countries saw vaccination momentum increase, while the U.K. dealt with a rise in COVID-19 infections, specifically the Delta variant. Meanwhile, crude oil jumped over 10% in June on the back of the pickup in global economic activity and Organization of the Petroleum Exporting Countries’ (OPEC) slow pace of supply growth.
July began the month seeing vaccinations making progress, as several major developed countries eased restrictions, only to be threatened again by the spread of COVID-19’s Delta variant. Inflation continued to climb, aided by the continued supply bottleneck in the face of high demand. As it pertains to the equity area of the market, U.S. equities led the way in positive return territory followed by international developed markets. In contrast, emerging markets were well in negative territory for the month, hindered by China’s plans for new regulations on a number of sectors, specifically education and technology. The U.S. 10-year Treasury bond yield continued to decline, as strong demand swallowed up supply. After hitting a multiyear high earlier in the month, oil prices leveled off following an agreement by OPEC to raise oil production starting in August.
2021 economic growth and inflation forecasts were revised higher to reflect a strong economic recovery and some supply and demand imbalances.

Allspring Global Dividend Opportunity Fund  |  3


Letter to shareholders (unaudited)
Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market.
The Delta variant of COVID-19 produced outbreaks globally in August, increasing the potential for increased market volatility and bringing into question the ongoing economic recovery. Domestically, the U.S. economy continued to stay strong in the face of the Delta variant, continued inflationary pressures, and worries over Hurricane Ida. Emerging market equities experienced elevated volatility, largely influenced by China’s regulatory stance. Emerging market equities started the month with poor performance but rebounded to end the month in positive territory. Municipal debt experienced its first monthly performance drop since February of this year, slowing a rally that made it one of the best-performing sectors of the bond market. In the commodity segment of the market, crude oil fell sharply during the month on the back of dampened expectations as a result of the Delta variant but was still a leading asset-class performer for the year.
Global markets suffered their broadest retreat in a year during September, with the exception of commodities. Concerns over inflation and the interest rate outlook depressed investor confidence and hurt performance. Emerging markets declined on concerns over the continued supply chain disruptions and worries over higher energy and food prices. Meanwhile, the Fed indicated it would slow the pace of asset purchases in the near future. All eyes domestically were fixed on the raising of the debt ceiling, the 2022 budget plan, and the ongoing debate over the infrastructure package. Contrary to most asset classes, commodities thrived in September, driven by sharply higher energy prices.
October’s key themes continued to be elevated inflation pressures and a supply bottleneck, but strong earnings provided a bright spot in the markets. Earnings releases in the U.S. were generally strong and consumer confidence was high. The Fed reaffirmed its plans to taper quantitative easing to a stop by mid-2022. Meanwhile, elevated inflation figures are still being considered transitory by the Fed. Similar to the U.S., the eurozone and many Asian countries saw positive earnings but were facing inflation pressures caused by supply bottlenecks while also experiencing energy price increases amid natural gas shortages. Globally, government bond yields rose as central banks prepared to lower monetary policy accommodation in the face of rising inflationary pressures. As previously referenced, positive commodity performance was driven by sharply higher energy costs.
Don’t let short-term uncertainty derail long-term investment goals.
Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.
Information on transaction closing.
On November 1, 2021, GTCR LLC and Reverence Capital Partners, L.P., announced the beginning of Allspring Global Investments™, with the close of the transaction to acquire Wells Fargo Funds Management, LLC; Wells Capital Management, LLC; Galliard Capital Management, LLC.; Wells Fargo Asset Management (International) Ltd.; Wells Fargo Asset Management Luxembourg S.A.; and Wells Fargo Funds Distributor, LLC, as well as Wells Fargo Bank, N.A.’s business of acting as trustee to its collective investment trusts and all related Wells Fargo Asset Management legal entities. The transaction closed on November 1, 2021, forming Allspring Global Investments, a privately held asset management firm with $587 billion in AUM1 as of September 30, 2021.
Allspring Global Investments™ is a leading independent asset management firm with a full breadth of investment capabilities across diverse asset classes, serving the needs of its institutional and wealth management clients around the world. Allspring operates across 18 offices globally supported by more than 480 investment professionals. Allspring and its investment teams provide a broad range of differentiated investment products and solutions to help its diverse range of clients meet their investment objectives.
As part of this transition, all mutual funds and closed-end funds within the Wells Fargo Funds family were rebranded as Allspring Funds. Each individual fund had “Wells Fargo” removed from its fund name and replaced with “Allspring.” The fund name changes went into effect on December 6, 2021.

1 As of September 30, 2021, assets under management (AUM) includes $93 billion from Galliard Capital Management, LLC, an investment advisor that is not part of the Allspring trade name/GIPS firm.

4  |  Allspring Global Dividend Opportunity Fund


Letter to shareholders (unaudited)
Allspring Global Investments is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P.
Thank you for choosing to invest with Allspring Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.
Sincerely,
Andrew Owen
President
Allspring Funds

For further information about your Fund, contact your investment professional, visit our website at allspringglobal.com, or call us directly at 1-800-222-8222.

Allspring Global Dividend Opportunity Fund  |  5


Letter to shareholders (unaudited)
Notice to Shareholders
On November 12, 2021, 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 10% of its outstanding shares in open market transactions during the period beginning on January 1, 2022 and ending on December 31, 2022. 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% (effective with the distributions declared in August 2021) based on the Fund’s average monthly net asset value per share over the prior 12 months. Prior to the August 2021 distribution, the annual minimum fixed rate was 10% 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 paid-in capital and/or capital gains, if any, 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.

6  |  Allspring Global Dividend Opportunity Fund


This page is intentionally left blank.


Performance highlights (unaudited)
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 invests normally 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 Index (Net). The remaining 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 Dennis Bein, CFA®*, Justin P. Carr, CFA®, Harindra de Silva, Ph.D, CFA®*, Vince Fioramonti, CFA®, Chris Lee, CFA®, Megan Miller, CFA®, Michael J. Schueller, CFA®
    
Average annual total returns (%) as of October 31, 20211
  1 year 5 year 10 year
Based on market value 56.27 12.64 7.52
Based on net asset value (NAV) 37.05 9.88 7.17
Global Dividend Opportunity Blended Index2 31.65 12.54 10.23
ICE BofA U.S. High Yield Constrained Index3 10.75 6.23 6.65
MSCI ACWI Index (Net)4 37.28 14.72 11.32
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 expense ratio for the year ended October 31, 2021, was 1.37% which includes 0.15% of 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% Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) Index (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 Index (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 Index (Net) and 35% of the ICE BofA Core Fixed Rate Preferred Securities Index. You cannot invest directly in an index.
3 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. You cannot invest directly in an index. Copyright 2021. ICE Data Indices, LLC. All rights reserved.
4 The MSCI ACWI Index (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.

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
* Mr. Bein and Mr. de Silva became portfolio managers of the Fund on May 3, 2021.

8  |  Allspring Global Dividend Opportunity Fund


Performance highlights (unaudited)
Growth of $10,000 investment as of October 31, 20211
1 The chart compares the performance of the Fund for the most recent ten years with the Global Dividend Opportunity Blended Index, ICE BofA U.S. High Yield Constrained Index and MSCI ACWI Index (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 stock. 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.
More detailed information about the Fund’s investment objective, principal investment strategies and the principal risks associated with investing in the Fund can be found on page 15.

Allspring Global Dividend Opportunity Fund  |  9


Performance highlights (unaudited)
Risk summary
This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request. 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 non-correlation 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 indices. 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 indices 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.

10  |  Allspring Global Dividend Opportunity Fund


Performance highlights (unaudited)
MANAGER'S DISCUSSION
Overview
The Fund’s return based on market value was 56.27% for the 12-month period that ended October 31, 2021. During the same period, the Fund’s return based on its net asset value (NAV) was 37.05%. Based on both its market value and its NAV return, the Fund outperformed the Global Dividend Opportunity Blended Index for the 12-month period that ended October 31, 2021.
Equities moved higher as the global economy continued an uneven recovery from the COVID-19 recession.
Over the trailing 12 months, U.S. and international equities advanced on improving economic data, reopening momentum, broadening vaccine distribution, and ongoing stimulus tailwinds. The global economy continued to heal from the lows of the pandemic lockdowns, but growth was uneven and largely reflected sharp rebounds in a few major economies like the U.S., the U.K., and China. The summer’s rise of the Delta variant of COVID-19 contributed significantly to a deceleration in global economic activity. Investor sentiment was further affected by widespread supply chain issues, surging inflation, rising energy prices, and the looming prospect of tighter monetary policy.
Earlier in 2021, investors seemed to favor stocks that underperformed during the pandemic and companies that would benefit the most from reopening momentum. However, by the middle of the second quarter, markets responded swiftly to the inflation data, and the cyclical value trade rapidly lost steam as growth outperformed. During a volatile September 2021, value overtook growth again as the Delta wave of COVID-19 peaked and central bankers expressed renewed vigilance about controlling inflation.
Reflation and reopening has been a key investment theme over the past 12 months. Broad economic reflation affected the high-yield market in three main ways: rising U.S. Treasury yields, a 134% increase in the price of oil, and the recovery in valuations in COVID-19-affected sectors. To capitalize, we increased our allocation to floating-rate loans, reduced rate-sensitive bonds, optimized our energy overweight, and applied a bottom-up approach to selecting COVID-19-affected securities.
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 create a global covered call portfolio. Over the long run, a covered call strategy targets additional yield and lower risk compared
with a passive allocation to equity. The option overlay is expected to add value in flat-to-down markets and also in above-average volatility environments.
Ten largest holdings (%) as of October 31, 20211
Microsoft Corporation 4.04
Apple Incorporated 2.88
Costco Wholesale Corporation 2.20
Target Corporation 2.18
UnitedHealth Group Incorporated 2.15
Walmart Incorporated 2.14
L'Oréal SA 2.08
Alphabet Incorporated Class A 2.02
AbbVie Incorporated 1.95
Emerson Electric Company 1.87
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 Fund adapted to market volatility and an improving environment for dividend-paying stocks.
To deliver a higher dividend relative to the benchmark, the strategy had a higher exposure to dividend payers and a lower exposure to growth companies that do not pay dividends. The outperformance of cyclical value provided a favorable environment for dividend-paying stocks, as many companies that suspended dividends in 2020 restored their dividend policy. Although inflation expectations have risen moderately, it does not appear that price pressures will derail global economic growth. The strategy continued to maintain an overweight in the industrials and financials sectors as these stocks are sensitive to positive economic exposure.
TFI International Incorporated**, a North American transportation and logistics company, capitalized on a tight freight market and an accretive acquisition of UPS’ long-
 

* 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 BuyWrite (BXM) Index and the CBOE S&P 500 2% OTM BuyWrite (BXY) Index. The CBOE S&P 500 BuyWrite (BXM) is a benchmark index designed to track the performance of a hypothetical buy-write strategy on the S&P 500 Index. The CBOE S&P 500 2% OTM BuyWrite (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 31.54% and 35.61%, respectively, from October 31, 2020, to October 31, 2021. You cannot invest directly in an index.
** This security was no longer held at the end of the reporting period.

Allspring Global Dividend Opportunity Fund  |  11


Performance highlights (unaudited)
distance trucking group. Lenovo Group Limited’s shares moved higher as corporate personal computer demand exceeded expectations. The ING Group*, a long-term financial holding, restored its dividend policy, benefiting from growth in fee income, digital banking trends, and a steepening yield curve.
Reorganized energy equities with depressed valuations and low dollar-price fallen angel bonds were the best ways to capitalize on broad economic reflation within the high-yield market. The portfolio’s top-performing investment was an equity position in Denbury Resources, Incorporated, a long-time high-yield issuer whose set of conventional oil-producing assets positions it to capture carbon that’s a by-product of industrial production and use that carbon to enhance oil recoveries from generations-old wells, thus producing carbon-neutral oil. Bond positions in Baytex Energy, Occidental Petroleum Corp., and EnLink Midstream and stock and bond positions in Bristow Group Incorporated were the portfolio’s next four top performers over the trailing 12-month period that ended October 31.
Sector allocation as of October 31, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
Global equity markets performed strongly during this period, with the MSCI ACWI Index (Net) returning 37.28%. As a result of the increased price levels, option-implied volatility, as measured by the VIX Index**, declined to end the 12-month period below its long-run average at 16.26%. We saw a record-breaking global equity rally in November 2020, followed by persistently positive outlooks and new local highs across developed markets throughout the 12-month period. Global equity markets took a temporary breather in September 2021, with the MSCI ACWI Index (Net) down 4.13% as the impact of supply disruptions on both the global
economic recovery and the potential for inflation were slowly digested, but finished the period up 5.13% in October 2021. The Fund's use of leverage had a positive impact on total return performance during this reporting period.
Despite strong earnings and resilient software sales, shares of Nintendo Company, Limited*, were weak as investors took a pause on some of the gaming “stay-at-home” stocks. Verizon Communication Incorporated’s* earnings beat expectations, but shares traded sideways due to growing wireless competition and delays in the 5G smartphone upgrade cycle. Fortescue Metals Group Limited, an iron-ore developer, generates a majority of its revenue from Chinese contracts, and the stock was affected by China’s slowing growth. Fortescue is a long-term holding with a solid balance sheet and a current dividend yield of 12%, and we recently added to our position in the company.
 

* This security was no longer held at the end of the reporting period.
** The VIX Index is a financial benchmark designed to be an up-to-the-minute market estimate of the expected volatility of the S&P 500® Index, and is calculated by using the midpoint of real-time S&P 500 Index (SPX) option bid/ask quotes. You cannot invest directly in an index.

12  |  Allspring Global Dividend Opportunity Fund


Performance highlights (unaudited)
Credit quality as of October 31, 20211
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.
Over the past 12 months, Intelsat S.A. was the worst performer in the portfolio as it simultaneously attempted and pursued to win creditor approval for its plan to exit bankruptcy and as it pursues growth in its newly acquired aviation business. Lack of positions in Transocean Limited, AMC Entertainment Holdings, The Kraft Heinz Company, and PBF Holding Company LLC also dampened performance relative to the ICE BofA Constrained High Yield Index.
As expected, the option overlay underperformed during this 12-month period when equity markets outperformed expectations and volatility declined, detracting value from the Fund by slightly capping the equity returns. Looking forward, we expect implied volatility to increase slightly to return to long-run averages. Higher levels of volatility should present a good opportunity for the option overlay strategy in the Fund.
The global recovery will likely continue in 2022, but growth should slow considerably from 2021’s pace.
Many companies recently issued earnings guidance citing rising input prices and supply chain problems. Higher consumer prices are often preceded by lower profit margins, so markets will have to wrestle with the tension between higher demand, insufficient supply, and higher costs for a while. Strong revenue growth could offset some margin compression, but we expect that in the coming quarters there will be a sifting between firms that can maintain their margins versus those that cannot. Above-average growth coupled with above-average inflation could still produce an environment that favors value over growth.
Geographic allocation as of October 31, 20211
1 Figures represent the percentage of the Fund's long-term investments. These amounts are subject to change and may have changed since the date specified.
As the cycle matures, the question is less about value and more about what type of value. The evolution of real rates and growth will be important to watch as changes in inflation expectations can affect the fundamental drivers of return differently. As the economic data decelerates from the lofty levels of the post-pandemic restart, we would expect the market to emphasize higher-quality stocks.
Rising inflation, broadening earnings growth, higher interest rates, and a steeper yield curve are themes that have historically benefited the value factor and our investment process. As we monitor the macroeconomic environment, we will continue to diligently focus on company fundamentals and disciplined portfolio risk management.
The vaccine rollout led to the normalization of inverted credit curves (near-term maturities trading at higher yields than longer ones). The portfolio built an overweight position in the leisure, airlines, and transportation sectors to take advantage. Although valuations have normalized, the combination of structure, credit improvement, and
 

Allspring Global Dividend Opportunity Fund  |  13


Performance highlights (unaudited)
investment-grade scale offered by these bonds makes them attractive relative values.
Just as the height of monetary policy support is behind us, so, too, is the majority of systemic spread compression. Looking forward, we expect tight spreads, more aggressive
issuance, and the expectation for rate increases to lead to potential sources of volatility in high yield. Ultimately, we believe that successfully navigating idiosyncratic credit risk will be paramount to generating outperformance.
 

14  |  Allspring Global Dividend Opportunity Fund


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


Objective, strategies and risks (unaudited)
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. The Fund’s investment objectives are non-fundamental policies and may be changed by the Trustees without prior approval of the Fund’s shareholders.
Principal investment strategies
The Fund allocates its assets between two separate investment strategies, or sleeves, equity and high yield. Under normal market conditions, the Fund allocates approximately 80% of its total assets to an equity sleeve comprised primarily of a diversified portfolio of common stocks of U.S. and non-U.S. companies and other equity securities that offer above-average potential for current and/or future dividends. The remaining 20% of the Fund’s total assets is allocated to a sleeve consisting of below investment-grade (high yield) debt securities, loans, and preferred stocks. The Fund also employs an option strategy in an attempt to generate gains on call options written by the Fund.
Equity Sleeve. The Fund’s equity sleeve invests normally 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 Index. Region weights are managed according to Wells Capital Management’s proprietary region classification. We target an overall portfolio dividend yield higher than that of the MSCI ACWI Index. The equity sleeve of the Fund may hold equity securities of companies of any size, including companies with large, medium, and small market capitalizations. The equity sleeve of the Fund may hold equity securities issued by domestic or foreign issuers, including emerging market issuers. The equity sleeve of the Fund will likely include primarily common stocks, although the Fund may also invest in preferred stocks, and securities convertible into or exchangeable for common stock, such as convertible preferred stocks.
Our approach is to lever the best attributes of quantitative tools and fundamental analysis. Our quantitative model casts a wide net to identify buy and sell candidates in our investment universe. Our fundamental overlay gives us the conviction that we need to build a portfolio that both targets high levels of income while still maintaining a broad-based, well-diversified exposure.
We employ a proprietary, quantitative model to evaluate all companies in the investment universe. The model draws from a factor library containing both cross-sectional and sector-specific factors. It seeks to identify companies that provide attractive dividend yields, but also have favorable quality characteristics and growth potential. The model is comprised of three unique factor groupings: valuation, quality and momentum. The valuation factors identify companies that are undervalued relative to their peers; the quality factors identify companies with strong management and profitability; and the momentum factors identify companies that have market support and positive investor sentiment. The factor composition of the model is reviewed and refreshed each quarter through a dynamic process called re-specification. The process enhances the predictive power of the model by considering recent changes in the underlying drives of stock price movement.
As previously mentioned, the investment approach combines the objectivity and repeatability of quantitative modeling with a qualitative review and validation of every stock that is added to the portfolio. The qualitative review helps us build conviction in the positions that we put into the portfolio by considering data that is more difficult to process and consume systematically in a timely fashion. We use additional sources of information such as news sentiment data, research reports, short interest data and a multitude of other resources to uncover nuances within companies that a traditional systematic strategy may not identify. Through this analysis we seek to verify that the financials driving the quantitative model reflect the true prospects of the business, identify non-quantifiable opportunities and the risks in companies, and avoid value traps (which are ever-present risk in dividend strategies).
Material Changes During the Fiscal Year: As of the date of this report, there have been no material changes made to the equity sleeve of the Fund during this fiscal year.
High Yield Sleeve. Under normal market conditions, the Fund allocates approximately 20% of its total assets to an investment strategy that focuses on U.S. dollar-denominated below investment-grade bonds (including convertible bonds), debentures, and other income obligations, including loans and preferred stocks (often called “high yield” securities or “junk bonds”). We may invest in below investment-grade debt securities of any credit quality, however, we may not purchase securities rated CCC or below if 20% of the sleeve’s assets are already held with such a rating. We are not required to sell securities rated CCC or below if the 20% limit is exceeded due to security downgrades.
The sleeve will not invest more than 20% of its total assets in convertible instruments (convertible bonds and preferred stocks). The sleeve may invest up to 10% of its total assets in U.S. dollar–denominated securities of foreign issuers, excluding emerging markets securities.
For purposes of the Fund’s credit quality policies, if a security receives different ratings from nationally recognized securities rating organizations, the Fund will use the rating that the portfolio managers believe is most representative of the security’s

Allspring Global Dividend Opportunity Fund  |  15


Objective, strategies and risks (unaudited)
credit quality. The Fund’s high yield securities may have fixed or variable principal payments and all types of interest rate and dividend payment and reset terms, including fixed rate, adjustable rate, contingent, deferred, payment in kind and auction rate features. The sleeve may invest in securities with a broad range of maturities.
The Fund’s high yield sleeve is managed following a rigorous investment process that emphasizes both quality and value. The research driven approach includes both a top-down review of macroeconomic factors and intensive, bottom-up scrutiny of individual securities. We consider both broad economic and issuer specific factors in selecting securities for the high yield sleeve. In assessing the appropriate maturity and duration for the Fund’s high yield sleeve and the credit quality parameters and weighting objectives for each sector and industry in this portion of the Fund’s portfolio, we consider a variety of factors that are expected to influence the economic environment and the dynamics of the high yield market. These factors include fundamental economic indicators, such as interest rate trends, the rates of economic growth and inflation, the performance of equity markets, commodities prices, Federal Reserve monetary policy and the relative value of the U.S. dollar compared to other currencies. Once we determine the preferable portfolio characteristics, we conduct further evaluation to determine capacity and inventory levels in each targeted industry. We also identify any circumstances that may lead to improved business conditions, thus increasing the attractiveness of a particular industry. We select individual securities based upon the terms of the securities (such as yields compared to U.S. Treasuries or comparable issues), liquidity and rating, sector and issuer diversification. We also employ due diligence and fundamental research to assess an issuer’s credit quality, taking into account financial condition and profitability, future capital needs, potential for change in rating, industry outlook, the competitive environment and management ability.
The analysis of issuers may include, among other things, historic and current financial conditions, current and anticipated cash flow and borrowing requirements, value of assets in relation to historical costs, strength of management, responsiveness to business conditions, credit standing, the company’s leverage versus industry norms and current and anticipated results of operations. While we consider as one factor in our credit analysis the ratings assigned by the rating services, we perform our own independent credit analysis of issuers.
In making decisions for the high yield sleeve, we rely on the knowledge, experience and judgment of our team who have access to a wide variety of research. We apply a strict sell discipline, which is as important as purchase criteria in determining the performance of this portion of this portfolio. We routinely meet to review profitability outlooks and discuss any deteriorating business fundamentals, as well as consider changes in equity valuations and market perceptions before selling securities.
We regularly review the investments of the portfolio and may sell a portfolio holding when it has achieved its valuation target, there is deterioration in the underlying fundamental of the business, or we have identified a more attractive investment opportunity.
Material Changes During the Fiscal Year: As of the date of this report, there have been no material changes made to the high yield sleeve of the Fund during this fiscal year.
Option Strategy. The Fund also employs an option strategy in an attempt to generate gains from the premiums on call options written by it on selected U.S. and non-U.S.-based securities indices, on exchange-traded funds providing returns based on certain indices, countries, or market sectors, and, to a lesser extent, on futures contracts and individual securities. The Fund may write covered call options or secured put options on individual securities and/or indexes. The Fund may also purchase call or put options.
The Fund may write call options with an aggregate net notional amount of up to 50% of the value of the equity sleeve’s total assets. The extent of the Fund’s use of written call options will vary over time based, in part, on our assessment of market conditions, pricing of options, related risks, and other factors. The Fund will limit option writing to an aggregate net notional amount less than the value of the Fund’s equity securities in order to allow the Fund potentially to benefit from capital gains on its equity sleeve. The aggregate net notional amount of the open option positions sold by the Fund will never exceed the market value of the Fund’s equity investments. For these purposes, the Fund treats options on indices as being written on securities having an aggregate value equal to the face or notional amount of the index subject to the option. At any time we may limit, or temporarily suspend, the option strategy.
We will attempt to maintain for the Fund written call option positions on equity indices whose price movements, taken in the aggregate, correlate to some degree with the price movements of some or all of the equity securities held in the Fund’s equity sleeve. The Fund may write index call options that are “European style” options, meaning that the options may be exercised only on the expiration date of the option. The Fund also may write index call options that are “American style” options, meaning that the options may be exercised at any point up to and including the expiration date. The Fund expects to use primarily listed/ exchange-traded options contracts and may also use unlisted (or “over-the-counter”) options.

16  |  Allspring Global Dividend Opportunity Fund


Objective, strategies and risks (unaudited)
We will actively manage the Fund’s options positions using a proprietary quantitative and statistical analysis in an attempt to identify option transactions for the Fund that produce attractive current income for the Fund with appropriate limitations on the potential losses to the Fund from those transactions. We may attempt to preserve for the Fund the potential to realize a portion of any increases in the values of its portfolio securities by writing options that are out-of-the-money (that is, whose strike price is higher than the current market value or level of the underlying index), by limiting the amount of options the Fund writes, and by attempting, through use of quantitative and statistical analysis, to identify options that are likely to provide current income without undue risk of an untimely exercise.
Material Changes During the Fiscal Year: As of the date of this report, there have been no material changes made to the option sleeve of the Fund during this fiscal year.
The Fund’s Overall Portfolio. We monitor the weighting of each investment strategy within the Fund’s portfolio on an ongoing basis and rebalance the Fund’s assets when we determine that such a rebalancing is necessary to align the portfolio in accordance with the investment strategies described above. From time to time, we may make adjustments to the weighting of each investment strategy. Such adjustments would be based on our review and consideration of the expected returns for each investment strategy and would factor in the stock, bond and money markets, interest rate and corporate earnings growth trends, and economic conditions which support changing investment opportunities.
The Fund may enter into transactions including, among others, options, futures and forward contracts, loans of portfolio securities, swap contracts, and other derivatives, as well as when-issued, delayed delivery, or forward commitment transactions, that may in some circumstances give rise to a form of leverage. The Fund may use some or all of these transactions from time to time in the management of its portfolio, for hedging purposes, to adjust portfolio characteristics, or more generally for purposes of attempting to increase the Fund’s investment return. There can be no assurance that the Fund will enter into any such transactions at any particular time or under any specific circumstances. The Fund expects to issue preferred shares or debt securities, or to borrow money, for leveraging purposes. By using leverage, the Fund seeks to obtain a higher return for holders of common shares than if it did not use leverage. Leveraging is a speculative technique, and there are special risks involved. There can be no assurance that any leveraging strategies, if employed by the Fund, will be successful, and such strategies can result in losses to the Fund.
The investment policies of the Fund described above are non-fundamental and may be changed by the Board of Trustees of the Fund so long as shareholders are provided with at least 60 days prior written notice of any change to the extent required by the rules under the 1940 Act.
Other investment techniques and strategies
As part of or in addition to the principal investment strategies discussed above, the Fund may at times invest a portion of its assets in the investment strategies and may use certain investment techniques as described below.
Preferred Shares. The Fund may invest in preferred shares. Preferred shares are equity securities, but they have many characteristics of fixed income securities, such as a fixed dividend payment rate and/or a liquidity preference over the issuer’s common shares. However, because preferred shares are equity securities, they may be more susceptible to risks traditionally associated with equity investments than the Fund’s fixed income securities.
Real Estate Investment Trusts.The Fund may invest a portion of its assets in REITs. REITs primarily invest in income-producing real estate or real estate related loans or interests. REITs are generally classified as equity REITs, mortgage REITs, or a combination of equity and mortgage REITs. Equity REITs invest the majority of their assets directly in real property and derive income primarily from the collection of rents. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Mortgage REITs invest the majority of their assets in real estate mortgages and derive income from the collection of interest payments. The Fund will indirectly bear its proportionate share of any management and other expenses paid by REITs in which it invests in addition to the expenses paid by the Fund. Distributions received by the Fund from REITs may consist of dividends, capital gains, and/or return of capital.
Loans. The high yield sleeve of the Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans in which the sleeve invests primarily consist of direct obligations of a borrower. The high yield sleeve of the Fund may invest in a loan at origination as a co-lender or by acquiring in the secondary market participations in, assignments of or novations of a corporate loan. By purchasing a participation, the high yield sleeve of the Fund acquires some or all of the interest of a bank or other lending institution in a loan to a borrower. The participations typically will result in the Fund having a contractual relationship only with the lender, not the borrower. The Fund will have the right to receive payments of principal, interest and any fees to which it is entitled only from the lender selling the participation and only upon receipt by the lender of the payments from the borrower. Many such loans are secured, although some may be

Allspring Global Dividend Opportunity Fund  |  17


Objective, strategies and risks (unaudited)
unsecured. Loans that are fully secured offer the Fund more protection than an unsecured loan in the event of non-payment of scheduled interest or principal. However, there is no assurance that the liquidation of collateral from a secured loan would satisfy the corporate borrower’s obligation, or that the collateral can be liquidated. Direct debt instruments may involve a risk of loss in case of default or insolvency of the borrower and may offer less legal protection to the Fund in the event of fraud or misrepresentation. In addition, loan participations involve a risk of insolvency of the lending bank or other financial intermediary. The markets in loans are not regulated by federal securities laws or the U.S. Securities and Exchange Commission.
Asset-backed securities: The high-yield sleeve may invest in asset-backed securities but will not invest in mortgage-backed securities. Asset-backed securities represent participations in and are secured by and payable from assets such as installment sales or loan contracts, leases, credit card receivables and other categories of receivables.
Derivatives. The Fund may purchase and sell derivative instruments such as exchange-listed and over-the-counter put and call options on securities, financial futures, equity, fixed-income and interest rate indices, and other financial instruments, purchase and sell financial futures contracts and options thereon, and enter into various interest rate transactions such as swaps, caps, floors or collars. The Fund also may purchase derivative instruments that combine features of these instruments. Collectively, all of the above are referred to as “derivatives.” The Fund generally seeks to use derivatives as a portfolio management or hedging technique to seek to protect against possible adverse changes in the market value of securities held in or to be purchased for the Fund’s portfolio, protect the value of the Fund’s portfolio, facilitate the sale of certain securities for investment purposes, manage the effective interest rate exposure of the Fund, manage the effective maturity or duration of the Fund’s portfolio, or establish positions in the derivatives markets as a temporary substitute for purchasing or selling particular securities.
The Fund may use a variety of other derivative instruments (including both long and short positions) for hedging purposes, to adjust portfolio characteristics, or more generally for purposes of attempting to increase the Fund’s investment return, including, for example, buying and selling call and put options, buying and selling futures contracts and options on futures contracts, and entering into forward contracts and swap agreements with respect to securities, indices, and currencies. There can be no assurance that the Fund will enter into any such transaction at any particular time or under any specific circumstances.
With respect to the high yield sleeve, investments in derivatives are limited to 10% of the sleeve’s total assets in futures and options on securities and indices and in other derivatives. In addition, the sleeve may enter into interest rate swap transactions with respect to the total amount the high yield sleeve is leveraged in order to hedge against adverse changes in interest rates affecting dividends payable on any preferred shares or interest payable on borrowings constituting leverage. In connection with any such swap transaction, the Fund will segregate liquid securities in the amount of its obligations under the transaction.
The high yield sleeve does not use derivatives as a primary investment technique and generally does not anticipate using derivatives for non-hedging purposes. In the event the sleeve uses derivatives for non-hedging purposes, no more than 3% of the sleeve’s total assets will be committed to initial margin for derivatives for such purposes. The sleeve may use derivatives for a variety of purposes, including as a hedge against adverse changes in securities market prices or interest rates and as a substitute for purchasing or selling securities.
Futures Contracts. In addition to the strategies described above, the Fund may purchase or sell futures contracts on foreign securities indices and other assets. The Fund may use futures contracts for hedging purposes, to adjust portfolio characteristics, or more generally for purposes of attempting to increase the Fund’s investment return.
Other Investment Companies. The Fund may invest in shares of other affiliated or unaffiliated open-end investment companies (i.e., mutual funds), closed-end funds, exchange-traded funds (“ETFs”), UCITS funds (pooled investment vehicles established in accordance with the Undertaking for Collective Investment in Transferable Securities adopted by European Union member states) and business development companies. The Fund may invest in securities of other investment companies up to the limits prescribed in Section 12(d) under the 1940 Act, the rules and regulations thereunder and any exemptive relief currently or in the future available to a Fund.
Repurchase Agreements. The Fund may enter into repurchase agreements with broker-dealers, member banks of the Federal Reserve System and other financial institutions. Repurchase agreements are arrangements under which the Fund purchases securities and the seller agrees to repurchase the securities within a specific time and at a specific price. We review and monitor the creditworthiness of any institution which enters into a repurchase agreement with the Fund. The counterparty’s obligations under the repurchase agreement are collateralized with U.S. Treasury and/or agency obligations with a market value of not less than 100% of the obligations, valued daily. Collateral is held by the Fund’s custodian in a segregated, safekeeping account for the benefit of the Fund. Repurchase agreements afford the Fund an opportunity to earn income on temporarily available cash

18  |  Allspring Global Dividend Opportunity Fund


Objective, strategies and risks (unaudited)
at low risk. In the event that the counterparty to a repurchase agreement is unwilling or unable to fulfill its contractual obligations to repurchase the underlying security, the Fund may lose money, suffer delays, or incur costs arising from holding or selling the underlying security.
Reverse Repurchase Agreements.The Fund may enter into reverse repurchase agreements under which the Fund sells portfolio securities and agrees to repurchase them at an agreed-upon future date and price. Use of a reverse repurchase agreement may be preferable to a regular sale and later repurchase of securities, because it avoids certain market risks and transaction costs. At the time the Fund enters into a reverse repurchase agreement, it will segregate cash or other liquid assets having a value equal to or greater than the repurchase price (including accrued interest), and will subsequently monitor the account to ensure that the value of such segregated assets continues to be equal to or greater than the repurchase price. In the event that the buyer of securities under a reverse repurchase agreement files for bankruptcy or becomes insolvent, the Fund’s use of proceeds from the agreement may be restricted pending a determination by the other party, or its trustee or receiver, whether to enforce the Fund’s obligation to repurchase the securities. Reverse repurchase agreements may be viewed as a form of borrowing.
Private Placements. The Fund may invest in private placements and other “restricted” securities. Private placement securities are securities sold in offerings that are exempt from registration under the Securities Act of 1933, as amended (the “1933 Act”). They are generally eligible for sale only to certain eligible investors. Private placements often may offer attractive opportunities for investment not otherwise available on the open market. However, private placement and other restricted securities typically cannot be resold without registration under the 1933 Act or the availability of an exemption from registration (such as Rules 144A), and may not be readily marketable because they are subject to legal or contractual delays in or restrictions on resale. Because there may be relatively few potential qualified purchasers for such securities, especially under adverse market or economic conditions, or in the event of adverse changes in the financial condition of the issuer, the Fund could find it more difficult to sell such securities when it may be advisable to do so or it may be able to sell such securities only at prices lower than if such securities were more widely held and traded. Delay or difficulty in selling such securities may result in a loss to the Fund.
Securities Lending. The Fund may lend its securities from time to time in order to earn additional income in the form of fees or interest on securities received as collateral or the investment of any cash received as collateral. When securities are on loan, the Fund receives interest or dividends on those securities. In a securities lending transaction, the net asset value of the Fund is affected by an increase or decrease in the value of the securities loaned and by an increase or decrease in the value of the instrument in which collateral is invested. The amount of securities lending activity undertaken by the Fund fluctuates from time to time. The Fund has the right under the lending agreement to recover the securities from the borrower on demand. In the event of default or bankruptcy by the borrower, the Fund may be prevented from recovering the loaned securities or gaining access to the collateral or may experience delays or costs in doing so. In such an event, the terms of the agreement allows the unaffiliated securities lending agent to use the collateral to purchase replacement securities on behalf of the Fund or pay the Fund the market value of the loaned securities. The Fund bears the risk of loss with respect to depreciation of its investment of the cash collateral.
Defensive and Temporary Investments. The Fund may hold some of its assets in cash or in money market instruments, including U.S. Government obligations, shares of other mutual funds and repurchase agreements, or make other short-term investments for purposes of maintaining liquidity or for short-term defensive purposes when we believe it is in the best interests of the shareholders to do so. During these periods, the Fund may not achieve its objective.
Portfolio Turnover. It is the policy of the Fund not to engage in trading for short-term profits although portfolio turnover is not considered a limiting factor in the execution of investment decisions for the Fund.
Principal risks
An investment in the Fund may lose money, is not a deposit of a bank, is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other governmental agency, and is primarily subject to the risks briefly summarized below.
Market Risk. The values of, and/or the income generated by, securities held by a Fund 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. Political, geopolitical, natural and other events, including war, terrorism, trade disputes, government shutdowns, market closures, natural and environmental disasters, epidemics, pandemics and other public health crises and related events have led, and in the future may lead, to economic uncertainty, decreased economic activity, increased market volatility and other disruptive effects on U.S. and global economies and markets. Such events may have significant adverse direct or indirect effects on a Fund and its investments. In addition,

Allspring Global Dividend Opportunity Fund  |  19


Objective, strategies and risks (unaudited)
economies and financial markets throughout the world are becoming increasingly interconnected, which increases the likelihood that events or conditions in one country or region will adversely impact markets or issuers in other countries or regions.
Equity Securities Risk. The values of equity securities may experience periods of substantial price volatility and may decline significantly over short time periods. In general, the values of equity securities are more volatile than those of debt securities. Equity securities fluctuate in value and price in response to factors specific to the issuer of the security, such as management performance, financial condition, and market demand for the issuer’s products or services, as well as factors unrelated to the fundamental condition of the issuer, including general market, economic and political conditions. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments.
Foreign Investment Risk. Foreign investments may be subject to lower liquidity, greater price volatility and risks related to adverse political, regulatory, market or economic developments. Foreign companies may be subject to significantly higher levels of taxation than U.S. companies, including potentially confiscatory levels of taxation, thereby reducing the earnings potential of such foreign companies. Foreign investments may involve exposure to changes in foreign currency exchange rates. Such changes may reduce the U.S. dollar value of the investments. Foreign investments may be subject to additional risks such as potentially higher withholding and other taxes, and may also be subject to greater trade settlement, custodial, and other operational risks than domestic investments. Certain foreign markets may also be characterized by less stringent investor protection and disclosure standards.
Debt Securities Risk. Debt securities are subject to credit risk and interest rate risk. Credit risk is the possibility that the issuer or guarantor of a debt security may be unable, or perceived to be unable, to pay interest or repay principal when they become due. In these instances, the value of an investment could decline and the Fund could lose money. Credit risk increases as an issuer’s credit quality or financial strength declines. Interest rate risk is the possibility that interest rates will change over time. When interest rates rise, the value of debt securities tends to fall. The longer the terms of the debt securities held by a Fund, the more the Fund is subject to this risk. If interest rates decline, interest that the Fund is able to earn on its investments in debt securities may also decline, which could cause the Fund to reduce the dividends it pays to shareholders, but the value of those securities may increase. Very low or negative interest rates may magnify interest rate risk.
High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as “junk bonds”) have a much greater risk of default (or in the case of bonds currently in default, of not returning principal) and their values tend to be more volatile than higher-rated securities with similar maturities. Additionally, these securities tend to be less liquid and more difficult to value than higher-rated securities.
Growth/Value Investing Risk.Securities that exhibit growth or value characteristics tend to perform differently and shift into and out of favor with investors depending on changes in market and economic sentiment and conditions. As a result, a Fund’s performance may at times be worse than the performance of other mutual funds that invest more broadly or in securities of a different investment style.
Leverage Risk. The use of leverage through the issuance of preferred shares and/or debt securities, or from borrowing money, may result in certain risks to the Fund as described below. Certain transactions, such as derivatives, also may give rise to a form of economic leverage. Leveraging is a speculative technique, and there are special risks involved, including the risk that downside outcomes for common shareholders are magnified as a result of losses and declines in value of portfolio securities purchased with borrowed money. In addition, the costs of the financial leverage may exceed the income from investments made with such leverage, interest rates or dividends payable on the financial leverage may affect the yield and distributions to the common shareholders, and the net asset value and market value of common shares may be more volatile than if the Fund had not been leveraged. The use of leverage may cause the Fund to have to liquidate portfolio positions when it may not be advantageous to do so. There can be no assurance that any leveraging strategies will be successful.
Because many derivatives have a leverage component (i.e., a notional value in excess of the assets needed to establish and/or maintain the derivative position), adverse changes in the value or level of the underlying asset, rate or index may result in a loss substantially greater than the amount invested in the derivative itself.
Options Risk. A Fund that purchases options, which are a type of derivative, is subject to the risk that gains, if any, realized on the position, will be less than the amount paid as premiums to the writer of the option. A Fund that writes options receives a premium that may be small relative to the loss realized in the event of adverse changes in the value of the underlying instruments. A Fund that writes covered call options gives up the opportunity to profit from any price increase in the underlying security above the option exercise price while the option is in effect. Options may be more volatile than the underlying instruments. In addition, there may at times be an imperfect correlation between the movement in values of options and their underlying securities and there may at times not be a liquid secondary market for certain options.

20  |  Allspring Global Dividend Opportunity Fund


Objective, strategies and risks (unaudited)
Quantitative Model Risk. Funds that are managed according to a quantitative model can perform differently from the market as a whole based on the factors used in the model, the weight placed on each factor and changes from the factors’ historical trends. Due to the significant role technology plays in a quantitative model, use of a quantitative model carries the risk of potential issues with the design, coding, implementation or maintenance of the computer programs, data and/or other technology used in the quantitative model. These issues could negatively impact investment returns.
Anti-takeover Provisions Risk.The Fund’s governing documents include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to change the composition of its Board of Trustees. Such provisions could limit the ability of shareholders to sell their shares at a premium over prevailing market prices by discouraging a third party from seeking to obtain control of the Fund. These provisions include staggered terms of office for the Trustees, advance notice requirements for shareholder proposals, and super majority voting requirements for open-ending the Fund or a merger, liquidation, asset sale or similar transactions.
Closed-end Fund Risk. Closed-end funds involve investment risks different from those associated with other investment companies. Shares of closed-end funds frequently trade at either a premium or discount relative to their net asset value (“NAV”). There can be no assurance that the discount will decrease. It is possible that a market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities held by the Fund, thereby adversely affecting the NAV of the Fund’s shares. Similarly, there can be no assurance that the Fund’s shares will trade at a premium, will continue to trade at a premium or that the premium will not decrease over time.
Convertible Securities Risk. A convertible security has characteristics of both equity and debt securities and, as a result, is exposed to risks that are typically associated with both types of securities. The market value of a convertible security tends to decline as interest rates increase but also tends to reflect changes in the market price of the common stock of the issuing company. A convertible security is also exposed to the risk that an issuer is unable to meet its obligation to make dividend or interest and principal payments when due as a result of changing financial or market conditions. In the event of a liquidation of the issuer, holders of a convertible security would generally be paid only after holders of any senior debt obligations. The Fund may be forced to convert a convertible security before it would otherwise choose to do so, which may decrease the Fund’s return.
Derivatives Risk. The use of derivatives, such as futures, options and swap agreements, presents risks different from, and possibly greater than, the risks associated with investing directly in traditional securities. The use of derivatives can lead to losses because of adverse movements in the price or value of the derivatives’ underlying assets, indexes or rates and the derivatives themselves, which may be magnified by certain features of the derivatives. These risks are heightened when derivatives are used to enhance a Fund’s return or as a substitute for a position or security, rather than solely to hedge (or mitigate) the risk of a position or security held by the Fund. The success of a derivative strategy will be affected by the portfolio manager’s ability to assess and predict market or economic developments and their impact on the derivatives’ underlying assets, indexes or rates and the derivatives themselves. Certain derivative instruments may become illiquid and, as a result, may be difficult to sell when the portfolio manager believes it would be appropriate to do so. Certain derivatives create leverage, which can magnify the impact of a decline in the value of their underlying assets, indexes or rates and increase the volatility of the Fund’s net asset value. Certain derivatives (e.g., over-the-counter swaps) are also subject to the risk that the counterparty to the derivative contract will be unwilling or unable to fulfill its contractual obligations, which may cause a Fund to lose money, suffer delays or incur costs arising from holding or selling an underlying asset. Changes in laws or regulations may make the use of derivatives more costly, may limit the availability of derivatives, or may otherwise adversely affect the use, value or performance of derivatives.
Emerging Markets Risk.Emerging market securities typically present even greater exposure to the risks described under “Foreign Investment Risk” and may be particularly sensitive to global economic conditions. For example, emerging market countries are typically more dependent on exports and are therefore more vulnerable to recessions in other countries. Emerging markets tend to have less developed legal and financial systems and a smaller market capitalization than markets in developed countries. Some emerging markets are subject to greater political instability. Additionally, emerging markets may have more volatile currencies and be more sensitive than developed markets to a variety of economic factors, including inflation. Emerging market securities are also typically less liquid than securities of developed countries and could be difficult to sell, particularly during a market downturn.
Foreign Currency Risk. The Fund may invest in non-dollar-denominated investments. The Fund may be limited in its ability to hedge the value of its non-dollar denominated investments against currency fluctuations. As a result, a decline in the value of currencies in which the Fund’s investments are denominated against the dollar will result in a corresponding decline in the dollar value of the Fund’s assets. These declines will in turn affect the Fund’s income and net asset value.

Allspring Global Dividend Opportunity Fund  |  21


Objective, strategies and risks (unaudited)
Fund Distributions Risk. The distributions shareholders receive from the Fund are based primarily on the dividends it earns from its investments in equity securities as well as the gains the Fund receives from writing options and using other derivative instruments, selling portfolio securities, and on the interest payments on debt securities held by the Fund, each of which can vary widely over the short and long term. The dividend and interest income from the Fund’s investments in equity and debt securities will be influenced by both general economic activity and issuer specific factors. In the event of a recession or adverse events affecting a specific industry or issuer, an issuer of equity securities held by the Fund may reduce the dividends paid on such securities. A decline in prevailing market interest rates would likely result in a decrease in shareholders’ income from the Fund. In addition, because of the variable tax treatment of the Fund’s positions in options (mark-to-market treatment for gains or losses from options that qualify as “section 1256 contracts” and short-term capital gain or loss treatment generally for other options), and because of limits on the number of long-term capital gains distributions that the Fund may make in a year, distributions from the Fund may also be variable. There can be no assurance as to any level of short-term or long-term capital gains distributions or as to any ratio of quarterly distributions to capital gain distributions. Moreover, because it will not be possible to determine the nature or character of the Fund’s distributions until the end of its taxable year, it is possible that a portion of the Fund’s distributions may constitute returns of capital that are not currently includible in income, but that reduce a shareholder’s tax basis in his or her shares. Further, certain of the Fund’s call writing activities and investments in futures contracts and foreign currency contracts may affect the character, timing, and recognition of income and could cause the Fund to liquidate other investments and distribute more in gains in order to satisfy its distribution requirements.
Futures Contracts Risk. A Fund that uses futures contracts, which are a type of derivative, is subject to the risk of loss caused by unanticipated market movements. In addition, there may at times be an imperfect correlation between the movement in the prices of futures contracts and the value of their underlying instruments or indexes, and there may at times not be a liquid secondary market for certain futures contracts.
Inflation/Deflation Risk.Inflation risk is the risk that the value of assets or income from the Fund’s investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real, or inflation-adjusted, value of the common shares and distributions can decline and the dividend payments on the Fund’s preferred shares, if any, or interest payments on Fund borrowings, if any, may increase. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.
Investment Risk. An investment in the Fund is subject to investment risk, including the possible loss of the entire principal amount that you invest. Your investment in the Fund represents an indirect investment in the securities owned by the Fund. The value of these securities may increase or decrease, at times rapidly and unexpectedly. Your investment in the Fund may at any point in the future be worth less than your original investment even after taking into account the reinvestment of dividends and distributions.
Issuer Risk. The value of corporate income-producing securities may decline for a number of reasons which directly relate to the issuer, such as management performance, financial leverage and reduced demand for the issuer’s goods and services.
Loan Risk. Loans may be unrated, less liquid and more difficult to value than traditional debt securities. Loans may be made to finance highly leveraged corporate operations or acquisitions. The highly leveraged capital structure of the borrowers in such transactions may make such loans especially vulnerable to adverse changes in financial, economic or market conditions. Loans generally are subject to restrictions on transfer, and only limited opportunities may exist to sell such loans in secondary markets. As a result, the Fund may be unable to sell loans at a desired time or price. If the Fund acquires only an assignment or a participation in a loan made by a third party, the Fund may not be able to control amendments, waivers or the exercise of any remedies that a lender would have under a direct loan and may assume liability as a lender.
Management Risk. Investment decisions, techniques, analyses or models implemented by a Fund’s manager or sub-advisor in seeking to achieve the Fund’s investment objective may not produce the returns expected, may cause the Fund’s shares to lose value or may cause the Fund to underperform other funds with similar investment objectives.
Market Price of Shares Risk.Whether investors will realize a gain or loss upon the sale of the Fund’s common shares will depend upon whether the market value of the shares at the time of sale is above or below the price the investor paid, taking into account transaction costs, for the shares and is not directly dependent upon the Fund’s net asset value. Because the market value of the Fund’s shares will be determined by factors such as the relative demand for and supply of the shares in the market, general market conditions and other factors beyond the control of the Fund, the Fund cannot predict whether its common shares will trade at, below or above net asset value, or below or above the initial offering price for the shares.
Preferred Stock Risk. The Fund may purchase preferred stock. Preferred stock, unlike common stock, has a stated dividend rate payable from the corporation’s earnings. Preferred stock dividends may be cumulative or non-cumulative, participating, or

22  |  Allspring Global Dividend Opportunity Fund


Objective, strategies and risks (unaudited)
auction rate. “Cumulative” dividend provisions require all or a portion of prior unpaid dividends to be paid. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, which can be a negative feature when interest rates decline. The rights of preferred stock on distribution of a corporation’s assets in the event of a liquidation are generally subordinate to the rights associated with a corporation’s debt securities.
REIT Risk. REITs involve certain unique risks in addition to those of investing in the real estate industry in general. REITs are subject to interest rate risk (especially mortgage REITs) and the risk of non-payment or default by lessees or borrowers. An equity REIT may be affected by changes in the value of the underlying properties owned by the REIT. A mortgage REIT may be affected by the ability of the issuers of its portfolio mortgages to repay their obligations. REITs whose underlying assets are concentrated in properties used by a particular industry are also subject to risks associated with such industry. REITs may have limited financial resources, may trade less frequently and in a more limited volume, and may be subject to more abrupt or erratic price movements than other types of securities. Mortgage REITs are also subject to prepayment risk—the risk that borrowers may pay off their mortgages sooner than expected, particularly when interest rates decline. This can reduce a REIT’s returns to the Fund or the value of the Fund’s investment in the REIT because the REIT may have to reinvest that money at lower prevailing interest rates. Dividends paid by REITs will generally not qualify for the reduced federal income tax rates applicable to qualified dividends under the Code.
Smaller Company Securities Risk. Securities of companies with smaller market capitalizations tend to be more volatile and less liquid than those of larger companies. Smaller companies may have no or relatively short operating histories, limited financial resources or may have recently become public companies. Some of these companies have aggressive capital structures, including high debt levels, or are involved in rapidly growing or changing industries and/or new technologies.

Allspring Global Dividend Opportunity Fund  |  23


Portfolio of investments—October 31, 2021

          Shares Value
Common stocks: 93.68%            
Australia: 1.10%            
Fortescue Metals Group Limited (Materials, Metals & mining)           273,359 $  2,864,487
Canada: 1.85%            
Power Corporation of Canada (Financials, Insurance)            86,831   2,892,028
Russell Metals Incorporated (Industrials, Trading companies & distributors)            73,554   1,939,291
              4,831,319
China: 2.58%            
Lenovo Group Limited (Information technology, Technology hardware, storage & peripherals)         2,240,000   2,435,628
Logan Property Holdings Company Limited (Real estate, Real estate management & development)         2,038,241   2,045,969
Topsports International Holdings Limited (Consumer discretionary, Specialty retail) 144A         1,850,000   2,249,341
              6,730,938
Denmark: 1.27%            
Novo Nordisk AS Class B (Health care, Pharmaceuticals)            30,286   3,314,752
Finland: 0.76%            
Kesko Oyj Class B (Consumer staples, Food & staples retailing)            61,172   1,986,379
France: 5.84%            
Amundi SA (Financials, Capital markets) 144A            27,227   2,425,103
BNP Paribas SA (Financials, Banks)            35,349   2,365,993
L'Oréal SA (Consumer staples, Personal products)            11,895   5,430,807
Schneider Electric SE (Industrials, Electrical equipment)            13,167   2,266,414
Total SA (Energy, Oil, gas & consumable fuels)            54,532   2,734,001
             15,222,318
Germany: 2.17%            
Bayerische Motoren Werke AG (Consumer discretionary, Automobiles)         31,848 3,211,853
Siemens AG (Industrials, Industrial conglomerates)         15,099 2,448,509
            5,660,362
Japan: 4.70%            
Mitsubishi UFJ Financial Group Incorporated (Financials, Banks)         699,400 3,819,930
ORIX Corporation (Financials, Diversified financial services)         215,525 4,264,171
SoftBank Corporation (Communication services, Wireless telecommunication services)         304,500 4,153,062
            12,237,163
Netherlands: 3.16%            
Adyen NV (Information technology, IT services) 144A         1,035 3,123,358
ING Groep NV (Financials, Banks)         194,802 2,954,507
LyondellBasell Industries NV Class A (Materials, Chemicals)         23,307 2,163,356
            8,241,221
The accompanying notes are an integral part of these financial statements.

24  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

          Shares Value
South Africa: 1.15%            
Vodacom Group Limited (Communication services, Wireless telecommunication services)           336,231 $  2,984,367
South Korea: 3.95%            
KB Financial Group Incorporated (Financials, Banks)            63,686   3,084,701
Samsung Electronics Company Limited GDR (Information technology, Technology hardware, storage & peripherals) 144A             2,487   3,713,091
SK Telecom Company Limited (Communication services, Wireless telecommunication services)             13,181   3,491,095
             10,288,887
Sweden: 0.91%            
Evolution Gaming Group (Consumer discretionary, Hotels, restaurants & leisure) 144A            14,725   2,381,925
Switzerland: 2.39%            
Logitech International SA (Information technology, Technology hardware, storage & peripherals)            31,620   2,632,237
UBS Group AG (Financials, Capital markets)           198,127   3,601,817
              6,234,054
Taiwan: 1.07%            
Taiwan Semiconductor Manufacturing Company Limited ADR (Information technology, Semiconductors & semiconductor equipment)            24,463   2,781,443
United Kingdom: 6.94%            
Ferguson plc (Industrials, Trading companies & distributors)            21,399   3,219,954
GlaxoSmithKline plc (Health care, Pharmaceuticals)           149,958   3,096,026
Royal Dutch Shell plc Class A (Energy, Oil, gas & consumable fuels)           112,501   2,588,123
SSE plc (Utilities, Electric utilities)           119,033   2,677,306
Tesco plc (Consumer staples, Food & staples retailing)           811,614   2,997,874
Vodafone Group plc (Communication services, Wireless telecommunication services)         2,366,654   3,499,292
             18,078,575
United States: 53.84%            
AbbVie Incorporated (Health care, Biotechnology) #         44,387 5,089,835
AGNC Investment Corporation (Financials, Mortgage REITs) #         149,996 2,387,936
Alphabet Incorporated Class A (Communication services, Interactive media & services) #         1,780 5,270,438
Amazon.com Incorporated (Consumer discretionary, Internet & direct marketing retail) #         1,258 4,242,517
Apple Incorporated (Information technology, Technology hardware, storage & peripherals) #         50,116 7,507,377
Ares Capital Corporation (Financials, Capital markets) #         167,218 3,585,154
BlackRock Incorporated (Financials, Capital markets) #         3,752 3,539,862
Blackstone Mortgage Trust Incorporated Class A (Financials, Mortgage REITs)         2,664 87,646
Bristol-Myers Squibb Company (Health care, Pharmaceuticals) #         73,642 4,300,693
Bristow Group Incorporated (Energy, Energy equipment & services)          6,767 234,138
Citigroup Incorporated (Financials, Banks) #         47,842 3,308,753
The accompanying notes are an integral part of these financial statements.

Allspring Global Dividend Opportunity Fund  |  25


Portfolio of investments—October 31, 2021

          Shares Value
United States:  (continued)            
ConocoPhillips (Energy, Oil, gas & consumable fuels) #            50,835 $   3,786,699
Costco Wholesale Corporation (Consumer staples, Food & staples retailing) #            11,678   5,740,204
Crane Company (Industrials, Machinery) #            27,075   2,796,306
Cummins Incorporated (Industrials, Machinery) #            12,969   3,110,485
CVS Health Corporation (Health care, Health care providers & services) #            44,655   3,986,798
Danaher Corporation (Health care, Life sciences tools & services) #            14,000   4,364,780
Denbury Incorporated (Energy, Oil, gas & consumable fuels)              1,922     162,717
Devon Energy Corporation (Energy, Oil, gas & consumable fuels) #            41,388   1,658,831
Easterly Government Properties Incorporated (Real estate, Equity REITs) #           180,686   3,799,827
Emerson Electric Company (Industrials, Electrical equipment) #            50,307   4,880,282
Ford Motor Company (Consumer discretionary, Automobiles)            163,340   2,789,847
HCA Healthcare Incorporated (Health care, Health care providers & services)            14,941   3,742,123
Hillenbrand Incorporated (Industrials, Machinery)            79,402   3,609,615
HP Incorporated (Information technology, Technology hardware, storage & peripherals)            63,078   1,913,156
JPMorgan Chase & Company (Financials, Banks)            25,205   4,282,077
Keysight Technologies Incorporated (Information technology, Electronic equipment, instruments & components)             21,870   3,937,037
Kinder Morgan Incorporated (Energy, Oil, gas & consumable fuels)           144,288   2,416,824
KLA Corporation (Information technology, Semiconductors & semiconductor equipment)             7,574   2,823,284
Ladder Capital Corporation (Financials, Mortgage REITs)             7,384      88,608
Microsoft Corporation (Information technology, Software)            31,771  10,535,899
NVIDIA Corporation (Information technology, Semiconductors & semiconductor equipment)            11,319   2,893,929
Redwood Trust Incorporated (Financials, Mortgage REITs)           157,255   2,132,378
Starwood Property Trust Incorporated (Financials, Mortgage REITs)             3,300      84,051
Target Corporation (Consumer discretionary, Multiline retail)         21,875 5,679,188
Tesla Motors Incorporated (Consumer discretionary, Automobiles)          2,606 2,903,084
Texas Instruments Incorporated (Information technology, Semiconductors & semiconductor equipment)         14,164 2,655,467
UnitedHealth Group Incorporated (Health care, Health care providers & services)         12,143 5,591,487
Walmart Incorporated (Consumer staples, Food & staples retailing)         37,272 5,569,182
Whiting Petroleum Corporation (Energy, Oil, gas & consumable fuels)          905 58,943
Williams-Sonoma Incorporated (Consumer discretionary, Specialty retail)         15,023 2,790,222
            140,337,679
Total Common stocks (Cost $194,220,629)           244,175,869
    
The accompanying notes are an integral part of these financial statements.

26  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
Corporate bonds and notes: 17.49%            
Canada: 0.02%            
Bausch Health Companies Incorporated (Health care, Pharmaceuticals) 144A   8.50% 1-31-2027 $    50,000 $     53,063
Liberia: 0.03%            
Royal Caribbean Cruises Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   5.50 8-31-2026      80,000      81,500
Panama: 0.05%            
Carnival Corporation (Consumer discretionary, Hotels, restaurants & leisure) 144A%%   6.00 5-1-2029     145,000     144,909
United States: 17.39%            
AdaptHealth LLC (Health care, Health care providers & services) 144A   4.63 8-1-2029      55,000      54,381
Aethon United (Energy, Oil, gas & consumable fuels) 144A   8.25 2-15-2026     265,000     284,666
Air Methods Corporation (Health care, Health care providers & services) 144A   8.00 5-15-2025     250,000     191,250
Allison Transmission Incorporated (Consumer discretionary, Auto components) 144A   5.88 6-1-2029     200,000     215,250
American Airlines Group Incorporated (Industrials, Airlines) 144A   5.50 4-20-2026     275,000     288,475
American Airlines Group Incorporated (Industrials, Airlines) 144A   5.75 4-20-2029     405,000     435,881
Amwins Group Incorporated (Financials, Insurance) 144A   4.88 6-30-2029     250,000     249,220
Antero Resources Corporation (Energy, Oil, gas & consumable fuels)   5.00 3-1-2025     200,000     204,000
Antero Resources Corporation (Energy, Oil, gas & consumable fuels) 144A   8.38 7-15-2026      26,000      29,250
Arches Buyer Incorporated (Materials, Metals & mining) 144A   4.25 6-1-2028     175,000     176,411
Arches Buyer Incorporated (Materials, Metals & mining) 144A   6.13 12-1-2028      80,000      80,900
Archrock Partners LP (Energy, Oil, gas & consumable fuels) 144A   6.25 4-1-2028     125,000     129,375
Archrock Partners LP (Energy, Oil, gas & consumable fuels) 144A   6.88 4-1-2027     100,000     104,250
Asbury Automotive Group Incorporated (Consumer discretionary, Specialty retail)   4.75 3-1-2030      83,000      84,660
Asbury Automotive Group Incorporated (Consumer discretionary, Specialty retail)   4.50 3-1-2028      96,000      97,680
Avantor Funding Incorporated (Health care, Health care equipment & supplies) 144A   3.88 11-1-2029      95,000      94,970
Berry Global Incorporated (Materials, Containers & packaging) 144A   5.63 7-15-2027   25,000 26,184
Blackstone Mortgage Trust Incorporated (Financials, Mortgage REITs) 144A   3.75 1-15-2027   70,000 69,640
Block Communications Incorporated (Communication services, Media) 144A   4.88 3-1-2028   25,000 25,500
Bristow Group Incorporated (Energy, Energy equipment & services) ♦†   6.25 10-15-2022   700,000 0
Bristow Group Incorporated (Energy, Energy equipment & services) 144A   6.88 3-1-2028   500,000 518,750
Broadstreet Partners Incorporated (Financials, Insurance) 144A   5.88 4-15-2029   295,000 289,838
Buckeye Partners LP (Energy, Oil, gas & consumable fuels)   5.85 11-15-2043   200,000 197,180
The accompanying notes are an integral part of these financial statements.

Allspring Global Dividend Opportunity Fund  |  27


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
Cablevision Lightpath LLC (Communication services, Diversified telecommunication services) 144A   5.63% 9-15-2028 $   130,000 $    128,500
Cablevision Lightpath LLC (Communication services, Diversified telecommunication services) 144A   3.88 9-15-2027      40,000      38,948
Carnival Corporation (Consumer discretionary, Hotels, restaurants & leisure) 144A   10.50 2-1-2026      70,000      81,340
Carnival Corporation (Consumer discretionary, Hotels, restaurants & leisure) 144A   4.00 8-1-2028     170,000     170,000
Carnival Corporation (Consumer discretionary, Hotels, restaurants & leisure) 144A   7.63 3-1-2026     209,000     220,200
Carnival Corporation (Consumer discretionary, Hotels, restaurants & leisure) 144A   9.88 8-1-2027     100,000     115,125
CCM Merger Incorporated (Consumer discretionary, Hotels, restaurants & leisure) 144A   6.38 5-1-2026     275,000     288,063
CCO Holdings LLC (Communication services, Media) 144A   4.25 2-1-2031     500,000     497,750
CCO Holdings LLC (Communication services, Media) 144A   4.50 8-15-2030     125,000     127,235
CCO Holdings LLC (Communication services, Media) 144A   4.50 5-1-2032      75,000      75,355
CCO Holdings LLC (Communication services, Media) 144A   5.00 2-1-2028      25,000      26,000
Change Healthcare Holdings Incorporated (Health care, Health care technology) 144A   5.75 3-1-2025     550,000     554,125
Chemours Company (Materials, Chemicals) 144A   4.63 11-15-2029     220,000     211,750
Cheniere Energy Partners LP (Energy, Oil, gas & consumable fuels) 144A   3.25 1-31-2032     150,000     148,680
Cheniere Energy Partners LP (Energy, Oil, gas & consumable fuels)   4.50 10-1-2029      75,000      80,076
Cheniere Energy Partners LP (Energy, Oil, gas & consumable fuels) 144A   5.50 6-15-2031     275,000     286,000
CHS Incorporated (Consumer staples, Food products) 144A   6.00 1-15-2029      10,000      10,525
CHS Incorporated (Consumer staples, Food products) 144A   6.63 2-15-2025     165,000     171,600
CHS Incorporated (Consumer staples, Food products) 144A   6.88 4-15-2029     300,000     308,625
Cinemark USA Incorporated (Communication services, Media) 144A   5.25 7-15-2028     275,000     268,297
Cinemark USA Incorporated (Communication services, Media) 144A   5.88 3-15-2026      75,000      75,188
Cinemark USA Incorporated (Communication services, Media) 144A   8.75 5-1-2025      90,000      96,300
Clarios Global LP (Consumer discretionary, Auto components) 144A   6.25 5-15-2026      22,000      23,018
Clarios Global LP (Consumer discretionary, Auto components) 144A   6.75 5-15-2025   22,000 23,180
Clarios Global LP (Consumer discretionary, Auto components) 144A   8.50 5-15-2027   300,000 318,681
Clear Channel Outdoor Holdings (Communication services, Media) 144A   5.13 8-15-2027   75,000 76,931
Clear Channel Outdoor Holdings (Communication services, Media) 144A   7.75 4-15-2028   130,000 134,609
Clearwater Paper Corporation (Materials, Paper & forest products) 144A   5.38 2-1-2025   50,000 53,875
Clearwater Paper Corporation (Materials, Paper & forest products) 144A   4.75 8-15-2028   20,000 20,275
Cleveland-Cliffs Incorporated (Materials, Metals & mining) 144A   4.88 3-1-2031   50,000 52,063
Cleveland-Cliffs Incorporated (Materials, Metals & mining)   5.88 6-1-2027   110,000 114,400
Cleveland-Cliffs Incorporated (Materials, Metals & mining) 144A   9.88 10-17-2025   76,000 87,020
The accompanying notes are an integral part of these financial statements.

28  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
Coinbase Global Incorporated (Financials, Capital markets) 144A   3.63% 10-1-2031 $   150,000 $    142,875
CommScope Incorporated (Information technology, Communications equipment) 144A   8.25 3-1-2027     265,000     270,019
CommScope Technologies LLC (Information technology, Communications equipment) 144A   5.00 3-15-2027     200,000     185,568
Compression Partners LP (Communication services, Media)   6.88 9-1-2027      55,000      57,131
Consolidated Communications Holdings Incorporated (Communication services, Wireless telecommunication services) 144A   6.50 10-1-2028     130,000     138,436
Cooper Tire & Rubber Company (Consumer discretionary, Auto components)   7.63 3-15-2027     475,000     556,353
CoreCivic Incorporated (Industrials, Commercial services & supplies)   8.25 4-15-2026     200,000     204,410
Crown Cork & Seal Company Incorporated (Materials, Containers & packaging)   7.38 12-15-2026     150,000     184,500
CSC Holdings LLC (Communication services, Media) 144A   4.13 12-1-2030     190,000     181,925
CSC Holdings LLC (Communication services, Media) 144A   4.63 12-1-2030     450,000     412,313
CSC Holdings LLC (Communication services, Media) 144A   5.75 1-15-2030     275,000     271,343
CSC Holdings LLC (Communication services, Media) 144A   7.50 4-1-2028     200,000     212,750
Davita Incorporated (Health care, Health care providers & services) 144A   4.63 6-1-2030     150,000     150,744
DCP Midstream Operating Company (Energy, Oil, gas & consumable fuels)   5.13 5-15-2029     375,000     424,695
Delta Air Lines Incorporated (Industrials, Airlines)   3.75 10-28-2029     145,000     147,346
Delta Air Lines Incorporated (Industrials, Airlines) 144A   4.75 10-20-2028     175,000     194,325
Diamond Sports Group LLC (Communication services, Media) 144A   5.38 8-15-2026     100,000      56,500
Diamond Sports Group LLC (Communication services, Media) 144A   6.63 8-15-2027      60,000      17,893
DIRECTV Holdings LLC (Communication services, Media) 144A   5.88 8-15-2027      20,000      20,733
DT Midstream Incorporated (Energy, Oil, gas & consumable fuels) 144A   4.13 6-15-2029      75,000      75,536
DT Midstream Incorporated (Energy, Oil, gas & consumable fuels) 144A   4.38 6-15-2031      75,000      75,987
Encino Acquisition Partners Company (Energy, Oil, gas & consumable fuels) 144A   8.50 5-1-2028     420,000     438,900
Encompass Health Corporation (Health care, Health care providers & services)   4.50 2-1-2028      75,000      76,357
Encompass Health Corporation (Health care, Health care providers & services)   4.75 2-1-2030   100,000 102,500
Encompass Health Corporation (Health care, Health care providers & services)   4.63 4-1-2031   40,000 40,700
EnLink Midstream Partners LP (Energy, Oil, gas & consumable fuels)   5.05 4-1-2045   275,000 261,938
EnLink Midstream Partners LP (Energy, Oil, gas & consumable fuels)   5.38 6-1-2029   350,000 362,250
EnLink Midstream Partners LP (Energy, Oil, gas & consumable fuels)   5.60 4-1-2044   200,000 196,180
EnLink Midstream Partners LP (Energy, Oil, gas & consumable fuels) 144A   5.63 1-15-2028   40,000 42,413
Enviva Partners LP (Energy, Oil, gas & consumable fuels) 144A   6.50 1-15-2026   500,000 517,130
Fair Isaac Corporation (Information technology, Software) 144A   5.25 5-15-2026   250,000 278,750
The accompanying notes are an integral part of these financial statements.

Allspring Global Dividend Opportunity Fund  |  29


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
FirstCash Incorporated (Financials, Consumer finance) 144A   4.63% 9-1-2028 $    95,000 $     97,969
Flex Acquisition Company Incorporated (Materials, Containers & packaging) 144A   6.88 1-15-2025     125,000     126,250
Flex Acquisition Company Incorporated (Materials, Containers & packaging) 144A   7.88 7-15-2026     195,000     203,568
Flexential Intermediate Corporation (Information technology, IT services) 144A   11.25 8-1-2024     175,000     185,500
Ford Motor Company (Consumer discretionary, Automobiles)   9.00 4-22-2025      25,000      30,063
Ford Motor Company (Consumer discretionary, Automobiles)   9.63 4-22-2030      25,000      36,016
Ford Motor Credit Company LLC (Financials, Consumer finance)   4.39 1-8-2026     325,000     347,750
Ford Motor Credit Company LLC (Financials, Consumer finance)   5.11 5-3-2029     475,000     527,844
Ford Motor Credit Company LLC (Financials, Consumer finance)   5.13 6-16-2025      75,000      81,375
Fortress Transportation & Infrastructure Investors LLC (Industrials, Trading companies & distributors) 144A   5.50 5-1-2028     405,000     406,013
Fortress Transportation & Infrastructure Investors LLC (Industrials, Trading companies & distributors) 144A   6.50 10-1-2025     290,000     298,425
Fortress Transportation & Infrastructure Investors LLC (Industrials, Trading companies & distributors) 144A   9.75 8-1-2027      34,000      38,293
Frontier Communications Corporation (Communication services, Diversified telecommunication services) 144A   5.88 10-15-2027      40,000      41,900
Frontier Communications Corporation (Communication services, Diversified telecommunication services) 144A   6.00 1-15-2030      20,000      20,095
Genworth Mortgage Holding Incorporated (Financials, Insurance) 144A   6.50 8-15-2025     345,000     377,775
Gray Escrow II Incorporated (Communication services, Media) 144A%%   5.38 11-15-2031     215,000     217,150
Gray Television Incorporated (Communication services, Media) 144A   4.75 10-15-2030     375,000     369,893
Great Lakes Dredge & Dock Company (Industrials, Construction & engineering) 144A   5.25 6-1-2029     340,000     345,872
Group 1 Automotive Incorporated (Consumer discretionary, Specialty retail) 144A   4.00 8-15-2028     150,000     150,030
Harvest Midstream LP (Energy, Oil, gas & consumable fuels) 144A   7.50 9-1-2028     150,000     157,500
Hat Holdings LLC (Financials, Diversified financial services) 144A   3.38 6-15-2026     140,000     138,775
Hawaiian Airlines Incorporated (Industrials, Airlines)   3.90 7-15-2027     180,033     178,923
Hawaiian Brand Intellectual Property Limited (Industrials, Airlines) 144A   5.75 1-20-2026     385,000     404,250
Hess Midstream Operation Company (Energy, Oil, gas & consumable fuels) 144A   4.25 2-15-2030   125,000 125,000
Hilcorp Energy Company (Energy, Energy equipment & services) 144A   5.75 2-1-2029   60,000 60,900
Hilcorp Energy Company (Energy, Energy equipment & services) 144A   6.00 2-1-2031   60,000 61,582
Hilcorp Energy Company (Energy, Energy equipment & services) 144A   6.25 11-1-2028   50,000 51,315
HUB International Limited (Financials, Insurance) 144A   7.00 5-1-2026   125,000 128,906
IAA Spinco Incorporated (Industrials, Commercial services & supplies) 144A   5.50 6-15-2027   500,000 519,375
The accompanying notes are an integral part of these financial statements.

30  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
IQVIA Incorporated (Information technology, Software) 144A   5.00% 5-15-2027 $   125,000 $    129,571
Jefferies Finance LLC (Financials, Diversified financial services) 144A   5.00 8-15-2028     170,000     172,305
Kaiser Aluminum Corporation (Materials, Metals & mining) 144A   4.63 3-1-2028      75,000      75,915
Ladder Capital Finance Holdings LP (Financials, Thrifts & mortgage finance) 144A   4.25 2-1-2027     100,000     100,499
Ladder Capital Finance Holdings LP (Financials, Thrifts & mortgage finance) 144A   4.75 6-15-2029     230,000     231,725
Ladder Capital Finance Holdings LP (Financials, Thrifts & mortgage finance) 144A   5.25 10-1-2025     330,000     332,475
Level 3 Financing Incorporated (Communication services, Diversified telecommunication services) 144A   3.63 1-15-2029      75,000      70,966
Level 3 Financing Incorporated (Communication services, Diversified telecommunication services) 144A   4.25 7-1-2028     100,000      98,864
LFS Topco LLC (Financials, Consumer finance) 144A   5.88 10-15-2026     100,000     102,875
Lithia Motors Incorporated (Consumer discretionary, Specialty retail) 144A   3.88 6-1-2029      90,000      93,263
Lithia Motors Incorporated (Consumer discretionary, Specialty retail) 144A   4.63 12-15-2027      50,000      52,862
Live Nation Entertainment Incorporated (Communication services, Entertainment) 144A   3.75 1-15-2028      50,000      49,500
Live Nation Entertainment Incorporated (Communication services, Entertainment) 144A   5.63 3-15-2026      55,000      56,856
Live Nation Entertainment Incorporated (Communication services, Entertainment) 144A   6.50 5-15-2027     205,000     224,475
LPL Holdings Incorporated (Financials, Diversified financial services) 144A   4.38 5-15-2031     245,000     250,819
LPL Holdings Incorporated (Financials, Diversified financial services)   4.63 11-15-2027      50,000      51,500
Magellan Health Incorporated (Health care, Health care providers & services)   4.90 9-22-2024      75,000      82,108
Meritor Incorporated (Industrials, Machinery) 144A   4.50 12-15-2028     135,000     134,325
Mileage Plus Holdings LLC (Industrials, Airlines) 144A   6.50 6-20-2027     265,000     288,415
Mozart Debt Merger Sub Incorporated (Health care, Health care equipment & supplies) 144A   5.25 10-1-2029     225,000     228,375
MPH Acquisition Holdings LLC (Information technology, Software) 144A   5.50 9-1-2028     145,000     143,990
MPH Acquisition Holdings LLC (Information technology, Software) 144A   5.75 11-1-2028     435,000     396,761
Murphy Oil Corporation (Energy, Oil, gas & consumable fuels)   5.75 8-15-2025      30,000      30,750
Murphy Oil Corporation (Energy, Oil, gas & consumable fuels)   5.88 12-1-2027   50,000 52,063
Murphy Oil Corporation (Energy, Oil, gas & consumable fuels)   6.38 7-15-2028   195,000 205,979
Navient Corporation (Financials, Consumer finance)   5.00 3-15-2027   220,000 224,341
Navient Corporation (Financials, Consumer finance)   5.63 8-1-2033   125,000 118,586
NCL Corporation Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   5.88 3-15-2026   135,000 135,338
NCL Corporation Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   12.25 5-15-2024   500,000 589,815
NCR Corporation (Information technology, Software) 144A   5.13 4-15-2029   45,000 46,016
NCR Corporation (Information technology, Software) 144A   6.13 9-1-2029   175,000 188,018
The accompanying notes are an integral part of these financial statements.

Allspring Global Dividend Opportunity Fund  |  31


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
New Fortress Energy Incorporated (Energy, Oil, gas & consumable fuels) 144A   6.50% 9-30-2026 $   355,000 $    345,003
Nexstar Broadcasting Incorporated (Communication services, Media) 144A   4.75 11-1-2028     105,000     107,273
Nexstar Broadcasting Incorporated (Communication services, Media) 144A   5.63 7-15-2027     425,000     448,375
NextEra Energy Operating Partners LP (Utilities, Electric utilities) 144A   4.25 9-15-2024       2,000       2,105
NextEra Energy Operating Partners LP (Utilities, Electric utilities) 144A   4.50 9-15-2027     250,000     267,450
Nielsen Finance LLC (Communication services, Media) 144A   5.63 10-1-2028     105,000     109,172
Nielsen Finance LLC (Communication services, Media) 144A   5.88 10-1-2030     775,000     811,270
NMG Holding Company Incorporated (Consumer discretionary, Specialty retail) 144A   7.13 4-1-2026     235,000     246,821
NSG Holdings LLC (Utilities, Independent power & renewable electricity producers) 144A   7.75 12-15-2025     387,993     415,153
Occidental Petroleum Corporation (Energy, Oil, gas & consumable fuels)   4.63 6-15-2045     375,000     388,125
Occidental Petroleum Corporation (Energy, Oil, gas & consumable fuels)   6.20 3-15-2040     125,000     151,446
Occidental Petroleum Corporation (Energy, Oil, gas & consumable fuels)   6.45 9-15-2036     550,000     699,875
Oceaneering International Incorporated (Energy, Energy equipment & services)   4.65 11-15-2024      25,000      25,969
Oceaneering International Incorporated (Energy, Energy equipment & services)   6.00 2-1-2028     275,000     282,799
Oppenheimer Holdings Incorporated (Financials, Capital markets)   5.50 10-1-2025     265,000     278,250
Ortho-Clinical Diagnostics Incorporated (Health care, Life sciences tools & services) 144A   7.25 2-1-2028      30,000      31,950
Ortho-Clinical Diagnostics Incorporated (Health care, Life sciences tools & services) 144A   7.38 6-1-2025      90,000      94,482
Outfront Media Capital Corporation (Communication services, Media) 144A   4.63 3-15-2030     200,000     199,940
Outfront Media Capital Corporation (Communication services, Media) 144A   5.00 8-15-2027      75,000      76,500
Owens-Brockway Packaging Incorporated (Materials, Containers & packaging) 144A   5.88 8-15-2023     100,000     105,250
Pattern Energy Operations LP (Energy, Energy equipment & services) 144A   4.50 8-15-2028     525,000     543,375
PG&E Corporation (Utilities, Electric utilities)   5.00 7-1-2028      25,000      26,000
PG&E Corporation (Utilities, Electric utilities)   5.25 7-1-2030     295,000     308,201
Plastipak Holdings Incorporated (Industrials, Commercial services & supplies) 144A   6.25 10-15-2025   225,000 229,079
PRA Group Incorporated (Financials, Consumer finance) 144A   5.00 10-1-2029   355,000 350,807
QORVO Incorporated (Information technology, Semiconductors & semiconductor equipment)   4.38 10-15-2029   50,000 53,688
QVC Incorporated (Communication services, Media)   4.75 2-15-2027   25,000 26,172
Rackspace Technology Company (Communication services, Interactive media & services) 144A   5.38 12-1-2028   370,000 356,125
Range Resources Corporation (Energy, Oil, gas & consumable fuels) 144A   8.25 1-15-2029   45,000 50,805
Rent-A-Center Incorporated (Consumer discretionary, Specialty retail) 144A   6.38 2-15-2029   170,000 177,650
Rocket Mortgage LLC (Financials, Consumer finance) 144A   2.88 10-15-2026   225,000 223,453
The accompanying notes are an integral part of these financial statements.

32  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
Rockies Express Pipeline LLC (Energy, Oil, gas & consumable fuels) 144A   6.88% 4-15-2040 $   375,000 $    424,688
Royal Caribbean Cruises Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   5.50 4-1-2028     150,000     152,625
Royal Caribbean Cruises Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   9.13 6-15-2023     275,000     298,590
Royal Caribbean Cruises Limited (Consumer discretionary, Hotels, restaurants & leisure) 144A   10.88 6-1-2023     125,000     139,844
Sabre GLBL Incorporated (Information technology, IT services) 144A   9.25 4-15-2025     565,000     652,948
Salem Media Group Incorporated (Communication services, Media) 144A   6.75 6-1-2024     290,000     291,088
Scripps Escrow II Incorporated (Communication services, Media) 144A   5.38 1-15-2031     170,000     166,388
Scripps Escrow II Incorporated (Communication services, Media) 144A   5.88 7-15-2027      25,000      25,375
Scripps Escrow II Incorporated (Communication services, Media) 144A   3.88 1-15-2029      40,000      39,800
Seaworld Parks & Entertainment (Communication services, Entertainment) 144A   5.25 8-15-2029     220,000     224,125
Select Medical Corporation (Health care, Health care providers & services) 144A   6.25 8-15-2026     290,000     303,330
Service Corporation International (Consumer discretionary, Diversified consumer services)   7.50 4-1-2027      25,000      30,375
Service Properties Trust Company (Real estate, Equity REITs)   3.95 1-15-2028     105,000      97,650
Service Properties Trust Company (Real estate, Equity REITs)   4.38 2-15-2030     125,000     117,813
Service Properties Trust Company (Real estate, Equity REITs)   4.75 10-1-2026     110,000     108,790
Service Properties Trust Company (Real estate, Equity REITs)   4.95 2-15-2027     275,000     270,875
Service Properties Trust Company (Real estate, Equity REITs)   5.25 2-15-2026      83,000      83,830
Service Properties Trust Company (Real estate, Equity REITs)   7.50 9-15-2025      70,000      77,469
Southwestern Energy Company (Energy, Oil, gas & consumable fuels)   7.75 10-1-2027     200,000     214,750
Southwestern Energy Company (Energy, Oil, gas & consumable fuels)   8.38 9-15-2028     125,000     139,375
Spirit AeroSystems Holdings Incorporated (Industrials, Aerospace & defense) 144A   5.50 1-15-2025      70,000      72,888
Spirit AeroSystems Holdings Incorporated (Industrials, Aerospace & defense) 144A   7.50 4-15-2025      85,000      89,739
Springleaf Finance Corporation (Financials, Consumer finance)   5.38 11-15-2029     225,000     240,188
Springleaf Finance Corporation (Financials, Consumer finance)   6.63 1-15-2028   25,000 28,063
Springleaf Finance Corporation (Financials, Consumer finance)   7.13 3-15-2026   175,000 198,625
Springleaf Finance Corporation (Financials, Consumer finance)   8.25 10-1-2023   100,000 111,125
SS&C Technologies Incorporated (Information technology, Software) 144A   5.50 9-30-2027   175,000 184,188
Starwood Property Trust Incorporated (Financials, Mortgage REITs)   4.75 3-15-2025   165,000 173,399
Starwood Property Trust Incorporated (Financials, Mortgage REITs)   5.00 12-15-2021   37,000 37,046
Starwood Property Trust Incorporated (Financials, Mortgage REITs) 144A   5.50 11-1-2023   145,000 152,250
Stevens Holding Company Incorporated (Industrials, Machinery) 144A   6.13 10-1-2026   375,000 404,063
The accompanying notes are an integral part of these financial statements.

Allspring Global Dividend Opportunity Fund  |  33


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
Surgery Center Holdings Incorporated (Health care, Health care equipment & supplies) 144A   6.75% 7-1-2025 $    95,000 $     96,663
Tallgrass Energy Partners LP (Energy, Oil, gas & consumable fuels) 144A   6.00 12-31-2030     252,000     252,055
Tallgrass Energy Partners LP (Energy, Oil, gas & consumable fuels) 144A   6.00 9-1-2031      85,000      83,619
Tenet Healthcare Corporation (Health care, Health care providers & services) 144A   4.63 6-15-2028      25,000      25,906
Tenet Healthcare Corporation (Health care, Health care providers & services) 144A   4.88 1-1-2026     150,000     153,750
Tenet Healthcare Corporation (Health care, Health care providers & services) 144A   5.13 11-1-2027      25,000      26,125
Tenet Healthcare Corporation (Health care, Health care providers & services) 144A   6.25 2-1-2027     125,000     129,844
Tenet Healthcare Corporation (Health care, Health care providers & services) 144A   7.50 4-1-2025      25,000      26,531
Tenneco Incorporated (Consumer discretionary, Auto components) 144A   5.13 4-15-2029     140,000     138,775
TerraForm Power Operating LLC (Utilities, Independent power & renewable electricity producers) 144A   4.75 1-15-2030      75,000      77,699
TerraForm Power Operating LLC (Utilities, Independent power & renewable electricity producers) 144A   5.00 1-31-2028     550,000     585,750
The William Carter Company (Consumer discretionary, Textiles, apparel & luxury goods) 144A   5.50 5-15-2025      25,000      26,156
The William Carter Company (Consumer discretionary, Textiles, apparel & luxury goods) 144A   5.63 3-15-2027     100,000     103,625
Townsquare Media Incorporated (Communication services, Media) 144A   6.88 2-1-2026     315,000     329,175
TransDigm Group Incorporated (Industrials, Aerospace & defense)   4.88 5-1-2029     280,000     280,821
TransDigm Group Incorporated (Industrials, Aerospace & defense) 144A   6.25 3-15-2026     100,000     104,375
TransDigm Group Incorporated (Industrials, Aerospace & defense)   7.50 3-15-2027     125,000     131,094
Uber Technologies Incorporated (Industrials, Road & rail) 144A   4.50 8-15-2029     180,000     181,157
Uber Technologies Incorporated (Industrials, Road & rail) 144A   8.00 11-1-2026     355,000     377,862
United Airlines Incorporated (Industrials, Airlines) 144A   4.63 4-15-2029     225,000     231,971
United Shore Financial Services LLC (Financials, Diversified financial services) 144A   5.50 11-15-2025     275,000     273,625
United Wholesale Mortgage LLC (Financials, Thrifts & mortgage finance) 144A   5.50 4-15-2029     280,000     272,300
USA Compression Partners LP (Energy, Energy equipment & services)   6.88 4-1-2026     175,000     180,906
Vertical US Newco Incorporated (Materials, Paper & forest products) 144A   5.25 7-15-2027   300,000 305,340
Vistra Operations Company LLC (Utilities, Independent power & renewable electricity producers) 144A   5.63 2-15-2027   250,000 257,580
Vizient Incorporated (Health care, Health care providers & services) 144A   6.25 5-15-2027   275,000 288,230
W.R. Grace Holdings LLC (Energy, Energy equipment & services) 144A   5.63 8-15-2029   170,000 171,488
WASH Multifamily Acquisition Incorporated (Consumer discretionary, Household durables) 144A   5.75 4-15-2026   220,000 227,425
Werner FinCo LP (Industrials, Machinery) 144A   8.75 7-15-2025   345,000 358,800
The accompanying notes are an integral part of these financial statements.

34  |  Allspring Global Dividend Opportunity Fund


Portfolio of investments—October 31, 2021

    Interest
rate
Maturity
date
  Principal Value
United States: 17.39% (continued)            
Western Midstream Operating LP (Energy, Oil, gas & consumable fuels)   5.30% 2-1-2030 $   150,000 $     164,438
Western Midstream Operating LP (Energy, Oil, gas & consumable fuels)   5.30 3-1-2048     275,000     320,375
Western Midstream Operating LP (Energy, Oil, gas & consumable fuels)   6.50 2-1-2050      25,000      29,925
Windstream Corporation (Communication services, Diversified telecommunication services) 144A   7.75 8-15-2028     125,000     132,216
Zayo Group Holdings Incorporated (Communication services, Diversified telecommunication services) 144A   6.13 3-1-2028     275,000     268,410
             45,315,478
Total Corporate bonds and notes (Cost $43,429,811)            45,594,950
Loans: 1.88%