NPORT-EX 2 NPORT_2LQC_47214626_1122.htm
Portfolio of investments—November 30, 2022 (unaudited)
        Shares Value
Common stocks: 85.80%          
Communication services: 0.08%          
Diversified telecommunication services: 0.08%           
Intelsat SA ‡†           3,909 $     85,998
Energy: 0.14%          
Energy equipment & services: 0.08%           
Bristow Group Incorporated †           3,368      87,568
Oil, gas & consumable fuels: 0.06%           
Denbury Incorporated †             746      66,961
Financials: 0.16%          
Mortgage REITs: 0.16%           
Blackstone Mortgage Trust Incorporated Class A            2,257      57,034
Ladder Capital Corporation            6,254      69,419
Starwood Property Trust Incorporated            2,796      59,862
              186,315
Utilities: 85.42%          
Electric utilities: 50.00%           
Alliant Energy Corporation           29,270   1,647,901
American Electric Power Company Incorporated           59,781   5,786,801
Constellation Energy Corporation           29,898   2,873,796
Duke Energy Corporation           55,165   5,512,638
Entergy Corporation           22,292   2,591,891
Evergy Incorporated           29,385   1,739,886
Eversource Energy           26,318   2,180,709
Exelon Corporation        109,843 4,544,205
FirstEnergy Corporation        59,028 2,434,315
NextEra Energy Incorporated        212,045 17,960,212
The Southern Company        70,453 4,765,441
Xcel Energy Incorporated        71,281 5,005,352
          57,043,147
Gas utilities: 4.30%           
Atmos Energy Corporation        29,092 3,496,858
ONE Gas Incorporated        16,208 1,409,286
          4,906,144
Multi-utilities: 28.44%           
Ameren Corporation        38,992 3,482,765
CenterPoint Energy Incorporated        114,071 3,548,749
CMS Energy Corporation        59,487 3,632,871
Dominion Energy Incorporated        81,959 5,008,514
DTE Energy Company        31,112 3,609,303
Public Service Enterprise Group Incorporated        55,246 3,345,145
Sempra Energy        37,455 6,224,646
WEC Energy Group Incorporated        36,310 3,599,773
          32,451,766
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  1
Portfolio of investments—November 30, 2022 (unaudited)
        Shares Value
Water utilities: 2.68%           
American Water Works Company Incorporated           20,113 $  3,052,349
Total Common stocks (Cost $80,147,322)          97,880,248
    
    Interest
rate 		Maturity
date 		Principal  
Corporate bonds and notes: 32.80%          
Communication services: 5.31%          
Diversified telecommunication services: 0.39%          
Cablevision Lightpath LLC 144A   3.88% 9-15-2027 $  135,000     116,394
Cablevision Lightpath LLC 144A   5.63 9-15-2028   130,000      98,915
Level 3 Financing Incorporated 144A   3.63 1-15-2029   155,000     114,452
Level 3 Financing Incorporated 144A   4.25 7-1-2028   100,000      78,299
Level 3 Financing Incorporated 144A   4.63 9-15-2027       50,000      42,125
              450,185
Entertainment: 0.50%          
Dave & Buster's Incorporated 144A   7.63 11-1-2025    70,000      70,344
Live Nation Entertainment Incorporated 144A   3.75 1-15-2028   260,000     227,786
Live Nation Entertainment Incorporated 144A   5.63 3-15-2026    48,000      45,504
Live Nation Entertainment Incorporated 144A   6.50 5-15-2027     225,000     225,426
              569,060
Media: 4.42%          
CCO Holdings LLC 144A   4.25 1-15-2034   150,000     116,850
CCO Holdings LLC 144A   4.50 8-15-2030   415,000     349,638
CCO Holdings LLC    4.50 5-1-2032    50,000      41,263
CCO Holdings LLC 144A   5.00 2-1-2028    25,000      22,982
CCO Holdings LLC 144A   5.13 5-1-2027   250,000     236,623
CCO Holdings LLC 144A   5.50 5-1-2026     2,000       1,940
Cinemark USA Incorporated 144A   5.25 7-15-2028   235,000     187,706
Cinemark USA Incorporated 144A   5.88 3-15-2026    65,000      56,917
Cinemark USA Incorporated 144A   8.75 5-1-2025 220,000 224,406
Clear Channel Outdoor Holdings 144A   7.50 6-1-2029 270,000 200,475
CSC Holdings LLC 144A   4.63 12-1-2030 200,000 126,832
CSC Holdings LLC 144A   5.75 1-15-2030 390,000 265,590
DIRECTV Financing LLC 144A   5.88 8-15-2027 245,000 224,807
DISH DBS Corporation 144A   5.75 12-1-2028 185,000 150,044
Gray Escrow II Incorporated 144A   5.38 11-15-2031 425,000 324,262
Gray Television Incorporated 144A   4.75 10-15-2030 250,000 184,973
Lamar Media Corporation   4.00 2-15-2030 80,000 69,855
Lamar Media Corporation   4.88 1-15-2029 130,000 120,151
Match Group Holdings II LLC 144A   5.63 2-15-2029 225,000 206,857
Nexstar Broadcasting Incorporated 144A   4.75 11-1-2028 125,000 111,240
Nexstar Broadcasting Incorporated 144A   5.63 7-15-2027 125,000 117,865
Outfront Media Capital Corporation 144A   4.63 3-15-2030 150,000 125,557
Outfront Media Capital Corporation 144A   5.00 8-15-2027 85,000 77,456
QVC Incorporated   4.38 9-1-2028 200,000 134,000
QVC Incorporated   4.75 2-15-2027 175,000 131,366
QVC Incorporated   5.95 3-15-2043 95,000 48,986
Salem Media Group Incorporated 144A   6.75 6-1-2024 70,000 67,200
Scripps Escrow II Incorporated 144A   3.88 1-15-2029 35,000 29,420
Scripps Escrow II Incorporated 144A   5.38 1-15-2031 425,000 346,996
Scripps Escrow II Incorporated 144A   5.88 7-15-2027 50,000 44,500
See accompanying notes to portfolio of investments
2  |  Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Media (continued)          
Sirius XM Radio Incorporated Company 144A   4.00% 7-15-2028 $  250,000 $    220,955
Townsquare Media Incorporated 144A   6.88 2-1-2026     510,000     473,131
            5,040,843
Consumer discretionary: 4.50%          
Auto components: 0.38%          
Allison Transmission Incorporated 144A   5.88 6-1-2029   170,000     160,691
Clarios Global LP 144A   6.25 5-15-2026   144,000     142,651
Cooper Tire & Rubber Company   7.63 3-15-2027     137,000     133,756
              437,098
Automobiles: 0.12%          
Ford Motor Company    3.25 2-12-2032   175,000     138,307
Diversified consumer services: 0.13%          
Service Corporation International   7.50 4-1-2027   140,000     142,672
Hotels, restaurants & leisure: 2.49%          
Carnival Corporation 144A   4.00 8-1-2028   150,000     124,875
Carnival Corporation 144A   6.00 5-1-2029   120,000      85,200
Carnival Corporation 144A   9.88 8-1-2027   100,000      97,608
Carnival Corporation 144A   10.50 2-1-2026    60,000      60,726
Carnival Holdings Bermuda Limited 144A   10.38 5-1-2028   180,000     187,416
CCM Merger Incorporated 144A   6.38 5-1-2026   555,000     513,780
Cedar Fair LP 144A   5.50 5-1-2025   115,000     114,634
Churchill Downs Incorporated 144A   4.75 1-15-2028   130,000     119,612
Las Vegas Sands Corporation   3.20 8-8-2024   235,000     224,557
MGM Resorts International   6.75 5-1-2025 95,000 94,547
NCL Corporation Limited 144A   5.88 3-15-2026 265,000 217,375
NCL Corporation Limited 144A   5.88 2-15-2027 170,000 151,356
NCL Corporation Limited 144A   7.75 2-15-2029 110,000 88,000
Royal Caribbean Cruises Limited 144A   5.38 7-15-2027 25,000 20,715
Royal Caribbean Cruises Limited 144A   5.50 8-31-2026 95,000 82,413
Royal Caribbean Cruises Limited 144A   5.50 4-1-2028 150,000 122,438
Royal Caribbean Cruises Limited 144A   9.25 1-15-2029 140,000 143,326
Royal Caribbean Cruises Limited 144A   11.63 8-15-2027 155,000 159,263
Six Flags Entertainment Company 144A   5.50 4-15-2027 50,000 45,147
Six Flags Entertainment Company 144A   7.00 7-1-2025 180,000 180,446
          2,833,434
Household durables: 0.10%          
Newell Brands Incorporated   4.45 4-1-2026 120,000 113,203
Multiline retail: 0.30%          
LSF9 Atlantis Holdings LLC 144A   7.75 2-15-2026 200,000 184,578
Macy's Retail Holdings LLC 144A   5.88 4-1-2029 140,000 130,221
Macy's Retail Holdings LLC 144A   6.13 3-15-2032 30,000 26,632
          341,431
Specialty retail: 0.71%          
Bath & Body Works Incorporated 144A   9.38 7-1-2025 95,000 99,607
GAP Incorporated 144A   3.88 10-1-2031 255,000 192,525
Michaels Companies Incorporated 144A   7.88 5-1-2029 145,000 85,731
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  3
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Specialty retail (continued)          
NMG Holding Company Incorporated 144A   7.13% 4-1-2026 $  200,000 $    192,592
Rent-A-Center Incorporated 144A   6.38 2-15-2029     295,000     242,638
              813,093
Textiles, apparel & luxury goods: 0.27%          
G-III Apparel Group Limited 144A   7.88 8-15-2025   320,000     310,000
Consumer staples: 0.30%          
Food & staples retailing: 0.10%          
PetSmart Incorporated 144A   4.75 2-15-2028   125,000     114,204
Food products: 0.20%          
CHS Incorporated 144A   5.25 5-15-2030   145,000     110,577
CHS Incorporated 144A   6.00 1-15-2029    10,000       8,343
US Foods Incorporated 144A   6.25 4-15-2025     110,000     111,027
              229,947
Energy: 6.03%          
Energy equipment & services: 1.38%          
Bristow Group Incorporated 144A   6.88 3-1-2028   375,000     350,275
Hilcorp Energy Company 144A   5.75 2-1-2029    55,000      50,383
Hilcorp Energy Company 144A   6.00 4-15-2030    30,000      27,586
Hilcorp Energy Company 144A   6.00 2-1-2031    55,000      50,536
Hilcorp Energy Company 144A   6.25 11-1-2028    75,000      71,423
Hilcorp Energy Company 144A   6.25 4-15-2032    30,000      27,525
Oceaneering International Incorporated   4.65 11-15-2024   105,000     101,757
Oceaneering International Incorporated   6.00 2-1-2028   225,000     203,838
Pattern Energy Operations LP 144A   4.50 8-15-2028 500,000 448,684
USA Compression Partners LP    6.88 4-1-2026 150,000 143,625
USA Compression Partners LP    6.88 9-1-2027 100,000 95,470
          1,571,102
Oil, gas & consumable fuels: 4.65%          
Aethon United 144A   8.25 2-15-2026 430,000 427,816
Archrock Partners LP 144A   6.25 4-1-2028 135,000 125,213
Archrock Partners LP 144A   6.88 4-1-2027 125,000 120,938
Buckeye Partners LP 144A   4.50 3-1-2028 25,000 22,188
Buckeye Partners LP    5.85 11-15-2043 150,000 113,404
CQP Holdco LP 144A   5.50 6-15-2031 295,000 270,686
DT Midstream Incorporated 144A   4.13 6-15-2029 85,000 74,894
DT Midstream Incorporated 144A   4.38 6-15-2031 180,000 155,288
Encino Acquisition Partners Company 144A   8.50 5-1-2028 355,000 339,710
EnLink Midstream Partners LP    5.05 4-1-2045 210,000 159,506
EnLink Midstream Partners LP    5.38 6-1-2029 297,000 282,893
EnLink Midstream Partners LP    5.60 4-1-2044 75,000 62,250
EnLink Midstream Partners LP 144A   5.63 1-15-2028 35,000 34,125
EnLink Midstream Partners LP 144A   6.50 9-1-2030 155,000 157,421
Enviva Partners LP 144A   6.50 1-15-2026 705,000 672,148
EQM Midstream Partners 144A   7.50 6-1-2027 5,000 5,053
EQM Midstream Partners 144A   7.50 6-1-2030 230,000 232,009
Harvest Midstream LP 144A   7.50 9-1-2028 145,000 138,838
Hess Midstream Operation Company 144A   5.50 10-15-2030 30,000 27,499
Kinetik Holdings LP Company 144A   5.88 6-15-2030 240,000 225,530
Murphy Oil Corporation   6.38 7-15-2028 50,000 49,313
See accompanying notes to portfolio of investments
4  |  Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Oil, gas & consumable fuels (continued)          
Nabors Industries Limited 144A   7.38% 5-15-2027 $  180,000 $    175,050
Occidental Petroleum Corporation   6.45 9-15-2036   525,000     526,313
Rockies Express Pipeline LLC 144A   6.88 4-15-2040   180,000     149,400
Southwestern Energy Company   4.75 2-1-2032   130,000     113,656
Southwestern Energy Company   7.75 10-1-2027    41,000      42,181
Southwestern Energy Company   8.38 9-15-2028   110,000     114,228
Tallgrass Energy Partners LP 144A   6.00 12-31-2030   185,000     167,423
Tallgrass Energy Partners LP 144A   6.00 9-1-2031   125,000     111,406
Venture Global LNG Incorporated 144A   3.88 11-1-2033    35,000      28,464
Western Midstream Operating LP    5.30 3-1-2048     225,000     186,965
            5,311,808
Financials: 4.89%          
Capital markets: 0.29%          
MSCI Incorporated 144A   4.00 11-15-2029   120,000     105,964
Oppenheimer Holdings Incorporated    5.50 10-1-2025     225,000     220,500
              326,464
Consumer finance: 2.18%          
FirstCash Incorporated 144A   4.63 9-1-2028    80,000      70,396
FirstCash Incorporated 144A   5.63 1-1-2030   145,000     131,898
Ford Motor Credit Company LLC    4.39 1-8-2026   400,000     380,452
Ford Motor Credit Company LLC    5.11 5-3-2029   535,000     498,775
LFS TopCo LLC 144A   5.88 10-15-2026   120,000      96,002
Navient Corporation   5.00 3-15-2027   195,000     170,379
Navient Corporation   5.63 8-1-2033 125,000 87,640
Navient Corporation   5.88 10-25-2024 225,000 218,607
OneMain Finance Corporation   5.38 11-15-2029 75,000 62,640
OneMain Finance Corporation   6.13 3-15-2024 50,000 48,765
OneMain Finance Corporation   7.13 3-15-2026 125,000 121,099
PECF USS Intermediate Holding III Corporation 144A   8.00 11-15-2029 160,000 94,800
PRA Group Incorporated 144A   5.00 10-1-2029 320,000 265,872
Rocket Mortgage LLC 144A   2.88 10-15-2026 190,000 162,024
Rocket Mortgage LLC 144A   4.00 10-15-2033 105,000 77,175
          2,486,524
Diversified financial services: 0.48%          
Hat Holdings LLC 144A   3.38 6-15-2026 120,000 104,377
Hat Holdings LLC 144A   3.75 9-15-2030 70,000 50,040
Hat Holdings LLC 144A   6.00 4-15-2025 55,000 53,136
LPL Holdings Incorporated 144A   4.38 5-15-2031 210,000 180,540
United Wholesale Mortgage LLC 144A   5.50 11-15-2025 170,000 157,529
          545,622
Insurance: 0.83%          
Amwins Group Incorporated 144A   4.88 6-30-2029 210,000 181,468
AssuredPartners Incorporated 144A   5.63 1-15-2029 135,000 114,750
Broadstreet Partners Incorporated 144A   5.88 4-15-2029 345,000 293,250
HUB International Limited 144A   5.63 12-1-2029 65,000 56,916
HUB International Limited 144A   7.00 5-1-2026 55,000 54,453
Ryan Specialty Group LLC 144A   4.38 2-1-2030 165,000 141,075
Tri Pointe Homes Incorporated   5.88 6-15-2024 110,000 109,819
          951,731
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  5
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Mortgage REITs: 0.31%          
Blackstone Mortgage Trust Incorporated 144A   3.75% 1-15-2027 $  125,000 $    108,919
Starwood Property Trust Incorporated 144A   4.38 1-15-2027   185,000     165,512
Starwood Property Trust Incorporated   4.75 3-15-2025       90,000      86,140
              360,571
Thrifts & mortgage finance: 0.80%          
Enact Holdings Incorporated 144A   6.50 8-15-2025   460,000     447,226
Ladder Capital Finance Holdings LP 144A   4.25 2-1-2027    50,000      43,625
Ladder Capital Finance Holdings LP 144A   4.75 6-15-2029   220,000     179,871
Ladder Capital Finance Holdings LP 144A   5.25 10-1-2025   195,000     185,301
United Wholesale Mortgage LLC 144A   5.50 4-15-2029       65,000      53,788
              909,811
Health care: 1.28%          
Health care providers & services: 0.88%          
180 Medical Incorporated 144A   3.88 10-15-2029   200,000     169,982
Air Methods Corporation 144A   8.00 5-15-2025   110,000      22,399
Davita Incorporated 144A   4.63 6-1-2030   370,000     299,508
Encompass Health Corporation   5.75 9-15-2025    75,000      74,209
Pediatrix Medical Group 144A   5.38 2-15-2030   110,000      92,819
Select Medical Corporation 144A   6.25 8-15-2026   260,000     251,644
Tenet Healthcare Corporation 144A   4.88 1-1-2026     100,000      94,898
            1,005,459
Health care technology: 0.17%          
IQVIA Incorporated 144A   5.00 10-15-2026   200,000     192,500
Life sciences tools & services: 0.04%          
Charles River Laboratories Incorporated 144A   4.00 3-15-2031 50,000 43,742
Pharmaceuticals: 0.19%          
Catalent Pharma Solutions Company 144A   5.00 7-15-2027 225,000 214,369
Industrials: 4.17%          
Aerospace & defense: 0.80%          
Spirit AeroSystems Incorporated 144A   7.50 4-15-2025 157,000 155,312
Spirit AeroSystems Incorporated 144A   9.38 11-30-2029 285,000 299,963
TransDigm Group Incorporated 144A   6.25 3-15-2026 145,000 144,295
TransDigm Group Incorporated   6.38 6-15-2026 75,000 73,660
TransDigm Group Incorporated   7.50 3-15-2027 245,000 245,613
          918,843
Airlines: 0.87%          
American Airlines Group Incorporated 144A   5.75 4-20-2029 200,000 186,190
Hawaiian Airlines Incorporated   3.90 7-15-2027 147,316 123,529
Hawaiian Brand Intellectual Property Limited 144A   5.75 1-20-2026 375,000 355,403
Spirit Loyalty Cayman Limited 144A   8.00 9-20-2025 245,000 247,744
Spirit Loyalty Cayman Limited 144A   8.00 9-20-2025 75,000 76,019
          988,885
Commercial services & supplies: 0.89%          
Allied Universal Holdco LLC 144A   6.00 6-1-2029 385,000 275,974
Allied Universal Holdco LLC 144A   6.63 7-15-2026 115,000 109,250
See accompanying notes to portfolio of investments
6  |  Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Commercial services & supplies (continued)          
Aramark Services Incorporated 144A   6.38% 5-1-2025 $  130,000 $    129,743
CoreCivic Incorporated   8.25 4-15-2026     485,000     495,451
            1,010,418
Machinery: 0.64%          
Stevens Holding Company Incorporated 144A   6.13 10-1-2026   165,000     166,388
TK Elevator US Newco Incorporated 144A   5.25 7-15-2027   335,000     304,019
United Rentals 144A   6.00 12-15-2029     5,000       5,025
Werner FinCo LP 144A   8.75 7-15-2025     325,000     260,000
              735,432
Road & rail: 0.54%          
Uber Technologies Incorporated 144A   4.50 8-15-2029   300,000     261,158
Uber Technologies Incorporated 144A   8.00 11-1-2026     350,000     353,985
              615,143
Trading companies & distributors: 0.43%          
Fortress Transportation & Infrastructure Investors LLC 144A   5.50 5-1-2028   150,000     130,505
Fortress Transportation & Infrastructure Investors LLC 144A   6.50 10-1-2025   329,000     315,988
Fortress Transportation & Infrastructure Investors LLC 144A   9.75 8-1-2027       43,000      43,376
              489,869
Information technology: 2.08%          
Communications equipment: 0.28%          
Ciena Corporation 144A   4.00 1-31-2030   150,000     125,813
CommScope Technologies LLC 144A   4.75 9-1-2029    60,000      50,530
CommScope Technologies LLC 144A   5.00 3-15-2027     190,000     144,936
          321,279
Electronic equipment, instruments & components: 0.22%          
Wesco Distribution Incorporated 144A   7.13 6-15-2025 245,000 248,063
IT services: 0.66%          
Sabre GLBL Incorporated 144A   7.38 9-1-2025 40,000 38,100
Sabre GLBL Incorporated 144A   9.25 4-15-2025 600,000 598,500
Sabre GLBL Incorporated 144A%%   11.25 12-15-2027 115,000 117,875
          754,475
Semiconductors & semiconductor equipment: 0.06%          
QORVO Incorporated 144A   3.38 4-1-2031 90,000 72,158
Software: 0.86%          
MPH Acquisition Holdings LLC 144A   5.50 9-1-2028 125,000 99,846
MPH Acquisition Holdings LLC 144A   5.75 11-1-2028 340,000 238,850
NCR Corporation 144A   5.13 4-15-2029 40,000 34,408
NCR Corporation 144A   6.13 9-1-2029 200,000 194,000
NortonLifeLock Incorporated 144A   5.00 4-15-2025 225,000 218,250
SS&C Technologies Incorporated 144A   5.50 9-30-2027 200,000 191,153
          976,507
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  7
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Materials: 1.53%          
Chemicals: 0.48%          
Avient Corporation 144A   7.13% 8-1-2030 $   60,000 $     58,578
Celanese US Holding LLC    6.05 3-15-2025   340,000     338,292
Chemours Company 144A   4.63 11-15-2029     185,000     148,925
              545,795
Containers & packaging: 0.95%          
Ball Corporation   2.88 8-15-2030   140,000     113,812
Berry Global Incorporated 144A   5.63 7-15-2027   270,000     264,600
Clydesdale Acquisition Holdings Incorporated 144A   8.75 4-15-2030   255,000     229,245
Crown Cork & Seal Company Incorporated   7.38 12-15-2026   165,000     168,712
Sealed Air Corporation 144A   5.00 4-15-2029     330,000     306,900
            1,083,269
Metals & mining: 0.09%          
Arches Buyer Incorporated 144A   4.25 6-1-2028   125,000     102,831
Paper & forest products: 0.01%          
Clearwater Paper Corporation 144A   4.75 8-15-2028    20,000      17,524
Real estate: 1.02%          
Equity REITs: 1.02%          
Iron Mountain Incorporated 144A   4.50 2-15-2031   250,000     209,300
Iron Mountain Incorporated 144A   5.25 7-15-2030   315,000     283,500
MPT Operating Partnership LP    3.50 3-15-2031   395,000     278,475
Service Properties Trust Company   4.35 10-1-2024   125,000     116,663
Service Properties Trust Company   4.75 10-1-2026   100,000      82,470
Service Properties Trust Company   4.95 2-15-2027 140,000 115,299
Service Properties Trust Company   5.25 2-15-2026 75,000 64,244
Service Properties Trust Company   7.50 9-15-2025 15,000 14,513
          1,164,464
Utilities: 1.69%          
Electric utilities: 0.42%          
NextEra Energy Operating Partners LP 144A   4.25 9-15-2024 2,000 1,882
PG&E Corporation   5.00 7-1-2028 25,000 23,065
PG&E Corporation   5.25 7-1-2030 505,000 457,270
          482,217
Independent power & renewable electricity producers: 1.27%          
NSG Holdings LLC 144A   7.75 12-15-2025 412,841 401,645
TerraForm Power Operating LLC 144A   4.75 1-15-2030 175,000 157,500
TerraForm Power Operating LLC 144A   5.00 1-31-2028 525,000 486,938
Vistra Corporation (5 Year Treasury Constant Maturity +5.74%) 144Aʊ±   7.00 12-15-2026 90,000 80,498
Vistra Operations Company LLC 144A   4.38 5-1-2029 110,000 98,414
Vistra Operations Company LLC 144A   5.63 2-15-2027 225,000 217,677
          1,442,672
Total Corporate bonds and notes (Cost $40,579,648)         37,423,024
See accompanying notes to portfolio of investments
8  |  Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Loans: 2.30%          
Communication services: 0.49%          
Diversified telecommunication services: 0.19%          
Intelsat Jackson Holdings SA (U.S. SOFR 6 Month +4.25%) ±   7.44% 2-1-2029 $  220,358 $    212,590
Entertainment: 0.07%          
Dave & Buster's Incorporated (U.S. SOFR 1 Month +5.00%) ±   9.19 6-29-2029    84,788      84,003
Media: 0.23%          
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ±   7.91 8-21-2026    89,769      81,954
Hubbard Radio LLC (3 Month LIBOR +4.25%) ±   8.32 3-28-2025     211,464     185,295
              267,249
Consumer discretionary: 0.05%          
Multiline retail: 0.05%          
LSF9 Atlantis Holdings LLC (U.S. SOFR 1 Month +7.25%) ±   10.80 3-31-2029    55,000      53,063
Energy: 0.18%          
Oil, gas & consumable fuels: 0.18%          
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ±   8.17 9-29-2028   122,313     121,191
M6 ETX Holdings II MidCo LLC (U.S. SOFR 1 Month +4.50%) ±   8.51 9-19-2029       85,000      84,947
              206,138
Financials: 0.48%          
Diversified financial services: 0.29%          
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡±   7.92 4-30-2024    93,437      77,786
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡±   12.41 4-30-2025   105,857      89,978
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ±   7.57 5-30-2025     173,532     162,686
              330,450
Insurance: 0.07%          
Asurion LLC (1 Month LIBOR +5.25%) ±   9.32 1-31-2028 105,000 80,745
Mortgage REITs: 0.12%          
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡±   8.40 8-9-2026 133,988 131,810
Health care: 0.22%          
Health care equipment & supplies: 0.05%          
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ±   7.63 8-31-2026 57,885 56,728
Pharmaceuticals: 0.17%          
Bausch Health Companies Incorporated (U.S. SOFR 1 Month +5.25%) ±   9.05 2-1-2027 266,625 197,848
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  9
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Industrials: 0.88%          
Airlines: 0.32%          
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ±   8.78% 6-21-2027 $  237,500 $    244,031
SkyMiles IP Limited (3 Month LIBOR +3.75%) ±   7.99 10-20-2027     115,000     116,524
              360,555
Commercial services & supplies: 0.39%          
The Geo Group Incorporated (U.S. SOFR 1 Month +7.13%) <±   11.21 3-23-2027   449,018     448,879
Machinery: 0.17%          
Vertical US Newco Incorporated (6 Month LIBOR +3.50%) ±   6.87 7-30-2027    41,005      39,263
Werner FinCo LP (3 Month LIBOR +4.00%) ±   7.67 7-24-2024     176,744     152,884
              192,147
Total Loans (Cost $2,774,097)           2,622,205
    
      Expiration
date 		Shares  
Rights: 0.00%          
Communication services: 0.00%          
Diversified telecommunication services: 0.00%          
Intelsat Jackson Holdings SA Series A Contingent Value Rights ♦†     12-5-2022       460           0
Intelsat Jackson Holdings SA Series B Contingent Value Rights ♦†     12-5-2022       460           0
Total Rights (Cost $0)                   0
    
      Maturity
date 		Principal  
Yankee corporate bonds and notes: 3.38%          
Communication services: 0.31%          
Media: 0.23%          
Videotron Limited 144A   5.13 4-15-2027 $  270,000     258,120
Wireless telecommunication services: 0.08%          
Connect U.S. Finco LLC 144A   6.75 10-1-2026   100,000      94,500
Energy: 0.37%          
Oil, gas & consumable fuels: 0.37%          
Baytex Energy Corporation 144A   8.75 4-1-2027   165,000     170,110
Griffin Coal Mining Company Limited 144A♦†   9.50 12-1-2016    60,957           0
NorthRiver Midstream Finance LP 144A   5.63 2-15-2026     270,000     255,695
              425,805
Financials: 0.39%          
Diversified financial services: 0.39%          
Castlelake Aviation Finance 144A   5.00 4-15-2027   255,000     216,727
See accompanying notes to portfolio of investments
10  |  Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
    Interest
rate 		Maturity
date 		Principal Value
Diversified financial services (continued)          
New Red Finance Incorporated 144A   4.00% 10-15-2030 $  135,000 $    113,692
New Red Finance Incorporated 144A   5.75 4-15-2025     110,000     110,275
              440,694
Health care: 0.83%          
Biotechnology: 0.19%          
Grifols Escrow Issuer SA 144A   4.75 10-15-2028   265,000     222,701
Pharmaceuticals: 0.64%          
Bausch Health Companies Incorporated 144A   4.88 6-1-2028   125,000      76,575
Bausch Health Companies Incorporated 144A   5.25 1-30-2030   410,000     170,737
Teva Pharmaceutical Finance Netherlands III BV    6.00 4-15-2024   370,000     364,861
Teva Pharmaceutical Finance Netherlands III BV    6.75 3-1-2028     115,000     113,196
              725,369
Industrials: 1.21%          
Airlines: 0.43%          
Air Canada Pass-Through Trust Series 2020-1 Class C 144A   10.50 7-15-2026   340,000     345,081
VistaJet Malta Finance PLC 144A   6.38 2-1-2030     180,000     147,600
              492,681
Electrical equipment: 0.46%          
Sensata Technologies BV 144A   4.00 4-15-2029   270,000     235,003
Sensata Technologies BV 144A   5.00 10-1-2025    45,000      43,972
Sensata Technologies BV 144A   5.63 11-1-2024   100,000      99,784
Sensata Technologies BV 144A   5.88 9-1-2030     155,000     147,193
              525,952
Trading companies & distributors: 0.32%          
Fly Leasing Limited 144A   7.00 10-15-2024 485,000 362,503
Information technology: 0.14%          
Technology hardware, storage & peripherals: 0.14%          
Seagate HDD Cayman   4.13 1-15-2031 205,000 160,271
Materials: 0.13%          
Containers & packaging: 0.13%          
Ardagh Packaging Finance plc 144A   6.00 6-15-2027 155,000 151,313
Total Yankee corporate bonds and notes (Cost $4,530,313)         3,859,909
    
    Yield   Shares  
Short-term investments: 1.69%          
Investment companies: 1.69%          
Allspring Government Money Market Fund Select Class ♠∞##   3.60   1,929,180   1,929,180
Total Short-term investments (Cost $1,929,180)           1,929,180
Total investments in securities (Cost $129,960,560) 125.97%       143,714,566
Other assets and liabilities, net (25.97)       (29,630,369)
Total net assets 100.00%       $114,084,197
    
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund  |  11
Portfolio of investments—November 30, 2022 (unaudited)
‡ Security is valued using significant unobservable inputs.
† Non-income-earning security
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.
± Variable rate investment. The rate shown is the rate in effect at period end.
< All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded.
♦ The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee.
## All or a portion of this security is segregated for when-issued securities and unfunded loans.
♠ 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.
%% The security is purchased on a when-issued basis.
ʊ Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date.
    
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 $3,237,394 $4,339,290 $(5,647,504) $0 $0 $1,929,180 1,929,180 $16,461
See accompanying notes to portfolio of investments
12  |  Allspring Utilities and High Income Fund
Notes to portfolio of investments—November 30, 2022 (unaudited)
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 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.
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.
As of November 30, 2022, the Fund had unfunded loan commitments of $208,133.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ Level 1 – quoted prices in active markets for identical securities
■ Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)
■ Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Utilities and High Income Fund  |  13
Notes to portfolio of investments—November 30, 2022 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of November 30, 2022:
  Quoted prices
(Level 1) 		Other significant
observable inputs
(Level 2) 		Significant
unobservable inputs
(Level 3) 		Total
Assets        
Investments in:        
Common stocks        
Communication services $0 $0 $85,998 $85,998
Energy 154,529 0 0 154,529
Financials 186,315 0 0 186,315
Utilities 97,453,406 0 0 97,453,406
Corporate bonds and notes 0 37,423,024 0 37,423,024
Loans 0 2,322,631 299,574 2,622,205
Rights        
Communication services 0 0 0 0
Yankee corporate bonds and notes 0 3,859,909 0 3,859,909
Short-term investments        
Investment companies 1,929,180 0 0 1,929,180
Total assets $99,723,430 $43,605,564 $385,572 $143,714,566
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended November 30, 2022, the Fund did not have any transfers into/out of Level 3.
14  |  Allspring Utilities and High Income Fund