Annual Report by Investment Company Form N CSR

Annual Report

August 31, 2024

Performance highlights

Investment objective	The Fund seeks a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.
Strategy summary	The Fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the Fund will allocate approximately 70% of its total assets to a sleeve that places a focus on common, preferred and convertible preferred stocks of utility companies and approximately 30% of its total assets to a sleeve of U.S. dollar denominated below investment grade (high yield) debt.
Adviser	Allspring Funds Management, LLC
Subadviser	Allspring Global Investments, LLC
Portfolio managers	Chris Lee, CFA, Kent Newcomb, CFA, Michael J. Schueller, CFA, Andy Smith, CFA†

Average annual total returns (%) as of August 31, 20241
	1 year	5 year	10 year
Based on market value	20.63	3.69	5.69
Based on net asset value (NAV)	23.00	6.24	6.14
ERH Blended Index (Strategy Benchmark)2	21.74	6.78	8.21
Russell 3000® Index (Regulatory Benchmark)3	26.14	15.19	12.36

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.

The Fund's expense ratio for the year ended August 31, 2024, was 2.93% which includes 1.88% 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 ERH Blended Index is weighted 70% in the S&P 500 Utilities Index and 30% in the ICE BofA U.S. High Yield Constrained Index. Effective October 15, 2019, the ERH Blended Index changed the high yield component of the index from the ICE BofA U.S. High Yield Index to the ICE BofA U.S. High Yield Constrained Index in order to better match the Fund's investment strategy. Copyright 2024. ICE Data Indices, LLC. All rights reserved. You cannot invest directly in an index.
3	The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index.

Growth of $10,000 investment as of August 31, 20241

1	The chart compares the performance of the Fund for the most recent ten years with the ERH Blended Index and Russell 3000® Index. 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.

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. 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. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The Fund is also subject to risks associated with any concentration of its investments in the utility sector. 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 net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

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 8.

MANAGER'S DISCUSSION

Overview

The Fund's return based on market value was 20.63% for the 12-month period that ended August 31, 2024. During the same period, the Fund's return based on net asset value (NAV) was 23.00%. The ERH Blended Index returned 21.74% over the same period, so the Fund underperformed based on market value but outperformed based on NAV.

Utilities trailed the S&P 500 Index* but performance improved as growth slowed, and rate cuts appeared more likely.

The Fund's equity sleeve benchmark, the S&P 500 Utilities Index,**increased more than 25% for the period, underperforming the S&P 500 Index by less than 2% after lagging by more than 28% in the prior year. Utilities trailed the S&P 500 Index significantly in the first half of the period, as a narrow group of large growth stocks led the market. However, once market sentiment began to reflect a weakening economy and potentially long-awaited interest rate cuts, utilities outperformed, nearly erasing the gap. Another positive for utilities is that forecasts for electricity demand have been rising, driven in part by rapid growth in data centers that require large quantities of electricity.

Utilities could continue to perform well if the economy slows further, in our opinion, given their stable earnings growth. Fundamentals remain strong and the managers continue to expect healthy mid-single-digit percentage earnings and dividend growth going forward. On a price/earnings basis, the S&P 500 Utilities Index is currently trading at a mid-teens percentage discount to the S&P 500 Index versus a 15-year average premium of about 8%.

The equity sleeve managers sold Evergy, Inc., an electric utility that lowered its projected growth rate in the face of a disappointing rate case outcome and higher interest rates. They initiated new positions in Vistra Corp. and The AES Corporation, two utilities that produce unregulated power, AES specializes in renewable power. These stocks could benefit from a projected increase in demand for electricity as well as higher power prices. They also added to positions on weakness in several utilities that operate in states with attractive regulatory constructs. The Fund did not own NRG Energy, Inc., an index stock that outperformed the index and was the largest detractor from relative performance. The managers view it as a lower-quality company with principally unregulated operations, including a growing home services business that the managers do not view as attractive longer-term. The Fund benefited from not owning a couple of other index components, Consolidated Edison, Inc. and PG&E Corporation. One of these operates in a state with significant wildfire risk while the other operates in a state with a difficult regulatory environment.

Ten largest holdings (%) as of August 31, 20241
NextEra Energy, Inc.	13.42
Southern Co.	5.84
Sempra Energy	5.37
Constellation Energy Corp.	5.30
American Electric Power Co., Inc.	5.29
Duke Energy Corp.	4.96
DTE Energy Co.	4.21
Public Service Enterprise Group, Inc.	3.76
CMS Energy Corp.	3.71
Atmos Energy Corp.	3.50

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

Equity sleeve outlook: Moderate but consistent growth

The equity sleeve managers continue to see a clear path for moderate yet consistent growth in utility earnings and dividends. This, combined with estimated dividend yields for the sector that exceed the broader market, could provide investors with solid total return potential and below-average volatility. We also consider utilities an important source of downside risk

protection within a broader equity portfolio.

Sector allocation as of August 31, 20241

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

The high-income sleeve was managed with an eye on inflation.

Over the past year, U.S. economic growth has remained healthy, rising 3% year over year, while inflation continued to ease. The U.S. Consumer Price Index* excluding food and energy fell from 4.10% to 3.20% through the 12 months that ended August 31, 2024, as the Federal Reserve (Fed) held the federal funds rate steady at a range of 5.25‒5.50%. The Fed is poised to begin its rate cutting cycle, thus resuming a balanced approach to its twin mandate of promoting price stability and maximum employment. The combination of resilient growth and moderating inflation has led to broadly easing financial conditions; low corporate defaults relative to

investor expectations; and, ultimately, tighter high yield bond spreads.

Credit quality as of August 31, 20241

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.

Security selection has been the focus of portfolio changes and our constant efforts to generate alpha (outperform the market). The high-income sleeve managers focused on companies and sectors that they believe can keep pace with inflation to generate consistent earnings growth and that are prudently financed to weather the pressures of tighter monetary policy and higher costs of borrowing.

The managers increased the Fund's allocation to BB-rated bonds while decreasing CCC-rated holdings over the year. We remained approximately even in yield and spread to the index and slightly shorter in duration. At the

sector level, we increased our allocation to financial services, energy, and health care while trimming media and services.

The main detractors were a wood pellet manufacturer, health care, and retailers.

The main detractors from performance within the high-income sleeve came from investments in Enviva, a wood pellet producer, and MultiPlan, a health insurer; underweight positions relative to the benchmark in Bausch,** a pharmaceutical company; and not holding retailers Carvana, Rakuten, and Staples.

The top-contributing sectors were packaging and oil field services.

Top-performing sector contributors within the high-income sleeve included packaging (owning Novolex** but not holding Ardagh) and oil field services (owning Bristow and Oceaneering but not holding Petrofac). Construction and machinery company Werner and debt collection

company PRA Group were the sleeve's strongest performers by issuer.

Geographic allocation as of August 31, 20241

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

The high-income outlook is positive.

The high-income sleeve maintains a positive outlook on the high yield market, as we expect economic conditions including moderate growth and inflation trending near 3% will enable the Fed to cut rates and continue facilitating financial conditions that allow levered and stressed companies to access financial markets. Credit metrics have remained stable, with leverage ratios stronger than historical averages and interest coverage ratios trending toward historical medians. Furthermore, the market's concerns earlier in 2024 regarding the 2024‒2025 maturity wall have largely been alleviated, as only $49 billion of 2024‒2025 maturities remain. Given the stronger balance sheets and reduced cumulative buildup of aggressive issuance, default rates are expected to peak at a lower level than previously forecast. Tight valuations could pose a challenge for the Fund. However, lower defaults, a greater proportion of mid-cap borrowers over small-cap borrowers, a higher BB-rated bond mix, and shorter duration, could ultimately drive spreads even tighter.

Leverage had a positive impact on performance.

The Fund's use of leverage through bank borrowings had a positive impact on the NAV total return performance during this reporting period. As of August 31, 2024, the Fund had 21.5% leverage as a percent of total assets.

Fund distributions

Pursuant to an exemptive order issued by the Securities and Exchange Commission (the "Order"), the Fund is authorized to distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund's Board of Trustees approved a managed distribution plan pursuant to which the Fund makes monthly cash distributions to common shareholders. The Fund's managed distribution plan had no effect on the Fund's investment strategy during the year ended August 31, 2024 and is not expected to have such an effect in future periods. If distributions exceed Fund returns, they will cause its NAV per

Objective, strategies and risks

Investment objective

The Fund seeks a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income. The Fund's investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund.

Principal investment strategies

The Fund allocates its assets between two separate investment strategies, or sleeves.

Equity Sleeve. Under normal market conditions, the Fund allocates approximately 70% of its total assets to an investment strategy that focuses on common, preferred and convertible preferred stocks of utility companies ("equity sleeve"). Utility companies may include, for example, companies that provide basic services such as water, sewage, and the transmission, generation and distribution of electricity and transmission and distribution of natural gas. The Fund may invest this portion of assets in companies across all market capitalizations.

We focus on dividend-paying companies that we expect to pay and increase dividends consistently. Our process applies a rigorous analytical methodology to all of our investment decisions, which might include the following analyses of a company and its stock: cash flow analysis, debt levels, discipline of company management, relative and absolute valuation levels and dividend yield. In selecting companies, we begin with a screen of a broad universe of equity securities that looks first, but not exclusively, at dividend yield, dividend growth potential, and market capitalization. In addition, a review of company fundamentals, such as valuation, earnings growth, and financial condition, helps the portfolio managers focus on companies with dividends that appear reasonably sustainable with potential for moderate dividend growth. We seek to provide tax-advantaged income by investing in securities that offer qualified dividends and attempt to maintain a low portfolio turnover in order to moderate realized capital gains.

We regularly review the investments of the equity sleeve and may sell a holding when there is deterioration in the underlying fundamentals of the business, dividend growth is no longer expected or there is the possibility of a dividend cut, the stock price reflects full or overvaluation, it has achieved its valuation target or we have identified a more attractive investment opportunity.

Material Changes During the Fiscal Year ended August 31, 2024:There were no material changes to the equity sleeve during the fiscal year ended August 31, 2024.

High Yield Bond Sleeve. Under normal market conditions, the Fund allocates approximately 30% of its total assets to an investment strategy that focuses on U.S. dollar-denominated below investment-grade bonds, debentures, and other income obligations (often called "high yield" securities or "junk bonds"). We may invest in below investment-grade debt securities of any credit quality. This portion of the Fund invests in high yield securities rated between and including B3 and Ba1 by Moody's or B- and BB+ by S&P or, if unrated, that are deemed by us to be of comparable quality at the time of purchase. This portion of the Fund's portfolio targets securities with a minimum rating of B to BB at the time of purchase and attempts to maintain a weighted average credit quality with respect to the high yield securities of B to BB. This portion of the Fund will not purchase high yield securities with a rating of CCC or below, although the Fund may hold such securities as a result of a downgrade in ratings subsequent to their purchase. No more than 10% of this portion of the Fund's assets may be invested in securities that are rated CCC or below or are unrated.

Securities in the Fund's high yield bond sleeve may be issued by domestic or foreign issuers (including foreign governments), and may include securities of emerging market issuers. The Fund may invest in non-investment-grade securities of any credit quality at the time of purchase.

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 chosen by the portfolio managers as most representative of the security's 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 Fund's weighted average duration range for high yield U.S. debt securities is six years or less.

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 the high yield portfolio. 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, 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.

In other than normal market conditions, when changing economic conditions and other factors cause the yield difference between lower rated and higher rated securities to narrow, the high yield bond sleeve may purchase higher rated U.S. debt instruments if we believe that the risk of loss of income and principal may be reduced substantially with only a relatively small reduction in yield.

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 fundamentals of the business, or we have identified a more attractive investment opportunity.

Material Changes During the Fiscal Year ended August 31, 2024: There were no material changes to the high yield sleeve during the fiscal year ended August 31, 2024.

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 invest up to 25% of its total assets in foreign securities.

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

Foreign Currency Transactions. The Fund may engage in foreign currency transactions for the purpose of hedging against foreign exchange risk arising from the Fund's investment or anticipated investment in securities denominated in foreign currencies. The Fund also may enter into these contracts for purposes of increasing exposure to a foreign currency or to shift exposure to foreign currency fluctuations from one country to another.

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.

Loans. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The Fund may invest up to 10% of its total assets in corporate loans. The loans in which the Fund invests primarily consist of direct obligations of a borrower. 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 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 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.

Structured Securities. The Fund may invest in structured securities. The value of the principal and/or interest on such securities is determined by reference to changes in the value of specific currencies, interest rates, commodities, indices or other financial indicators ("Reference") or the relative change in two or more References. The interest rate or the principal amount payable upon maturity or redemption may be increased or decreased depending upon changes in the Reference. The terms of the structured securities may provide in certain circumstances that no principal is due at

maturity and, therefore, may result in a loss of the Fund's investment. Changes in the interest rate or principal payable at maturity may be a multiple of the changes in the value of the Reference. Consequently, structured securities may entail a greater degree of market risk than other types of fixed income securities.

U.S. Government Securities. The Fund may invest in U.S. government securities, including debt securities issued or guaranteed by the U.S. Treasury, U.S. Government agencies or government-sponsored entities. These securities may have fixed, floating or variable rate and also include mortgage-backed securities.

Other Investment Companies. The Fund may invest in other investment companies to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies' expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund's own operations.

Defensive and Temporary Investments. Under unusual market or economic conditions or for temporary defensive purposes, the Fund may invest up to 100% of its total assets in securities issued or guaranteed by the U.S. government or its instrumentalities or agencies, certificates of deposit, bankers' acceptances and other bank obligations, commercial paper rated in the highest category by a nationally recognized statistical rating organization or other fixed income securities deemed by us to be consistent with a defensive posture, or may hold cash. To the extent the Fund implements defensive strategies, it may be unable to achieve its investment objective.

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 invest up to 10% of its total assets in futures and options on securities and indices and in other derivatives. In addition, the Fund may enter into interest rate swap transactions with respect to the total amount the Fund 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 Fund generally does not anticipate using derivatives for non-hedging purposes, but in the event we use derivatives for non-hedging purposes, no more than 10% of the Fund's total assets will be committed to initial margin for derivatives for such purposes.

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 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.

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.

Leverage. The Fund may borrow money from banks or financial institutions. Although it has no current intention to do so, the Fund also reserves the flexibility to issue preferred shares and debt securities for leveraging purposes. The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of the Fund's holdings. The Fund will not borrow or issue preferred shares if, immediately after such borrowing or issuance, total leverage for the Fund exceeds 38% of the Fund's total assets. The Fund may also borrow through reverse repurchase agreements (up to 20% of its total assets). Reverse repurchase agreements involve the sale of a security by the Fund to another party (generally a bank or dealer) in return for cash and an agreement by the Fund to buy the security back at a specified price and time. When the Fund leverages its assets, the fees paid to us for investment advisory and management services will be higher than if the Fund did not leverage because our fees are calculated based on the Fund's total assets including the proceeds of the issuance of preferred shares or any other amounts representing leverage. Consequently, the Fund's investment adviser may have differing interests than the Fund in determining whether to leverage the Fund's assets. The Board of Trustees monitors this potential conflict.

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, inflation, 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, 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. Investing in equity securities poses risks specific to an issuer, as well as to the particular type of company issuing the equity securities. For example, investing in the equity securities of small- or mid-capitalization companies can involve greater risk than is customarily associated with investing in stocks of larger, more-established companies. Different parts of a market, industry and sector may react differently to adverse issuer, market, regulatory, political, and economic developments. Negative news or a poor outlook for a particular industry or sector can cause the share prices of securities of companies in that industry or sector to decline. This risk may be heightened for a Fund that invests a substantial portion of its assets in a particular industry or sector.

Utility Securities Risk. Investments in utility sectors include the unique risks associated with decreases in the demand for utility company products and services, increased competition resulting from deregulation, and rising energy costs, among others. Such developments also could cause utility companies such as water, gas and electric companies, to reduce the dividends they pay on their stock, potentially decreasing the dividends you receive from the Fund. Water, gas and electric companies typically borrow heavily to support continuing operations. Increases in interest rates could increase these utility companies' borrowing costs, which could adversely impact their financial results and stock price, and ultimately the value of and total return on your Fund shares.

Industry Concentration Risk. A Fund that concentrates its investments in an industry or group of industries is more vulnerable to adverse market, economic, regulatory, political or other developments affecting such industry or group of industries than a fund that invests its assets more broadly.

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 or unwilling, 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. The credit quality of a debt security may deteriorate rapidly and cause significant deterioration in the Fund's net asset value. 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. Some debt securities give the issuers the option to call, redeem or prepay the securities before their maturity dates. If an issuer calls, redeems or prepays a debt security during a time of declining interest rates, the Fund might have to reinvest the proceeds in a security offering a lower yield, and therefore might not benefit from any increase in value as a result of declining interest rates. Very low or negative interest rates may magnify interest rate risk. Changing interest rates, including rates that fall below zero, may have unpredictable effects on markets, may result in heightened market volatility and may detract from Fund performance to the extent the Fund is exposed to such interest rates. Interest rate changes and their impact on the Fund and its share price can be sudden and unpredictable. Changes in market conditions and government policies may lead to periods of heightened volatility in the debt securities market, reduced liquidity Fund investments and an increase in Fund redemptions.

High Yield Securities Risk. High yield securities and unrated securities of similar credit quality (commonly known as "junk bonds") are considered speculative and 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.

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. 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.

Certain transactions, such as derivatives, also may give rise to a form of economic leverage. 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.

Anti-takeover Provisions Risk. The Fund's Agreement and Declaration of Trust and By-laws 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 supermajority 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. The Fund's shares are designed primarily for long-term investors, and the Fund should not be viewed as a vehicle for short-term trading purposes.

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. A 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 reference rates, as well as 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 reference 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.

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.

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.

Growth/Value Investing Risk. Securities that exhibit certain characteristics, such as growth characteristics 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 that exhibit different characteristics.

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, a 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.

Market Capitalization Risk. The Fund may invest the portion of its assets invested in utility securities in securities of companies of all market capitalizations. Stocks fall into three broad market capitalization categories-large, medium and small. Investing primarily in one category carries the risk that due to current market conditions that category may be out of favor with investors. If valuations of large capitalization companies appear to be greatly out of proportion to the valuations of small or medium capitalization companies, investors may migrate to the stocks of small- and mid-sized companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in medium and small capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups or greater dependence on a few key employees, and a more limited trading market for their stocks as compared to larger capitalization companies. As a result, stocks of small and medium capitalization companies may decline significantly in market downturns or their value may fluctuate more sharply than other securities.

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 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.

		Interest rate	Maturity date	Principal	Value
Asset-backed securities:  0.04%
Frontier Issuer LLC Series 2024-1 Class C144A		11.16 %	6-20-2054	$	45,000	$46,292
Total asset-backed securities (Cost $45,000)						46,292

				Shares
Common stocks:  85.92%
Communication services:  0.00%
Diversified telecommunication services:  0.00%
Intelsat Emergence SA♦†					9	0
Utilities:  85.91%
Electric utilities:  49.07%
Alliant Energy Corp.					45,424	2,646,856
American Electric Power Co., Inc.					57,353	5,751,359
Constellation Energy Corp.					29,257	5,754,852
Duke Energy Corp.					47,276	5,387,100
Entergy Corp.					22,292	2,690,421
Eversource Energy					22,708	1,533,471
Exelon Corp.					98,588	3,755,217
FirstEnergy Corp.					59,028	2,592,510
NextEra Energy, Inc.					181,090	14,579,556
Southern Co.					73,408	6,342,451
Xcel Energy, Inc.					37,329	2,285,655
						53,319,448
Gas utilities:  3.50%
Atmos Energy Corp.					29,092	3,803,488
Independent power and renewable electricity producers:  2.43%
AES Corp.					59,085	1,012,126
Vistra Corp.					19,060	1,628,296
						2,640,422
Multi-utilities:  28.01%
Ameren Corp.					41,563	3,429,363
CenterPoint Energy, Inc.					103,727	2,831,747
CMS Energy Corp.					59,487	4,036,788
Dominion Energy, Inc.					53,517	2,991,600
DTE Energy Co.					36,603	4,576,107
Public Service Enterprise Group, Inc.					50,674	4,091,926
Sempra Energy					70,955	5,831,082
WEC Energy Group, Inc.					28,511	2,652,378
						30,440,991
Water utilities:  2.90%
American Water Works Co., Inc.					22,022	3,151,789

				Shares	Value
Investment Companies:  0.01%
Resolute Topco, Inc.‡†					2,068	$9,306
Total common stocks (Cost $71,482,725)						93,365,444

		Interest rate	Maturity date	Principal
Corporate bonds and notes:  32.32%
Basic materials:  0.15%
Chemicals:  0.15%
SCIH Salt Holdings, Inc.144A		6.63 %	5-1-2029	$	165,000	157,901
Communications:  3.61%
Advertising:  0.54%
Clear Channel Outdoor Holdings, Inc.144A		7.50	6-1-2029		150,000	126,483
Clear Channel Outdoor Holdings, Inc.144A		9.00	9-15-2028		150,000	159,445
Outfront Media Capital LLC/Outfront Media Capital Corp.144A		4.63	3-15-2030		135,000	126,572
Outfront Media Capital LLC/Outfront Media Capital Corp.144A		7.38	2-15-2031		170,000	180,692
						593,192
Internet:  0.76%
Arches Buyer, Inc.144A		4.25	6-1-2028		125,000	114,223
Arches Buyer, Inc.144A		6.13	12-1-2028		135,000	114,566
Cablevision Lightpath LLC144A		3.88	9-15-2027		135,000	126,696
Cablevision Lightpath LLC144A		5.63	9-15-2028		130,000	117,862
Match Group Holdings II LLC144A		5.63	2-15-2029		355,000	354,156
						827,503
Media:  1.72%
CCO Holdings LLC/CCO Holdings Capital Corp.144A		4.25	1-15-2034		345,000	278,212
CCO Holdings LLC/CCO Holdings Capital Corp.144A		4.50	8-15-2030		450,000	401,313
CCO Holdings LLC/CCO Holdings Capital Corp.		4.50	5-1-2032		50,000	42,693
CCO Holdings LLC/CCO Holdings Capital Corp.144A		5.00	2-1-2028		25,000	24,090
CSC Holdings LLC144A		3.38	2-15-2031		140,000	90,026
CSC Holdings LLC144A		5.50	4-15-2027		100,000	81,589
Directv Financing LLC/Directv Financing Co-Obligor, Inc.144A		5.88	8-15-2027		90,000	87,148
DISH Network Corp.144A		11.75	11-15-2027		135,000	137,263
Nexstar Media, Inc.144A		5.63	7-15-2027		125,000	122,151
Paramount Global (3 Month LIBOR+3.90%)±		6.25	2-28-2057		50,000	43,168
Scripps Escrow II, Inc.144A		5.38	1-15-2031		235,000	105,591
Sirius XM Radio, Inc.144A		4.13	7-1-2030		260,000	233,371
Townsquare Media, Inc.144A		6.88	2-1-2026		220,000	219,580
						1,866,195
Telecommunications:  0.59%
CommScope, Inc.144A		6.00	3-1-2026		320,000	308,000
Level 3 Financing, Inc.144A		3.63	1-15-2029		60,000	37,350
Level 3 Financing, Inc.144A		3.88	10-15-2030		60,000	40,828

		Interest rate	Maturity date	Principal	Value
Utilities:  0.39%
Electric:  0.39%
Algonquin Power & Utilities Corp. (5 Year Treasury Constant Maturity+3.25%)±		4.75 %	1-18-2082	$	200,000	$185,720
Emera, Inc. Series 16-A (3 Month LIBOR+5.44%)±		6.75	6-15-2076		235,000	235,771
						421,491
Total yankee corporate bonds and notes (Cost $6,087,480)						6,169,994

		Yield		Shares
Short-term investments:  0.84%
Investment companies:  0.84%
Allspring Government Money Market Fund Select Class♠∞##		5.23			911,182	911,182
Total short-term investments (Cost $911,182)						911,182
Total investments in securities (Cost $115,766,539)	127.01 %					138,012,971
Other assets and liabilities, net	(27.01 )					(29,346,595 )
Total net assets	100.00 %					$108,666,376

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.
♦	The security is fair valued in accordance with procedures approved by the Board of Trustees.
†	Non-income-earning security
‡	Security is valued using significant unobservable inputs.
±	Variable rate investment. The rate shown is the rate in effect at period end.
ʊ	Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
¥	A payment-in-kind (PIK) security is a security in which the issuer may make interest or dividend payments in cash or additional securities or a combination of both. The rate shown is the rate in effect at period end.
♠	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞	The rate represents the 7-day annualized yield at period end.
##	All or a portion of this security is segregated for unfunded loans.

Abbreviations:
LIBOR	London Interbank Offered Rate
REIT	Real estate investment trust
SOFR	Secured Overnight Financing Rate

Investments in affiliates

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

	Value, beginning of period	Purchases	Sales proceeds	Net realized gains (losses)	Net change in unrealized gains (losses)	Value, end of period	Shares, end of period	Income from affiliated securities
Short-term investments
Allspring Government Money Market Fund Select Class	$1,178,650	$22,609,294	$(22,876,762 )	$0	$0	$911,182	911,182	$77,907

Financial statements

Statement of assets and liabilities

Assets
Investments in unaffiliated securities, at value (cost $114,855,357)	$137,101,789
Investments in affiliated securities, at value (cost $911,182)	911,182
Cash	751
Receivable for dividends and interest	1,354,154
Receivable for investments sold	64,211
Unrealized gains on unfunded loan commitments	1,004
Prepaid expenses and other assets	4,479
Total assets	139,437,570
Liabilities
Secured borrowing payable	30,000,000
Dividends payable	560,202
Payable for investments purchased	82,605
Advisory fee payable	61,634
Payable for Fund shares repurchased	12,142
Administration fee payable	6,163
Trustees' fees and expenses payable	547
Accrued expenses and other liabilities	47,901
Total liabilities	30,771,194
Commitments and contingent liabilities (see Note 8)
Total net assets	$108,666,376
Net assets consist of
Paid-in capital	$92,289,518
Total distributable earnings	16,376,858
Total net assets	$108,666,376
Net asset value per share
Based on $108,666,376 divided by 9,014,316 shares issued and outstanding (unlimited number of shares authorized)	$12.05

Statement of operations

Investment income
Interest (net of foreign withholding taxes of $128)	$3,475,773
Dividends	2,828,038
Income from affiliated securities	77,907
Total investment income	6,381,718
Expenses
Advisory fee	645,847
Administration fee	64,585
Custody and accounting fees	4,748
Professional fees	193,868
Shareholder report expenses	56,641
Trustees' fees and expenses	24,056
Transfer agent fees	31,620
Interest expense	1,864,452
Other fees and expenses	10,169
Total expenses	2,895,986
Net investment income	3,485,732
Realized and unrealized gains (losses) on investments
Net realized losses on investments	(2,351,148 )
Net change in unrealized gains (losses) on
Unaffiliated securities	18,473,371
Foreign currency and foreign currency translations	1,545
Unfunded loan commitments	1,004
Net change in unrealized gains (losses) on investments	18,475,920
Net realized and unrealized gains (losses) on investments	16,124,772
Net increase in net assets resulting from operations	$19,610,504

Statement of changes in net assets

	Year ended August 31, 2024	Year ended August 31, 2023
Operations
Net investment income		$3,485,732		$3,485,758
Net realized losses on investments		(2,351,148 )		(2,200,262 )
Net change in unrealized gains (losses) on investments		18,475,920		(14,488,376 )
Net increase (decrease) in net assets resulting from operations		19,610,504		(13,202,880 )
Distributions to shareholders from
Net investment income and net realized gains		(3,454,245 )		(3,584,511 )
Tax basis return of capital		(3,643,280 )		(4,588,782 )
Total distributions to shareholders		(7,097,525 )		(8,173,293 )
Capital share transactions
Cost of shares repurchased		(2,630,124 )		0
Total increase (decrease) in net assets		9,882,855		(21,376,173 )
Net assets
Beginning of period		98,783,521		120,159,694
End of period		$108,666,376		$98,783,521

Statement of cash flows

Cash flows from operating activities
Net increase in net assets resulting from operations	$19,610,504
Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities
Purchases of long-term securities	(33,365,321 )
Proceeds from the sales of long-term securities	39,931,130
Amortization, net	(266,825 )
Purchases and sales of short-term securities, net	111,237
Decrease in receivable for investments sold	230,171
Increase in receivable for dividends and interest	(34,235 )
Decrease in prepaid expenses and other assets	4,418
Decrease in payable for investments purchased	(155,724 )
Decrease in trustees' fees and expenses payable	(4,074 )
Increase in advisory fee payable	6,332
Increase in administration fee payable	633
Decrease in accrued expenses and other liabilities	(143,093 )
Proceeds from foreign currency transactions	1,545
Net realized losses on unaffiliated securities	2,351,148
Net change in unrealized gains (losses) on unaffiliated securities	(18,473,371 )
Net change in unrealized gain (losses) on foreign currency and foreign currency translations	(1,545 )
Net change in unrealized gains (losses) on unfunded loan commitments	(1,004 )
Net cash provided by operating activities	9,801,926
Cash flows from financing activities
Cost of shares repurchased	(2,617,982 )
Cash distributions paid	(7,183,229 )
Net cash used in financing activities	(9,801,211 )
Net increase in cash	715
Cash
Beginning of period	36
End of period	$751
Supplemental cash disclosure
Cash paid for interest	$1,999,583

	Year ended August 31
	2024	2023	2022	2021	2020
Net asset value, beginning of period	$10.63	$12.93	$13.31	$12.00	$12.94
Net investment income	0.38 1	0.40	0.43	0.33	0.37
Net realized and unrealized gains (losses) on investments	1.78	(1.82 )	0.09	1.84	(0.36 )
Total from investment operations	2.16	(1.42 )	0.52	2.17	0.01
Distributions to shareholders from
Net investment income	(0.37 )	(0.39 )	(0.46 )	(0.46 )	(0.41 )
Net realized gains	0.00	0.00	0.00	(0.11 )	(0.04 )
Tax basis return of capital	(0.40 )	(0.49 )	(0.44 )	(0.29 )	(0.50 )
Total distributions to shareholders	(0.77 )	(0.88 )	(0.90 )	(0.86 )	(0.95 )
Anti-dilutive effect of shares repurchased	0.03	0.00	0.00	0.00	0.00
Net asset value, end of period	$12.05	$10.63	$12.93	$13.31	$12.00
Market value, end of period	$10.75	$9.67	$12.34	$14.71	$12.78
Total return based on net asset value2	23.00 %	(10.79 )%	4.02 %	18.55 %	0.04 %
Total return based on market value2	20.63 %	(14.96 )%	(10.17 )%	23.02 %	5.72 %
Ratios to average net assets (annualized)
Expenses*	2.93 %	2.45 %	1.25 %	1.09 %	1.35 %
Net investment income	3.52 %	3.23 %	3.34 %	3.49 %	3.21 %
Supplemental data
Portfolio turnover rate	26 %	18 %	23 %	34 %	68 %
Net assets, end of period (000s omitted)	$108,666	$98,784	$120,160	$123,610	$111,277
Borrowings outstanding, end of period (000s omitted)	$30,000	$30,000	$30,000	$25,000	$22,000
Asset coverage per $1,000 of borrowing, end of period	$4,622	$4,293	$5,005	$5,944	$6,058

*	Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows:

Year ended August 31, 2024	1.88%
Year ended August 31, 2023	1.44%
Year ended August 31, 2022	0.32%
Year ended August 31, 2021	0.17%
Year ended August 31, 2020	0.41%

1

Calculated based upon average shares outstanding

2

Total returns based on net asset value are calculated based on the net asset value at the beginning of the period and at the end of the period. 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. 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. Total returns do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares.