Portfolio of investments—May 31, 2026 (unaudited)
Portfolio of investments
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Asset-backed securities:  0.09%
 
Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A
6.37
%
4-20-2055
$
105,000
$106,248
Total asset-backed securities (Cost $105,000)
 
106,248
 
 
 
 
 
Shares
 
Common stocks:  87.68%
 
Energy:  0.23%
 
Oil, gas & consumable fuels:  0.23%
 
Enviva, Inc. (Acquired 12-06-2024, cost $72,563)†˃
 
13,298
263,965
Health care:  0.07%
 
Health care providers & services:  0.07%
 
Modivcare Topco LLC†
 
15,160
85,275
Utilities:  87.38%
 
Electric utilities:  55.36%
 
Alliant Energy Corp.
 
40,872
2,926,844
American Electric Power Co., Inc.
 
47,709
6,043,299
Constellation Energy Corp.
 
28,109
8,088,365
Duke Energy Corp.
 
40,904
5,020,148
Entergy Corp.
 
48,308
5,267,987
Evergy, Inc.
 
18,202
1,493,292
Eversource Energy
 
13,644
931,476
Exelon Corp.
 
28,278
1,290,608
FirstEnergy Corp.
 
37,117
1,721,858
NextEra Energy, Inc.
 
165,940
14,438,439
NRG Energy, Inc.
 
9,943
1,333,157
PG&E Corp.
 
97,994
1,601,222
PPL Corp.
 
60,289
2,133,628
Southern Co.
 
73,408
6,757,206
Xcel Energy, Inc.
 
50,751
4,034,705
 
 
63,082,234
Gas utilities:  4.05%
 
Atmos Energy Corp.
 
27,281
4,614,036
Independent power and renewable electricity producers:  4.77%
 
Vistra Corp.
 
33,882
5,428,913
Multi-utilities:  22.56%
 
Ameren Corp.
 
36,180
3,906,355
CenterPoint Energy, Inc.
 
88,458
3,738,235
CMS Energy Corp.
 
33,953
2,463,969
Dominion Energy, Inc.
 
28,834
1,930,148
DTE Energy Co.
 
21,136
3,019,700
Public Service Enterprise Group, Inc.
 
42,514
3,343,726
Sempra
 
48,616
4,333,144
WEC Energy Group, Inc.
 
26,692
2,964,147
 
 
25,699,424
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 1
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
 
 
Shares
Value
Water utilities:  0.64%
 
American Water Works Co., Inc.
 
5,941
$732,347
Total common stocks (Cost $64,877,964)
 
99,906,194
 
 
 
Interest
rate
Maturity
date
Principal
 
Corporate bonds and notes:  28.26%
 
Basic materials:  1.04%
 
Chemicals:  0.78%
 
Celanese U.S. Holdings LLC
6.50
%
4-15-2030
$
185,000
189,718
Celanese U.S. Holdings LLC
7.38
7-15-2032
 
85,000
89,334
Chemours Co.144A
7.88
3-15-2034
 
95,000
96,363
Chemours Co.144A
8.00
1-15-2033
 
190,000
194,119
FMC Corp.
5.65
5-18-2033
 
120,000
107,832
FMC Corp.144A%%
8.00
6-1-2031
 
30,000
31,351
SCIH Salt Holdings, Inc.144A
6.63
5-1-2029
 
185,000
183,071
 
 
891,788
Iron/steel:  0.26%
 
Cleveland-Cliffs, Inc.144A
7.00
3-15-2032
 
290,000
293,178
Communications:  4.55%
 
Advertising:  0.50%
 
Clear Channel Outdoor Holdings, Inc.144A
7.13
2-15-2031
 
255,000
263,591
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
4.63
3-15-2030
 
135,000
131,183
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
7.38
2-15-2031
 
170,000
177,296
 
 
572,070
Internet:  0.70%
 
AP Core Holdings II LLC144A
11.00
5-15-2031
 
110,000
115,251
Arches Buyer, Inc.144A
6.13
12-1-2028
 
245,000
237,652
Match Group Holdings II LLC144A
5.63
2-15-2029
 
130,000
130,069
Match Group Holdings II LLC144A
6.13
9-15-2033
 
115,000
113,081
Wayfair LLC144A
6.75
11-15-2032
 
205,000
208,243
 
 
804,296
Media:  2.16%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.25
1-15-2034
 
345,000
288,171
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.50
8-15-2030
 
450,000
418,796
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50
5-1-2032
 
75,000
65,807
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.38
6-1-2029
 
85,000
83,438
CSC Holdings LLC144A
3.38
2-15-2031
 
150,000
83,453
CSC Holdings LLC144A
5.75
1-15-2030
 
90,000
23,033
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
5.88
8-15-2027
 
6,000
6,016
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
9.25
6-1-2032
 
90,000
92,397
Discovery Global Holdings, Inc.
4.28
3-15-2032
 
80,000
70,697
DISH DBS Corp.144A
5.75
12-1-2028
 
90,000
88,321
DISH Network Corp.144A
11.75
11-15-2027
 
295,000
303,962
EchoStar Corp. (PIK at 6.75%)¥
6.75
11-30-2030
 
451,149
460,819
See accompanying notes to portfolio of investments
2 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Media(continued)
 
Gray Media, Inc.144A
9.63
%
7-15-2032
$
125,000
$123,290
Paramount Global
4.20
5-19-2032
 
120,000
103,909
Sirius XM Radio LLC144A
4.13
7-1-2030
 
260,000
245,100
 
 
2,457,209
Telecommunications:  1.19%
 
APLD ComputeCo 2 LLC144A
6.75
3-15-2031
 
110,000
110,873
Black Pearl Compute LLC144A
6.13
2-15-2031
 
105,000
106,828
Core Scientific Finance I LLC144A
7.75
5-15-2031
 
110,000
112,493
Edged Compute LLC144A
7.50
4-30-2031
 
110,000
110,284
Level 3 Financing, Inc.144A
6.88
6-30-2033
 
135,000
139,054
Level 3 Financing, Inc.144A
8.50
1-15-2036
 
155,000
167,580
PR RNO Property Owner 1 LLC144A
6.50
5-1-2031
 
155,000
155,212
SV RNO Property Owner 1 LLC144A
5.88
3-1-2031
 
130,000
128,368
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A
8.63
6-15-2032
 
60,000
62,901
Windstream Services LLC/Windstream Escrow Finance Corp.144A
8.25
10-1-2031
 
165,000
174,077
WULF Compute LLC144A
7.75
10-15-2030
 
80,000
84,061
 
 
1,351,731
Consumer, cyclical:  4.88%
 
Apparel:  0.25%
 
Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥
10.00
7-15-2033
 
261,485
289,162
Auto manufacturers:  0.04%
 
Nissan Motor Acceptance Co. LLC144A
7.05
9-15-2028
 
40,000
41,094
Auto parts & equipment:  0.50%
 
Adient Global Holdings Ltd.144A
7.50
2-15-2033
 
165,000
171,131
Adient Global Holdings Ltd.144A
8.25
4-15-2031
 
30,000
31,285
American Axle & Manufacturing, Inc.
5.00
10-1-2029
 
110,000
107,633
American Axle & Manufacturing, Inc.144A
7.75
10-15-2033
 
75,000
75,207
ZF North America Capital, Inc.144A
6.88
4-23-2032
 
105,000
103,274
ZF North America Capital, Inc.144A
7.50
3-24-2031
 
85,000
85,851
 
 
574,381
Distribution/wholesale:  0.04%
 
RB Global Holdings, Inc.144A
7.75
3-15-2031
 
40,000
41,591
Entertainment:  0.92%
 
Churchill Downs, Inc.144A
6.75
5-1-2031
 
170,000
173,557
Cinemark USA, Inc.144A
7.00
8-1-2032
 
300,000
310,517
Discovery Global Holdings, Inc.
4.05
3-15-2029
 
130,000
129,292
Discovery Global Holdings, Inc.
5.05
3-15-2042
 
105,000
76,781
Six Flags Entertainment Corp.144A
7.25
5-15-2031
 
40,000
39,881
Six Flags Entertainment Corp./Canada’s Wonderland Co./Millennium
Operations LLC144A
8.63
1-15-2032
 
95,000
97,556
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s
Wonderland Co.144A
6.63
5-1-2032
 
220,000
224,811
 
 
1,052,395
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 3
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Home builders:  0.52%
 
Ashton Woods USA LLC/Ashton Woods Finance Co.144A
6.88
%
8-1-2033
$
190,000
$186,272
Century Communities, Inc.144A
6.63
9-15-2033
 
105,000
104,122
K Hovnanian Enterprises, Inc.144A
8.38
10-1-2033
 
150,000
151,437
LGI Homes, Inc.144A
8.75
12-15-2028
 
150,000
155,527
 
 
597,358
Home furnishings:  0.04%
 
Whirlpool Corp.
6.13
6-15-2030
 
50,000
47,030
Housewares:  0.24%
 
Newell Brands, Inc.
6.38
5-15-2030
 
125,000
123,333
Newell Brands, Inc.144A
8.50
6-1-2028
 
140,000
146,180
 
 
269,513
Leisure time:  0.38%
 
NCL Corp. Ltd.144A
6.25
9-15-2033
 
125,000
119,845
NCL Corp. Ltd.144A
6.75
2-1-2032
 
80,000
79,276
NCL Corp. Ltd.144A
7.75
2-15-2029
 
50,000
52,336
Viking Cruises Ltd.144A
5.88
10-15-2033
 
50,000
50,100
Viking Cruises Ltd.144A
7.00
2-15-2029
 
125,000
125,485
 
 
427,042
Lodging:  0.13%
 
Genting New York LLC/GENNY Capital, Inc.144A
7.25
10-1-2029
 
140,000
143,359
Retail:  1.82%
 
Advance Auto Parts, Inc.144A
7.38
8-1-2033
 
195,000
202,851
Carvana Co.144A
9.00
6-1-2030
 
295,000
305,960
Carvana Co.144A
9.00
6-1-2031
 
105,000
116,050
FirstCash, Inc.144A
4.63
9-1-2028
 
90,000
88,722
FirstCash, Inc.144A
6.88
3-1-2032
 
235,000
241,630
Macy’s Retail Holdings LLC144A
6.13
3-15-2032
 
125,000
125,017
Michaels Cos., Inc.144A
8.50
3-15-2033
 
110,000
107,392
Michaels Cos., Inc.144A
11.00
3-15-2034
 
230,000
217,462
PetSmart LLC/PetSmart Finance Corp.144A
7.50
9-15-2032
 
180,000
181,373
PetSmart LLC/PetSmart Finance Corp.144A
10.00
9-15-2033
 
110,000
111,027
QXO Building Products, Inc.144A
6.75
4-30-2032
 
120,000
122,275
Sally Holdings LLC/Sally Capital, Inc.
6.75
4-1-2032
 
100,000
102,773
Sonic Automotive, Inc.144A
4.88
11-15-2031
 
155,000
148,351
 
 
2,070,883
Consumer, non-cyclical:  4.02%
 
Commercial services:  1.44%
 
ADT Security Corp.144A
5.88
10-15-2033
 
75,000
73,297
Allied Universal Holdco LLC144A
7.88
2-15-2031
 
140,000
146,370
Block, Inc.
6.50
5-15-2032
 
190,000
193,607
CoreCivic, Inc.
8.25
4-15-2029
 
195,000
203,278
GEO Group, Inc.
8.63
4-15-2029
 
80,000
83,420
GEO Group, Inc.
10.25
4-15-2031
 
180,000
195,060
See accompanying notes to portfolio of investments
4 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Commercial services(continued)
 
Herc Holdings, Inc.144A
7.00
%
6-15-2030
$
185,000
$192,228
Herc Holdings, Inc.144A
7.25
6-15-2033
 
165,000
172,118
Sotheby’s/BidFair Holdings, Inc.144A
5.88
6-1-2029
 
250,000
237,785
Veritiv Operating Co.144A
10.50
11-30-2030
 
135,000
138,513
 
 
1,635,676
Food:  0.20%
 
Industrial F&B Investments III, Inc.144A
7.75
2-11-2033
 
125,000
127,503
Performance Food Group, Inc.144A
6.13
9-15-2032
 
105,000
106,155
 
 
233,658
Healthcare-services:  2.02%
 
CHS/Community Health Systems, Inc.144A
5.25
5-15-2030
 
95,000
89,523
CHS/Community Health Systems, Inc.144A
6.00
1-15-2029
 
125,000
123,750
CHS/Community Health Systems, Inc.144A
6.88
4-15-2029
 
115,000
113,774
CHS/Community Health Systems, Inc.144A
10.88
1-15-2032
 
46,000
49,565
Concentra Health Services, Inc.144A
6.88
7-15-2032
 
235,000
243,233
DaVita, Inc.144A
6.88
9-1-2032
 
360,000
372,799
IQVIA, Inc.144A
6.25
6-1-2032
 
60,000
61,296
LifePoint Health, Inc.144A
7.00
5-1-2034
 
65,000
63,470
Molina Healthcare, Inc.144A
6.25
1-15-2033
 
215,000
214,981
Pediatrix Medical Group, Inc.144A
5.38
2-15-2030
 
155,000
153,391
Radiology Partners, Inc.144A
8.50
7-15-2032
 
150,000
153,750
Star Parent, Inc.144A
9.00
10-1-2030
 
240,000
251,955
Surgery Center Holdings, Inc.144A
7.25
4-15-2032
 
115,000
115,269
Tenet Healthcare Corp.
6.75
5-15-2031
 
290,000
298,620
 
 
2,305,376
Pharmaceuticals:  0.36%
 
AdaptHealth LLC144A
5.13
3-1-2030
 
165,000
159,876
Endo Finance Holdings LP144A
8.50
4-15-2031
 
235,000
250,467
 
 
410,343
Energy:  2.84%
 
Energy-alternate sources:  0.00%
 
Enviva Partners LP/Enviva Partners Finance Corp.144A♦†
6.50
1-15-2026
 
635,000
0
Oil & gas:  0.69%
 
Aethon United BR LP/Aethon United Finance Corp.144A
7.50
10-1-2029
 
90,000
93,879
California Resources Corp.144A
7.00
1-15-2034
 
125,000
126,009
California Resources Corp.144A
8.25
6-15-2029
 
119,000
124,155
Caturus Energy LLC144A
8.50
2-15-2030
 
50,000
52,368
Hilcorp Energy I LP/Hilcorp Finance Co.144A
6.00
2-1-2031
 
125,000
123,171
Nabors Industries, Inc.144A
9.13
1-31-2030
 
150,000
157,170
SM Energy Co.144A
9.63
6-15-2033
 
100,000
111,306
 
 
788,058
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 5
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Oil & gas services:  0.44%
 
Archrock Partners LP/Archrock Partners Finance Corp.144A
6.63
%
9-1-2032
$
150,000
$153,561
Bristow Group, Inc.144A
6.75
2-1-2033
 
175,000
176,624
SESI LLC144A
7.88
9-30-2030
 
140,000
144,516
USA Compression Partners LP/USA Compression Finance Corp.144A
6.25
10-1-2033
 
30,000
30,114
 
 
504,815
Pipelines:  1.71%
 
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A
5.75
10-15-2033
 
85,000
84,107
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
5.50
6-15-2031
 
100,000
98,457
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
7.50
12-15-2033
 
195,000
206,688
Excelerate Energy LP144A
8.00
5-15-2030
 
160,000
169,412
Harvest Midstream I LP144A
6.75
5-15-2034
 
135,000
138,601
Harvest Midstream I LP144A
7.50
5-15-2032
 
65,000
67,537
Hess Midstream Operations LP144A
5.50
10-15-2030
 
80,000
79,896
Prairie Acquiror LP144A
9.00
8-1-2029
 
125,000
130,294
Rockies Express Pipeline LLC144A
6.75
3-15-2033
 
50,000
51,990
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
6.00
12-31-2030
 
210,000
211,299
Venture Global LNG, Inc.144A
8.38
6-1-2031
 
120,000
124,871
Venture Global LNG, Inc.144A
9.88
2-1-2032
 
135,000
144,344
Venture Global LNG, Inc. (5 Year Treasury Constant
Maturity+5.44%)144Aʊ±
9.00
9-30-2029
 
175,000
172,821
Venture Global Plaquemines LNG LLC144A
7.50
5-1-2033
 
240,000
264,862
 
 
1,945,179
Financial:  5.52%
 
Banks:  0.76%
 
Citigroup, Inc. Series HH (5 Year Treasury Constant
Maturity+3.00%)ʊ±
6.63
2-15-2031
 
425,000
431,449
PNC Financial Services Group, Inc. Series U (5 Year Treasury Constant
Maturity+3.00%)ʊ±
6.00
5-15-2027
 
215,000
215,110
Wells Fargo & Co. (5 Year Treasury Constant Maturity+2.77%)ʊ±
6.85
9-15-2029
 
205,000
212,449
 
 
859,008
Diversified financial services:  1.76%
 
EZCORP, Inc.144A
7.38
4-1-2032
 
105,000
111,147
First Eagle Holdings, Inc.144A
7.25
8-15-2032
 
110,000
111,511
Jane Street Group/JSG Finance, Inc.144A
6.13
11-1-2032
 
95,000
95,238
Jane Street Group/JSG Finance, Inc.144A
6.75
5-1-2033
 
110,000
113,123
Jane Street Group/JSG Finance, Inc.144A
7.13
4-30-2031
 
165,000
171,022
Jefferson Capital Holdings LLC144A
8.25
5-15-2030
 
60,000
63,116
Jefferson Capital Holdings LLC144A
9.50
2-15-2029
 
105,000
109,979
OneMain Finance Corp.
7.13
9-15-2032
 
220,000
221,701
OneMain Finance Corp.
7.88
3-15-2030
 
195,000
202,950
PRA Group, Inc.144A
5.00
10-1-2029
 
119,000
112,456
Provident Funding Associates LP/PFG Finance Corp.144A
9.75
9-15-2029
 
140,000
146,348
Rocket Cos., Inc.144A
6.13
8-1-2030
 
70,000
71,072
Rocket Cos., Inc.144A
7.13
2-1-2032
 
155,000
160,571
United Wholesale Mortgage LLC144A
5.50
4-15-2029
 
235,000
224,453
See accompanying notes to portfolio of investments
6 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Diversified financial services(continued)
 
United Wholesale Mortgage LLC144A
6.25
%
3-15-2031
$
65,000
$59,689
WS Escrow LLC144A%%
7.75
6-1-2033
 
30,000
30,585
 
 
2,004,961
Insurance:  1.35%
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A
7.38
10-1-2032
 
425,000
422,828
AmWINS Group, Inc.144A
6.38
2-15-2029
 
115,000
116,337
Asurion LLC/Asurion Co-Issuer, Inc.144A
8.00
12-31-2032
 
60,000
62,567
Asurion LLC/Asurion Co-Issuer, Inc.144A
8.38
2-1-2034
 
170,000
166,149
Athene Holding Ltd. (5 Year Treasury Constant Maturity+2.58%)±
6.88
6-28-2055
 
110,000
106,487
Baldwin Insurance Group Holdings LLC/Baldwin Insurance Group
Holdings Finance144A
7.13
5-15-2031
 
105,000
105,433
Broadstreet Partners Group LLC144A
5.88
4-15-2029
 
220,000
217,480
Global Atlantic Fin Co. (5 Year Treasury Constant
Maturity+3.55%)144A±
7.25
3-1-2056
 
110,000
109,356
HUB International Ltd.144A
7.38
1-31-2032
 
225,000
230,499
 
 
1,537,136
Investment Companies:  0.10%
 
HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury Constant
Maturity+4.30%)±
8.00
6-1-2056
 
105,000
112,094
REITs:  1.55%
 
Blackstone Mortgage Trust, Inc.144A
7.75
12-1-2029
 
120,000
124,539
Brandywine Operating Partnership LP
6.13
1-15-2031
 
75,000
70,332
Brandywine Operating Partnership LP
8.88
4-12-2029
 
100,000
105,479
Iron Mountain, Inc.144A
4.50
2-15-2031
 
185,000
176,676
Iron Mountain, Inc.144A
5.25
7-15-2030
 
270,000
267,081
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
7.00
7-15-2031
 
220,000
227,852
Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance
Co-Issuer144A
7.00
2-1-2030
 
140,000
143,340
RHP Hotel Properties LP/RHP Finance Corp.144A
5.75
3-15-2034
 
155,000
153,772
RHP Hotel Properties LP/RHP Finance Corp.144A
6.50
6-15-2033
 
140,000
144,007
Starwood Property Trust, Inc.144A
6.50
7-1-2030
 
180,000
184,248
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A
6.00
1-15-2030
 
60,000
58,292
Vornado Realty LP
5.75
2-1-2033
 
115,000
114,631
 
 
1,770,249
Industrial:  2.53%
 
Aerospace/defense:  0.38%
 
TransDigm, Inc.144A
6.63
3-1-2032
 
425,000
437,127
Building materials:  0.62%
 
Builders FirstSource, Inc.144A
6.75
5-15-2035
 
210,000
212,092
EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A
6.63
12-15-2030
 
240,000
245,365
Quikrete Holdings, Inc.144A
6.38
3-1-2032
 
50,000
50,913
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 7
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Building materials(continued)
 
Quikrete Holdings, Inc.144A
6.75
%
3-1-2033
$
110,000
$111,581
Standard Building Solutions, Inc.144A
6.25
8-1-2033
 
90,000
90,136
 
 
710,087
Electrical components & equipment:  0.33%
 
Energizer Holdings, Inc.144A
4.38
3-31-2029
 
165,000
158,823
WESCO Distribution, Inc.144A
6.63
3-15-2032
 
215,000
221,782
 
 
380,605
Electronics:  0.02%
 
Sensata Technologies, Inc.144A
6.63
7-15-2032
 
20,000
20,713
Environmental control:  0.12%
 
Clean Harbors, Inc.144A
6.38
2-1-2031
 
130,000
132,149
Machinery-diversified:  0.27%
 
Chart Industries, Inc.144A
7.50
1-1-2030
 
95,000
98,349
Chart Industries, Inc.144A
9.50
1-1-2031
 
110,000
115,625
TK Elevator U.S. Newco, Inc.144A
5.25
7-15-2027
 
90,000
90,040
 
 
304,014
Packaging & containers:  0.47%
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC144A
4.00
9-1-2029
 
160,000
151,760
Clydesdale Acquisition Holdings, Inc.144A
8.75
4-15-2030
 
200,000
192,169
Sword Purchaser LLC144A
8.25
4-15-2033
 
185,000
190,519
 
 
534,448
Trucking & leasing:  0.32%
 
FTAI Aviation Investors LLC144A
7.00
5-1-2031
 
275,000
285,081
FTAI Aviation Investors LLC144A
7.00
6-15-2032
 
80,000
82,653
 
 
367,734
Technology:  1.79%
 
Computers:  0.14%
 
Diebold Nixdorf, Inc.144A
7.75
3-31-2030
 
155,000
162,157
Office/business equipment:  0.15%
 
Zebra Technologies Corp.144A
6.50
6-1-2032
 
165,000
167,376
Semiconductors:  0.10%
 
Entegris, Inc.144A
5.95
6-15-2030
 
110,000
111,135
Software:  1.40%
 
AthenaHealth Group, Inc.144A
6.50
2-15-2030
 
335,000
322,923
Cloud Software Group, Inc.144A
8.25
6-30-2032
 
225,000
220,896
Cloud Software Group, Inc.144A
9.00
9-30-2029
 
190,000
187,743
CoreWeave, Inc.144A
9.00
2-1-2031
 
180,000
182,505
CoreWeave, Inc.144A
9.75
10-1-2031
 
85,000
87,675
See accompanying notes to portfolio of investments
8 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Software(continued)
 
Ellucian Holdings, Inc.144A
6.50
%
12-1-2029
$
80,000
$78,938
Oak-Eagle AcquireCo, Inc.144A
7.25
7-1-2033
 
85,000
88,642
Oak-Eagle AcquireCo, Inc.144A
8.75
7-1-2034
 
95,000
100,401
Rocket Software, Inc.144A
6.50
2-15-2029
 
45,000
42,090
Rocket Software, Inc.144A
9.00
11-28-2028
 
170,000
171,471
SS&C Technologies, Inc.144A
6.50
6-1-2032
 
115,000
116,024
 
 
1,599,308
Utilities:  1.09%
 
Electric:  1.09%
 
Duke Energy Corp. (5 Year Treasury Constant Maturity+2.59%)±
6.45
9-1-2054
 
200,000
208,284
Edison International (5 Year Treasury Constant Maturity+3.86%)±
8.13
6-15-2053
 
115,000
117,440
EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)±
7.63
12-15-2054
 
205,000
213,501
PacifiCorp (5 Year Treasury Constant Maturity+3.29%)±
7.13
8-15-2056
 
175,000
175,903
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
7.38
3-15-2055
 
185,000
188,401
Sempra (5 Year Treasury Constant Maturity+2.87%)±
4.13
4-1-2052
 
110,000
108,694
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±
7.00
12-15-2026
 
105,000
105,681
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
8.88
1-15-2029
 
110,000
118,324
 
 
1,236,228
Total corporate bonds and notes (Cost $31,705,178)
 
32,193,714
Loans:  1.55%
 
Basic materials:  0.04%
 
Chemicals:  0.04%
 
Chemours Co. (U.S. SOFR 1 Month+3.50%)±
7.12
10-15-2032
 
45,000
44,876
Communications:  0.25%
 
Media:  0.16%
 
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)±
9.18
8-2-2029
 
140,220
140,960
EW Scripps Co. (U.S. SOFR 1 Month+5.75%)±
9.47
6-30-2028
 
48,204
48,043
 
 
189,003
Telecommunications:  0.09%
 
Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)±
8.12
9-27-2029
 
99,240
99,512
Consumer, cyclical:  0.43%
 
Airlines:  0.10%
 
Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)±
7.44
4-1-2031
 
113,297
112,258
Housewares:  0.13%
 
American Greetings Corp. (U.S. SOFR 1 Month+5.75%)±
9.37
10-30-2029
 
151,499
150,931
Retail:  0.20%
 
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+4.25%)±
7.95
2-3-2031
 
120,000
116,712
Tory Burch LLC (U.S. SOFR 1 Month+4.00%)±
7.62
4-30-2031
 
110,000
109,679
 
 
226,391
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 9
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Consumer, non-cyclical:  0.17%
 
Healthcare-products:  0.07%
 
Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)±
7.37
%
1-15-2031
$
79,600
$79,859
Healthcare-services:  0.10%
 
Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%)‡±
8.70
12-30-2032
 
112,868
94,809
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)±
7.41
12-31-2030
 
17,734
17,613
 
 
112,422
Energy:  0.15%
 
Pipelines:  0.15%
 
Crescent Midstream Intermediate Holdings LLC (U.S. SOFR 3
Month+3.75%)±
7.40
2-18-2033
 
105,000
105,656
Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%)±
6.87
8-1-2029
 
68,610
68,889
 
 
174,545
Financial:  0.06%
 
Insurance:  0.06%
 
Asurion LLC (U.S. SOFR 3 Month+4.25%)±
7.91
9-19-2030
 
68,935
68,903
Industrial:  0.32%
 
Machinery-diversified:  0.13%
 
TK Elevator Midco GmbH (U.S. SOFR 3 Month+2.75%)±
6.44
4-30-2030
 
150,000
151,125
Packaging & containers:  0.19%
 
Mauser Packaging Solutions Holding Co. (U.S. SOFR 1
Month+3.50%)±
7.15
4-15-2030
 
105,000
103,249
Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%)±
6.62
9-30-2032
 
109,725
108,662
 
 
211,911
Technology:  0.13%
 
Computers:  0.09%
 
McAfee Corp. (U.S. SOFR 1 Month+3.00%)±
6.62
3-1-2029
 
103,688
93,985
Software:  0.04%
 
Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)±
7.37
11-28-2028
 
49,005
47,653
Total loans (Cost $1,790,508)
 
1,763,374
Yankee corporate bonds and notes:  5.91%
 
Communications:  1.24%
 
Internet:  0.23%
 
Rakuten Group, Inc.144A
9.75
4-15-2029
 
235,000
256,781
Media:  0.39%
 
Virgin Media Finance PLC144A
5.00
7-15-2030
 
90,000
73,892
Virgin Media Secured Finance PLC144A
4.50
8-15-2030
 
250,000
217,543
VZ Secured Financing BV144A
5.00
1-15-2032
 
170,000
147,595
 
 
439,030
See accompanying notes to portfolio of investments
10 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Telecommunications:  0.62%
 
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
7.13
%
4-15-2055
$
325,000
$337,013
Telecom Italia Capital SA
7.20
7-18-2036
 
145,000
157,989
TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)±
6.63
6-9-2056
 
40,000
39,876
TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)±
6.63
10-15-2055
 
175,000
177,342
 
 
712,220
Consumer, cyclical:  0.97%
 
Airlines:  0.41%
 
Air Canada Pass-Through Trust Series 2020-1 Class C144A
10.50
7-15-2026
 
125,000
125,818
Latam Airlines Group SA144A
7.63
1-7-2031
 
95,000
98,385
Latam Airlines Group SA144A
7.88
4-15-2030
 
130,000
135,512
VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A
6.38
2-1-2030
 
110,000
100,329
 
 
460,044
Auto manufacturers:  0.13%
 
Nissan Motor Co. Ltd.144A
8.13
7-17-2035
 
140,000
148,663
Entertainment:  0.09%
 
Banijay Entertainment SASU144A
8.13
5-1-2029
 
100,000
102,893
Leisure time:  0.34%
 
Carnival Corp. Ltd.144A
5.75
8-1-2032
 
200,000
202,036
Carnival Corp. Ltd.144A
6.13
2-15-2033
 
185,000
187,366
 
 
389,402
Consumer, non-cyclical:  1.30%
 
Cosmetics/Personal Care:  0.40%
 
Opal Bidco SAS144A
6.50
3-31-2032
 
185,000
188,060
Perrigo Finance Unlimited Co.
6.13
9-30-2032
 
275,000
262,510
 
 
450,570
Food:  0.20%
 
Froneri Lux Finco Sarl144A
6.00
8-1-2032
 
230,000
224,280
Healthcare-products:  0.15%
 
Bausch & Lomb Corp.144A
8.38
10-1-2028
 
170,000
175,525
Pharmaceuticals:  0.55%
 
1261229 BC Ltd.144A
10.00
4-15-2032
 
305,000
312,264
Bausch Health Cos., Inc.144A
6.25
2-15-2029
 
75,000
53,625
Teva Pharmaceutical Finance Netherlands III BV
8.13
9-15-2031
 
230,000
259,282
 
 
625,171
Energy:  0.32%
 
Coal:  0.00%
 
Griffin Coal Mining Co. Pty. Ltd.144A♦†
9.50
12-1-2049
 
60,913
0
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 11
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Oil & gas:  0.11%
 
Borr IHC Ltd./Borr Finance LLC144A
10.00
%
11-15-2028
$
61,143
$64,205
Saturn Oil & Gas, Inc.144A
9.63
6-15-2029
 
57,000
59,707
 
 
123,912
Pipelines:  0.21%
 
Enbridge, Inc. (5 Year Treasury Constant Maturity+3.71%)±
7.38
1-15-2083
 
240,000
246,140
Financial:  1.15%
 
Banks:  0.60%
 
Banco del Estado de Chile (5 Year Treasury Constant
Maturity+3.23%)144Aʊ±
7.95
5-2-2029
 
120,000
127,830
BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%)144Aʊ±
6.88
12-15-2033
 
130,000
129,145
BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ±
8.00
8-22-2031
 
190,000
203,169
UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5
Year+3.24%)144Aʊ±
6.63
1-8-2031
 
215,000
215,823
 
 
675,967
Diversified financial services:  0.55%
 
GGAM Finance Ltd.144A
5.88
3-15-2030
 
225,000
227,156
Global Aircraft Leasing Co. Ltd.144A
8.75
9-1-2027
 
200,000
204,413
goeasy Ltd.144A
7.63
7-1-2029
 
210,000
197,464
 
 
629,033
Industrial:  0.45%
 
Electronics:  0.15%
 
Sensata Technologies BV144A
5.88
9-1-2030
 
175,000
176,105
Packaging & containers:  0.30%
 
Ardagh Group SA (PIK at 6.50%)144A¥
12.00
12-1-2030
 
70,000
65,034
Trivium Packaging Finance BV144A
8.25
7-15-2030
 
126,000
132,924
Trivium Packaging Finance BV144A
12.25
1-15-2031
 
130,000
143,426
 
 
341,384
Technology:  0.28%
 
Computers:  0.19%
 
Seagate Data Storage Technology Pte. Ltd.144A
8.50
7-15-2031
 
205,000
214,347
Semiconductors:  0.09%
 
Kioxia Holdings Corp.144A
6.63
7-24-2033
 
105,000
110,083
Utilities:  0.20%
 
Electric:  0.20%
 
Algonquin Power & Utilities Corp. (5 Year Treasury Constant
Maturity+3.25%)±
4.75
1-18-2082
 
235,000
232,839
Total yankee corporate bonds and notes (Cost $6,765,698)
 
6,734,389
See accompanying notes to portfolio of investments
12 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2026 (unaudited)
 
 
 
 
 
Yield
 
Shares
Value
Short-term investments:  2.87%
 
Investment companies:  2.87%
 
Allspring Government Money Market Fund Select Class♠∞##
3.56
%
 
3,269,565
$3,269,565
Total short-term investments (Cost $3,269,565)
 
3,269,565
Total investments in securities (Cost $108,513,913)
126.36
%
 
143,973,484
Other assets and liabilities, net
(26.36
)
 
(30,032,148
)
Total net assets
100.00
%
 
$113,941,336
 
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.
†
Non-income-earning security
˃
Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $263,965 (original cost of $72,563),
representing 0.23% of its net assets as of period end.
%%
The security is purchased on a when-issued basis.
¥
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 security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC.
ʊ
Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
±
Variable rate investment. The rate shown is the rate in effect at period end.
‡
Security is valued using significant unobservable inputs.
♠
The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.
∞
The rate represents the 7-day annualized yield at period end.
##
All or a portion of this security is segregated as collateral for when-issued securities.
 
Abbreviations:
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
$1,978,197
$17,592,201
$(16,300,833
)
$0
$0
$3,269,565
3,269,565
$60,767
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 13
Notes to portfolio of investments—May 31, 2026 (unaudited)
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.
Equity securities and exchange-traded funds 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.
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.
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.
Foreign currency translation
The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at  rates provided by an independent foreign currency pricing source at a time each business day specified by the Valuation Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
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. Unfunded loan commitments represent the remaining obligation of the Fund to the borrower. At any point in time, up to the maturity date of the issue, the borrower may demand the unfunded portion. Unfunded amounts, if any, are marked to market.
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.)
14 | Allspring Utilities and High Income Fund
Notes to portfolio of investments—May 31, 2026 (unaudited)
•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.
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of May 31, 2026: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Asset-backed securities
$0
$106,248
$0
$106,248
Common stocks
Energy
0
263,965
0
263,965
Health care
0
85,275
0
85,275
Utilities
99,556,954
0
0
99,556,954
Corporate bonds and notes
0
32,193,714
0
32,193,714
Loans
0
1,668,565
94,809
1,763,374
Yankee corporate bonds and notes
0
6,734,389
0
6,734,389
Short-term investments
Investment companies
3,269,565
0
0
3,269,565
Total assets
$102,826,519
$41,052,156
$94,809
$143,973,484
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At May 31, 2026, the Fund did not have any transfers into/out of Level 3.
Allspring Utilities and High Income Fund | 15