Notes to portfolio of investments
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally
4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account
various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent
broker-dealer.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or,
if none, the last sales price.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market)
are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith
by Allspring Funds Management, LLC (“Allspring Funds Management”), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with
these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding
the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio
securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis,
the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management’s process for determining the fair value of the portfolio of investments.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers.
The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form
of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights
to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and
the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan
and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan
commitments, which are contractual obligations for future funding.
As of July 31, 2023, the Fund had unfunded loan commitments of $2,518,506.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based
upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The
inputs are summarized into three broad levels as follows:
•Level 1 – quoted prices in active markets for identical securities
•Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
•Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated
with investing in those securities.