NPORT-EX 2 NPORT_2LQC_73311951_0525.htm EDGAR HTML
Portfolio of investments—May 31, 2025 (unaudited)
Portfolio of investments
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Asset-backed securities:  0.20%
 
Frontier Issuer LLC Series 2024-1 Class C144A
11.16
%
6-20-2054
$
49,395
$54,888
Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A
6.37
4-20-2055
 
105,000
106,388
Ziply Fiber Issuer LLC Series 2024-1A Class C144A
11.17
4-20-2054
 
60,000
64,336
Total asset-backed securities (Cost $219,627)
 
225,612
 
 
 
 
 
Shares
 
Common stocks:  89.46%
 
Communication services:  0.00%
 
Diversified telecommunication services:  0.00%
 
Intelsat Emergence SA†
 
9
368
Energy:  0.39%
 
Oil, gas & consumable fuels:  0.39%
 
Enviva, Inc.†
 
26,595
436,610
Utilities:  89.05%
 
Electric utilities:  50.73%
 
Alliant Energy Corp.
 
45,424
2,826,736
American Electric Power Co., Inc.
 
42,859
4,435,478
Constellation Energy Corp.
 
30,852
9,445,340
Duke Energy Corp.
 
45,097
5,308,819
Entergy Corp.
 
53,016
4,415,173
Eversource Energy
 
22,708
1,471,705
Exelon Corp.
 
88,044
3,858,088
FirstEnergy Corp.
 
41,467
1,739,126
NextEra Energy, Inc.
 
194,311
13,726,129
Southern Co.
 
73,408
6,606,720
Xcel Energy, Inc.
 
35,204
2,467,800
 
 
56,301,114
Gas utilities:  4.06%
 
Atmos Energy Corp.
 
29,092
4,499,951
Independent power and renewable electricity producers:  4.95%
 
Vistra Corp.
 
34,204
5,492,136
Multi-utilities:  26.47%
 
Ameren Corp.
 
36,180
3,505,118
CenterPoint Energy, Inc.
 
90,987
3,388,356
CMS Energy Corp.
 
59,487
4,177,772
Dominion Energy, Inc.
 
32,328
1,832,028
DTE Energy Co.
 
35,509
4,852,305
Public Service Enterprise Group, Inc.
 
56,248
4,557,775
Sempra
 
50,922
4,001,960
WEC Energy Group, Inc.
 
28,511
3,063,222
 
 
29,378,536
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 1
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
 
 
Shares
Value
Water utilities:  2.84%
 
American Water Works Co., Inc.
 
22,022
$3,148,485
Investment Companies:  0.02%
 
Resolute Topco, Inc.†
 
2,068
17,233
Total common stocks (Cost $69,257,178)
 
99,274,433
 
 
 
Interest
rate
Maturity
date
Principal
 
Corporate bonds and notes:  27.84%
 
Basic materials:  0.53%
 
Chemicals:  0.41%
 
Celanese U.S. Holdings LLC
6.50
%
4-15-2030
$
145,000
146,146
Chemours Co.144A
8.00
1-15-2033
 
145,000
126,418
SCIH Salt Holdings, Inc.144A
6.63
5-1-2029
 
185,000
181,504
 
 
454,068
Iron/steel:  0.12%
 
Cleveland-Cliffs, Inc.144A
7.00
3-15-2032
 
155,000
133,695
Communications:  3.92%
 
Advertising:  0.53%
 
Clear Channel Outdoor Holdings, Inc.144A
5.13
8-15-2027
 
125,000
122,278
Clear Channel Outdoor Holdings, Inc.144A
9.00
9-15-2028
 
150,000
157,101
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
4.63
3-15-2030
 
135,000
126,651
Outfront Media Capital LLC/Outfront Media Capital Corp.144A
7.38
2-15-2031
 
170,000
179,529
 
 
585,559
Internet:  0.30%
 
Arches Buyer, Inc.144A
6.13
12-1-2028
 
80,000
73,124
Cablevision Lightpath LLC144A
5.63
9-15-2028
 
130,000
125,545
Match Group Holdings II LLC144A
5.63
2-15-2029
 
130,000
128,910
 
 
327,579
Media:  1.83%
 
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.25
1-15-2034
 
345,000
297,815
CCO Holdings LLC/CCO Holdings Capital Corp.144A
4.50
8-15-2030
 
450,000
421,943
CCO Holdings LLC/CCO Holdings Capital Corp.
4.50
5-1-2032
 
50,000
45,507
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.00
2-1-2028
 
25,000
24,521
CCO Holdings LLC/CCO Holdings Capital Corp.144A
5.38
6-1-2029
 
85,000
83,826
CSC Holdings LLC144A
3.38
2-15-2031
 
150,000
98,250
CSC Holdings LLC144A
5.50
4-15-2027
 
180,000
170,517
CSC Holdings LLC144A
5.75
1-15-2030
 
90,000
45,430
CSC Holdings LLC144A
11.25
5-15-2028
 
100,000
98,968
DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A
5.88
8-15-2027
 
35,000
34,451
DISH DBS Corp.144A
5.75
12-1-2028
 
90,000
76,165
DISH Network Corp.144A
11.75
11-15-2027
 
295,000
304,355
See accompanying notes to portfolio of investments
2 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Media(continued)
 
Paramount Global (3 Month LIBOR+3.90%)±
6.25
%
2-28-2057
$
100,000
$94,308
Sirius XM Radio LLC144A
4.13
7-1-2030
 
260,000
236,228
 
 
2,032,284
Telecommunications:  1.26%
 
CommScope LLC144A
8.25
3-1-2027
 
105,000
104,730
EchoStar Corp. (PIK at 6.75%)¥
6.75
11-30-2030
 
451,149
387,988
Level 3 Financing, Inc.144A
3.63
1-15-2029
 
130,000
107,900
Level 3 Financing, Inc.144A
3.88
10-15-2030
 
140,000
117,950
Level 3 Financing, Inc.144A
10.50
4-15-2029
 
260,000
292,500
Lumen Technologies, Inc.144A
10.00
10-15-2032
 
138,125
141,661
Viasat, Inc.144A
5.63
4-15-2027
 
80,000
78,795
Windstream Services LLC/Windstream Escrow Finance Corp.144A
8.25
10-1-2031
 
165,000
171,723
 
 
1,403,247
Consumer, cyclical:  4.21%
 
Airlines:  0.08%
 
American Airlines, Inc./AAdvantage Loyalty IP Ltd.144A
5.75
4-20-2029
 
95,000
93,288
Auto parts & equipment:  0.31%
 
Adient Global Holdings Ltd.144A
7.50
2-15-2033
 
105,000
104,173
Adient Global Holdings Ltd.144A
8.25
4-15-2031
 
30,000
30,620
Cooper Tire & Rubber Co. LLC
7.63
3-15-2027
 
107,000
108,954
ZF North America Capital, Inc.144A
6.88
4-23-2032
 
105,000
96,324
 
 
340,071
Distribution/wholesale:  0.04%
 
RB Global Holdings, Inc.144A
7.75
3-15-2031
 
40,000
41,872
Entertainment:  1.02%
 
CCM Merger, Inc.144A
6.38
5-1-2026
 
430,000
430,160
Churchill Downs, Inc.144A
6.75
5-1-2031
 
170,000
173,136
Cinemark USA, Inc.144A
7.00
8-1-2032
 
300,000
308,619
Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada’s
Wonderland Co.144A
6.63
5-1-2032
 
220,000
224,291
 
 
1,136,206
Home builders:  0.14%
 
LGI Homes, Inc.144A
8.75
12-15-2028
 
150,000
154,372
Housewares:  0.24%
 
Newell Brands, Inc.
6.38
5-15-2030
 
125,000
117,430
Newell Brands, Inc.144A
8.50
6-1-2028
 
140,000
144,837
 
 
262,267
Leisure time:  0.58%
 
NCL Corp. Ltd.144A
6.75
2-1-2032
 
80,000
80,015
NCL Corp. Ltd.144A
7.75
2-15-2029
 
50,000
52,570
NCL Corp. Ltd.144A
8.13
1-15-2029
 
55,000
57,910
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 3
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Leisure time(continued)
 
Sabre Global, Inc.144A
10.75
%
11-15-2029
$
162,000
$165,240
Sabre Global, Inc.144A%%
11.13
7-15-2030
 
15,000
15,390
Viking Cruises Ltd.144A
5.88
9-15-2027
 
45,000
44,978
Viking Cruises Ltd.144A
7.00
2-15-2029
 
225,000
226,568
 
 
642,671
Lodging:  0.27%
 
Genting New York LLC/GENNY Capital, Inc.144A
7.25
10-1-2029
 
140,000
141,581
Hilton Domestic Operating Co., Inc.144A
6.13
4-1-2032
 
160,000
162,469
 
 
304,050
Retail:  1.53%
 
Carvana Co. (PIK at 13.00%)144A¥
9.00
6-1-2030
 
295,000
311,087
FirstCash, Inc.144A
4.63
9-1-2028
 
90,000
87,679
FirstCash, Inc.144A
6.88
3-1-2032
 
215,000
220,377
Group 1 Automotive, Inc.144A
6.38
1-15-2030
 
105,000
106,931
Macy’s Retail Holdings LLC144A
6.13
3-15-2032
 
125,000
115,794
Michaels Cos., Inc.144A
7.88
5-1-2029
 
135,000
65,138
PetSmart, Inc./PetSmart Finance Corp.144A
7.75
2-15-2029
 
150,000
146,022
QXO Building Products, Inc.144A
6.75
4-30-2032
 
100,000
102,535
Saks Global Enterprises LLC144A
11.00
12-15-2029
 
175,000
78,312
Sally Holdings LLC/Sally Capital, Inc.
6.75
3-1-2032
 
100,000
101,597
Sonic Automotive, Inc.144A
4.63
11-15-2029
 
65,000
62,090
Sonic Automotive, Inc.144A
4.88
11-15-2031
 
155,000
144,438
Walgreens Boots Alliance, Inc.
8.13
8-15-2029
 
150,000
157,165
 
 
1,699,165
Consumer, non-cyclical:  3.77%
 
Commercial services:  1.40%
 
Allied Universal Holdco LLC144A
7.88
2-15-2031
 
105,000
108,819
Block, Inc.
6.50
5-15-2032
 
190,000
194,178
CoreCivic, Inc.
8.25
4-15-2029
 
315,000
332,934
GEO Group, Inc.
8.63
4-15-2029
 
200,000
211,115
GEO Group, Inc.
10.25
4-15-2031
 
180,000
197,306
Herc Holdings Escrow, Inc.144A%%
7.00
6-15-2030
 
100,000
103,023
Hertz Corp.144A
12.63
7-15-2029
 
40,000
40,729
Prime Security Services Borrower LLC/Prime Finance, Inc.144A
6.25
1-15-2028
 
40,000
39,959
Sotheby’s/BidFair Holdings, Inc.144A
5.88
6-1-2029
 
235,000
202,666
Veritiv Operating Co.144A
10.50
11-30-2030
 
115,000
122,315
 
 
1,553,044
Food:  0.40%
 
Albertsons Cos., Inc./Safeway, Inc./New
Albertsons LP/Albertsons LLC144A
5.88
2-15-2028
 
120,000
119,892
B&G Foods, Inc.144A
8.00
9-15-2028
 
235,000
221,474
Performance Food Group, Inc.144A
6.13
9-15-2032
 
105,000
105,845
 
 
447,211
See accompanying notes to portfolio of investments
4 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Healthcare-services:  1.63%
 
CHS/Community Health Systems, Inc.144A
5.25
%
5-15-2030
$
95,000
$85,552
CHS/Community Health Systems, Inc.144A
6.00
1-15-2029
 
125,000
120,098
CHS/Community Health Systems, Inc.144A
10.88
1-15-2032
 
80,000
85,269
Concentra Health Services, Inc.144A
6.88
7-15-2032
 
175,000
180,045
DaVita, Inc.144A
6.88
9-1-2032
 
340,000
345,386
MPH Acquisition Holdings LLC144A
5.75
12-31-2030
 
74,180
59,159
MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥
6.75
3-31-2031
 
88,741
64,782
MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥
11.50
12-31-2030
 
59,164
58,345
Pediatrix Medical Group, Inc.144A
5.38
2-15-2030
 
155,000
150,046
Star Parent, Inc.144A
9.00
10-1-2030
 
240,000
248,056
Surgery Center Holdings, Inc.144A
7.25
4-15-2032
 
115,000
114,778
Tenet Healthcare Corp.
6.75
5-15-2031
 
290,000
298,715
 
 
1,810,231
Pharmaceuticals:  0.34%
 
AdaptHealth LLC144A
5.13
3-1-2030
 
145,000
133,998
Endo Finance Holdings, Inc.144A
8.50
4-15-2031
 
235,000
243,244
 
 
377,242
Energy:  3.67%
 
Energy-alternate sources:  0.15%
 
Enviva Partners LP/Enviva Partners Finance Corp.144A♦†
6.50
1-15-2026
 
635,000
0
TerraForm Power Operating LLC144A
4.75
1-15-2030
 
175,000
164,958
 
 
164,958
Oil & gas:  1.06%
 
Aethon United BR LP/Aethon United Finance Corp.144A
7.50
10-1-2029
 
90,000
92,229
California Resources Corp.144A
8.25
6-15-2029
 
80,000
80,145
Encino Acquisition Partners Holdings LLC144A
8.50
5-1-2028
 
205,000
210,271
Encino Acquisition Partners Holdings LLC144A
8.75
5-1-2031
 
120,000
131,061
Hilcorp Energy I LP/Hilcorp Finance Co.144A
6.00
2-1-2031
 
170,000
156,109
Hilcorp Energy I LP/Hilcorp Finance Co.144A
6.25
4-15-2032
 
30,000
27,335
Hilcorp Energy I LP/Hilcorp Finance Co.144A
8.38
11-1-2033
 
60,000
59,706
Kimmeridge Texas Gas LLC144A
8.50
2-15-2030
 
50,000
49,425
Kraken Oil & Gas Partners LLC144A
7.63
8-15-2029
 
55,000
52,115
Murphy Oil Corp.
6.00
10-1-2032
 
110,000
102,545
Nabors Industries Ltd.144A
7.50
1-15-2028
 
70,000
58,478
Nabors Industries, Inc.144A
8.88
8-15-2031
 
90,000
61,591
Nabors Industries, Inc.144A
9.13
1-31-2030
 
110,000
100,230
 
 
1,181,240
Oil & gas services:  0.50%
 
Archrock Partners LP/Archrock Partners Finance Corp.144A
6.63
9-1-2032
 
110,000
110,579
Bristow Group, Inc.144A
6.88
3-1-2028
 
330,000
329,034
Oceaneering International, Inc.
6.00
2-1-2028
 
115,000
113,450
 
 
553,063
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 5
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Pipelines:  1.96%
 
Antero Midstream Partners LP/Antero Midstream Finance Corp.144A
6.63
%
2-1-2032
$
60,000
$61,293
Buckeye Partners LP
5.85
11-15-2043
 
150,000
126,626
Buckeye Partners LP144A
6.88
7-1-2029
 
90,000
92,537
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
5.50
6-15-2031
 
100,000
96,095
CQP Holdco LP/BIP-V Chinook Holdco LLC144A
7.50
12-15-2033
 
195,000
206,447
Excelerate Energy LP144A
8.00
5-15-2030
 
60,000
62,114
Harvest Midstream I LP144A
7.50
9-1-2028
 
175,000
177,695
Hess Midstream Operations LP144A
5.50
10-15-2030
 
80,000
79,097
Hess Midstream Operations LP144A
6.50
6-1-2029
 
40,000
40,836
Kinetik Holdings LP144A
5.88
6-15-2030
 
180,000
178,930
Prairie Acquiror LP144A
9.00
8-1-2029
 
125,000
127,073
Rockies Express Pipeline LLC144A
6.75
3-15-2033
 
45,000
46,348
Rockies Express Pipeline LLC144A
6.88
4-15-2040
 
285,000
272,904
Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A
6.00
12-31-2030
 
210,000
201,219
Venture Global Calcasieu Pass LLC144A
6.25
1-15-2030
 
100,000
101,377
Venture Global LNG, Inc.144A
8.38
6-1-2031
 
200,000
203,028
Venture Global LNG, Inc.144A
9.88
2-1-2032
 
95,000
101,065
 
 
2,174,684
Financial:  4.97%
 
Banks:  0.19%
 
Citigroup, Inc. Series X (5 Year Treasury Constant Maturity+3.42%)ʊ±
3.88
2-18-2026
 
210,000
205,733
Diversified financial services:  1.89%
 
Aircastle Ltd. Series A (5 Year Treasury Constant
Maturity+4.41%)144Aʊ±
5.25
6-15-2026
 
190,000
188,674
Encore Capital Group, Inc.144A
9.25
4-1-2029
 
200,000
213,250
EZCORP, Inc.144A
7.38
4-1-2032
 
105,000
108,964
Jane Street Group/JSG Finance, Inc.144A
6.13
11-1-2032
 
50,000
50,083
Jane Street Group/JSG Finance, Inc.144A
6.75
5-1-2033
 
70,000
71,787
Jane Street Group/JSG Finance, Inc.144A
7.13
4-30-2031
 
165,000
172,369
Jefferies Finance LLC/JFIN Co-Issuer Corp.144A
5.00
8-15-2028
 
130,000
123,157
Jefferies Finance LLC/JFIN Co-Issuer Corp.144A
6.63
10-15-2031
 
100,000
98,992
Jefferson Capital Holdings LLC144A
8.25
5-15-2030
 
60,000
61,414
Jefferson Capital Holdings LLC144A
9.50
2-15-2029
 
105,000
111,372
Nationstar Mortgage Holdings, Inc.144A
7.13
2-1-2032
 
155,000
161,400
Navient Corp.
11.50
3-15-2031
 
180,000
203,909
OneMain Finance Corp.
7.88
3-15-2030
 
195,000
203,775
PRA Group, Inc.144A
5.00
10-1-2029
 
119,000
106,750
United Wholesale Mortgage LLC144A
5.50
4-15-2029
 
235,000
224,966
 
 
2,100,862
Insurance:  1.05%
 
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A
7.38
10-1-2032
 
320,000
328,923
AmWINS Group, Inc.144A
4.88
6-30-2029
 
85,000
81,433
AmWINS Group, Inc.144A
6.38
2-15-2029
 
115,000
116,611
BroadStreet Partners, Inc.144A
5.88
4-15-2029
 
160,000
157,547
HUB International Ltd.144A
7.25
6-15-2030
 
30,000
31,243
See accompanying notes to portfolio of investments
6 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Insurance(continued)
 
HUB International Ltd.144A
7.38
%
1-31-2032
$
225,000
$234,810
Panther Escrow Issuer LLC144A
7.13
6-1-2031
 
105,000
108,623
USI, Inc.144A
7.50
1-15-2032
 
100,000
104,821
 
 
1,164,011
REITs:  1.84%
 
Blackstone Mortgage Trust, Inc.144A
7.75
12-1-2029
 
120,000
126,336
Brandywine Operating Partnership LP
8.88
4-12-2029
 
225,000
239,597
Iron Mountain, Inc.144A
4.50
2-15-2031
 
185,000
173,345
Iron Mountain, Inc.144A
5.25
7-15-2030
 
315,000
307,381
Ladder Capital Finance Holdings LLLP/Ladder Capital Finance
Corp.144A
7.00
7-15-2031
 
220,000
228,151
MPT Operating Partnership LP/MPT Finance Corp.144A
8.50
2-15-2032
 
125,000
128,130
RHP Hotel Properties LP/RHP Finance Corp.144A%%
6.50
6-15-2033
 
55,000
55,936
Service Properties Trust
8.38
6-15-2029
 
70,000
70,833
Service Properties Trust144A
8.63
11-15-2031
 
305,000
324,837
Starwood Property Trust, Inc.144A
6.50
7-1-2030
 
180,000
182,555
Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A
6.00
1-15-2030
 
60,000
54,661
Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A
10.50
2-15-2028
 
139,000
147,462
 
 
2,039,224
Industrial:  3.06%
 
Aerospace/defense:  0.58%
 
Spirit AeroSystems, Inc.144A
9.75
11-15-2030
 
190,000
209,810
TransDigm, Inc.144A
6.63
3-1-2032
 
425,000
434,140
 
 
643,950
Building materials:  0.59%
 
Builders FirstSource, Inc.144A
6.38
3-1-2034
 
150,000
149,450
Camelot Return Merger Sub, Inc.144A
8.75
8-1-2028
 
140,000
123,900
EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A
6.63
12-15-2030
 
240,000
242,427
Quikrete Holdings, Inc.144A
6.38
3-1-2032
 
50,000
50,808
Quikrete Holdings, Inc.144A
6.75
3-1-2033
 
90,000
91,327
 
 
657,912
Electrical components & equipment:  0.38%
 
Energizer Holdings, Inc.144A
4.38
3-31-2029
 
220,000
206,658
WESCO Distribution, Inc.144A
6.63
3-15-2032
 
215,000
220,102
 
 
426,760
Environmental control:  0.12%
 
Clean Harbors, Inc.144A
6.38
2-1-2031
 
130,000
132,289
Hand/machine tools:  0.41%
 
Werner FinCo LP/Werner FinCo, Inc.144A
11.50
6-15-2028
 
155,000
168,562
Werner FinCo LP/Werner FinCo, Inc. (PIK at 5.75%)144A¥
16.50
10-15-2028
 
280,842
284,659
 
 
453,221
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 7
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Machinery-diversified:  0.28%
 
Chart Industries, Inc.144A
7.50
%
1-1-2030
$
95,000
$99,161
Chart Industries, Inc.144A
9.50
1-1-2031
 
110,000
117,220
TK Elevator U.S. Newco, Inc.144A
5.25
7-15-2027
 
90,000
89,148
 
 
305,529
Packaging & containers:  0.44%
 
Ardagh Metal Packaging Finance USA LLC/Ardagh Metal Packaging
Finance PLC144A
6.00
6-15-2027
 
190,000
190,468
Clydesdale Acquisition Holdings, Inc.144A
6.88
1-15-2030
 
60,000
60,843
Clydesdale Acquisition Holdings, Inc.144A
8.75
4-15-2030
 
100,000
102,263
Sealed Air Corp./Sealed Air Corp. U.S.144A
7.25
2-15-2031
 
125,000
130,617
 
 
484,191
Trucking & leasing:  0.26%
 
Fortress Transportation & Infrastructure Investors LLC144A
7.00
5-1-2031
 
205,000
209,956
Fortress Transportation & Infrastructure Investors LLC144A
7.00
6-15-2032
 
80,000
81,781
 
 
291,737
Technology:  2.03%
 
Computers:  0.44%
 
Diebold Nixdorf, Inc.144A
7.75
3-31-2030
 
155,000
162,922
Insight Enterprises, Inc.144A
6.63
5-15-2032
 
105,000
106,988
Seagate HDD Cayman
8.50
7-15-2031
 
205,000
218,894
 
 
488,804
Office/business equipment:  0.15%
 
Zebra Technologies Corp.144A
6.50
6-1-2032
 
165,000
167,941
Semiconductors:  0.10%
 
Entegris, Inc.144A
5.95
6-15-2030
 
110,000
110,060
Software:  1.34%
 
AthenaHealth Group, Inc.144A
6.50
2-15-2030
 
275,000
264,969
Cloud Software Group, Inc.144A
6.50
3-31-2029
 
235,000
234,736
Cloud Software Group, Inc.144A
8.25
6-30-2032
 
225,000
236,581
Cloud Software Group, Inc.144A
9.00
9-30-2029
 
305,000
312,192
Ellucian Holdings, Inc.144A
6.50
12-1-2029
 
140,000
141,391
Rocket Software, Inc.144A
9.00
11-28-2028
 
170,000
175,397
SS&C Technologies, Inc.144A
6.50
6-1-2032
 
115,000
118,081
 
 
1,483,347
Utilities:  1.68%
 
Electric:  1.59%
 
AES Corp. (5 Year Treasury Constant Maturity+2.89%)±
6.95
7-15-2055
 
135,000
128,083
AES Corp. (5 Year Treasury Constant Maturity+3.20%)±
7.60
1-15-2055
 
180,000
181,424
Edison International (5 Year Treasury Constant Maturity+3.86%)±
8.13
6-15-2053
 
115,000
113,611
EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)±
7.63
12-15-2054
 
205,000
209,588
Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A
4.50
8-15-2028
 
225,000
215,901
PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)±
7.38
3-15-2055
 
210,000
205,635
See accompanying notes to portfolio of investments
8 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Electric(continued)
 
Sempra (5 Year Treasury Constant Maturity+2.87%)±
4.13
%
4-1-2052
$
110,000
$103,839
Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ±
7.00
12-15-2026
 
105,000
106,509
Vistra Corp. Series C (5 Year Treasury Constant
Maturity+5.05%)144Aʊ±
8.88
1-15-2029
 
110,000
118,155
Vistra Operations Co. LLC144A
7.75
10-15-2031
 
160,000
169,654
XPLR Infrastructure Operating Partners LP144A
7.25
1-15-2029
 
205,000
206,006
 
 
1,758,405
Gas:  0.09%
 
Venture Global Plaquemines LNG LLC144A
7.50
5-1-2033
 
100,000
104,445
Total corporate bonds and notes (Cost $30,566,142)
 
30,890,488
Loans:  2.11%
 
Communications:  0.77%
 
Media:  0.33%
 
CSC Holdings LLC (U.S. SOFR 1 Month+4.50%)±
8.83
1-18-2028
 
104,352
102,917
DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)±
9.79
8-2-2029
 
156,044
153,412
Hubbard Radio LLC (U.S. SOFR 1 Month+4.50%)‡±
8.83
9-30-2027
 
171,830
112,119
 
 
368,448
Telecommunications:  0.44%
 
CommScope, Inc. (U.S. SOFR 1 Month+5.25%)±
9.58
12-17-2029
 
345,000
347,971
Lumen Technologies, Inc. (U.S. SOFR 1 Month+2.35%)±
6.79
4-15-2030
 
140,000
138,464
 
 
486,435
Consumer, cyclical:  0.35%
 
Airlines:  0.06%
 
SkyMiles IP Ltd. (U.S. SOFR 3 Month+3.75%)±
8.02
10-20-2027
 
50,996
51,248
Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)±
8.05
4-1-2031
 
10,000
9,992
 
 
61,240
Auto parts & equipment:  0.11%
 
First Brands Group LLC (U.S. SOFR 3 Month+5.00%)±
9.54
3-30-2027
 
124,340
119,968
Housewares:  0.09%
 
American Greetings Corp. (U.S. SOFR 1 Month+5.75%)±
10.08
10-30-2029
 
105,164
104,953
Retail:  0.09%
 
Petco Health & Wellness Co., Inc. (U.S. SOFR 3 Month+3.25%)±
7.81
3-3-2028
 
110,000
101,691
Consumer, non-cyclical:  0.36%
 
Commercial services:  0.15%
 
GEO Group, Inc. (U.S. SOFR 1 Month+5.25%)±
9.58
4-13-2029
 
64,773
65,394
Hertz Corp. (U.S. SOFR 3 Month+3.50%)±
8.04
6-30-2028
 
114,751
94,741
 
 
160,135
Healthcare-services:  0.21%
 
Modivcare, Inc. (U.S. SOFR 3 Month+4.75%)±
9.05
7-1-2031
 
274,305
184,089
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 9
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Healthcare-services(continued)
 
Modivcare, Inc. (U.S. SOFR 3 Month+7.50%)±
11.71
%
1-9-2026
$
47,065
$35,534
MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)±
8.03
12-31-2030
 
17,913
17,592
 
 
237,215
Energy:  0.06%
 
Pipelines:  0.06%
 
Prairie Acquiror LP (U.S. SOFR 1 Month+4.25%)±
8.58
8-1-2029
 
69,302
69,519
Financial:  0.21%
 
Insurance:  0.21%
 
Asurion LLC (U.S. SOFR 1 Month+3.25%)±
7.69
7-31-2027
 
69,637
69,173
Asurion LLC (U.S. SOFR 1 Month+5.25%)±
9.69
1-31-2028
 
169,633
163,483
 
 
232,656
Industrial:  0.22%
 
Aerospace/defense:  0.03%
 
Spirit AeroSystems, Inc. (U.S. SOFR 3 Month+4.50%)±
8.78
1-15-2027
 
35,000
35,015
Building materials:  0.19%
 
CP Atlas Buyer, Inc. (U.S. SOFR 1 Month+3.75%)±
8.18
11-23-2027
 
159,443
150,986
Quikrete Holdings, Inc. (U.S. SOFR 1 Month+2.25%)±
6.58
2-10-2032
 
60,000
59,700
 
 
210,686
Technology:  0.14%
 
Computers:  0.09%
 
McAfee Corp. (U.S. SOFR 1 Month+3.00%)±
7.33
3-1-2029
 
104,738
100,601
Software:  0.05%
 
Rocket Software, Inc. (U.S. SOFR 1 Month+4.25%)±
8.58
11-28-2028
 
49,500
49,534
Total loans (Cost $2,511,215)
 
2,338,096
Yankee corporate bonds and notes:  5.01%
 
Communications:  1.43%
 
Internet:  0.41%
 
Rakuten Group, Inc.144A
9.75
4-15-2029
 
235,000
251,605
Rakuten Group, Inc. (5 Year Treasury Constant
Maturity+4.25%)144Aʊ±
8.13
12-15-2029
 
215,000
206,206
 
 
457,811
Media:  0.42%
 
Virgin Media Finance PLC144A
5.00
7-15-2030
 
65,000
58,926
Virgin Media Secured Finance PLC144A
4.50
8-15-2030
 
250,000
230,840
Virgin Media Vendor Financing Notes IV DAC144A
5.00
7-15-2028
 
45,000
43,850
VZ Secured Financing BV144A
5.00
1-15-2032
 
145,000
125,343
 
 
458,959
See accompanying notes to portfolio of investments
10 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Telecommunications:  0.60%
 
Rogers Communications, Inc. (5 Year Treasury Constant
Maturity+2.62%)±
7.13
%
4-15-2055
$
325,000
$325,472
Telecom Italia Capital SA
7.20
7-18-2036
 
125,000
129,960
Zegona Finance PLC144A
8.63
7-15-2029
 
200,000
213,000
 
 
668,432
Consumer, cyclical:  0.75%
 
Airlines:  0.31%
 
Air Canada Pass-Through Trust Series 2020-1 Class C144A
10.50
7-15-2026
 
200,000
210,500
Latam Airlines Group SA144A
7.88
4-15-2030
 
130,000
130,520
 
 
341,020
Entertainment:  0.18%
 
Banijay Entertainment SASU144A
8.13
5-1-2029
 
200,000
207,545
Leisure time:  0.26%
 
Carnival Corp.144A
6.00
5-1-2029
 
100,000
100,264
Carnival Corp.144A
6.13
2-15-2033
 
185,000
185,457
 
 
285,721
Consumer, non-cyclical:  1.00%
 
Cosmetics/Personal Care:  0.29%
 
Opal Bidco SAS144A
6.50
3-31-2032
 
145,000
144,871
Perrigo Finance Unlimited Co.
6.13
9-30-2032
 
175,000
174,691
 
 
319,562
Healthcare-products:  0.16%
 
Bausch & Lomb Corp.144A
8.38
10-1-2028
 
170,000
175,756
Pharmaceuticals:  0.55%
 
1261229 BC Ltd.144A
10.00
4-15-2032
 
305,000
301,955
Bausch Health Cos., Inc.144A
11.00
9-30-2028
 
60,000
57,568
Teva Pharmaceutical Finance Netherlands III BV
8.13
9-15-2031
 
230,000
255,852
 
 
615,375
Energy:  0.32%
 
Coal:  0.00%
 
Griffin Coal Mining Co. Pty. Ltd.144A♦†
9.50
12-1-2049
 
60,913
0
Oil & gas:  0.23%
 
Baytex Energy Corp.144A
8.50
4-30-2030
 
80,000
77,516
Borr IHC Ltd./Borr Finance LLC144A
10.00
11-15-2028
 
128,820
111,203
Saturn Oil & Gas, Inc.144A
9.63
6-15-2029
 
65,000
59,514
 
 
248,233
Pipelines:  0.09%
 
Northriver Midstream Finance LP144A
6.75
7-15-2032
 
100,000
100,913
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 11
Portfolio of investments—May 31, 2025 (unaudited)
 
 
 
 
Interest
rate
Maturity
date
Principal
Value
Financial:  0.79%
 
Banks:  0.31%
 
Banco del Estado de Chile (5 Year Treasury Constant
Maturity+3.23%)144Aʊ±
7.95
%
5-2-2029
$
120,000
$124,094
BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ±
8.00
8-22-2031
 
110,000
115,024
UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ±
4.88
2-12-2027
 
105,000
101,138
 
 
340,256
Diversified financial services:  0.48%
 
AerCap Ireland Capital DAC/AerCap Global Aviation Trust (5 Year
Treasury Constant Maturity+2.72%)±
6.95
3-10-2055
 
110,000
112,828
GGAM Finance Ltd.144A
5.88
3-15-2030
 
225,000
223,875
Global Aircraft Leasing Co. Ltd.144A
8.75
9-1-2027
 
200,000
202,247
 
 
538,950
Industrial:  0.52%
 
Aerospace/defense:  0.15%
 
Bombardier, Inc.144A
8.75
11-15-2030
 
160,000
171,729
Electronics:  0.16%
 
Sensata Technologies BV144A
5.88
9-1-2030
 
175,000
173,067
Machinery-diversified:  0.01%
 
TK Elevator Holdco GmbH144A
7.63
7-15-2028
 
15,000
15,021
Packaging & containers:  0.20%
 
Trivium Packaging Finance BV144A
8.25
7-15-2030
 
100,000
103,754
Trivium Packaging Finance BV144A
12.25
1-15-2031
 
110,000
115,675
 
 
219,429
Utilities:  0.20%
 
Electric:  0.20%
 
Algonquin Power & Utilities Corp. (5 Year Treasury Constant
Maturity+3.25%)±
4.75
1-18-2082
 
235,000
224,891
Total yankee corporate bonds and notes (Cost $5,623,118)
 
5,562,670
 
 
 
Yield
 
Shares
 
Short-term investments:  2.56%
 
Investment companies:  2.56%
 
Allspring Government Money Market Fund Select Class♠∞##
4.23
 
2,844,141
2,844,141
Total short-term investments (Cost $2,844,141)
 
2,844,141
Total investments in securities (Cost $111,021,421)
127.18
%
 
141,135,440
Other assets and liabilities, net
(27.18
)
 
(30,161,851
)
Total net assets
100.00
%
 
$110,973,589
 
See accompanying notes to portfolio of investments
12 | Allspring Utilities and High Income Fund
Portfolio of investments—May 31, 2025 (unaudited)
 
 
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
±
Variable rate investment. The rate shown is the rate in effect at period end.
¥
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 purchased on a when-issued basis.
♦
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.
‡
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:
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
$911,182
$17,622,238
$(15,689,279
)
$0
$0
$2,844,141
2,844,141
$56,612
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 13
Notes to portfolio of investments—May 31, 2025 (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, 2025 (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, 2025: 
 
Quoted prices
(Level 1)
Other significant
observable inputs
(Level 2)
Significant
unobservable inputs
(Level 3)
Total
Assets
Investments in:
Asset-backed securities
$0
$225,612
$0
$225,612
Common stocks
Communication services
0
368
0
368
Energy
0
436,610
0
436,610
Investment Companies
0
17,233
0
17,233
Utilities
98,820,222
0
0
98,820,222
Corporate bonds and notes
0
30,890,488
0
30,890,488
Loans
0
2,225,977
112,119
2,338,096
Yankee corporate bonds and notes
0
5,562,670
0
5,562,670
Short-term investments
Investment companies
2,844,141
0
0
2,844,141
Total assets
$101,664,363
$39,358,958
$112,119
$141,135,440
Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.
At May 31, 2025, the Fund had no material transfers into/out of Level 3.
Allspring Utilities and High Income Fund | 15