# EDGAR Filing Document

**Accession Number:** 0001279014
**File Stem:** 0001193125-26-190261
**Filing Date:** 2026-4
**Character Count:** 205416
**Document Hash:** 31d18c10d463dc9ab469dc48db331bce
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-190261.hdr.sgml**: 20260429

**ACCESSION NUMBER**: 0001193125-26-190261

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 17

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260429

**DATE AS OF CHANGE**: 20260429

**EFFECTIVENESS DATE**: 20260429

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** ALLSPRING UTILITIES & HIGH INCOME FUND
- **CENTRAL INDEX KEY:** 0001279014

**ORGANIZATION NAME:**
- **EIN:** 364548459
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21507
- **FILM NUMBER:** 26912486

**BUSINESS ADDRESS:**
- **STREET 1:** 1415 VANTAGE PARK DRIVE
- **STREET 2:** 3RD FLOOR
- **CITY:** CHARLOTTE
- **STATE:** NC
- **ZIP:** 28203
- **BUSINESS PHONE:** 8335684255

**MAIL ADDRESS:**
- **STREET 1:** 101 SEAPORT BLVD
- **STREET 2:** FLOOR 11
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO UTILITIES & HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 20151216

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** WELLS FARGO ADVANTAGE UTILITIES & HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 20100719

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** EVERGREEN UTILITIES & HIGH INCOME FUND
- **DATE OF NAME CHANGE:** 20040209

![LOGO](g103578g0426072319764.jpg)

**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

**FORM N-CSRS** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES** 

**Investment Company Act file number: 811-21507** 

## Allspring Utilities and High Income Fund
**(Exact name of registrant as specified in charter)** 

**1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203** 

**(Address of principal executive offices) (Zip code)** 

**Matthew Prasse** 

**Allspring Funds Management, LLC** 

**1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203** 

**(Name and address of agent for service)** 

**Registrant's telephone number, including area code: 800-222-8222** 

**Date of fiscal year end: August 31** 

**Date of reporting period: February 28, 2026** 

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<u>ITEM 1. REPORT TO STOCKHOLDERS</u> 

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![](g103578img66e19ef91.jpg)

Allspring Utilities and High Income Fund (ERH)

Semi-Annual Report

February 28, 2026

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Managed Distribution Plan |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to an exemptive order issued by the Securities and Exchange Commission ("Order"), the Fund is authorized to <br> distribute long-term capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund's <br> Board of Trustees approved a Managed Distribution Plan ("MDP") for the Fund pursuant to which the Fund makes monthly <br> cash distributions to common shareholders, stated in terms of a fixed amount per common share.<br>|
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund's Board has adopted a managed distribution plan for the Fund at an annual minimum fixed rate of 8% based on <br> the Fund's average monthly NAV per share over the prior 12 months. The Fund makes distributions monthly. You should not <br> draw any conclusions about the Fund's investment performance from the amount of these distributions or from the terms <br> of the MDP. The MDP will be subject to regular periodic review by the Board and the Board may amend or terminate the <br> MDP at any time without prior notice to Fund shareholders. However, at this time there are no reasonably foreseeable <br> circumstances that might cause the termination of the MDP.<br>|
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Fund may distribute more than its income and net realized capital gains and, therefore, a portion of your distribution <br> may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in <br> the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance <br> and should not be confused with 'yield' or 'income'.<br>|
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With each distribution, the Fund will issue a notice to shareholders and a press release containing information about the <br> amount and sources of the distribution and other related information. The amounts and sources of distributions reported in <br> the notice and press release are only estimates and are not provided for tax reporting purposes. The actual amounts and <br> sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during its fiscal year <br> and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that <br> will tell you how to report these distributions for federal income tax purposes.<br>|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notice to Shareholders |
| &nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On November 13, 2025, the Fund announced a renewal of its open-market share repurchase program (the "Buyback <br> Program"). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open <br> market transactions during the period beginning on January 1, 2026 and ending on December 31, 2026. The Fund's Board <br> of Trustees has delegated to Allspring Funds Management, LLC, the Fund's adviser, discretion to administer the Buyback <br> Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the <br> Fund and subject to applicable legal limitations.<br>|

---

------

Contents

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| **[Performance highlights](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_nph-pageblank-93_1)** | 2 |
| **[Portfolio of investments](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_poi-pageblank-93_1)** | 8 |
| **[Financial statements](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fs-pageblank-93_1)** |  |
| &nbsp;&nbsp;&nbsp; [Statement of assets and liabilities](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fs-pageblank-93_1) | 21 |
| &nbsp;&nbsp;&nbsp; [Statement of operations](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fs-pageblank-93_2) | 22 |
| &nbsp;&nbsp;&nbsp; [Statement of changes in net assets](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fs-pageblank-93_3) | 23 |
| &nbsp;&nbsp;&nbsp; [Statement of cash flows](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fs-pageblank-93_4) | 24 |
| &nbsp;&nbsp;&nbsp; [Financial highlights](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_fihi-pageblank-93_1) | 25 |
| **[Notes to financial statements](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_ntf-pageblank-93_1)** | 26 |
| **[Other information](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_oi-pageblank-93_1)** | 30 |
| **[Automatic dividend reinvestment plan](#xx_c16869ce-7c0f-42c8-9fc3-994ff3aa9e45_adr-pageblank-93_1)** | 35 |

---

The views expressed and any forward-looking statements are as of February 28, 2026, unless otherwise noted, and are those of the Fund's portfolio managers and/or Allspring Global Investments. Discussions of individual securities or the markets generally are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Allspring Global Investments disclaims any obligation to publicly update or revise any views expressed or forward-looking statements.

Allspring Utilities and High Income Fund \| 1

------

Performance highlights (unaudited)

Performance highlights

---

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

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
| Average annual total returns (%) as of February 28, 2026<sup>1</sup>  | Average annual total returns (%) as of February 28, 2026<sup>1</sup>  | Average annual total returns (%) as of February 28, 2026<sup>1</sup>  | Average annual total returns (%) as of February 28, 2026<sup>1</sup>  | Average annual total returns (%) as of February 28, 2026<sup>1</sup>  |
|  | 6 months | 1 year | 5 year | 10 year |
| Based on market value | 11.49 | 24.04 | 8.33 | 8.25 |
| Based on net asset value (NAV) | 12.61 | 21.91 | 11.73 | 9.22 |
| ERH Blended Index<sup>2</sup> <br>| 11.27 | 18.87 | 11.22 | 9.96 |
| Russell 3000 Index<sup>3</sup> <br>| 7.07 | 17.02 | 12.80 | 15.08 |

---

***Figures quoted represent past performance, which is no guarantee of future results,*** *and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return and principal value of an investment will fluctuate so that an investor's shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance figures of the Fund do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. If taxes and such brokerage commissions had been reflected, performance would have been lower. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.*

The Fund's annualized expense ratio for the six months ended February 28, 2026, was 2.14% which includes 1.22% of interest expense.

<sup>1</sup> Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and at the end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund's Automatic Dividend Reinvestment Plan. 

<sup>2</sup> Source: Allspring Funds Management, LLC. The ERH Blended Index is weighted 70% in the S&P 500 Utilities Index and 30% in the ICE BofA U.S. High Yield Constrained Index. Effective October 15, 2019, the ERH Blended Index changed the high yield component of the index from the ICE BofA U.S. High Yield Index with the ICE BofA U.S. High Yield Constrained Index in order to better match the Fund's investment strategy. Copyright 2026. ICE Data Indices, LLC. All rights reserved. You cannot invest directly in an index. 

<sup>3</sup> The Russell 3000® Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity market. You cannot invest directly in an index. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

CFA<sup>®</sup> and Chartered Financial Analyst<sup>®</sup> are trademarks owned by CFA Institute.<br>

2 \| Allspring Utilities and High Income Fund

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Performance highlights (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Growth of $10,000 investment as of February 28, 2026<sup>1</sup> <br>

![](g103578img9bee9b362.jpg)

<sup>1</sup> The chart compares the performance of the Fund for the most recent ten years with the ERH Blended Index and Russell 3000® Index. The chart assumes a hypothetical investment of $10,000 investment and reflects all operating expenses of the Fund. 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Comparison of NAV vs. market value<sup>1</sup> <br>

![](g103578imged7c27d83.jpg)

<sup>1</sup> This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund's common shares. Dividends and distributions paid by the Fund are included in the Fund's average annual total returns but have the effect of reducing the Fund's NAV. 

Allspring Utilities and High Income Fund \| 3

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Performance highlights (unaudited)

Risk summary

Shares of this closed-end fund are only available for purchase and sale at the current market price on the stock exchange on which it is listed. Shares of the Fund may trade at either a premium or discount relative to the Fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the Fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The Fund is also subject to risks associated with any concentration of its investments in the utility sector. The Fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

4 \| Allspring Utilities and High Income Fund

------

Performance highlights (unaudited)

MANAGER'S DISCUSSION

Overview

The Fund's return based on market value was 11.49% for the six-month period that ended February 28, 2026. Over the same period, the Fund's return based on net asset value (NAV) was 12.61%, outperforming the 11.27% return for the ERH Blended Index.

Utilities more than doubled the gain of the S&P 500 Index.\*

The Fund's equity sleeve benchmark, the S&P 500 Utilities Index,\*\* rose more than 14% for the period, beating the S&P 500 Index's 6.6% return. The equity sleeve trailed its benchmark by less than 1%. Utilities performed well both early and late in the six-month period, supported by rising electricity demand and a shift away from the small group of large growth stocks that had previously driven the broader market. Investors also anticipated that lower interest rates could help rate-sensitive sectors, including utilities, and they sought defensive positioning as socioeconomic and political developments introduced additional uncertainty.

The equity sleeve added several new positions.

The managers initiated a position in PG&E Corporation, a California utility whose shares had weakened following severe wildfires in Southern California the previous year. Although the fires occurred outside PG&E's service territory, they reminded investors of ongoing risks and the state's evolving—yet imperfect—regulatory framework around wildfire liability. The managers believe this year could bring a more favorable wildfire framework.

The managers also bought NRG Energy, Inc., an independent power producer (IPP) and index component. IPP shares remain volatile as investors balance the benefits of increased electricity demand with concerns around data center expansion and uncertainty over who will absorb the related grid-upgrade costs.

In addition, the managers initiated a position in PPL Corporation, a now fully regulated U.S. utility following the sale of its U.K. operations. They also added to positions in Vistra Corp. and Xcel Energy Inc. on share-price weakness. Conversely, they reduced positions in two Michigan utilities, CMS Energy Corporation and DTE Energy Company, citing a regulatory environment that no longer justifies a premium valuation versus other states. They also pared positions in American Water Works Company, Inc. and Exelon Corporation, which they believe are less likely to benefit from accelerating electricity-demand growth.

The Fund did not own Edison International, a California utility affected by wildfires in its service territory in 2025. As hopes built for a constructive wildfire solution, Edison, an index stock, performed better than the index and not owning it was the largest detractor from relative results. Another significant detractor was not owning Consolidated Edison, Inc. The managers believe this company has below-average growth prospects given the challenging regulatory environment in New York and its lack of

generation assets. The largest contributors to performance were overweight positions in several high-quality regulated utilities – NextEra Energy, Inc., Entergy Corporation, and Atmos Energy Corporation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Ten largest holdings (%) as of February 28, 2026<sup>1</sup>  | Ten largest holdings (%) as of February 28, 2026<sup>1</sup>  |
| NextEra Energy, Inc. | 13.78 |
| Constellation Energy Corp. | 8.02 |
| Southern Co. | 5.81 |
| Vistra Corp. | 4.78 |
| Duke Energy Corp. | 4.44 |
| American Electric Power Co., Inc. | 4.34 |
| Entergy Corp. | 4.33 |
| Atmos Energy Corp. | 4.23 |
| Sempra | 3.80 |
| Ameren Corp. | 3.33 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Sector allocation as of February 28, 2026<sup>1</sup> <br>

![](g103578imgbc413c674.jpg)

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

The utilities equity outlook remains attractive.

A combination of slower economic growth, geopolitical developments—including the Iran War—and strengthening electricity

\*

The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

\*\*

The S&P 500 Utilities Index is a market-value-weighted index that measures the performance of all stocks within the utilities sector of the S&P 500 Index. You cannot invest directly in an index.

Allspring Utilities and High Income Fund \| 5

------

Performance highlights (unaudited)

demand could continue to support utilities' performance given their stable earnings growth. Fundamentals remain strong and the managers continue to expect healthy mid-single-digit earnings and dividend growth. In some cases, targeted earnings growth has edged higher, supported in part by rapid expansion in electricity-intensive data centers. Valuations also appear compelling: On a price-to-earnings basis, the S&P 500 Utilities Index recently traded at close to a 20% discount to the S&P 500 Index,

compared with a 15-year average of a modest premium.

Credit quality as of February 28, 2026<sup>1</sup> <br>

![](g103578imgc9112e8d5.jpg)

<sup>1</sup> The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor's, Moody's Investors Service, and/or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor's rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor's rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody's rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody's rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified. 

Within high income, higher-quality credits performed well as economic growth remained resilient.

Over the past year, U.S. economic growth moderated but remained resilient, with real U.S. gross domestic product expanding roughly 2.2% year over year. Growth was supported by solid consumer spending and continued investment in technology and AI-related infrastructure. Inflation moved closer to the Federal Reserve's (Fed) 2.0% target, with core CPI easing to about 2.5% year over year by January 2026—its lowest level since 2021. The Fed cut rates by a cumulative 75 basis points (0.75%) in late 2025, bringing the federal funds target range to 3.50–3.75%. The Fed has since adopted a more patient, data-dependent stance amid uneven inflation readings and signs of labor-market cooling.

The U.S. unemployment rate rose to roughly 4.5%, its highest level since 2021. Overall, economic fundamentals remained healthy: real wage growth was positive and household balance sheets continued to benefit from prior equity gains, even as housing activity softened. Looser monetary policy and supportive financial conditions sustained strength in risk assets, including high yield credit. Low default rates and elevated yields helped offset tighter credit spreads. Meanwhile, renewed policy uncertainty increased market dispersion as investors more actively priced growth, inflation, and policy risks for 2026 and beyond.

The high income sleeve added to banking and consumer cyclical holdings while trimming communications and technology.

Security selection—particularly among lower-rated credits—remained the primary focus of the high income sleeve. During the six-month period, we were slightly lower in yield and spread relative to the benchmark and modestly shorter in duration. Sector positioning shifted toward banking and consumer cyclical and away from communications and technology. In banking, hybrid securities issued by investment-grade financial firms offered attractive relative value versus BB-rated bonds. Within consumer cyclical, a series of targeted trades in retail issuers resulted in a higher overall allocation. Reductions in communications and technology stemmed from debt repayments and deliberate risk-management actions.

Lack of exposure to Multi-Color Corporation and timely divestiture of Saks Incorporated benefited relative performance during the quarter. Completely avoiding Multi-Color, which spiraled into default, was of significant benefit. Although the sleeve started the period with exposure to Saks, a timely divestiture ahead of the retailer's subsequent decline added value. The two weakest performers were Hubbard Radio and Cornerstone Building Brands, Inc.\* Hubbard appeared likely to breach a covenant, prompting the managers to exit the position. Cornerstone faced ongoing pressure amid a subdued housing market, despite what many agree is a

structurally undersupplied market.

Geographic allocation as of February 28, 2026<sup>1</sup> <br>

![](g103578imgc34db0e46.jpg)

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

Leverage had a positive impact.

The Fund's use of leverage through bank borrowings had a positive impact on the NAV total return performance during this reporting period. As of February 28, 2026, the Fund had 16.21% leverage as a percent of total assets.

\*

This security was no longer held at the end of the reporting period.

6 \| Allspring Utilities and High Income Fund

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Performance highlights (unaudited)

High income credit fundamentals remain healthy despite macroeconomic uncertainty.

Macroeconomic uncertainty has pushed interest rates lower and modestly widened high yield spreads, which remain near historical tights. At the sector level, rapid adoption of artificial intelligence is beginning to pressure certain business models, particularly those with high labor intensity or limited barriers to automation—factors that continue to warrant careful credit selection. High yield credit fundamentals remain strong: the trailing 12-month default rate stands at 1.4%, marking the twenty-first consecutive month below 2%. Managers expect this low-default environment to persist into the first half of 2026, supported by anticipated Fed cuts.

Fund distributions

Pursuant to an exemptive order issued by the Securities and Exchange Commission (the "Order"), the Fund is authorized to distribute long-term

capital gains to shareholders more frequently than once per year. Pursuant to the Order, the Fund's Board of Trustees approved a managed distribution plan pursuant to which the Fund makes monthly cash distributions to common shareholders. The Fund's managed distribution plan had no effect on the Fund's investment strategy during the six months ended February 28, 2026 and is not expected to have such an effect in future periods. If distributions exceed Fund returns, they will cause its NAV per share to erode. Shareholders should not draw any conclusions about the Fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan. For the six months ended February 28, 2026, the Fund's total distributions were $0.50 per share. The Fund's distributions may be comprised of amounts characterized for federal income tax purposes as qualified and non-qualified ordinary dividends, capital gains and non dividend distributions, also known as return of capital distributions. The federal income tax character of distributions is determined after the end of the calendar year and reported to shareholders on Form 1099-DIV.

Allspring Utilities and High Income Fund \| 7

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Portfolio of investments—February 28, 2026 (unaudited)

Portfolio of investments

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal | Value |
| **Asset-backed securities: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Uniti Fiber ABS Issuer LLC Series 2025-1A Class B144A | 6.37<br> %<br>| &nbsp;&nbsp; 4-20-2055 | $105000 | &nbsp;&nbsp; $108005 |
| **Total asset-backed securities (Cost $105,000)** |  |  |  | &nbsp;&nbsp; **108005** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | |
|:---|:---|:---|
|  | Shares |  |
| **Common stocks: 88.45%** |  |  |
| **Energy: 0.18%** |  |  |
| **Oil, gas & consumable fuels: 0.18%** |  |  |
| &nbsp;&nbsp;&nbsp; Enviva, Inc. (Acquired 12-06-2024, cost $72,563)†˃ | 13298 | &nbsp;&nbsp; **221079** |
| **Health care: 0.07%** |  |  |
| **Health care providers & services: 0.07%** |  |  |
| &nbsp;&nbsp;&nbsp; Modivcare Topco LLC† | 15160 | &nbsp;&nbsp; **85275** |
| **Utilities: 88.20%** |  |  |
| **Electric utilities: 54.97%** |  |  |
| &nbsp;&nbsp;&nbsp; Alliant Energy Corp. | 40872 | &nbsp;&nbsp; 2956681 |
| &nbsp;&nbsp;&nbsp; American Electric Power Co., Inc. | 39950 | &nbsp;&nbsp; 5346109 |
| &nbsp;&nbsp;&nbsp; Constellation Energy Corp. | 29931 | &nbsp;&nbsp; 9873638 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. | 41759 | &nbsp;&nbsp; 5464165 |
| &nbsp;&nbsp;&nbsp; Entergy Corp. | 49737 | &nbsp;&nbsp; 5327330 |
| &nbsp;&nbsp;&nbsp; Eversource Energy | 17981 | &nbsp;&nbsp; 1370332 |
| &nbsp;&nbsp;&nbsp; Exelon Corp. | 28278 | &nbsp;&nbsp; 1398913 |
| &nbsp;&nbsp;&nbsp; FirstEnergy Corp. | 39363 | &nbsp;&nbsp; 2013811 |
| &nbsp;&nbsp;&nbsp; NextEra Energy, Inc. | 180866 | &nbsp;&nbsp; 16959805 |
| &nbsp;&nbsp;&nbsp; NRG Energy, Inc. | 9943 | &nbsp;&nbsp; 1779399 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. | 97994 | &nbsp;&nbsp; 1861886 |
| &nbsp;&nbsp;&nbsp; PPL Corp. | 60289 | &nbsp;&nbsp; 2350065 |
| &nbsp;&nbsp;&nbsp; Southern Co. | 73408 | &nbsp;&nbsp; 7148471 |
| &nbsp;&nbsp;&nbsp; Xcel Energy, Inc. | 45562 | &nbsp;&nbsp; 3798049 |
|  |  | &nbsp;&nbsp; **67648654** |
| **Gas utilities: 4.23%** |  |  |
| &nbsp;&nbsp;&nbsp; Atmos Energy Corp. | 27860 | &nbsp;&nbsp; **5203969** |
| **Independent power and renewable electricity producers: 4.78%** |  |  |
| &nbsp;&nbsp;&nbsp; Vistra Corp. | 33882 | &nbsp;&nbsp; **5891741** |
| **Multi-utilities: 22.66%** |  |  |
| &nbsp;&nbsp;&nbsp; Ameren Corp. | 36180 | &nbsp;&nbsp; 4098470 |
| &nbsp;&nbsp;&nbsp; CenterPoint Energy, Inc. | 90987 | &nbsp;&nbsp; 3957935 |
| &nbsp;&nbsp;&nbsp; CMS Energy Corp. | 37408 | &nbsp;&nbsp; 2920443 |
| &nbsp;&nbsp;&nbsp; Dominion Energy, Inc. | 32328 | &nbsp;&nbsp; 2041190 |
| &nbsp;&nbsp;&nbsp; DTE Energy Co. | 22976 | &nbsp;&nbsp; 3405962 |
| &nbsp;&nbsp;&nbsp; Public Service Enterprise Group, Inc. | 42514 | &nbsp;&nbsp; 3659180 |
| &nbsp;&nbsp;&nbsp; Sempra | 48616 | &nbsp;&nbsp; 4680262 |
| &nbsp;&nbsp;&nbsp; WEC Energy Group, Inc. | 26692 | &nbsp;&nbsp; 3121896 |
|  |  | &nbsp;&nbsp; **27885338** |

---

The accompanying notes are an integral part of these financial statements.

8 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | |
|:---|:---|:---|
|  | Shares | Value |
| **Water utilities: 1.56%** |  |  |
| &nbsp;&nbsp;&nbsp; American Water Works Co., Inc. | 14130 | &nbsp;&nbsp; $**1922104** |
| **Total common stocks (Cost $65,500,107)** |  | &nbsp;&nbsp; **108858160** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest <br>rate<br>| Maturity <br>date<br>| Principal |  |
| **Corporate bonds and notes: 26.43%** |  |  |  |  |
| **Basic materials: 0.78%** |  |  |  |  |
| **Chemicals: 0.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 6.50<br> %<br>| &nbsp;&nbsp; 4-15-2030 | $185000 | &nbsp;&nbsp; 189581 |
| &nbsp;&nbsp;&nbsp; Celanese U.S. Holdings LLC | 7.38 | &nbsp;&nbsp; 7-15-2032 | 85000 | &nbsp;&nbsp; 89608 |
| &nbsp;&nbsp;&nbsp; Chemours Co.144A%% | 7.88 | &nbsp;&nbsp; 3-15-2034 | 95000 | &nbsp;&nbsp; 94881 |
| &nbsp;&nbsp;&nbsp; Chemours Co.144A | 8.00 | &nbsp;&nbsp; 1-15-2033 | 190000 | &nbsp;&nbsp; 193239 |
| &nbsp;&nbsp;&nbsp; SCIH Salt Holdings, Inc.144A | 6.63 | &nbsp;&nbsp; 5-1-2029 | 185000 | &nbsp;&nbsp; 184538 |
|  |  |  |  | &nbsp;&nbsp; **751847** |
| **Iron/steel: 0.17%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Cleveland-Cliffs, Inc.144A | 7.00 | &nbsp;&nbsp; 3-15-2032 | 200000 | &nbsp;&nbsp; **203125** |
| **Communications: 4.02%** |  |  |  |  |
| **Advertising: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clear Channel Outdoor Holdings, Inc.144A | 7.13 | &nbsp;&nbsp; 2-15-2031 | 255000 | &nbsp;&nbsp; 269538 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 4.63 | &nbsp;&nbsp; 3-15-2030 | 135000 | &nbsp;&nbsp; 132441 |
| &nbsp;&nbsp;&nbsp; Outfront Media Capital LLC/Outfront Media Capital Corp.144A | 7.38 | &nbsp;&nbsp; 2-15-2031 | 170000 | &nbsp;&nbsp; 178720 |
|  |  |  |  | &nbsp;&nbsp; **580699** |
| **Internet: 0.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.144A | 4.25 | &nbsp;&nbsp; 6-1-2028 | 75000 | &nbsp;&nbsp; 72640 |
| &nbsp;&nbsp;&nbsp; Arches Buyer, Inc.144A | 6.13 | &nbsp;&nbsp; 12-1-2028 | 170000 | &nbsp;&nbsp; 160440 |
| &nbsp;&nbsp;&nbsp; Cablevision Lightpath LLC144A | 5.63 | &nbsp;&nbsp; 9-15-2028 | 130000 | &nbsp;&nbsp; 129904 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC144A | 5.63 | &nbsp;&nbsp; 2-15-2029 | 130000 | &nbsp;&nbsp; 129777 |
| &nbsp;&nbsp;&nbsp; Match Group Holdings II LLC144A | 6.13 | &nbsp;&nbsp; 9-15-2033 | 115000 | &nbsp;&nbsp; 114685 |
| &nbsp;&nbsp;&nbsp; Wayfair LLC144A | 6.75 | &nbsp;&nbsp; 11-15-2032 | 170000 | &nbsp;&nbsp; 173263 |
|  |  |  |  | &nbsp;&nbsp; **780709** |
| **Media: 1.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.25 | &nbsp;&nbsp; 1-15-2034 | 345000 | &nbsp;&nbsp; 300530 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 4.50 | &nbsp;&nbsp; 8-15-2030 | 450000 | &nbsp;&nbsp; 429222 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp. | 4.50 | &nbsp;&nbsp; 5-1-2032 | 75000 | &nbsp;&nbsp; 68637 |
| &nbsp;&nbsp;&nbsp; CCO Holdings LLC/CCO Holdings Capital Corp.144A | 5.38 | &nbsp;&nbsp; 6-1-2029 | 85000 | &nbsp;&nbsp; 84798 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 3.38 | &nbsp;&nbsp; 2-15-2031 | 150000 | &nbsp;&nbsp; 89413 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2027 | 185000 | &nbsp;&nbsp; 156850 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 5.75 | &nbsp;&nbsp; 1-15-2030 | 90000 | &nbsp;&nbsp; 34773 |
| &nbsp;&nbsp;&nbsp; CSC Holdings LLC144A | 11.25 | &nbsp;&nbsp; 5-15-2028 | 120000 | &nbsp;&nbsp; 95072 |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC/DIRECTV Financing Co-Obligor, Inc.144A | 5.88 | &nbsp;&nbsp; 8-15-2027 | 35000 | &nbsp;&nbsp; 35041 |
| &nbsp;&nbsp;&nbsp; DISH DBS Corp.144A | 5.75 | &nbsp;&nbsp; 12-1-2028 | 90000 | &nbsp;&nbsp; 87103 |
| &nbsp;&nbsp;&nbsp; DISH Network Corp.144A | 11.75 | &nbsp;&nbsp; 11-15-2027 | 295000 | &nbsp;&nbsp; 305406 |
| &nbsp;&nbsp;&nbsp; Gray Media, Inc.144A | 9.63 | &nbsp;&nbsp; 7-15-2032 | 125000 | &nbsp;&nbsp; 129873 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 9

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Paramount Global (U.S. SOFR 3 Month+3.90%)± | 6.25<br> %<br>| &nbsp;&nbsp; 2-28-2057 | $140000 | &nbsp;&nbsp; $108542 |
| &nbsp;&nbsp;&nbsp; Sirius XM Radio LLC144A | 4.13 | &nbsp;&nbsp; 7-1-2030 | 260000 | &nbsp;&nbsp; 245071 |
|  |  |  |  | &nbsp;&nbsp; **2170331** |
| **Telecommunications: 1.15%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; EchoStar Corp. (PIK at 6.75%)¥ | 6.75 | &nbsp;&nbsp; 11-30-2030 | 451149 | &nbsp;&nbsp; 456903 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 3.63 | &nbsp;&nbsp; 1-15-2029 | 130000 | &nbsp;&nbsp; 122200 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 6.88 | &nbsp;&nbsp; 6-30-2033 | 135000 | &nbsp;&nbsp; 139816 |
| &nbsp;&nbsp;&nbsp; Level 3 Financing, Inc.144A | 8.50 | &nbsp;&nbsp; 1-15-2036 | 155000 | &nbsp;&nbsp; 161386 |
| &nbsp;&nbsp;&nbsp; SV RNO Property Owner 1 LLC144A | 5.88 | &nbsp;&nbsp; 3-1-2031 | 130000 | &nbsp;&nbsp; 130582 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Group Finance 2019, Inc./CSL Capital LLC144A | 8.63 | &nbsp;&nbsp; 6-15-2032 | 60000 | &nbsp;&nbsp; 60853 |
| &nbsp;&nbsp;&nbsp; Windstream Services LLC/Windstream Escrow Finance Corp.144A | 8.25 | &nbsp;&nbsp; 10-1-2031 | 165000 | &nbsp;&nbsp; 173718 |
| &nbsp;&nbsp;&nbsp; WULF Compute LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2030 | 165000 | &nbsp;&nbsp; 174737 |
|  |  |  |  | &nbsp;&nbsp; **1420195** |
| **Consumer, cyclical: 4.80%** |  |  |  |  |
| **Airlines: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; JetBlue Airways Corp./JetBlue Loyalty LP144A | 9.88 | &nbsp;&nbsp; 9-20-2031 | 145000 | &nbsp;&nbsp; **147356** |
| **Apparel: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beach Acquisition Bidco LLC (PIK at 10.75%)144A¥ | 10.00 | &nbsp;&nbsp; 7-15-2033 | 126485 | &nbsp;&nbsp; **139766** |
| **Auto manufacturers: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nissan Motor Acceptance Co. LLC144A | 7.05 | &nbsp;&nbsp; 9-15-2028 | 40000 | &nbsp;&nbsp; **41564** |
| **Auto parts & equipment: 0.47%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.144A | 7.50 | &nbsp;&nbsp; 2-15-2033 | 165000 | &nbsp;&nbsp; 173169 |
| &nbsp;&nbsp;&nbsp; Adient Global Holdings Ltd.144A | 8.25 | &nbsp;&nbsp; 4-15-2031 | 30000 | &nbsp;&nbsp; 31384 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc. | 5.00 | &nbsp;&nbsp; 10-1-2029 | 110000 | &nbsp;&nbsp; 107465 |
| &nbsp;&nbsp;&nbsp; American Axle & Manufacturing, Inc.144A | 7.75 | &nbsp;&nbsp; 10-15-2033 | 75000 | &nbsp;&nbsp; 76226 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc.144A | 6.88 | &nbsp;&nbsp; 4-23-2032 | 105000 | &nbsp;&nbsp; 105334 |
| &nbsp;&nbsp;&nbsp; ZF North America Capital, Inc.144A | 7.50 | &nbsp;&nbsp; 3-24-2031 | 85000 | &nbsp;&nbsp; 87602 |
|  |  |  |  | &nbsp;&nbsp; **581180** |
| **Distribution/wholesale: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; RB Global Holdings, Inc.144A | 7.75 | &nbsp;&nbsp; 3-15-2031 | 40000 | &nbsp;&nbsp; **41587** |
| **Entertainment: 0.91%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Churchill Downs, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2031 | 170000 | &nbsp;&nbsp; 175118 |
| &nbsp;&nbsp;&nbsp; Cinemark USA, Inc.144A | 7.00 | &nbsp;&nbsp; 8-1-2032 | 300000 | &nbsp;&nbsp; 312457 |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings, Inc. | 4.05 | &nbsp;&nbsp; 3-15-2029 | 130000 | &nbsp;&nbsp; 128618 |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings, Inc. | 4.28 | &nbsp;&nbsp; 3-15-2032 | 80000 | &nbsp;&nbsp; 73500 |
| &nbsp;&nbsp;&nbsp; Discovery Global Holdings, Inc. | 5.05 | &nbsp;&nbsp; 3-15-2042 | 105000 | &nbsp;&nbsp; 73762 |
| &nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp.144A | 7.25 | &nbsp;&nbsp; 5-15-2031 | 40000 | &nbsp;&nbsp; 39259 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Canada's Wonderland Co./Millennium <br> Operations LLC144A<br>| 8.63 | &nbsp;&nbsp; 1-15-2032 | 95000 | &nbsp;&nbsp; 96187 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Six Flags Entertainment Corp./Six Flags Theme Parks, Inc./Canada's <br> Wonderland Co.144A<br>| 6.63 | &nbsp;&nbsp; 5-1-2032 | 220000 | &nbsp;&nbsp; 223672 |
|  |  |  |  | &nbsp;&nbsp; **1122573** |

---

The accompanying notes are an integral part of these financial statements.

10 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Home builders: 0.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Ashton Woods USA LLC/Ashton Woods Finance Co.144A | 6.88<br> %<br>| &nbsp;&nbsp; 8-1-2033 | $190000 | &nbsp;&nbsp; $191777 |
| &nbsp;&nbsp;&nbsp; Century Communities, Inc.144A | 6.63 | &nbsp;&nbsp; 9-15-2033 | 105000 | &nbsp;&nbsp; 106692 |
| &nbsp;&nbsp;&nbsp; K Hovnanian Enterprises, Inc.144A | 8.38 | &nbsp;&nbsp; 10-1-2033 | 85000 | &nbsp;&nbsp; 87165 |
| &nbsp;&nbsp;&nbsp; LGI Homes, Inc.144A | 8.75 | &nbsp;&nbsp; 12-15-2028 | 150000 | &nbsp;&nbsp; 156504 |
|  |  |  |  | &nbsp;&nbsp; **542138** |
| **Home furnishings: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Whirlpool Corp. | 6.13 | &nbsp;&nbsp; 6-15-2030 | 125000 | &nbsp;&nbsp; **125561** |
| **Housewares: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc. | 6.38 | &nbsp;&nbsp; 5-15-2030 | 125000 | &nbsp;&nbsp; 125384 |
| &nbsp;&nbsp;&nbsp; Newell Brands, Inc.144A | 8.50 | &nbsp;&nbsp; 6-1-2028 | 140000 | &nbsp;&nbsp; 147364 |
|  |  |  |  | &nbsp;&nbsp; **272748** |
| **Leisure time: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 6.25 | &nbsp;&nbsp; 9-15-2033 | 145000 | &nbsp;&nbsp; 146355 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 6.75 | &nbsp;&nbsp; 2-1-2032 | 80000 | &nbsp;&nbsp; 82387 |
| &nbsp;&nbsp;&nbsp; NCL Corp. Ltd.144A | 7.75 | &nbsp;&nbsp; 2-15-2029 | 50000 | &nbsp;&nbsp; 53424 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.144A | 5.88 | &nbsp;&nbsp; 10-15-2033 | 50000 | &nbsp;&nbsp; 51008 |
| &nbsp;&nbsp;&nbsp; Viking Cruises Ltd.144A | 7.00 | &nbsp;&nbsp; 2-15-2029 | 125000 | &nbsp;&nbsp; 125188 |
|  |  |  |  | &nbsp;&nbsp; **458362** |
| **Lodging: 0.22%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Genting New York LLC/GENNY Capital, Inc.144A | 7.25 | &nbsp;&nbsp; 10-1-2029 | 140000 | &nbsp;&nbsp; 145156 |
| &nbsp;&nbsp;&nbsp; Hilton Domestic Operating Co., Inc.144A | 6.13 | &nbsp;&nbsp; 4-1-2032 | 125000 | &nbsp;&nbsp; 129231 |
|  |  |  |  | &nbsp;&nbsp; **274387** |
| **Retail: 1.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Advance Auto Parts, Inc.144A | 7.38 | &nbsp;&nbsp; 8-1-2033 | 195000 | &nbsp;&nbsp; 199837 |
| &nbsp;&nbsp;&nbsp; Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2030 | 295000 | &nbsp;&nbsp; 307113 |
| &nbsp;&nbsp;&nbsp; Carvana Co.144A | 9.00 | &nbsp;&nbsp; 6-1-2031 | 105000 | &nbsp;&nbsp; 115157 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 4.63 | &nbsp;&nbsp; 9-1-2028 | 90000 | &nbsp;&nbsp; 88905 |
| &nbsp;&nbsp;&nbsp; FirstCash, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2032 | 235000 | &nbsp;&nbsp; 242520 |
| &nbsp;&nbsp;&nbsp; Macy's Retail Holdings LLC144A | 6.13 | &nbsp;&nbsp; 3-15-2032 | 125000 | &nbsp;&nbsp; 125907 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc.144A | 7.88 | &nbsp;&nbsp; 5-1-2029 | 105000 | &nbsp;&nbsp; 105473 |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc.144A%% | 8.50 | &nbsp;&nbsp; 3-15-2033 | 220000 | &nbsp;&nbsp; 213995 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc.144A | 8.25 | &nbsp;&nbsp; 2-1-2031 | 30000 | &nbsp;&nbsp; 29299 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp.144A | 7.50 | &nbsp;&nbsp; 9-15-2032 | 180000 | &nbsp;&nbsp; 182138 |
| &nbsp;&nbsp;&nbsp; PetSmart LLC/PetSmart Finance Corp.144A | 10.00 | &nbsp;&nbsp; 9-15-2033 | 110000 | &nbsp;&nbsp; 110314 |
| &nbsp;&nbsp;&nbsp; QXO Building Products, Inc.144A | 6.75 | &nbsp;&nbsp; 4-30-2032 | 120000 | &nbsp;&nbsp; 124286 |
| &nbsp;&nbsp;&nbsp; Sally Holdings LLC/Sally Capital, Inc. | 6.75 | &nbsp;&nbsp; 3-1-2032 | 100000 | &nbsp;&nbsp; 103816 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.144A | 4.63 | &nbsp;&nbsp; 11-15-2029 | 65000 | &nbsp;&nbsp; 63914 |
| &nbsp;&nbsp;&nbsp; Sonic Automotive, Inc.144A | 4.88 | &nbsp;&nbsp; 11-15-2031 | 155000 | &nbsp;&nbsp; 149761 |
|  |  |  |  | &nbsp;&nbsp; **2162435** |
| **Consumer, non-cyclical: 4.02%** |  |  |  |  |
| **Commercial services: 1.61%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; ADT Security Corp.144A | 5.88 | &nbsp;&nbsp; 10-15-2033 | 75000 | &nbsp;&nbsp; 76227 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 11

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Commercial services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allied Universal Holdco LLC144A | 7.88<br> %<br>| &nbsp;&nbsp; 2-15-2031 | $140000 | &nbsp;&nbsp; $147911 |
| &nbsp;&nbsp;&nbsp; Block, Inc. | 6.50 | &nbsp;&nbsp; 5-15-2032 | 190000 | &nbsp;&nbsp; 195464 |
| &nbsp;&nbsp;&nbsp; CoreCivic, Inc. | 8.25 | &nbsp;&nbsp; 4-15-2029 | 315000 | &nbsp;&nbsp; 327552 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 8.63 | &nbsp;&nbsp; 4-15-2029 | 200000 | &nbsp;&nbsp; 208103 |
| &nbsp;&nbsp;&nbsp; GEO Group, Inc. | 10.25 | &nbsp;&nbsp; 4-15-2031 | 180000 | &nbsp;&nbsp; 193271 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.144A | 7.00 | &nbsp;&nbsp; 6-15-2030 | 185000 | &nbsp;&nbsp; 193865 |
| &nbsp;&nbsp;&nbsp; Herc Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 6-15-2033 | 165000 | &nbsp;&nbsp; 174416 |
| &nbsp;&nbsp;&nbsp; Sabre Financial Borrower LLC144A | 11.13 | &nbsp;&nbsp; 6-15-2029 | 80000 | &nbsp;&nbsp; 77083 |
| &nbsp;&nbsp;&nbsp; Sotheby's/BidFair Holdings, Inc.144A | 5.88 | &nbsp;&nbsp; 6-1-2029 | 250000 | &nbsp;&nbsp; 240532 |
| &nbsp;&nbsp;&nbsp; Veritiv Operating Co.144A | 10.50 | &nbsp;&nbsp; 11-30-2030 | 135000 | &nbsp;&nbsp; 144446 |
|  |  |  |  | &nbsp;&nbsp; **1978870** |
| **Food: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Industrial F&B Investments III, Inc.144A | 7.75 | &nbsp;&nbsp; 2-11-2033 | 125000 | &nbsp;&nbsp; 128292 |
| &nbsp;&nbsp;&nbsp; Performance Food Group, Inc.144A | 6.13 | &nbsp;&nbsp; 9-15-2032 | 105000 | &nbsp;&nbsp; 107782 |
|  |  |  |  | &nbsp;&nbsp; **236074** |
| **Healthcare-services: 1.89%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 5.25 | &nbsp;&nbsp; 5-15-2030 | 95000 | &nbsp;&nbsp; 91279 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 6.00 | &nbsp;&nbsp; 1-15-2029 | 125000 | &nbsp;&nbsp; 124522 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 6.88 | &nbsp;&nbsp; 4-15-2029 | 115000 | &nbsp;&nbsp; 111091 |
| &nbsp;&nbsp;&nbsp; CHS/Community Health Systems, Inc.144A | 10.88 | &nbsp;&nbsp; 1-15-2032 | 64000 | &nbsp;&nbsp; 69358 |
| &nbsp;&nbsp;&nbsp; Concentra Health Services, Inc.144A | 6.88 | &nbsp;&nbsp; 7-15-2032 | 235000 | &nbsp;&nbsp; 245374 |
| &nbsp;&nbsp;&nbsp; DaVita, Inc.144A | 6.88 | &nbsp;&nbsp; 9-1-2032 | 360000 | &nbsp;&nbsp; 374071 |
| &nbsp;&nbsp;&nbsp; IQVIA, Inc.144A | 6.25 | &nbsp;&nbsp; 6-1-2032 | 60000 | &nbsp;&nbsp; 61721 |
| &nbsp;&nbsp;&nbsp; Molina Healthcare, Inc.144A | 6.25 | &nbsp;&nbsp; 1-15-2033 | 100000 | &nbsp;&nbsp; 98372 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC144A | 5.75 | &nbsp;&nbsp; 12-31-2030 | 74180 | &nbsp;&nbsp; 54382 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (PIK at 0.75%)144A¥ | 6.75 | &nbsp;&nbsp; 3-31-2031 | 89407 | &nbsp;&nbsp; 57220 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (PIK at 5.00%)144A¥ | 11.50 | &nbsp;&nbsp; 12-31-2030 | 83171 | &nbsp;&nbsp; 74022 |
| &nbsp;&nbsp;&nbsp; Pediatrix Medical Group, Inc.144A | 5.38 | &nbsp;&nbsp; 2-15-2030 | 155000 | &nbsp;&nbsp; 153997 |
| &nbsp;&nbsp;&nbsp; Radiology Partners, Inc.144A | 8.50 | &nbsp;&nbsp; 7-15-2032 | 150000 | &nbsp;&nbsp; 154452 |
| &nbsp;&nbsp;&nbsp; Star Parent, Inc.144A | 9.00 | &nbsp;&nbsp; 10-1-2030 | 240000 | &nbsp;&nbsp; 243592 |
| &nbsp;&nbsp;&nbsp; Surgery Center Holdings, Inc.144A | 7.25 | &nbsp;&nbsp; 4-15-2032 | 115000 | &nbsp;&nbsp; 114860 |
| &nbsp;&nbsp;&nbsp; Tenet Healthcare Corp. | 6.75 | &nbsp;&nbsp; 5-15-2031 | 290000 | &nbsp;&nbsp; 301100 |
|  |  |  |  | &nbsp;&nbsp; **2329413** |
| **Pharmaceuticals: 0.33%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AdaptHealth LLC144A | 5.13 | &nbsp;&nbsp; 3-1-2030 | 165000 | &nbsp;&nbsp; 158989 |
| &nbsp;&nbsp;&nbsp; Endo Finance Holdings LP144A | 8.50 | &nbsp;&nbsp; 4-15-2031 | 235000 | &nbsp;&nbsp; 249756 |
|  |  |  |  | &nbsp;&nbsp; **408745** |
| **Energy: 3.04%** |  |  |  |  |
| **Energy-alternate sources: 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enviva Partners LP/Enviva Partners Finance Corp.144A♦† | 6.50 | &nbsp;&nbsp; 1-15-2026 | 635000 | &nbsp;&nbsp; **0** |
| **Oil & gas: 0.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Aethon United BR LP/Aethon United Finance Corp.144A | 7.50 | &nbsp;&nbsp; 10-1-2029 | 90000 | &nbsp;&nbsp; 94679 |
| &nbsp;&nbsp;&nbsp; California Resources Corp.144A | 7.00 | &nbsp;&nbsp; 1-15-2034 | 65000 | &nbsp;&nbsp; 66190 |

---

The accompanying notes are an integral part of these financial statements.

12 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Oil & gas**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; California Resources Corp.144A | 8.25<br> %<br>| &nbsp;&nbsp; 6-15-2029 | $195000 | &nbsp;&nbsp; $204713 |
| &nbsp;&nbsp;&nbsp; Caturus Energy LLC144A | 8.50 | &nbsp;&nbsp; 2-15-2030 | 50000 | &nbsp;&nbsp; 52246 |
| &nbsp;&nbsp;&nbsp; Hilcorp Energy I LP/Hilcorp Finance Co.144A | 6.00 | &nbsp;&nbsp; 2-1-2031 | 125000 | &nbsp;&nbsp; 121758 |
| &nbsp;&nbsp;&nbsp; Nabors Industries, Inc.144A | 9.13 | &nbsp;&nbsp; 1-31-2030 | 150000 | &nbsp;&nbsp; 157729 |
| &nbsp;&nbsp;&nbsp; SM Energy Co.144A | 9.63 | &nbsp;&nbsp; 6-15-2033 | 100000 | &nbsp;&nbsp; 110574 |
|  |  |  |  | &nbsp;&nbsp; **807889** |
| **Oil & gas services: 0.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Archrock Partners LP/Archrock Partners Finance Corp.144A | 6.63 | &nbsp;&nbsp; 9-1-2032 | 150000 | &nbsp;&nbsp; 156096 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.144A | 6.75 | &nbsp;&nbsp; 2-1-2033 | 175000 | &nbsp;&nbsp; 177568 |
| &nbsp;&nbsp;&nbsp; Bristow Group, Inc.144A | 6.88 | &nbsp;&nbsp; 3-1-2028 | 225000 | &nbsp;&nbsp; 225000 |
| &nbsp;&nbsp;&nbsp; Oceaneering International, Inc. | 6.00 | &nbsp;&nbsp; 2-1-2028 | 115000 | &nbsp;&nbsp; 117008 |
| &nbsp;&nbsp;&nbsp; SESI LLC144A | 7.88 | &nbsp;&nbsp; 9-30-2030 | 140000 | &nbsp;&nbsp; 142945 |
| &nbsp;&nbsp;&nbsp; USA Compression Partners LP/USA Compression Finance Corp.144A | 6.25 | &nbsp;&nbsp; 10-1-2033 | 30000 | &nbsp;&nbsp; 30509 |
|  |  |  |  | &nbsp;&nbsp; **849126** |
| **Pipelines: 1.69%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Antero Midstream Partners LP/Antero Midstream Finance Corp.144A | 5.75 | &nbsp;&nbsp; 10-15-2033 | 85000 | &nbsp;&nbsp; 86288 |
| &nbsp;&nbsp;&nbsp; Buckeye Partners LP144A | 6.88 | &nbsp;&nbsp; 7-1-2029 | 90000 | &nbsp;&nbsp; 93377 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 5.50 | &nbsp;&nbsp; 6-15-2031 | 100000 | &nbsp;&nbsp; 99728 |
| &nbsp;&nbsp;&nbsp; CQP Holdco LP/BIP-V Chinook Holdco LLC144A | 7.50 | &nbsp;&nbsp; 12-15-2033 | 195000 | &nbsp;&nbsp; 210357 |
| &nbsp;&nbsp;&nbsp; Excelerate Energy LP144A | 8.00 | &nbsp;&nbsp; 5-15-2030 | 160000 | &nbsp;&nbsp; 169605 |
| &nbsp;&nbsp;&nbsp; Harvest Midstream I LP144A | 7.50 | &nbsp;&nbsp; 9-1-2028 | 175000 | &nbsp;&nbsp; 176950 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 5.50 | &nbsp;&nbsp; 10-15-2030 | 80000 | &nbsp;&nbsp; 80603 |
| &nbsp;&nbsp;&nbsp; Hess Midstream Operations LP144A | 6.50 | &nbsp;&nbsp; 6-1-2029 | 40000 | &nbsp;&nbsp; 41390 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP144A | 9.00 | &nbsp;&nbsp; 8-1-2029 | 125000 | &nbsp;&nbsp; 130436 |
| &nbsp;&nbsp;&nbsp; Rockies Express Pipeline LLC144A | 6.75 | &nbsp;&nbsp; 3-15-2033 | 50000 | &nbsp;&nbsp; 52671 |
| &nbsp;&nbsp;&nbsp; Tallgrass Energy Partners LP/Tallgrass Energy Finance Corp.144A | 6.00 | &nbsp;&nbsp; 12-31-2030 | 210000 | &nbsp;&nbsp; 212814 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 8.38 | &nbsp;&nbsp; 6-1-2031 | 120000 | &nbsp;&nbsp; 122885 |
| &nbsp;&nbsp;&nbsp; Venture Global LNG, Inc.144A | 9.88 | &nbsp;&nbsp; 2-1-2032 | 135000 | &nbsp;&nbsp; 143024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venture Global LNG, Inc. (5 Year Treasury Constant <br> Maturity+5.44%)144Aʊ±<br>| 9.00 | &nbsp;&nbsp; 9-30-2029 | 225000 | &nbsp;&nbsp; 196780 |
| &nbsp;&nbsp;&nbsp; Venture Global Plaquemines LNG LLC144A | 7.50 | &nbsp;&nbsp; 5-1-2033 | 240000 | &nbsp;&nbsp; 266239 |
|  |  |  |  | &nbsp;&nbsp; **2083147** |
| **Financial: 4.73%** |  |  |  |  |
| **Banks: 0.71%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Citigroup, Inc. Series HH (5 Year Treasury Constant <br> Maturity+3.00%)ʊ±<br>| 6.63 | &nbsp;&nbsp; 2-15-2031 | 425000 | &nbsp;&nbsp; 439357 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PNC Financial Services Group, Inc. Series U (5 Year Treasury Constant <br> Maturity+3.00%)ʊ±<br>| 6.00 | &nbsp;&nbsp; 5-15-2027 | 215000 | &nbsp;&nbsp; 216775 |
| &nbsp;&nbsp;&nbsp; Wells Fargo & Co. (5 Year Treasury Constant Maturity+2.77%)ʊ± | 6.85 | &nbsp;&nbsp; 9-15-2029 | 205000 | &nbsp;&nbsp; 216203 |
|  |  |  |  | &nbsp;&nbsp; **872335** |
| **Diversified financial services: 1.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Azorra Finance Ltd.144A | 7.25 | &nbsp;&nbsp; 1-15-2031 | 145000 | &nbsp;&nbsp; 151335 |
| &nbsp;&nbsp;&nbsp; Encore Capital Group, Inc.144A | 9.25 | &nbsp;&nbsp; 4-1-2029 | 200000 | &nbsp;&nbsp; 209329 |
| &nbsp;&nbsp;&nbsp; EZCORP, Inc.144A | 7.38 | &nbsp;&nbsp; 4-1-2032 | 105000 | &nbsp;&nbsp; 112448 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 13

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Diversified financial services**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 6.13<br> %<br>| &nbsp;&nbsp; 11-1-2032 | $95000 | &nbsp;&nbsp; $95567 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 6.75 | &nbsp;&nbsp; 5-1-2033 | 70000 | &nbsp;&nbsp; 71833 |
| &nbsp;&nbsp;&nbsp; Jane Street Group/JSG Finance, Inc.144A | 7.13 | &nbsp;&nbsp; 4-30-2031 | 165000 | &nbsp;&nbsp; 171665 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A | 8.25 | &nbsp;&nbsp; 5-15-2030 | 60000 | &nbsp;&nbsp; 62862 |
| &nbsp;&nbsp;&nbsp; Jefferson Capital Holdings LLC144A | 9.50 | &nbsp;&nbsp; 2-15-2029 | 105000 | &nbsp;&nbsp; 110645 |
| &nbsp;&nbsp;&nbsp; Navient Corp. | 11.50 | &nbsp;&nbsp; 3-15-2031 | 40000 | &nbsp;&nbsp; 42386 |
| &nbsp;&nbsp;&nbsp; OneMain Finance Corp. | 7.88 | &nbsp;&nbsp; 3-15-2030 | 195000 | &nbsp;&nbsp; 203961 |
| &nbsp;&nbsp;&nbsp; PRA Group, Inc.144A | 5.00 | &nbsp;&nbsp; 10-1-2029 | 119000 | &nbsp;&nbsp; 109844 |
| &nbsp;&nbsp;&nbsp; Provident Funding Associates LP/PFG Finance Corp.144A | 9.75 | &nbsp;&nbsp; 9-15-2029 | 140000 | &nbsp;&nbsp; 145133 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.144A | 6.13 | &nbsp;&nbsp; 8-1-2030 | 70000 | &nbsp;&nbsp; 71817 |
| &nbsp;&nbsp;&nbsp; Rocket Cos., Inc.144A | 7.13 | &nbsp;&nbsp; 2-1-2032 | 155000 | &nbsp;&nbsp; 162109 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 5.50 | &nbsp;&nbsp; 4-15-2029 | 235000 | &nbsp;&nbsp; 230472 |
| &nbsp;&nbsp;&nbsp; United Wholesale Mortgage LLC144A | 6.25 | &nbsp;&nbsp; 3-15-2031 | 65000 | &nbsp;&nbsp; 62801 |
|  |  |  |  | &nbsp;&nbsp; **2014207** |
| **Insurance: 0.84%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer144A | 7.38 | &nbsp;&nbsp; 10-1-2032 | 320000 | &nbsp;&nbsp; 316408 |
| &nbsp;&nbsp;&nbsp; AmWINS Group, Inc.144A | 6.38 | &nbsp;&nbsp; 2-15-2029 | 115000 | &nbsp;&nbsp; 117026 |
| &nbsp;&nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc.144A | 8.00 | &nbsp;&nbsp; 12-31-2032 | 60000 | &nbsp;&nbsp; 63018 |
| &nbsp;&nbsp;&nbsp; Asurion LLC & Asurion Co-Issuer, Inc.144A | 8.38 | &nbsp;&nbsp; 2-1-2034 | 170000 | &nbsp;&nbsp; 169178 |
| &nbsp;&nbsp;&nbsp; Broadstreet Partners Group LLC144A | 5.88 | &nbsp;&nbsp; 4-15-2029 | 110000 | &nbsp;&nbsp; 106535 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.144A | 7.25 | &nbsp;&nbsp; 6-15-2030 | 30000 | &nbsp;&nbsp; 30944 |
| &nbsp;&nbsp;&nbsp; HUB International Ltd.144A | 7.38 | &nbsp;&nbsp; 1-31-2032 | 225000 | &nbsp;&nbsp; 229011 |
|  |  |  |  | &nbsp;&nbsp; **1032120** |
| **Investment Companies: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; HA Sustainable Infrastructure Capital, Inc. (5 Year Treasury Constant <br> Maturity+4.30%)±<br>| 8.00 | &nbsp;&nbsp; 6-1-2056 | 105000 | &nbsp;&nbsp; **110604** |
| **REITs: 1.45%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Blackstone Mortgage Trust, Inc.144A | 7.75 | &nbsp;&nbsp; 12-1-2029 | 120000 | &nbsp;&nbsp; 127912 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 6.13 | &nbsp;&nbsp; 1-15-2031 | 75000 | &nbsp;&nbsp; 71169 |
| &nbsp;&nbsp;&nbsp; Brandywine Operating Partnership LP | 8.88 | &nbsp;&nbsp; 4-12-2029 | 100000 | &nbsp;&nbsp; 106232 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 4.50 | &nbsp;&nbsp; 2-15-2031 | 185000 | &nbsp;&nbsp; 178435 |
| &nbsp;&nbsp;&nbsp; Iron Mountain, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2030 | 270000 | &nbsp;&nbsp; 268648 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Ladder Capital Finance Holdings LLLP/Ladder Capital Finance <br> Corp.144A<br>| 7.00 | &nbsp;&nbsp; 7-15-2031 | 220000 | &nbsp;&nbsp; 231978 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Park Intermediate Holdings LLC/PK Domestic Property LLC/PK Finance <br> Co-Issuer144A<br>| 7.00 | &nbsp;&nbsp; 2-1-2030 | 140000 | &nbsp;&nbsp; 144952 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp.144A%% | 5.75 | &nbsp;&nbsp; 3-15-2034 | 155000 | &nbsp;&nbsp; 156131 |
| &nbsp;&nbsp;&nbsp; RHP Hotel Properties LP/RHP Finance Corp.144A | 6.50 | &nbsp;&nbsp; 6-15-2033 | 140000 | &nbsp;&nbsp; 145431 |
| &nbsp;&nbsp;&nbsp; Starwood Property Trust, Inc.144A | 6.50 | &nbsp;&nbsp; 7-1-2030 | 180000 | &nbsp;&nbsp; 187205 |
| &nbsp;&nbsp;&nbsp; Uniti Group LP/Uniti Fiber Holdings, Inc./CSL Capital LLC144A | 6.00 | &nbsp;&nbsp; 1-15-2030 | 60000 | &nbsp;&nbsp; 56699 |
| &nbsp;&nbsp;&nbsp; Vornado Realty LP | 5.75 | &nbsp;&nbsp; 2-1-2033 | 115000 | &nbsp;&nbsp; 116681 |
|  |  |  |  | &nbsp;&nbsp; **1791473** |
| **Industrial: 2.19%** |  |  |  |  |
| **Aerospace/defense: 0.36%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TransDigm, Inc.144A | 6.63 | &nbsp;&nbsp; 3-1-2032 | 425000 | &nbsp;&nbsp; **440296** |

---

The accompanying notes are an integral part of these financial statements.

14 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Building materials: 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Camelot Return Merger Sub, Inc.144A | 8.75<br> %<br>| &nbsp;&nbsp; 8-1-2028 | $155000 | &nbsp;&nbsp; $117027 |
| &nbsp;&nbsp;&nbsp; CP Atlas Buyer, Inc.144A | 9.75 | &nbsp;&nbsp; 7-15-2030 | 50000 | &nbsp;&nbsp; 50047 |
| &nbsp;&nbsp;&nbsp; EMRLD Borrower LP/Emerald Co-Issuer, Inc.144A | 6.63 | &nbsp;&nbsp; 12-15-2030 | 240000 | &nbsp;&nbsp; 248399 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.144A | 6.38 | &nbsp;&nbsp; 3-1-2032 | 50000 | &nbsp;&nbsp; 51965 |
| &nbsp;&nbsp;&nbsp; Quikrete Holdings, Inc.144A | 6.75 | &nbsp;&nbsp; 3-1-2033 | 110000 | &nbsp;&nbsp; 114340 |
| &nbsp;&nbsp;&nbsp; Standard Building Solutions, Inc.144A | 6.25 | &nbsp;&nbsp; 8-1-2033 | 90000 | &nbsp;&nbsp; 91679 |
|  |  |  |  | &nbsp;&nbsp; **673457** |
| **Electrical components & equipment: 0.31%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Energizer Holdings, Inc.144A | 4.38 | &nbsp;&nbsp; 3-31-2029 | 165000 | &nbsp;&nbsp; 160280 |
| &nbsp;&nbsp;&nbsp; WESCO Distribution, Inc.144A | 6.63 | &nbsp;&nbsp; 3-15-2032 | 215000 | &nbsp;&nbsp; 223658 |
|  |  |  |  | &nbsp;&nbsp; **383938** |
| **Electronics: 0.01%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies, Inc.144A | 6.63 | &nbsp;&nbsp; 7-15-2032 | 20000 | &nbsp;&nbsp; **20936** |
| **Environmental control: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clean Harbors, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2031 | 130000 | &nbsp;&nbsp; **133474** |
| **Machinery-diversified: 0.25%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 7.50 | &nbsp;&nbsp; 1-1-2030 | 95000 | &nbsp;&nbsp; 98687 |
| &nbsp;&nbsp;&nbsp; Chart Industries, Inc.144A | 9.50 | &nbsp;&nbsp; 1-1-2031 | 110000 | &nbsp;&nbsp; 115710 |
| &nbsp;&nbsp;&nbsp; TK Elevator U.S. Newco, Inc.144A | 5.25 | &nbsp;&nbsp; 7-15-2027 | 90000 | &nbsp;&nbsp; 89964 |
|  |  |  |  | &nbsp;&nbsp; **304361** |
| **Miscellaneous manufacturing: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Entegris, Inc.144A | 5.95 | &nbsp;&nbsp; 6-15-2030 | 110000 | &nbsp;&nbsp; **112171** |
| **Packaging & containers: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 6.88 | &nbsp;&nbsp; 1-15-2030 | 60000 | &nbsp;&nbsp; 60920 |
| &nbsp;&nbsp;&nbsp; Clydesdale Acquisition Holdings, Inc.144A | 8.75 | &nbsp;&nbsp; 4-15-2030 | 200000 | &nbsp;&nbsp; 199118 |
|  |  |  |  | &nbsp;&nbsp; **260038** |
| **Trucking & leasing: 0.30%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 5-1-2031 | 275000 | &nbsp;&nbsp; 288757 |
| &nbsp;&nbsp;&nbsp; FTAI Aviation Investors LLC144A | 7.00 | &nbsp;&nbsp; 6-15-2032 | 80000 | &nbsp;&nbsp; 83976 |
|  |  |  |  | &nbsp;&nbsp; **372733** |
| **Technology: 1.33%** |  |  |  |  |
| **Computers: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Diebold Nixdorf, Inc.144A | 7.75 | &nbsp;&nbsp; 3-31-2030 | 155000 | &nbsp;&nbsp; **163482** |
| **Office/business equipment: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Zebra Technologies Corp.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 165000 | &nbsp;&nbsp; **169120** |
| **Software: 1.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AthenaHealth Group, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2030 | 335000 | &nbsp;&nbsp; 314989 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 8.25 | &nbsp;&nbsp; 6-30-2032 | 225000 | &nbsp;&nbsp; 225188 |
| &nbsp;&nbsp;&nbsp; Cloud Software Group, Inc.144A | 9.00 | &nbsp;&nbsp; 9-30-2029 | 190000 | &nbsp;&nbsp; 186057 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 15

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Software**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; CoreWeave, Inc.144A | 9.00<br> %<br>| &nbsp;&nbsp; 2-1-2031 | $180000 | &nbsp;&nbsp; $173676 |
| &nbsp;&nbsp;&nbsp; Ellucian Holdings, Inc.144A | 6.50 | &nbsp;&nbsp; 12-1-2029 | 80000 | &nbsp;&nbsp; 78450 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.144A | 6.50 | &nbsp;&nbsp; 2-15-2029 | 45000 | &nbsp;&nbsp; 37674 |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc.144A | 9.00 | &nbsp;&nbsp; 11-28-2028 | 170000 | &nbsp;&nbsp; 165752 |
| &nbsp;&nbsp;&nbsp; SS&C Technologies, Inc.144A | 6.50 | &nbsp;&nbsp; 6-1-2032 | 115000 | &nbsp;&nbsp; 117214 |
|  |  |  |  | &nbsp;&nbsp; **1299000** |
| **Utilities: 1.52%** |  |  |  |  |
| **Electric: 1.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+2.89%)± | 6.95 | &nbsp;&nbsp; 7-15-2055 | 90000 | &nbsp;&nbsp; 86986 |
| &nbsp;&nbsp;&nbsp; AES Corp. (5 Year Treasury Constant Maturity+3.20%)± | 7.60 | &nbsp;&nbsp; 1-15-2055 | 115000 | &nbsp;&nbsp; 115591 |
| &nbsp;&nbsp;&nbsp; Duke Energy Corp. (5 Year Treasury Constant Maturity+2.59%)± | 6.45 | &nbsp;&nbsp; 9-1-2054 | 200000 | &nbsp;&nbsp; 210742 |
| &nbsp;&nbsp;&nbsp; Edison International (5 Year Treasury Constant Maturity+3.86%)± | 8.13 | &nbsp;&nbsp; 6-15-2053 | 115000 | &nbsp;&nbsp; 119541 |
| &nbsp;&nbsp;&nbsp; EUSHI Finance, Inc. (5 Year Treasury Constant Maturity+3.14%)± | 7.63 | &nbsp;&nbsp; 12-15-2054 | 205000 | &nbsp;&nbsp; 216415 |
| &nbsp;&nbsp;&nbsp; PacifiCorp (5 Year Treasury Constant Maturity+3.29%)± | 7.13 | &nbsp;&nbsp; 8-15-2056 | 175000 | &nbsp;&nbsp; 171996 |
| &nbsp;&nbsp;&nbsp; Pattern Energy Operations LP/Pattern Energy Operations, Inc.144A | 4.50 | &nbsp;&nbsp; 8-15-2028 | 225000 | &nbsp;&nbsp; 222393 |
| &nbsp;&nbsp;&nbsp; PG&E Corp. (5 Year Treasury Constant Maturity+3.88%)± | 7.38 | &nbsp;&nbsp; 3-15-2055 | 210000 | &nbsp;&nbsp; 217246 |
| &nbsp;&nbsp;&nbsp; Sempra (5 Year Treasury Constant Maturity+2.87%)± | 4.13 | &nbsp;&nbsp; 4-1-2052 | 110000 | &nbsp;&nbsp; 108573 |
| &nbsp;&nbsp;&nbsp; Vistra Corp. (5 Year Treasury Constant Maturity+5.74%)144Aʊ± | 7.00 | &nbsp;&nbsp; 12-15-2026 | 105000 | &nbsp;&nbsp; 106257 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Vistra Corp. Series C (5 Year Treasury Constant <br> Maturity+5.05%)144Aʊ±<br>| 8.88 | &nbsp;&nbsp; 1-15-2029 | 110000 | &nbsp;&nbsp; 121162 |
| &nbsp;&nbsp;&nbsp; Vistra Operations Co. LLC144A | 7.75 | &nbsp;&nbsp; 10-15-2031 | 160000 | &nbsp;&nbsp; 169082 |
|  |  |  |  | &nbsp;&nbsp; **1865984** |
| **Total corporate bonds and notes (Cost $31,834,526)** |  |  |  | &nbsp;&nbsp; **32529556** |
| **Loans: 1.46%** |  |  |  |  |
| **Communications: 0.24%** |  |  |  |  |
| **Media: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; DIRECTV Financing LLC (U.S. SOFR 3 Month+5.25%)± | 9.18 | &nbsp;&nbsp; 8-2-2029 | 144176 | &nbsp;&nbsp; 144131 |
| &nbsp;&nbsp;&nbsp; EW Scripps Co. (U.S. SOFR 1 Month+5.75%)± | 9.53 | &nbsp;&nbsp; 6-30-2028 | 54205 | &nbsp;&nbsp; 54612 |
|  |  |  |  | &nbsp;&nbsp; **198743** |
| **Telecommunications: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Connect Finco Sarl (U.S. SOFR 1 Month+4.50%)± | 8.17 | &nbsp;&nbsp; 9-27-2029 | 99493 | &nbsp;&nbsp; **99291** |
| **Consumer, cyclical: 0.38%** |  |  |  |  |
| **Airlines: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Vista Management Holding, Inc. (U.S. SOFR 3 Month+3.75%)± | 7.41 | &nbsp;&nbsp; 4-1-2031 | 114450 | &nbsp;&nbsp; **114522** |
| **Housewares: 0.13%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; American Greetings Corp. (U.S. SOFR 1 Month+5.75%)± | 9.42 | &nbsp;&nbsp; 10-30-2029 | 152496 | &nbsp;&nbsp; **152115** |
| **Retail: 0.16%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Michaels Cos., Inc. (U.S. SOFR 3 Month+4.25%)± | 8.18 | &nbsp;&nbsp; 4-17-2028 | 84778 | &nbsp;&nbsp; 84602 |
| &nbsp;&nbsp;&nbsp; Petco Health & Wellness Co., Inc. (U.S. SOFR 1 Month+4.25%)± | 8.04 | &nbsp;&nbsp; 2-3-2031 | 120000 | &nbsp;&nbsp; 115050 |
|  |  |  |  | &nbsp;&nbsp; **199652** |

---

The accompanying notes are an integral part of these financial statements.

16 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Consumer, non-cyclical: 0.23%** |  |  |  |  |
| **Commercial services: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Hertz Corp. (U.S. SOFR 1 Month+3.50%)± | 7.29<br> %<br>| &nbsp;&nbsp; 6-30-2028 | $114003 | &nbsp;&nbsp; **$87624** |
| **Healthcare-products: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp. (U.S. SOFR 1 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 1-15-2031 | 79600 | &nbsp;&nbsp; **79560** |
| **Healthcare-services: 0.10%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Modivcare Buyer LLC (U.S. SOFR 3 Month+5.00%)± | 8.69 | &nbsp;&nbsp; 12-30-2032 | 112156 | &nbsp;&nbsp; 103184 |
| &nbsp;&nbsp;&nbsp; MPH Acquisition Holdings LLC (U.S. SOFR 3 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 12-31-2030 | 17779 | &nbsp;&nbsp; 17503 |
|  |  |  |  | &nbsp;&nbsp; **120687** |
| **Energy: 0.14%** |  |  |  |  |
| **Pipelines: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crescent Midstream Intermediate Holdings LLC (U.S. SOFR 3 <br> Month+3.75%)±<br>| 7.42 | &nbsp;&nbsp; 2-18-2033 | 105000 | &nbsp;&nbsp; 105263 |
| &nbsp;&nbsp;&nbsp; Prairie Acquiror LP (U.S. SOFR 1 Month+3.25%)± | 6.92 | &nbsp;&nbsp; 8-1-2029 | 68782 | &nbsp;&nbsp; 68799 |
|  |  |  |  | &nbsp;&nbsp; **174062** |
| **Financial: 0.06%** |  |  |  |  |
| **Insurance: 0.06%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Asurion LLC (U.S. SOFR 1 Month+4.25%)± | 7.92 | &nbsp;&nbsp; 9-19-2030 | 69109 | &nbsp;&nbsp; **68884** |
| **Industrial: 0.30%** |  |  |  |  |
| **Machinery-diversified: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; TK Elevator Midco GmbH (U.S. SOFR 1 Month+2.75%)± | 6.48 | &nbsp;&nbsp; 4-30-2030 | 150000 | &nbsp;&nbsp; **150000** |
| **Packaging & containers: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Mauser Packaging Solutions Holding Co. (U.S. SOFR 3 <br> Month+3.50%)±<br>| 7.16 | &nbsp;&nbsp; 4-15-2030 | 105000 | &nbsp;&nbsp; 103212 |
| &nbsp;&nbsp;&nbsp; Owens-Illinois, Inc. (U.S. SOFR 1 Month+3.00%)± | 6.67 | &nbsp;&nbsp; 9-30-2032 | 110000 | &nbsp;&nbsp; 110000 |
|  |  |  |  | &nbsp;&nbsp; **213212** |
| **Technology: 0.11%** |  |  |  |  |
| **Computers: 0.07%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; McAfee Corp. (U.S. SOFR 1 Month+3.00%)± | 6.67 | &nbsp;&nbsp; 3-1-2029 | 103950 | &nbsp;&nbsp; **90177** |
| **Software: 0.04%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rocket Software, Inc. (U.S. SOFR 1 Month+3.75%)± | 7.42 | &nbsp;&nbsp; 11-28-2028 | 49129 | &nbsp;&nbsp; **45587** |
| **Total loans (Cost $1,832,908)** |  |  |  | &nbsp;&nbsp; **1794116** |
| **Yankee corporate bonds and notes: 5.62%** |  |  |  |  |
| **Communications: 1.34%** |  |  |  |  |
| **Internet: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Rakuten Group, Inc.144A | 9.75 | &nbsp;&nbsp; 4-15-2029 | 235000 | &nbsp;&nbsp; **260653** |
| **Media: 0.37%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Finance PLC144A | 5.00 | &nbsp;&nbsp; 7-15-2030 | 90000 | &nbsp;&nbsp; 75405 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 17

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Media**(continued) |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Virgin Media Secured Finance PLC144A | 4.50<br> %<br>| &nbsp;&nbsp; 8-15-2030 | $250000 | &nbsp;&nbsp; $227890 |
| &nbsp;&nbsp;&nbsp; VZ Secured Financing BV144A | 5.00 | &nbsp;&nbsp; 1-15-2032 | 170000 | &nbsp;&nbsp; 151076 |
|  |  |  |  | &nbsp;&nbsp; **454371** |
| **Telecommunications: 0.76%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rogers Communications, Inc. (5 Year Treasury Constant <br> Maturity+2.62%)±<br>| 7.13 | &nbsp;&nbsp; 4-15-2055 | 325000 | &nbsp;&nbsp; 344198 |
| &nbsp;&nbsp;&nbsp; Telecom Italia Capital SA | 7.20 | &nbsp;&nbsp; 7-18-2036 | 145000 | &nbsp;&nbsp; 160656 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (5 Year Treasury Constant Maturity+2.52%)± | 6.63 | &nbsp;&nbsp; 6-9-2056 | 40000 | &nbsp;&nbsp; 40323 |
| &nbsp;&nbsp;&nbsp; TELUS Corp. (5 Year Treasury Constant Maturity+2.77%)± | 6.63 | &nbsp;&nbsp; 10-15-2055 | 175000 | &nbsp;&nbsp; 180708 |
| &nbsp;&nbsp;&nbsp; Zegona Finance PLC144A | 8.63 | &nbsp;&nbsp; 7-15-2029 | 200000 | &nbsp;&nbsp; 211191 |
|  |  |  |  | &nbsp;&nbsp; **937076** |
| **Consumer, cyclical: 0.79%** |  |  |  |  |
| **Airlines: 0.38%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Air Canada Pass-Through Trust Series 2020-1 Class C144A | 10.50 | &nbsp;&nbsp; 7-15-2026 | 125000 | &nbsp;&nbsp; 127614 |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA144A | 7.63 | &nbsp;&nbsp; 1-7-2031 | 95000 | &nbsp;&nbsp; 99484 |
| &nbsp;&nbsp;&nbsp; Latam Airlines Group SA144A | 7.88 | &nbsp;&nbsp; 4-15-2030 | 130000 | &nbsp;&nbsp; 135519 |
| &nbsp;&nbsp;&nbsp; VistaJet Malta Finance PLC/Vista Management Holding, Inc.144A | 6.38 | &nbsp;&nbsp; 2-1-2030 | 110000 | &nbsp;&nbsp; 102331 |
|  |  |  |  | &nbsp;&nbsp; **464948** |
| **Auto manufacturers: 0.12%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Nissan Motor Co. Ltd.144A | 8.13 | &nbsp;&nbsp; 7-17-2035 | 140000 | &nbsp;&nbsp; **152879** |
| **Entertainment: 0.08%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Banijay Entertainment SASU144A | 8.13 | &nbsp;&nbsp; 5-1-2029 | 100000 | &nbsp;&nbsp; **103517** |
| **Leisure time: 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 5.75 | &nbsp;&nbsp; 8-1-2032 | 60000 | &nbsp;&nbsp; 62268 |
| &nbsp;&nbsp;&nbsp; Carnival Corp.144A | 6.13 | &nbsp;&nbsp; 2-15-2033 | 185000 | &nbsp;&nbsp; 191522 |
|  |  |  |  | &nbsp;&nbsp; **253790** |
| **Consumer, non-cyclical: 1.19%** |  |  |  |  |
| **Cosmetics/Personal Care: 0.34%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Opal Bidco SAS144A | 6.50 | &nbsp;&nbsp; 3-31-2032 | 185000 | &nbsp;&nbsp; 190548 |
| &nbsp;&nbsp;&nbsp; Perrigo Finance Unlimited Co. | 6.13 | &nbsp;&nbsp; 9-30-2032 | 235000 | &nbsp;&nbsp; 229942 |
|  |  |  |  | &nbsp;&nbsp; **420490** |
| **Food: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Froneri Lux Finco Sarl144A | 6.00 | &nbsp;&nbsp; 8-1-2032 | 230000 | &nbsp;&nbsp; **231278** |
| **Healthcare-products: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Bausch & Lomb Corp.144A | 8.38 | &nbsp;&nbsp; 10-1-2028 | 170000 | &nbsp;&nbsp; **176163** |
| **Pharmaceuticals: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; 1261229 BC Ltd.144A | 10.00 | &nbsp;&nbsp; 4-15-2032 | 305000 | &nbsp;&nbsp; 315411 |
| &nbsp;&nbsp;&nbsp; Bausch Health Cos., Inc.144A | 6.25 | &nbsp;&nbsp; 2-15-2029 | 75000 | &nbsp;&nbsp; 59250 |
| &nbsp;&nbsp;&nbsp; Teva Pharmaceutical Finance Netherlands III BV | 8.13 | &nbsp;&nbsp; 9-15-2031 | 230000 | &nbsp;&nbsp; 264034 |
|  |  |  |  | &nbsp;&nbsp; **638695** |

---

The accompanying notes are an integral part of these financial statements.

18 \| Allspring Utilities and High Income Fund

------

Portfolio of investments—February 28, 2026 (unaudited)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Interest<br> rate<br>| Maturity<br> date<br>| Principal | Value |
| **Energy: 0.31%** |  |  |  |  |
| **Coal: 0.00%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Griffin Coal Mining Co. Pty. Ltd.144A♦† | 9.50<br> %<br>| &nbsp;&nbsp; 12-1-2049 | $60913 | &nbsp;&nbsp; **$0** |
| **Oil & gas: 0.11%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Borr IHC Ltd./Borr Finance LLC144A | 10.00 | &nbsp;&nbsp; 11-15-2028 | 64024 | &nbsp;&nbsp; 66686 |
| &nbsp;&nbsp;&nbsp; Saturn Oil & Gas, Inc.144A | 9.63 | &nbsp;&nbsp; 6-15-2029 | 59000 | &nbsp;&nbsp; 60665 |
|  |  |  |  | &nbsp;&nbsp; **127351** |
| **Pipelines: 0.20%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Enbridge, Inc. (5 Year Treasury Constant Maturity+3.71%)± | 7.38 | &nbsp;&nbsp; 1-15-2083 | 240000 | &nbsp;&nbsp; **248394** |
| **Financial: 1.16%** |  |  |  |  |
| **Banks: 0.64%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Banco del Estado de Chile (5 Year Treasury Constant <br> Maturity+3.23%)144Aʊ±<br>| 7.95 | &nbsp;&nbsp; 5-2-2029 | 120000 | &nbsp;&nbsp; 128520 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant Maturity+2.85%)144Aʊ± | 6.88 | &nbsp;&nbsp; 12-15-2033 | 130000 | &nbsp;&nbsp; 130686 |
| &nbsp;&nbsp;&nbsp; BNP Paribas SA (5 Year Treasury Constant Maturity+3.73%)144Aʊ± | 8.00 | &nbsp;&nbsp; 8-22-2031 | 190000 | &nbsp;&nbsp; 207523 |
| &nbsp;&nbsp;&nbsp; UBS Group AG (5 Year Treasury Constant Maturity+3.40%)144Aʊ± | 4.88 | &nbsp;&nbsp; 2-12-2027 | 105000 | &nbsp;&nbsp; 104562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; UBS Group AG (USD SOFR ICE Swap Rate 11:00am NY 5 <br> Year+3.24%)144Aʊ±<br>| 6.63 | &nbsp;&nbsp; 1-8-2031 | 215000 | &nbsp;&nbsp; 215405 |
|  |  |  |  | &nbsp;&nbsp; **786696** |
| **Diversified financial services: 0.52%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; GGAM Finance Ltd.144A | 5.88 | &nbsp;&nbsp; 3-15-2030 | 225000 | &nbsp;&nbsp; 228559 |
| &nbsp;&nbsp;&nbsp; Global Aircraft Leasing Co. Ltd.144A | 8.75 | &nbsp;&nbsp; 9-1-2027 | 200000 | &nbsp;&nbsp; 206150 |
| &nbsp;&nbsp;&nbsp; goeasy Ltd.144A | 7.63 | &nbsp;&nbsp; 7-1-2029 | 220000 | &nbsp;&nbsp; 206245 |
|  |  |  |  | &nbsp;&nbsp; **640954** |
| **Industrial: 0.37%** |  |  |  |  |
| **Electronics: 0.14%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Sensata Technologies BV144A | 5.88 | &nbsp;&nbsp; 9-1-2030 | 175000 | &nbsp;&nbsp; **177023** |
| **Packaging & containers: 0.23%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV144A | 8.25 | &nbsp;&nbsp; 7-15-2030 | 126000 | &nbsp;&nbsp; 134984 |
| &nbsp;&nbsp;&nbsp; Trivium Packaging Finance BV144A | 12.25 | &nbsp;&nbsp; 1-15-2031 | 130000 | &nbsp;&nbsp; 143138 |
|  |  |  |  | &nbsp;&nbsp; **278122** |
| **Technology: 0.27%** |  |  |  |  |
| **Computers: 0.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Seagate Data Storage Technology Pte. Ltd.144A | 8.50 | &nbsp;&nbsp; 7-15-2031 | 205000 | &nbsp;&nbsp; **215645** |
| **Semiconductors: 0.09%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Kioxia Holdings Corp.144A | 6.63 | &nbsp;&nbsp; 7-24-2033 | 105000 | &nbsp;&nbsp; **110656** |
| **Utilities: 0.19%** |  |  |  |  |
| **Electric: 0.19%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Algonquin Power & Utilities Corp. (5 Year Treasury Constant <br> Maturity+3.25%)±<br>| 4.75 | &nbsp;&nbsp; 1-18-2082 | 235000 | &nbsp;&nbsp; **233066** |
| **Total yankee corporate bonds and notes (Cost $6,834,814)** |  |  |  | &nbsp;&nbsp; **6911767** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 19

------

Portfolio of investments—February 28, 2026 (unaudited)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | |
|:---|:---|:---|:---|:---|
|  |  | Yield | Shares | Value |
| **Short-term investments: 2.66%** |  |  |  |  |
| **Investment companies: 2.66%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select Class♠∞## |  | 3.62<br> %<br>| 3276084 | &nbsp;&nbsp; **$3276084** |
| **Total short-term investments (Cost $3,276,084)** |  |  |  | &nbsp;&nbsp; **3276084** |
| **Total investments in securities (Cost $109,383,439)** | 124.71<br> %<br>|  |  | &nbsp;&nbsp; 153477688 |
| &nbsp;&nbsp;&nbsp; Other assets and liabilities, net | (24.71)<br>|  |  | &nbsp;&nbsp; (30408220)<br>|
| **Total net assets** | **100.00%**<br>|  |  | &nbsp;&nbsp; **$123069468** |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| |
|:---|
| The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of <br> 1933.<br>|
| Non-income-earning security |
| Restricted security as to resale, excluding Rule 144A securities. The Fund held a restricted security with current value of $221,079 (original cost of $72,563), <br> representing 0.18% of its net assets as of period end.<br>|
| The security is purchased on a when-issued basis. |
| 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. <br> The rate shown is the rate in effect at period end.<br>|
| The security is fair valued in accordance with procedures approved by Allspring Funds Management, LLC. |
| Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
| 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. |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

Abbreviations: <br> REIT Real estate investment trust <br> 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, <br>beginning of <br>period<br>| Purchases | Sales <br>proceeds<br>| Net <br>realized <br>gains <br>(losses)<br>| Net <br>change in <br>unrealized <br>gains <br>(losses)<br>| Value, <br>end of <br>period<br>| Shares, <br>end <br>of period<br>| Income <br>from <br>affiliated <br>securities<br>|
| **Short-term investments** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp; Allspring Government Money Market Fund Select <br> Class<br>| $1978197 | $12007227 | $(10709340)<br>| $0 | $0 | $3276084 | 3276084 | $38841 |

---

The accompanying notes are an integral part of these financial statements.

20 \| Allspring Utilities and High Income Fund

------

Statement of assets and liabilities—February 28, 2026 (unaudited)

Financial statements

Statement of assets and liabilities

---

| | |
|:---|:---|
| Assets |  |
| Investments in unaffiliated securities, at value (cost $106,107,355) | $150201604 |
| Investments in affiliated securities, at value (cost $3,276,084) | 3276084 |
| Cash | 26 |
| Receivable for dividends and interest | 1239214 |
| Receivable for investments sold | 297779 |
| Prepaid expenses and other assets | 24543 |
| **Total assets** | **155039250** |
| Liabilities |  |
| Secured borrowing payable | 30000000 |
| Payable for investments purchased | 964732 |
| Dividends payable | 748706 |
| Advisory fee payable | 58501 |
| Administration fee payable | 5850 |
| Trustees' fees and expenses payable | 1761 |
| Accrued expenses and other liabilities | 190232 |
| **Total liabilities** | **31969782** |
| **Total net assets**  | **$123069468** |
| Net assets consist of |  |
| Paid-in capital | $85950902 |
| Total distributable earnings | 37118566 |
| **Total net assets** | **$123069468** |
| Net asset value per share |  |
| Based on $123,069,468 divided by 8,832,161 shares issued and outstanding (unlimited number of shares authorized) | $13.93 |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 21

------

Statement of operations—six months ended February 28, 2026 (unaudited)

Statement of operations

---

| | |
|:---|:---|
| Investment income |  |
| Interest | $1512527 |
| Dividends | 1338468 |
| Income from affiliated securities | 38841 |
| **Total investment income** | **2889836** |
| Expenses |  |
| Advisory fee | 363250 |
| Administration fee | 36325 |
| Custody and accounting fees | 5060 |
| Professional fees | 79230 |
| Registration fees | 2 |
| Shareholder report expenses | 26913 |
| Trustees' fees and expenses | 2058 |
| Transfer agent fees | 15638 |
| Interest expense | 709093 |
| Other fees and expenses | 5049 |
| **Total expenses** | **1242618** |
| **Net investment income** | **1647218** |
| Realized and unrealized gains (losses) on investments |  |
| **Net realized gains on investments**  | **1904323** |
| Net change in unrealized gains (losses) on |  |
| &nbsp;&nbsp; Unaffiliated securities | 10146440 |
| &nbsp;&nbsp; Foreign currency and foreign currency translations | 859 |
| **Net change in unrealized gains (losses) on investments** | **10147299** |
| **Net realized and unrealized gains (losses) on investments** | **12051622** |
| **Net increase in net assets resulting from operations** | **$13698840** |

---

The accompanying notes are an integral part of these financial statements.

22 \| Allspring Utilities and High Income Fund

------

Statement of changes in net assets

Statement of changes in net assets

---

| | | |
|:---|:---|:---|
|  | Six months ended <br>February 28, 2026 <br>(unaudited) | &nbsp;&nbsp; Year ended <br>August 31, 2025 |
| Operations |  |  |
| Net investment income | &nbsp;&nbsp; $1647218 | &nbsp;&nbsp; $3339067 |
| Net realized gains on investments | &nbsp;&nbsp; 1904323 | &nbsp;&nbsp; 13002 |
| Net change in unrealized gains (losses) on investments | &nbsp;&nbsp; 10147299 | &nbsp;&nbsp; 11705105 |
| **Net increase in net assets resulting from operations** | &nbsp;&nbsp; **13698840** | &nbsp;&nbsp; **15057174** |
| Distributions to shareholders from |  |  |
| Net investment income and net realized gains | &nbsp;&nbsp; (4427474)<br>| &nbsp;&nbsp; (3586832)<br>|
| Tax basis return of capital | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (4339254)<br>|
| **Total distributions to shareholders** | &nbsp;&nbsp; **(4427474)**<br>| &nbsp;&nbsp; **(7926086)**<br>|
| Capital share transactions |  |  |
| &nbsp;&nbsp; Cost of shares repurchased | &nbsp;&nbsp; 0 | &nbsp;&nbsp; (1999362)<br>|
| **Total increase in net assets** | &nbsp;&nbsp; **9271366** | &nbsp;&nbsp; **5131726** |
| Net assets |  |  |
| **Beginning of period** | &nbsp;&nbsp; **113798102** | &nbsp;&nbsp; **108666376** |
| **End of period** | &nbsp;&nbsp; **$123069468** | &nbsp;&nbsp; **$113798102** |

---

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 23

------

Statement of cash flows—six months ended February 28, 2026 (unaudited)

Statement of cash flows

---

| | |
|:---|:---|
| Cash flows from operating activities |  |
| Net increase in net assets resulting from operations | $13698840 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities |  |
| Purchases of long-term securities | (16150350)<br>|
| Proceeds from the sales of long-term securities | 19525086 |
| Amortization, net | (47735)<br>|
| Purchases and sales of short-term securities, net | (1311650)<br>|
| Increase in receivable for investments sold | (237929)<br>|
| Decrease in receivable for dividends and interest | 52695 |
| Increase in prepaid expenses and other assets | (22479)<br>|
| Increase in payable for investments purchased | 902019 |
| Decrease in trustees' fees and expenses payable | (2817)<br>|
| Decrease in advisory fee payable | (5441)<br>|
| Decrease in administration fee payable | (544)<br>|
| Increase in accrued expenses and other liabilities | 48195 |
| Proceeds from foreign currency transactions | 859 |
| Net realized gains on unaffiliated securities | (1904323)<br>|
| Net change in unrealized (gains) losses on unaffiliated securities | (10146440)<br>|
| Net change in unrealized (gains) losses on foreign currency and foreign currency translations | (859)<br>|
| **Net cash provided by operating activities** | **4397127** |
| Cash flows from financing activities |  |
| Cash distributions paid | (4397266)<br>|
| **Net cash used in financing activities** | **(4397266)**<br>|
| **Net decrease in cash** | **(139)**<br>|
| Cash |  |
| Beginning of period | 165 |
| **End of period** | **$26** |
| Supplemental cash disclosure |  |
| Cash paid for interest | $719319 |

---

The accompanying notes are an integral part of these financial statements.

24 \| Allspring Utilities and High Income Fund

------

Financial highlights

Financial highlights

(For a share outstanding throughout each period)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | Six months ended <br>February 28, 2026 <br>(unaudited) | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 | Year ended August 31 |
|  | Six months ended <br>February 28, 2026 <br>(unaudited) | 2025 | 2024 | 2023 | 2022 | 2021 |
| **Net asset value, beginning of period** | **$12.88** | &nbsp;&nbsp; **$12.05** | &nbsp;&nbsp; **$10.63** | &nbsp;&nbsp; **$12.93** | &nbsp;&nbsp; **$13.31** | &nbsp;&nbsp; **$12.00** |
| Net investment income | 0.19 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.38 <br><sup>1</sup><br>| 0.40 | 0.43 | 0.33 |
| Net realized and unrealized gains (losses) on investments | 1.36 | 1.32 | 1.78 | &nbsp;&nbsp; (1.82)<br>| 0.09 | 1.84 |
| Total from investment operations | 1.55 | 1.70 | 2.16 | &nbsp;&nbsp; (1.42)<br>| 0.52 | 2.17 |
| **Distributions to shareholders from** |  |  |  |  |  |  |
| &nbsp;&nbsp; Net investment income | (0.50)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.39)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.46)<br>|
| &nbsp;&nbsp; Net realized gains | 0.00 | 0.00 | 0.00 | 0.00 | 0.00 | &nbsp;&nbsp; (0.11)<br>|
| &nbsp;&nbsp; Tax basis return of capital | 0.00 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.44)<br>| &nbsp;&nbsp; (0.29)<br>|
| Total distributions to shareholders | (0.50)<br>| &nbsp;&nbsp; (0.89)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.90)<br>| &nbsp;&nbsp; (0.86)<br>|
| **Anti-dilutive effect of shares repurchased** | **0.00** | **0.02** | **0.03** | **0.00** | **0.00** | **0.00** |
| **Net asset value, end of period** | **$13.93** | &nbsp;&nbsp; **$12.88** | &nbsp;&nbsp; **$12.05** | &nbsp;&nbsp; **$10.63** | &nbsp;&nbsp; **$12.93** | &nbsp;&nbsp; **$13.31** |
| **Market value, end of period** | **$12.87** | &nbsp;&nbsp; **$12.02** | &nbsp;&nbsp; **$10.75** | &nbsp;&nbsp; **$9.67** | &nbsp;&nbsp; **$12.34** | &nbsp;&nbsp; **$14.71** |
| **Total return based on net asset value**<sup>2</sup> <br>| **12.61%**<br>| **15.64%**<br>| **23.00%**<br>| &nbsp;&nbsp; **(10.79)%**<br>| **4.02%**<br>| **18.55%**<br>|
| **Total return based on market value**<sup>2</sup> <br>| **11.49%**<br>| **20.97%**<br>| **20.63%**<br>| &nbsp;&nbsp; **(14.96)%**<br>| &nbsp;&nbsp; **(10.17)%**<br>| **23.02%**<br>|
| **Ratios to average net assets (annualized)** |  |  |  |  |  |  |
| &nbsp;&nbsp; Expenses\* <br>| 2.14<br> %<br>| 2.43<br> %<br>| 2.93<br> %<br>| 2.45<br> %<br>| 1.25<br> %<br>| 1.09<br> %<br>|
| &nbsp;&nbsp; Net investment income | 2.84<br> %<br>| 3.03<br> %<br>| 3.52<br> %<br>| 3.23<br> %<br>| 3.34<br> %<br>| 3.49<br> %<br>|
| **Supplemental data** |  |  |  |  |  |  |
| &nbsp;&nbsp; Portfolio turnover rate | 11<br> %<br>| &nbsp;&nbsp; 24<br> %<br>| &nbsp;&nbsp; 26<br> %<br>| &nbsp;&nbsp; 18<br> %<br>| &nbsp;&nbsp; 23<br> %<br>| &nbsp;&nbsp; 34<br> %<br>|
| &nbsp;&nbsp; Net assets, end of period (000s omitted) | $123069 | &nbsp;&nbsp; $113798 | &nbsp;&nbsp; $108666 | &nbsp;&nbsp; $98784 | &nbsp;&nbsp; $120160 | &nbsp;&nbsp; $123610 |
| &nbsp;&nbsp; Borrowings outstanding, end of period (000s omitted) | $30000 | &nbsp;&nbsp; $30000 | &nbsp;&nbsp; $30000 | &nbsp;&nbsp; $30000 | &nbsp;&nbsp; $30000 | &nbsp;&nbsp; $25000 |
| &nbsp;&nbsp; Asset coverage per $1,000 of borrowing, end of period | $5102 | &nbsp;&nbsp; $4793 | &nbsp;&nbsp; $4622 | &nbsp;&nbsp; $4293 | &nbsp;&nbsp; $5005 | &nbsp;&nbsp; $5944 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

---

| | |
|:---|:---|
| Six months ended February 28, 2026 (unaudited) | 1.22% |
| Year ended August 31, 2025 | 1.44% |
| Year ended August 31, 2024 | 1.88% |
| Year ended August 31, 2023 | 1.44% |
| Year ended August 31, 2022 | 0.32% |
| Year ended August 31, 2021 | 0.17% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<sup>1</sup> Calculated based upon average shares outstanding

<sup>2</sup> Total returns based on net asset value are calculated based on the net asset value at the beginning of the period and at the end of the period. Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund's Automatic Dividend Reinvestment Plan. Total returns do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. 

The accompanying notes are an integral part of these financial statements.

Allspring Utilities and High Income Fund \| 25

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Notes to financial statements (unaudited)

Notes to financial statements

1. ORGANIZATION

Allspring Utilities and High Income Fund (the "Fund") was organized as a statutory trust under the laws of the state of Delaware on February 4, 2004. Originally classified as non-diversified, the Fund was reclassified as a diversified closed-end management investment company in September 2014. As an investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"), the Fund follows the accounting and reporting guidance in Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, *Financial Services – Investment Companies.*

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles ("GAAP") which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of income and expenses during the reporting period. Actual results could differ from those estimates.

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

26 \| Allspring Utilities and High Income Fund

------

Notes to financial statements (unaudited)

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 and any unrealized gains or losses are recorded in the Statement of assets and liabilities.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status. Interest income is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Dividend income is recognized on the ex-dividend date.

Interest earned on cash balances held at the custodian is recorded as interest income.

Distributions to shareholders

Under a managed distribution plan, the Fund pays monthly distributions to shareholders at an annual minimum fixed rate of 8% based on the Fund's average monthly net asset value per share over the prior 12 months. The monthly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a monthly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level.

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in accordance with income tax regulations and may differ from U.S. GAAP. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund's fiscal year end. Therefore, a portion of the Fund's distributions made prior to the Fund's fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund's income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund's tax positions taken on federal, state, and foreign tax returns, as applicable, for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

As of February 28, 2026, the aggregate cost of all investments for federal income tax purposes was $109,526,217 and the unrealized gains (losses) consisted of:

---

| | |
|:---|:---|
| Gross unrealized gains | &nbsp;&nbsp; $45285990 |
| Gross unrealized losses | &nbsp;&nbsp; (1334519)<br>|
| **Net unrealized gains** | &nbsp;&nbsp; **$43951471** |

---

As of August 31, 2025, the Fund had capital loss carryforwards which consisted of $1,462,178 in short-term capital losses and $3,755,571 in long-term capital losses.

3. 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 \| 27

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Notes to financial statements (unaudited)

The following is a summary of the inputs used in valuing the Fund's assets and liabilities as of February 28, 2026:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp; Quoted prices <br>(Level 1)<br>| &nbsp;&nbsp;&nbsp; Other significant <br>observable inputs <br>(Level 2)<br>| &nbsp;&nbsp;&nbsp; Significant <br>unobservable inputs <br>(Level 3)<br>| Total |
| **Assets** |  |  |  |  |
| **Investments in:** |  |  |  |  |
| **Asset-backed securities** | &nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $108005 | &nbsp;&nbsp;&nbsp;&nbsp; $0 | &nbsp;&nbsp;&nbsp;&nbsp; $108005 |
| **Common stocks** |  |  |  |  |
| *Energy* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 221079 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 221079 |
| *Health care* | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 85275 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 85275 |
| *Utilities* | &nbsp;&nbsp; 108551806 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 108551806 |
| **Corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 32529556 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 32529556 |
| **Loans** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1794116 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 1794116 |
| **Yankee corporate bonds and notes** | &nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 6911767 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 6911767 |
| **Short-term investments** |  |  |  |  |
| *Investment companies* | &nbsp;&nbsp; 3276084 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 0 | &nbsp;&nbsp;&nbsp;&nbsp; 3276084 |
| **Total assets** | &nbsp;&nbsp; **$111827890** | &nbsp;&nbsp;&nbsp; **$41649798** | &nbsp;&nbsp;&nbsp; **$0** | &nbsp;&nbsp;&nbsp; **$153477688** |

---

Additional sector, industry or geographic detail, if any, is included in the Portfolio of investments.

At February 28, 2026, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Allspring Funds Management, a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P., is the adviser to the Fund and is entitled to receive a fee at an annual rate of 0.50% of the Fund's average daily total assets, which is generally paid monthly. Total assets consist of the net assets of the Fund plus borrowings or other leverage for investment purposes to the extent excluded in calculating net assets.

Allspring Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fee for subadvisory services is borne by Allspring Funds Management. Allspring Global Investments, LLC, an affiliate of Allspring Funds Management and a wholly owned subsidiary of Allspring Global Investments Holdings, LLC, is the subadviser to the Fund.

Administration fee

Allspring Funds Management also serves as the administrator to the Fund, providing the Fund with a wide range of administrative services necessary to the operation of the Fund. Allspring Funds Management is entitled to receive an annual administration fee from the Fund equal to 0.05% of the Fund's average daily total assets and generally paid monthly.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund did not have any interfund transactions during the six months ended February 28, 2026.

5. CAPITAL SHARE TRANSACTIONS

The Fund has authorized an unlimited number of shares with no par value. For the six months ended February 28, 2026 and year ended August 31, 2025, the Fund did not issue any shares.

Under an open-market share repurchase program (the "Buyback Program"), the Fund is authorized to repurchase up to 5% of its outstanding shares in open market transactions. The Fund's Board of Trustees has delegated to Allspring Funds Management full discretion to administer the Buyback Program including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations. During the six months ended February 28, 2026, the Fund did not repurchase any of its shares under the open-market share repurchase program. During the year ended August 31, 2025, the Fund purchased 182,155 of its shares on the open market at a total cost of $1,999,362 (weighted average price per share of $10.96). The weighted average discount of these repurchased shares was 11.21%.

6. BORROWINGS

The Fund has borrowed $30,000,000 through a revolving line of credit administered by a major financial institution (the "Facility"). The Facility has a commitment amount of up to $30,000,000. The Fund is charged interest at the 1 Month Secured Overnight Financing Rate (SOFR) plus a spread and a

28 \| Allspring Utilities and High Income Fund

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Notes to financial statements (unaudited)

commitment fee based on the unutilized amount of the commitment amount. The financial institution holds a security interest in all the assets of the Fund as collateral for the borrowing. Based on the nature of the terms of the Facility and comparative market rates, the carrying amount of the borrowings at February 28, 2026 approximates its fair value. If measured at fair value, the borrowings would be categorized as a Level 2 under the fair value hierarchy.

During the six months ended February 28, 2026, the Fund had average borrowings outstanding of $30,000,000 (on an annualized basis) at an average interest rate of 4.77% and recorded interest in the amount of $709,093, which represents 1.22% of its average daily net assets (on an annualized basis). The maximum balance outstanding during the six months ended February 28, 2026 was $30,000,000.

7. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the six months ended February 28, 2026 were $15,622,117 and $18,248,485, respectively.

8. CONCENTRATION RISKS

As of the end of the period, the Fund invested a concentration of its portfolio in the utilities sector. A fund that invests a substantial portion of its assets in any sector may be more affected by changes in that sector than would be a fund whose investments are not heavily weighted in any sector.

9. INDEMNIFICATION

Under the Fund's organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. The Fund has entered into a separate agreement with each Trustee that converts indemnification rights currently existing under the Fund's organizational documents into contractual rights that cannot be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund's maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENT

In December 2023, the FASB issued Accounting Standards Update ("ASU") 2023-09, *Income Taxes (Topic 740): Improvements to Income Tax Disclosures.* The ASU includes amendments to enhance annual income tax disclosures required for public entities, including the requirement to disclose income taxes paid disaggregated by jurisdiction. The ASU is effective for annual periods beginning after December 15, 2024. Management has determined that there is no material impact of the ASU on the Fund's financial statements.

11. SUBSEQUENT DISTRIBUTIONS

Under the managed distribution plan, the Fund declared the following distributions to common shareholders:

---

| | | | |
|:---|:---|:---|:---|
| Declaration date | Record date | Payable date | Per share amount |
| &nbsp;&nbsp;&nbsp; February<br> 24, 2026<br>| &nbsp;&nbsp; March<br> 12, 2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; April<br> 1, 2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; $0.08514 |
| &nbsp;&nbsp;&nbsp; March<br> 27, 2026<br>| &nbsp;&nbsp; April<br> 10, 2026<br>| &nbsp;&nbsp;&nbsp;&nbsp; May<br> 1, 2026<br>| &nbsp;&nbsp;&nbsp;&nbsp;0.08562 |

---

These distributions are not reflected in the accompanying financial statements.

12. OPERATING SEGMENTS

The Fund operates as a single operating segment. An operating segment is defined as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the public entity's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The President of the Fund acts as the Fund's CODM. The CODM monitors the operating results of the Fund as a whole and the Fund's long-term strategic asset allocation from which it derives its revenues is determined as outlined in the Fund's prospectus which is executed by the Fund's portfolio management team. The portfolio composition, total return and expense ratios, and the components of total increase/decrease in net assets are used by the CODM to assess the segment's performance and to make resource allocation decisions for the Fund's single segment. This information is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the accompanying Statement of assets and liabilities as "total assets" and significant segment revenue and expenses are listed on the accompanying Statement of operations.

Allspring Utilities and High Income Fund \| 29

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Other information (unaudited)

Other information

Proxy voting information

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling **1-866-259-3305**, visiting our website at **allspringglobal.com**, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at **allspringglobal.com** or by visiting the SEC website at sec.gov.

Quarterly portfolio holdings information

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year as an exhibit to its reports on Form N-PORT. Shareholders may view the filed Form N-PORT by visiting the SEC website at sec.gov.

Delaware statutory trust act – control share acquisitions

Because the Fund is organized as a Delaware statutory trust, it is subject to the control share acquisition statute (the "Control Share Statute") contained in Subchapter III of the Delaware Statutory Trust Act (the "DSTA"), which became automatically applicable to listed closed-end funds, such as the Fund, upon its effective date of August 1, 2022 (the "Effective Date").

The Control Share Statute provides for a series of voting power thresholds above which shares are considered control shares. The first such threshold is 10% or more, but less than 15%, of all voting power. Voting power is defined by the Control Share Statute as the power to directly or indirectly exercise or direct the exercise of the voting power of Fund shares in the election of trustees. Whether a voting power threshold is met is determined by aggregating the holdings of the acquirer as well as those of its "associates," as defined by the Control Share Statute.

Once a threshold is reached, an acquirer has no voting rights under the DSTA or the governing documents of the Fund with respect to shares acquired in excess of that threshold (i.e., the "control shares") unless approved by shareholders or exempted by the Fund's Board of Trustees. Approval by shareholders requires the affirmative vote of two-thirds of all votes entitled to be cast on the matter, excluding shares held by the acquirer and its associates as well as shares held by certain insiders of the Fund. The Control Share Statute provides procedures for an acquirer to request a shareholder meeting for the purpose of considering whether voting rights shall be accorded to control shares. Further approval by the Fund's shareholders would be required with respect to additional acquisitions of control shares above the next applicable threshold level. In addition, the Fund's Board of Trustees is permitted, but not obligated to, exempt specific acquisitions or classes of acquisitions of control shares, either in advance or retroactively.

The Control Share Statute does not retroactively apply to acquisitions of shares that occurred prior to the Effective Date. However, such shares will be aggregated with any shares acquired after the Effective Date for purposes of determining whether a voting power threshold is exceeded, resulting in the newly acquired shares constituting control shares.

The Control Share Statute requires shareholders to disclose to the Fund any control share acquisition within 10 days of such acquisition and, upon request, to provide any information that the Fund's Board of Trustees reasonably believes is necessary or desirable to determine whether a control share acquisition has occurred.

The foregoing is only a summary of certain aspects of the Control Share Statute. Shareholders should consult their own legal counsel to determine the application of the Control Share Statute with respect to their shares of the Fund and any subsequent acquisitions of shares.

30 \| Allspring Utilities and High Income Fund

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Other information (unaudited)

Board of trustees and officers

The following table provides basic information about the Board of Trustees (the "Trustees") and Officers of the Fund. Each of the Trustees and Officers listed below acts in identical capacities for each fund in the Allspring family of funds, which consists of 91 mutual funds comprising the Allspring Funds Trust, Allspring Variable Trust, Allspring Master Trust, Allspring Exchange-Traded Funds Trust and four closed-end funds, including the Fund (collectively the "Fund Complex"). The mailing address of each Trustee and Officer is 1415 Vantage Park Drive, 3rd Floor, Charlotte, NC 28203. The Board of Trustees is classified into three classes of which one is elected annually. Each Trustee serves a three-year term concurrent with the class from which the Trustee is elected. Each Officer serves an indefinite term.

Independent Trustees

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Name and <br>year of birth<br>| Position held and <br>length of service\* <br>| Principal occupations during past five years or longer | Current other <br>public company <br> or <br>investment <br>company <br>directorships<br>|
| **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** | **Class I - Independent Trustees to serve until 2026 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; Isaiah <br> Harris, Jr. <br>(Born 1952)<br>| Trustee of ETF Trust, <br>since 2024 <br>Trustee of all other <br> Trusts, <br>since 2009<br>| Retired. Member of the Advisory Board of CEF of East Central Florida. Chairman of the Board of <br> CIGNA Corporation from 2009 to 2021, and Director from 2005 to 2008. From 2003 to 2011, <br> Director of Deluxe Corporation. Prior thereto, President and CEO of BellSouth Advertising and <br> Publishing Corp. from 2005 to 2007, President and CEO of BellSouth Enterprises from 2004 to <br> 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member of the <br> Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory board of <br> Iowa State University School of Business. Advisory Board Member, Palm Harbor Academy (private <br> school). Advisory Board Member, Fellowship of Christian Athletes. Mr. Harris is a certified public <br> accountant (inactive status).<br>| N/A |
| &nbsp;&nbsp; Cindy Miller <br>(Born 1960)<br>| Trustee of all Trusts, <br>since 2026<br>| Retired. Director, President and CEO (from 2019 to 2024) and President and COO (from 2018 to <br> 2019) of Stericycle, Inc. President of Global Freight Forwarding (from 2016 to 2018) and <br> President of the firm's European region (from 2013 to 2016) for United Parcel Service (UPS). <br> Director, UGI Corporation (from 2021 to 2024).<br>| Board Member, W. <br> W. Grainger, Inc.<br>|
| &nbsp;&nbsp; Olivia S. <br> Mitchell <br>(Born 1953)<br>| Trustee of ETF Trusts, <br>since 2024 <br>Trustee of all other <br> Trusts, <br>since 2006<br>| International Foundation of Employee Benefit Plans Professor since 1993, Wharton School of the <br> University of Pennsylvania. Director of Wharton's Pension Research Council and Boettner Center <br> on Pensions & Retirement Research, and Research Associate at the National Bureau of Economic <br> Research. Previously taught at Cornell University from 1978 to 1993.<br>| N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

Allspring Utilities and High Income Fund \| 31

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Other information (unaudited)

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Name and<br> year of birth<br>| Position held and<br> length of service\*<br>| Principal occupations during past five years or longer | Current other<br> public company <br> or<br> investment<br> company<br> directorships<br>|
| **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** | **Class II - Independent Trustees to serve until 2027 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; William R. <br> Ebsworth <br>(Born 1957)<br>| Trustee of ETF Trusts, <br>since 2024 <br>Trustee of all other <br> Trusts, <br>since 2015 <br>| Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief <br> investment officer at Fidelity Management and Research Company in Boston, Tokyo, and Hong <br> Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he <br> led a team of investment professionals managing client assets. Prior thereto, Board member of <br> Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International <br> Fund, Ltd., Fidelity Investments Life Insurance Company, and Empire Fidelity Investments Life <br> Insurance Company. Serves on the Investment Company Institute's Board of Governors since <br> 2022 and Executive Committee since 2023; and Chair of the Governing Council of the <br> Independent Directors Council since 2024 and Vice Chair from 2023 to 2024. Audit Committee <br> Chair and Investment Committee Chair of the Vincent Memorial Hospital Foundation (non-profit <br> organization). Mr. Ebsworth is a CFA charterholder.<br>| N/A |
| &nbsp;&nbsp; Jane A. <br> Freeman <br>(Born 1953)<br>| Trustee of ETF Trust, <br>since 2024; Audit <br> Committee Chair of <br> ETF Trust, <br>since 2025 <br>Trustee of all other <br> Trusts, <br>since 2015; Audit <br> Committee Chair, <br>since 2025<br>| Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning <br> Corporation. From 2008 to 2012, Ms. Freeman provided consulting services related to strategic <br> business projects. Prior to 1999, Portfolio Manager at Rockefeller & Co. and Scudder, Stevens & <br> Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead <br> Independent Director and chair of the Audit Committee. Board member of the Russell Exchange <br> Traded Funds Trust from 2011 to 2012 and the chair of the Audit Committee. Ms. Freeman is also <br> an inactive Chartered Financial Analyst.<br>| N/A |
| &nbsp;&nbsp; Brian S. <br> Shlissel <br>(Born 1964)<br>| Trustee of all Trusts, <br>since 2026<br>| Retired. Previously, President and Principal Executive Officer (from 2016 to 2025) of the J.P. <br> Morgan Funds (a registered investment company complex), and Managing Director and Chief <br> Administrative Officer of Pooled Vehicles (from 2014 to 2025) at J.P. Morgan Asset Management. <br> Prior thereto, President and Chief Executive Officer (from 2001 to 2014) and Treasurer and Chief <br> Financial Officer (from 1999 to 2001) for the Allianz Global Investors Fund Complex (a registered <br> investment company complex) and the PIMCO Closed-End Funds (a group of registered <br> investment companies), and Managing Director and Head of Mutual Fund Services (from 1999 to <br> 2014) at Allianz Global Investors. Director (from 2017 to 2023) and Chair of the Governance <br> Committee of the Expect Miracles Foundation, a not-for-profit foundation focused on cancer <br> research. Director (from 2023 to 2025) of NICSA, a not-for-profit asset and wealth management <br> trade association.<br>| N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

32 \| Allspring Utilities and High Income Fund

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Other information (unaudited)

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| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; Name and<br> year of birth<br>| Position held and<br> length of service\*<br>| Principal occupations during past five years or longer | Current other<br> public company <br> or<br> investment<br> company<br> directorships<br>|
| **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** | **Class III - Independent Trustees to serve until 2028 Annual Meeting of Shareholders** |
| &nbsp;&nbsp; Timothy J. <br> Penny <br>(Born 1951)<br>| Trustee and Chair of <br> ETF Trust, <br>since 2024 <br>Trustee of all other <br> Trusts, <br>since 1996; <br>Chair, <br>since 2018<br>| President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit <br> organization, from 2007-2025. Chair of the Economic Club of Minnesota, since 2026. Vice Chair <br> of the Economic Club of Minnesota, from 2007-2025. Co-Chair of the Committee for a <br> Responsible Federal Budget, since 1995. Member of the Board of Trustees of NorthStar <br> Education Finance, Inc., a non-profit organization, from 2007-2022. Senior Fellow of the <br> University of Minnesota Humphrey Institute from 1995 to 2017.<br>| N/A |
| &nbsp;&nbsp; James G. <br> Polisson <br>(Born 1959)<br>| Truestee and <br> Nominating and <br> Governance <br> Committee Chair of <br> ETF Trust, since 2024 <br>Trustee of all other <br> Trustes, <br>since 2018; <br>Nominating and <br> Governance <br> Committee Chair, <br>since 2024<br>| Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to <br> 2015, Principal of The Polisson Group, LLC, a management consulting, corporate advisory and <br> principal investing company. Chief Executive Officer and Managing Director at Russell <br> Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays <br> Global Investors from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays <br> Global Investors from 2000 to 2010. Trustee of the San Francisco Mechanics' Institute, a non-<br> profit organization, from 2013 to 2015. Board member of the Russell Exchange Traded Fund Trust <br> from 2011 to 2012. Director of Barclays Global Investors Holdings Deutschland GmbH from 2006 <br> to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and District of <br> Columbia Bar Associations. <br>| N/A |
| &nbsp;&nbsp; Pamela <br> Wheelock <br>(Born 1959)<br>| Trustee and Chair <br> Liaison of ETF Trusts, <br> since 2024 <br>Trustee of all other <br> Trusts, <br>since January 2020; <br>previously Trustee <br> from January 2018 to <br>July 2019; <br>Chair Liaison, <br>since <br>July 2024<br>| Retired. Executive and Senior Financial leadership positions in the public, private and nonprofit <br> sectors. Interim President and CEO, McKnight Foundation, 2020. Interim Commissioner, <br> Minnesota Department of Human Services, 2019. Chief Operating Officer, Twin Cities Habitat for <br> Humanity, 2017-2019. Vice President for University Services, University of Minnesota, 2012-<br> 2016. Interim President and CEO, Blue Cross and Blue Shield of Minnesota, 2011-2012. Executive <br> Vice-President and Chief Financial Officer, Minnesota Wild, 2002-2008. Commissioner, <br> Minnesota Department of Finance, 1999-2002. Chair of the Board of Directors of Destination <br> Medical Center Corporation. Member of the Boards of Trustees for the College of Saint Benedict <br> & Saint John's University since 2025. Board member of the Minnesota Wild Foundation from <br> 2009-2024.<br>| N/A |

---

\* Length of service dates reflect the Trustee's commencement of service with the Trust's predecessor entities, where applicable.

Allspring Utilities and High Income Fund \| 33

------

Other information (unaudited)

Officers<sup>1</sup>

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp; Name and <br>year of birth<br>| &nbsp;&nbsp; Position held and <br>length of <br> service<br>| Principal occupations during past five years or longer |
| &nbsp;&nbsp;&nbsp; John Kenney <br>(Born 1965)<br>| &nbsp;&nbsp; President of ETF <br> Trust, since 2024 <br>President of all <br> other Trusts, since <br> 2025<br>| President of Allspring Funds Management, LLC since 2025. Prior thereto, Head of Strategic Initiatives of Allspring <br> Global Investments from 2022 to 2025. Independent Board Member for the Principal Funds from 2020 to 2022, <br> Executive Vice President and Global Head of Affiliate Strategic Initiatives from 2015 to 2020 for Legg Mason Global <br> Asset Management and Managing Director, Corporate Strategy and Business Development from 2014 to 2015 for <br> Legg Mason Global Asset Management.<br>|
| &nbsp;&nbsp;&nbsp; Jeremy DePalma <br>(Born 1974)<br>| &nbsp;&nbsp; Treasurer of ETF <br> Trust, since 2024 <br>Treasurer of all <br> other Trusts, <br>since 2012 <br>(for certain funds in <br>the Fund Complex); <br>since 2021 (for <br>the remaining funds <br> in the Complex)<br>| Senior Vice President of Allspring Funds Management, LLC since 2009. Senior Vice President of Evergreen <br> Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team <br> within Fund Administration from 2005 to 2010.<br>|
| &nbsp;&nbsp;&nbsp; Christopher Baker <br>(Born 1976)<br>| &nbsp;&nbsp; Chief Compliance <br> Officer of ETF Trust, <br> since 2024 <br>Chief Compliance <br> Officer of all other <br> Trusts, <br>since 2022<br>| Global Chief Compliance Officer for Allspring Global Investments since 2022. Prior thereto, Chief Compliance <br> Officer for State Street Global Advisors from 2018 to 2021. Senior Compliance Officer for the State Street divisions <br> of Alternative Investment Solutions, Sector Solutions, and Global Marketing from 2015 to 2018. From 2010 to 2015 <br> Vice President, Global Head of Investment and Marketing Compliance for State Street Global Advisors.<br>|
| &nbsp;&nbsp;&nbsp; Matthew Prasse <br>(Born 1983)<br>| &nbsp;&nbsp; Chief Legal Officer <br> of ETF Trust, since <br> 2024 <br>Chief Legal Officer <br> of all other Trusts, <br> since 2022; <br>Secretary, since <br> 2021<br>| Managing Counsel of the Allspring Legal Department since 2023. Previously, Senior Counsel of the Allspring Legal <br> Department from 2021 to 2023; Senior Counsel of the Wells Fargo Legal Department from 2018 to 2021; Counsel for <br> Barings LLC from 2015 to 2018; Associate at Morgan, Lewis & Bockius LLP from 2008 to 2015.<br>|

---

<sup>1</sup> For those Officers with tenures at Allspring Global Investments and/or Allspring Funds Management, LLC that began prior to 2021, such tenures include years of service during which these businesses/entities were known as Wells Fargo Asset Management and Wells Fargo Funds Management, LLC, respectively.

34 \| Allspring Utilities and High Income Fund

------

Automatic dividend reinvestment plan

Automatic dividend reinvestment plan

All common shareholders are eligible to participate in the Automatic Dividend Reinvestment Plan ("the Plan"). Pursuant to the Plan, unless a common shareholder is ineligible or elects otherwise, all cash dividends and capital gains distributions are automatically reinvested by Computershare Trust Company, N.A., as agent for shareholders in administering the Plan ("Plan Agent"), in additional common shares of the Fund. Whenever the Fund declares an ordinary income dividend or a capital gain dividend (collectively referred to as "dividends") payable either in shares or in cash, nonparticipants in the Plan will receive cash, and participants in the Plan will receive the equivalent in common shares. The shares are acquired by the Plan Agent for the participant's account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund ("newly issued common shares") or (ii) by purchase of outstanding common shares on the open-market (open-market purchases) on the NYSE Amex or elsewhere. If, on the payment date for any dividend, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions ("market premium"), the Plan Agent will invest the amount of such dividend in newly issued shares on behalf of the participant. The number of newly issued common shares to be credited to the participant's account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance may not exceed 5%. If on the dividend payment date the net asset value per share is greater than the market value ("market discount"), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participant in open-market purchases. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent's open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 505000, Louisville, Kentucky 40233 or by calling 1-800-730-6001.

Allspring Utilities and High Income Fund \| 35

------

*This page is intentionally left blank.*

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![](g103578img66e19ef91.jpg)

Transfer Agent, Registrar, Shareholder Servicing <br>Agent & Dividend Disbursing Agent

Computershare Trust Company, N.A. <br>P.O. Box 505000 <br>Louisville, Kentucky 40233 <br>1-800-730-6001

Website: **allspringglobal.com**

![](g103578img9b3625d17.gif)

Allspring Global Investments<sup>TM</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind - including a recommendation for any specific investment, strategy, or plan.

**© 2026 Allspring Global Investments Holdings, LLC. All rights reserved.**

**ALL-03092026-igzbvgew 04-26** <br>**SAR134 02-26**

------

<u>ITEM 2. CODE OF ETHICS</u> 

Not applicable.

<u>ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT</u> 

Not applicable.

<u>ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES</u> 

Not applicable.

<u>ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS</u> 

Not applicable.

<u>ITEM 6. INVESTMENTS</u> 

A Portfolio of Investments for Allspring Utilities and High Income Fund is included as part of the Report to Shareholders filed under Item 1 of this Form.

<u>ITEM 7. FINANCIAL STATEMENTS AND FINANCIAL HIGHLIGHTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 8. CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 9. PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 10. REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 11. STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT</u> 

Not applicable.

<u>ITEM 12. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR</u> <u>CLOSED-END</u> <u>MANAGEMENT INVESTMENT COMPANIES</u>

Not applicable.

------

<u>ITEM 13. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 14. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS</u> 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Period** | **(a)<br>Total Number<br>of Shares<br>Purchased** | **(b)<br>Average Price<br>Paid per Share** | **(c)<br>Total Number of<br>Shares Purchased<br>as Part of Publicly<br>Announced Plans<br>or Programs** | **(d)<br>Maximum Number<br>of Shares that May<br>Yet Be Purchased<br>Under the Plans or<br>Programs** |
|  9/1/2025 to 9/30/2025 | 0 | $0.00 | 0 | 342336 |
|  10/1/2025 to 10/31/25 | 0 | 0.00 | 0 | 342336 |
|  11/1/2025 to 11/30/2025 | 0 | 0.00 | 0 | 342336 |
|  12/1/2025 to 12/31/2025 | 0 | 0.00 | 0 | 342336 |
|  1/1/2026 to 1/31/2026 | 0 | 0.00 | 0 | 441608 |
|  2/1/2026 to 2/28/2026 | 0 | 0.00 | 0 | 441608 |
|  Total | 0 | $0.00 | 0 | 441608 |

---

On November 13, 2025, the Fund announced a renewal of its open-market share repurchase program (the "Buyback Program"). Under the renewed Buyback Program, the Fund may repurchase up to 5% of its outstanding shares in open market transactions during the period beginning on January 1, 2026 and ending on December 31, 2026. The Fund's Board of Trustees has delegated to Allspring Funds Management, LLC, the Fund's adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.

<u>ITEM 15. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS</u> 

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board of Trustees that have been implemented since the registrant's last provided disclosure in response to the requirements of this Item.

<u>ITEM 16. CONTROLS AND PROCEDURES</u> 

(a) The President and Treasurer have concluded that the Allspring Utilities and High Income Fund disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the registrant is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting.

------

<u>ITEM 17. DISCLOSURES OF SECURITIES LENDING ACTIVITES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES</u> 

Not applicable.

<u>ITEM 18. RECOVERY OF ERRONEOUSLY AWARDED COMPENSATION</u> 

Not applicable.

<u>ITEM 19. EXHIBITS</u> 

---

| | |
|:---|:---|
| (a)(1) | Not applicable. |
| (a)(2) | Not applicable. |
| (a)(3) | [Certifications pursuant to Section 302 of the Sarbanes-Oxley Act of 2022.](d103578dex99cert.htm) |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
| (b) | [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2022.](d103578dex99906cert.htm) |
| (c) | [Section 19(a) notices to shareholders pursuant to Registrant's exemptive order granting an exemption from Section 19(b) of the 1940 Act.](d103578dex99c.htm) |

---

------

**<u>SIGNATURES</u>**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| Allspring Utilities and High Income Fund | Allspring Utilities and High Income Fund |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: April 23, 2026 | Date: April 23, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| Allspring Utilities and High Income Fund | Allspring Utilities and High Income Fund |
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
| Date: April 23, 2026 | Date: April 23, 2026 |

---

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
| Date: April 23, 2026 | Date: April 23, 2026 |

---

## Ex-99.Cert

**Exhibit 19(a)(3)**![LOGO](g103578g0426072319764.jpg)

**<u>CERTIFICATION</u>**

I, John Kenney, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Utilities and High Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

---

| |
|:---|
| Date: April 23, 2026 |
| /s/ John Kenney |
| John Kenney |
| President (Principal Executive Officer) |
| Allspring Utilities and High Income Fund |

---

------

![LOGO](g103578g0426072320242.jpg)

**<u>CERTIFICATION</u>**

I, Jeremy DePalma, certify that:

1. I have reviewed this report on Form N-CSRS of Allspring Utilities and High Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) disclosed in this report any change in the registrant's internal control over financial reporting that
occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officers and I have disclosed to the registrant's auditors and the audit committee of the registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

------

---

| |
|:---|
| Date: April 23, 2026 |
| /s/ Jeremy DePalma |
| Jeremy DePalma |
| Treasurer (Principal Financial Officer) |
| Allspring Utilities and High Income Fund |

---

## Exhibit 99.906

**Exhibit 19(b)**![LOGO](g103578g0426072320242.jpg)

**SECTION 906 CERTIFICATION** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Utilities and High Income Fund, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended February 28, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 23, 2026

---

| | |
|:---|:---|
| By: | /s/ John Kenney |
|  | John Kenney |
|  | President (Principal Executive Officer) |
|  | Allspring Utilities and High Income Fund |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

------

![LOGO](g103578g0426072320242.jpg)

**SECTION 906 CERTIFICATION** 

Pursuant to 18 U.S.C. § 1350, the undersigned officer of Allspring Utilities and High Income Fund, hereby certifies, to the best of his knowledge, that the registrant's report on Form N-CSRS for the six months ended February 28, 2026 (the "Report") fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 and that the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the registrant.

Date: April 23, 2026

---

| | |
|:---|:---|
| By: | /s/ Jeremy DePalma |
|  | Jeremy DePalma |
|  | Treasurer (Principal Financial Officer) |
|  | Allspring Utilities and High Income Fund |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSRS with the Securities and Exchange Commission.

## Ex-99.C

![LOGO](g103578g0426070930518.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, September 2, 2025** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 8/31/2025 | DATA AS OF 8/31/2025 | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE<br>DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08135 | 0.04898 | 0.00000 | 0.00000 | 0.03237 |
|  | Current Month (%) | 100.00% | 60.20% | 0.00% | 0.00% | 39.80% |
|  | Fiscal Year to Date ($) | 0.89101 | 0.38813 | 0.00000 | 0.00000 | 0.50288 |
|  | Fiscal Year to Date (%) | 100.00% | 43.60% | 0.00% | 0.00% | 56.40% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 7/31/2025 |  |  | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR FISCAL YTD | 5-YEAR FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.80966 | 13.17 | 9.29% | 6.72% | 17.45% | 6.15% |

---

<sup>1</sup> As a percentage of 7/31 NAV 

Inquiries

SHAREHOLDERS +1-800-730-6001 FINANCIAL ADVISORS +1-888-877-9275 MEDIA BRAD STEINER <u>Bradley.Steiner@allspringglobal.com</u> <br>+1-332-910-7873

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 7.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2025 Allspring Global Investments Holdings, LLC. All rights reserved.

------

![LOGO](g103578g0426071257916.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, October 1, 2025** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 9/30/2025 | DATA AS OF 9/30/2025 | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE<br>DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08220 | 0.03740 | 0.00000 | 0.00000 | 0.04480 |
|  | Current Month (%) | 100.00% | 45.50% | 0.00% | 0.00% | 54.50% |
|  | Fiscal Year to Date ($) | 0.08220 | 0.03740 | 0.00000 | 0.00000 | 0.04480 |
|  | Fiscal Year to Date (%) | 100.00% | 45.50% | 0.00% | 0.00% | 54.50% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 8/31/2025 |  |  | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR FISCAL YTD | 5-YEAR FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.89101 | 12.88 | 9.37% | 6.92% | 15.64% | 6.92% |

---

<sup>1</sup> As a percentage of 8/31 NAV 

Inquiries

SHAREHOLDERS +1-800-730-6001 FINANCIAL ADVISORS +1-888-877-9275 MEDIA BRAD STEINER <u>Bradley.Steiner@allspringglobal.com</u> <br>+1-332-910-7873

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2025 Allspring Global Investments Holdings, LLC. All rights reserved.

------

![LOGO](g103578g0426070930518.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, November 3, 2025** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 10/31/2025 |  | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE<br>DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08291 | 0.00052 | 0.00000 | 0.00000 | 0.08239 |
|  | Current Month (%) | 100.00% | 0.60% | 0.00% | 0.00% | 99.40% |
|  | Fiscal Year to Date ($) | 0.16511 | 0.03792 | 0.00000 | 0.00000 | 0.12719 |
|  | Fiscal Year to Date (%) | 100.00% | 23.00% | 0.00% | 0.00% | 77.00% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 9/30/2025 |  |  | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR FISCAL YTD | 5-YEAR FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.08220 | 13.30 | 10.12% | 7.52% | 3.94% | 0.62% |

---

<sup>1</sup> As a percentage of 9/30 NAV 

Inquiries

---

| | | |
|:---|:---|:---|
| SHAREHOLDERS | FINANCIAL ADVISORS | MEDIA |
| +1-800-730-6001 | +1-888-877-9275 | BRAD STEINER<br><u>Bradley.Steiner@allspringglobal.com</u> <br>+1-332-910-7873 |

---

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2025 Allspring Global Investments Holdings, LLC. All rights reserved.

------

![LOGO](g103578g0426070930518.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, December 1, 2025** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 11/30/2025 | DATA AS OF 11/30/2025 | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE<br>DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08325 | 0.05045 | 0.00000 | 0.00000 | 0.03280 |
|  | Current Month (%) | 100.00% | 60.60% | 0.00% | 0.00% | 39.40% |
|  | Fiscal Year to Date ($) | 0.24836 | 0.08837 | 0.00000 | 0.00000 | 0.15999 |
|  | Fiscal Year to Date (%) | 100.00% | 35.60% | 0.00% | 0.00% | 64.40% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 10/31/2025 | DATA AS OF 10/31/2025 | DATA AS OF 10/31/2025 | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR FISCAL YTD | 5-YEAR FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.16511 | 13.46 | 9.66% | 7.34% | 5.86% | 1.23% |

---

<sup>1</sup> As a percentage of 10/31 NAV 

Inquiries

SHAREHOLDERS +1-800-730-6001 FINANCIAL ADVISORS +1-888-877-9275 MEDIA BRAD STEINER <u>Bradley.Steiner@allspringglobal.com</u> <br>+1-332-910-7873

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2025 Allspring Global Investments Holdings, LLC. All rights reserved.

------

![LOGO](g103578g0426072154016.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, January 2, 2026** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 12/31/2025 | DATA AS OF 12/31/2025 | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE |  |  |  |  |
|  |  | DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08382 | 0.05290 | 0.00000 | 0.00000 | 0.03092 |
|  | Current Month (%) | 100.00% | 63.10% | 0.00% | 0.00% | 36.90% |
|  | Fiscal Year to Date ($) | 0.33218 | 0.14127 | 0.00000 | 0.00000 | 0.19091 |
|  | Fiscal Year to Date (%) | 100.00% | 42.50% | 0.00% | 0.00% | 57.50% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 11/30/2025 |  |  | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR | FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.24836 | 13.59 | 9.63% | 7.33% | 7.61% | 1.83% |
|  <br> <sup>1</sup> As a percentage of 11/30 NAV | <br> <sup>1</sup> As a percentage of 11/30 NAV |  |  |  |  |  |

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Inquiries

SHAREHOLDERS FINANCIAL ADVISORS MEDIA BRAD STEINER <br> +1-800-730-6001 +1-888-877-9275 <u>Bradley.Steiner@allspringglobal.com</u> <br> +1-332-910-7873

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2026 Allspring Global Investments Holdings, LLC. All rights reserved.

------

![LOGO](g103578g0426072030163.jpg)

Allspring Utilities and High Income Fund

(ERH) CUSIP 94987E109

IMPORTANT NOTICE TO SHAREHOLDERS

**Charlotte, NC, February 2, 2026** – This Notice provides information about the sources of the Fund's monthly distributions. You should not draw any conclusions about the Fund's investment performance from the amount of this distribution or from the terms of the Fund's Managed Distribution Plan.

The Fund estimates that it has distributed more than its income and net realized capital gains; therefore, a portion of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money that you invested in the Fund is paid back to you. A return of capital distribution does not necessarily reflect the Fund's investment performance and should not be confused with 'yield' or 'income'.

The amounts and sources of distributions reported in this Notice are only estimates and are not being provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT) and paid in capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund's investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year that will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund's distribution sources, reflecting the fiscal year-to- date cumulative amount of distributions. The Fund attributes these estimates equally to each regular distribution throughout the year. Consequently, the estimated information as of the specified month-end shown below is for the current distribution, and also represents an updated estimate for all prior months in the year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 1/31/2026 | DATA AS OF 1/31/2026 | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION | ESTIMATED SOURCES OF DISTRIBUTION |
|  |  | PER SHARE |  |  |  |  |
|  |  | DISTRIBUTION | NII | LT GAINS | ST GAINS | PAID IN CAPITAL |
|  ERH (FYE 8/31) | Current Month ($) | 0.08434 | 0.00000 | 0.00000 | 0.00000 | 0.08434 |
|  | Current Month (%) | 100.00% | 0.00% | 0.00% | 0.00% | 100.00% |
|  | Fiscal Year to Date ($) | 0.41652 | 0.14127 | 0.00000 | 0.00000 | 0.27525 |
|  | Fiscal Year to Date (%) | 100.00% | 33.90% | 0.00% | 0.00% | 66.10% |

---

The following table provides information regarding distributions and total return performance over various time periods. This information is intended to help you better understand whether returns for the specified time periods were sufficient to meet distributions.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| DATA AS OF 12/31/2025 |  |  | ANNUALIZED | ANNUALIZED | CUMULATIVE | CUMULATIVE |
|  |  |  | 5-YEAR | FISCAL YTD | FISCAL YTD | FISCAL YTD |
|  |  |  | RETURN ON | DIST RATE | RETURN ON | DIST RATE ON |
|  | FISCAL YTD DIST | NAV | NAV | ON NAV<sup>1</sup> | NAV | NAV<sup>1</sup> |
|  ERH (FYE 8/31) | 0.33218 | 12.85 | 8.37% | 7.73% | 2.47% | 2.59% |
|  <br> <sup>1</sup> As a percentage of 12/31 NAV |  |  |  |  |  |  |

---

Inquiries

SHAREHOLDERS FINANCIAL ADVISORS MEDIA BRAD STEINER <br> +1-800-730-6001 +1-888-877-9275 <u>Bradley.Steiner@allspringglobal.com</u> <br> +1-332-910-7873

------

**Additional Disclosures about the Allspring Closed-End Funds** 

The fund makes distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions to common shareholders of the fund at an annual minimum fixed rate of 8.0%, based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

The quoted distribution rate is a figure that uses the fund's previous distribution to calculate an annualized figure. The distribution rate is calculated by annualizing the last distribution and then dividing by the period-ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The fund's investment objective is to seek a high level of current income and moderate capital growth with an emphasis on providing tax-advantaged dividend income.

The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax-reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

For more information on Allspring's closed-end funds, please visit our <u>website</u>.

**This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market**. A closed-end fund is not required to buy its shares back from investors upon request. Shares of the fund may trade at either a premium or discount relative to the fund's net asset value, and there can be no assurance that any discount will decrease. The values of, and/or the income generated by, securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much greater risk of default and their values tend to be more volatile than higher-rated securities with similar maturities. The fund is also subject to risks associated with any concentration of its investments in the utility sector. Funds that concentrate their investments in a single industry or sector may face increased risk of price fluctuation due to adverse developments within that industry or sector. The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Derivatives involve additional risks, including interest rate risk, credit risk, the risk of improper valuation, and the risk of noncorrelation to the relevant instruments they are designed to hedge or closely track.

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

*Some of the information contained herein may include forward-looking statements about the expected investment activities of the funds. These statements provide no assurance as to the funds' actual investment activities or results. Readers must make their own assessment of the information contained herein and consider such other factors as they may deem relevant to their individual circumstances.* 

Allspring Global Investments<sup>™</sup> is the trade name for the asset management firms of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, L.P. These firms include but are not limited to Allspring Global Investments, LLC, and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker-dealer and Member FINRA/SIPC).

ALL-08252025-gerjpn92

<sup>©</sup> 2026 Allspring Global Investments Holdings, LLC. All rights reserved.