Portfolio of investments—November 30, 2022 (unaudited)
Shares | Value | ||||
Common stocks: 85.80% | |||||
Communication services: 0.08% | |||||
Diversified telecommunication services: 0.08% | |||||
Intelsat SA ‡† | 3,909 | $ 85,998 | |||
Energy: 0.14% | |||||
Energy equipment & services: 0.08% | |||||
Bristow Group Incorporated † | 3,368 | 87,568 | |||
Oil, gas & consumable fuels: 0.06% | |||||
Denbury Incorporated † | 746 | 66,961 | |||
Financials: 0.16% | |||||
Mortgage REITs: 0.16% | |||||
Blackstone Mortgage Trust Incorporated Class A | 2,257 | 57,034 | |||
Ladder Capital Corporation | 6,254 | 69,419 | |||
Starwood Property Trust Incorporated | 2,796 | 59,862 | |||
186,315 | |||||
Utilities: 85.42% | |||||
Electric utilities: 50.00% | |||||
Alliant Energy Corporation | 29,270 | 1,647,901 | |||
American Electric Power Company Incorporated | 59,781 | 5,786,801 | |||
Constellation Energy Corporation | 29,898 | 2,873,796 | |||
Duke Energy Corporation | 55,165 | 5,512,638 | |||
Entergy Corporation | 22,292 | 2,591,891 | |||
Evergy Incorporated | 29,385 | 1,739,886 | |||
Eversource Energy | 26,318 | 2,180,709 | |||
Exelon Corporation | 109,843 | 4,544,205 | |||
FirstEnergy Corporation | 59,028 | 2,434,315 | |||
NextEra Energy Incorporated | 212,045 | 17,960,212 | |||
The Southern Company | 70,453 | 4,765,441 | |||
Xcel Energy Incorporated | 71,281 | 5,005,352 | |||
57,043,147 | |||||
Gas utilities: 4.30% | |||||
Atmos Energy Corporation | 29,092 | 3,496,858 | |||
ONE Gas Incorporated | 16,208 | 1,409,286 | |||
4,906,144 | |||||
Multi-utilities: 28.44% | |||||
Ameren Corporation | 38,992 | 3,482,765 | |||
CenterPoint Energy Incorporated | 114,071 | 3,548,749 | |||
CMS Energy Corporation | 59,487 | 3,632,871 | |||
Dominion Energy Incorporated | 81,959 | 5,008,514 | |||
DTE Energy Company | 31,112 | 3,609,303 | |||
Public Service Enterprise Group Incorporated | 55,246 | 3,345,145 | |||
Sempra Energy | 37,455 | 6,224,646 | |||
WEC Energy Group Incorporated | 36,310 | 3,599,773 | |||
32,451,766 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 1
Portfolio of investments—November 30, 2022 (unaudited)
Shares | Value | ||||
Water utilities: 2.68% | |||||
American Water Works Company Incorporated | 20,113 | $ 3,052,349 | |||
Total Common stocks (Cost $80,147,322) | 97,880,248 |
Interest rate | Maturity date | Principal | |||
Corporate bonds and notes: 32.80% | |||||
Communication services: 5.31% | |||||
Diversified telecommunication services: 0.39% | |||||
Cablevision Lightpath LLC 144A | 3.88% | 9-15-2027 | $ 135,000 | 116,394 | |
Cablevision Lightpath LLC 144A | 5.63 | 9-15-2028 | 130,000 | 98,915 | |
Level 3 Financing Incorporated 144A | 3.63 | 1-15-2029 | 155,000 | 114,452 | |
Level 3 Financing Incorporated 144A | 4.25 | 7-1-2028 | 100,000 | 78,299 | |
Level 3 Financing Incorporated 144A | 4.63 | 9-15-2027 | 50,000 | 42,125 | |
450,185 | |||||
Entertainment: 0.50% | |||||
Dave & Buster's Incorporated 144A | 7.63 | 11-1-2025 | 70,000 | 70,344 | |
Live Nation Entertainment Incorporated 144A | 3.75 | 1-15-2028 | 260,000 | 227,786 | |
Live Nation Entertainment Incorporated 144A | 5.63 | 3-15-2026 | 48,000 | 45,504 | |
Live Nation Entertainment Incorporated 144A | 6.50 | 5-15-2027 | 225,000 | 225,426 | |
569,060 | |||||
Media: 4.42% | |||||
CCO Holdings LLC 144A | 4.25 | 1-15-2034 | 150,000 | 116,850 | |
CCO Holdings LLC 144A | 4.50 | 8-15-2030 | 415,000 | 349,638 | |
CCO Holdings LLC | 4.50 | 5-1-2032 | 50,000 | 41,263 | |
CCO Holdings LLC 144A | 5.00 | 2-1-2028 | 25,000 | 22,982 | |
CCO Holdings LLC 144A | 5.13 | 5-1-2027 | 250,000 | 236,623 | |
CCO Holdings LLC 144A | 5.50 | 5-1-2026 | 2,000 | 1,940 | |
Cinemark USA Incorporated 144A | 5.25 | 7-15-2028 | 235,000 | 187,706 | |
Cinemark USA Incorporated 144A | 5.88 | 3-15-2026 | 65,000 | 56,917 | |
Cinemark USA Incorporated 144A | 8.75 | 5-1-2025 | 220,000 | 224,406 | |
Clear Channel Outdoor Holdings 144A | 7.50 | 6-1-2029 | 270,000 | 200,475 | |
CSC Holdings LLC 144A | 4.63 | 12-1-2030 | 200,000 | 126,832 | |
CSC Holdings LLC 144A | 5.75 | 1-15-2030 | 390,000 | 265,590 | |
DIRECTV Financing LLC 144A | 5.88 | 8-15-2027 | 245,000 | 224,807 | |
DISH DBS Corporation 144A | 5.75 | 12-1-2028 | 185,000 | 150,044 | |
Gray Escrow II Incorporated 144A | 5.38 | 11-15-2031 | 425,000 | 324,262 | |
Gray Television Incorporated 144A | 4.75 | 10-15-2030 | 250,000 | 184,973 | |
Lamar Media Corporation | 4.00 | 2-15-2030 | 80,000 | 69,855 | |
Lamar Media Corporation | 4.88 | 1-15-2029 | 130,000 | 120,151 | |
Match Group Holdings II LLC 144A | 5.63 | 2-15-2029 | 225,000 | 206,857 | |
Nexstar Broadcasting Incorporated 144A | 4.75 | 11-1-2028 | 125,000 | 111,240 | |
Nexstar Broadcasting Incorporated 144A | 5.63 | 7-15-2027 | 125,000 | 117,865 | |
Outfront Media Capital Corporation 144A | 4.63 | 3-15-2030 | 150,000 | 125,557 | |
Outfront Media Capital Corporation 144A | 5.00 | 8-15-2027 | 85,000 | 77,456 | |
QVC Incorporated | 4.38 | 9-1-2028 | 200,000 | 134,000 | |
QVC Incorporated | 4.75 | 2-15-2027 | 175,000 | 131,366 | |
QVC Incorporated | 5.95 | 3-15-2043 | 95,000 | 48,986 | |
Salem Media Group Incorporated 144A | 6.75 | 6-1-2024 | 70,000 | 67,200 | |
Scripps Escrow II Incorporated 144A | 3.88 | 1-15-2029 | 35,000 | 29,420 | |
Scripps Escrow II Incorporated 144A | 5.38 | 1-15-2031 | 425,000 | 346,996 | |
Scripps Escrow II Incorporated 144A | 5.88 | 7-15-2027 | 50,000 | 44,500 |
See accompanying notes to portfolio of investments
2 | Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Media (continued) | |||||
Sirius XM Radio Incorporated Company 144A | 4.00% | 7-15-2028 | $ 250,000 | $ 220,955 | |
Townsquare Media Incorporated 144A | 6.88 | 2-1-2026 | 510,000 | 473,131 | |
5,040,843 | |||||
Consumer discretionary: 4.50% | |||||
Auto components: 0.38% | |||||
Allison Transmission Incorporated 144A | 5.88 | 6-1-2029 | 170,000 | 160,691 | |
Clarios Global LP 144A | 6.25 | 5-15-2026 | 144,000 | 142,651 | |
Cooper Tire & Rubber Company | 7.63 | 3-15-2027 | 137,000 | 133,756 | |
437,098 | |||||
Automobiles: 0.12% | |||||
Ford Motor Company | 3.25 | 2-12-2032 | 175,000 | 138,307 | |
Diversified consumer services: 0.13% | |||||
Service Corporation International | 7.50 | 4-1-2027 | 140,000 | 142,672 | |
Hotels, restaurants & leisure: 2.49% | |||||
Carnival Corporation 144A | 4.00 | 8-1-2028 | 150,000 | 124,875 | |
Carnival Corporation 144A | 6.00 | 5-1-2029 | 120,000 | 85,200 | |
Carnival Corporation 144A | 9.88 | 8-1-2027 | 100,000 | 97,608 | |
Carnival Corporation 144A | 10.50 | 2-1-2026 | 60,000 | 60,726 | |
Carnival Holdings Bermuda Limited 144A | 10.38 | 5-1-2028 | 180,000 | 187,416 | |
CCM Merger Incorporated 144A | 6.38 | 5-1-2026 | 555,000 | 513,780 | |
Cedar Fair LP 144A | 5.50 | 5-1-2025 | 115,000 | 114,634 | |
Churchill Downs Incorporated 144A | 4.75 | 1-15-2028 | 130,000 | 119,612 | |
Las Vegas Sands Corporation | 3.20 | 8-8-2024 | 235,000 | 224,557 | |
MGM Resorts International | 6.75 | 5-1-2025 | 95,000 | 94,547 | |
NCL Corporation Limited 144A | 5.88 | 3-15-2026 | 265,000 | 217,375 | |
NCL Corporation Limited 144A | 5.88 | 2-15-2027 | 170,000 | 151,356 | |
NCL Corporation Limited 144A | 7.75 | 2-15-2029 | 110,000 | 88,000 | |
Royal Caribbean Cruises Limited 144A | 5.38 | 7-15-2027 | 25,000 | 20,715 | |
Royal Caribbean Cruises Limited 144A | 5.50 | 8-31-2026 | 95,000 | 82,413 | |
Royal Caribbean Cruises Limited 144A | 5.50 | 4-1-2028 | 150,000 | 122,438 | |
Royal Caribbean Cruises Limited 144A | 9.25 | 1-15-2029 | 140,000 | 143,326 | |
Royal Caribbean Cruises Limited 144A | 11.63 | 8-15-2027 | 155,000 | 159,263 | |
Six Flags Entertainment Company 144A | 5.50 | 4-15-2027 | 50,000 | 45,147 | |
Six Flags Entertainment Company 144A | 7.00 | 7-1-2025 | 180,000 | 180,446 | |
2,833,434 | |||||
Household durables: 0.10% | |||||
Newell Brands Incorporated | 4.45 | 4-1-2026 | 120,000 | 113,203 | |
Multiline retail: 0.30% | |||||
LSF9 Atlantis Holdings LLC 144A | 7.75 | 2-15-2026 | 200,000 | 184,578 | |
Macy's Retail Holdings LLC 144A | 5.88 | 4-1-2029 | 140,000 | 130,221 | |
Macy's Retail Holdings LLC 144A | 6.13 | 3-15-2032 | 30,000 | 26,632 | |
341,431 | |||||
Specialty retail: 0.71% | |||||
Bath & Body Works Incorporated 144A | 9.38 | 7-1-2025 | 95,000 | 99,607 | |
GAP Incorporated 144A | 3.88 | 10-1-2031 | 255,000 | 192,525 | |
Michaels Companies Incorporated 144A | 7.88 | 5-1-2029 | 145,000 | 85,731 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 3
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Specialty retail (continued) | |||||
NMG Holding Company Incorporated 144A | 7.13% | 4-1-2026 | $ 200,000 | $ 192,592 | |
Rent-A-Center Incorporated 144A | 6.38 | 2-15-2029 | 295,000 | 242,638 | |
813,093 | |||||
Textiles, apparel & luxury goods: 0.27% | |||||
G-III Apparel Group Limited 144A | 7.88 | 8-15-2025 | 320,000 | 310,000 | |
Consumer staples: 0.30% | |||||
Food & staples retailing: 0.10% | |||||
PetSmart Incorporated 144A | 4.75 | 2-15-2028 | 125,000 | 114,204 | |
Food products: 0.20% | |||||
CHS Incorporated 144A | 5.25 | 5-15-2030 | 145,000 | 110,577 | |
CHS Incorporated 144A | 6.00 | 1-15-2029 | 10,000 | 8,343 | |
US Foods Incorporated 144A | 6.25 | 4-15-2025 | 110,000 | 111,027 | |
229,947 | |||||
Energy: 6.03% | |||||
Energy equipment & services: 1.38% | |||||
Bristow Group Incorporated 144A | 6.88 | 3-1-2028 | 375,000 | 350,275 | |
Hilcorp Energy Company 144A | 5.75 | 2-1-2029 | 55,000 | 50,383 | |
Hilcorp Energy Company 144A | 6.00 | 4-15-2030 | 30,000 | 27,586 | |
Hilcorp Energy Company 144A | 6.00 | 2-1-2031 | 55,000 | 50,536 | |
Hilcorp Energy Company 144A | 6.25 | 11-1-2028 | 75,000 | 71,423 | |
Hilcorp Energy Company 144A | 6.25 | 4-15-2032 | 30,000 | 27,525 | |
Oceaneering International Incorporated | 4.65 | 11-15-2024 | 105,000 | 101,757 | |
Oceaneering International Incorporated | 6.00 | 2-1-2028 | 225,000 | 203,838 | |
Pattern Energy Operations LP 144A | 4.50 | 8-15-2028 | 500,000 | 448,684 | |
USA Compression Partners LP | 6.88 | 4-1-2026 | 150,000 | 143,625 | |
USA Compression Partners LP | 6.88 | 9-1-2027 | 100,000 | 95,470 | |
1,571,102 | |||||
Oil, gas & consumable fuels: 4.65% | |||||
Aethon United 144A | 8.25 | 2-15-2026 | 430,000 | 427,816 | |
Archrock Partners LP 144A | 6.25 | 4-1-2028 | 135,000 | 125,213 | |
Archrock Partners LP 144A | 6.88 | 4-1-2027 | 125,000 | 120,938 | |
Buckeye Partners LP 144A | 4.50 | 3-1-2028 | 25,000 | 22,188 | |
Buckeye Partners LP | 5.85 | 11-15-2043 | 150,000 | 113,404 | |
CQP Holdco LP 144A | 5.50 | 6-15-2031 | 295,000 | 270,686 | |
DT Midstream Incorporated 144A | 4.13 | 6-15-2029 | 85,000 | 74,894 | |
DT Midstream Incorporated 144A | 4.38 | 6-15-2031 | 180,000 | 155,288 | |
Encino Acquisition Partners Company 144A | 8.50 | 5-1-2028 | 355,000 | 339,710 | |
EnLink Midstream Partners LP | 5.05 | 4-1-2045 | 210,000 | 159,506 | |
EnLink Midstream Partners LP | 5.38 | 6-1-2029 | 297,000 | 282,893 | |
EnLink Midstream Partners LP | 5.60 | 4-1-2044 | 75,000 | 62,250 | |
EnLink Midstream Partners LP 144A | 5.63 | 1-15-2028 | 35,000 | 34,125 | |
EnLink Midstream Partners LP 144A | 6.50 | 9-1-2030 | 155,000 | 157,421 | |
Enviva Partners LP 144A | 6.50 | 1-15-2026 | 705,000 | 672,148 | |
EQM Midstream Partners 144A | 7.50 | 6-1-2027 | 5,000 | 5,053 | |
EQM Midstream Partners 144A | 7.50 | 6-1-2030 | 230,000 | 232,009 | |
Harvest Midstream LP 144A | 7.50 | 9-1-2028 | 145,000 | 138,838 | |
Hess Midstream Operation Company 144A | 5.50 | 10-15-2030 | 30,000 | 27,499 | |
Kinetik Holdings LP Company 144A | 5.88 | 6-15-2030 | 240,000 | 225,530 | |
Murphy Oil Corporation | 6.38 | 7-15-2028 | 50,000 | 49,313 |
See accompanying notes to portfolio of investments
4 | Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Oil, gas & consumable fuels (continued) | |||||
Nabors Industries Limited 144A | 7.38% | 5-15-2027 | $ 180,000 | $ 175,050 | |
Occidental Petroleum Corporation | 6.45 | 9-15-2036 | 525,000 | 526,313 | |
Rockies Express Pipeline LLC 144A | 6.88 | 4-15-2040 | 180,000 | 149,400 | |
Southwestern Energy Company | 4.75 | 2-1-2032 | 130,000 | 113,656 | |
Southwestern Energy Company | 7.75 | 10-1-2027 | 41,000 | 42,181 | |
Southwestern Energy Company | 8.38 | 9-15-2028 | 110,000 | 114,228 | |
Tallgrass Energy Partners LP 144A | 6.00 | 12-31-2030 | 185,000 | 167,423 | |
Tallgrass Energy Partners LP 144A | 6.00 | 9-1-2031 | 125,000 | 111,406 | |
Venture Global LNG Incorporated 144A | 3.88 | 11-1-2033 | 35,000 | 28,464 | |
Western Midstream Operating LP | 5.30 | 3-1-2048 | 225,000 | 186,965 | |
5,311,808 | |||||
Financials: 4.89% | |||||
Capital markets: 0.29% | |||||
MSCI Incorporated 144A | 4.00 | 11-15-2029 | 120,000 | 105,964 | |
Oppenheimer Holdings Incorporated | 5.50 | 10-1-2025 | 225,000 | 220,500 | |
326,464 | |||||
Consumer finance: 2.18% | |||||
FirstCash Incorporated 144A | 4.63 | 9-1-2028 | 80,000 | 70,396 | |
FirstCash Incorporated 144A | 5.63 | 1-1-2030 | 145,000 | 131,898 | |
Ford Motor Credit Company LLC | 4.39 | 1-8-2026 | 400,000 | 380,452 | |
Ford Motor Credit Company LLC | 5.11 | 5-3-2029 | 535,000 | 498,775 | |
LFS TopCo LLC 144A | 5.88 | 10-15-2026 | 120,000 | 96,002 | |
Navient Corporation | 5.00 | 3-15-2027 | 195,000 | 170,379 | |
Navient Corporation | 5.63 | 8-1-2033 | 125,000 | 87,640 | |
Navient Corporation | 5.88 | 10-25-2024 | 225,000 | 218,607 | |
OneMain Finance Corporation | 5.38 | 11-15-2029 | 75,000 | 62,640 | |
OneMain Finance Corporation | 6.13 | 3-15-2024 | 50,000 | 48,765 | |
OneMain Finance Corporation | 7.13 | 3-15-2026 | 125,000 | 121,099 | |
PECF USS Intermediate Holding III Corporation 144A | 8.00 | 11-15-2029 | 160,000 | 94,800 | |
PRA Group Incorporated 144A | 5.00 | 10-1-2029 | 320,000 | 265,872 | |
Rocket Mortgage LLC 144A | 2.88 | 10-15-2026 | 190,000 | 162,024 | |
Rocket Mortgage LLC 144A | 4.00 | 10-15-2033 | 105,000 | 77,175 | |
2,486,524 | |||||
Diversified financial services: 0.48% | |||||
Hat Holdings LLC 144A | 3.38 | 6-15-2026 | 120,000 | 104,377 | |
Hat Holdings LLC 144A | 3.75 | 9-15-2030 | 70,000 | 50,040 | |
Hat Holdings LLC 144A | 6.00 | 4-15-2025 | 55,000 | 53,136 | |
LPL Holdings Incorporated 144A | 4.38 | 5-15-2031 | 210,000 | 180,540 | |
United Wholesale Mortgage LLC 144A | 5.50 | 11-15-2025 | 170,000 | 157,529 | |
545,622 | |||||
Insurance: 0.83% | |||||
Amwins Group Incorporated 144A | 4.88 | 6-30-2029 | 210,000 | 181,468 | |
AssuredPartners Incorporated 144A | 5.63 | 1-15-2029 | 135,000 | 114,750 | |
Broadstreet Partners Incorporated 144A | 5.88 | 4-15-2029 | 345,000 | 293,250 | |
HUB International Limited 144A | 5.63 | 12-1-2029 | 65,000 | 56,916 | |
HUB International Limited 144A | 7.00 | 5-1-2026 | 55,000 | 54,453 | |
Ryan Specialty Group LLC 144A | 4.38 | 2-1-2030 | 165,000 | 141,075 | |
Tri Pointe Homes Incorporated | 5.88 | 6-15-2024 | 110,000 | 109,819 | |
951,731 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 5
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Mortgage REITs: 0.31% | |||||
Blackstone Mortgage Trust Incorporated 144A | 3.75% | 1-15-2027 | $ 125,000 | $ 108,919 | |
Starwood Property Trust Incorporated 144A | 4.38 | 1-15-2027 | 185,000 | 165,512 | |
Starwood Property Trust Incorporated | 4.75 | 3-15-2025 | 90,000 | 86,140 | |
360,571 | |||||
Thrifts & mortgage finance: 0.80% | |||||
Enact Holdings Incorporated 144A | 6.50 | 8-15-2025 | 460,000 | 447,226 | |
Ladder Capital Finance Holdings LP 144A | 4.25 | 2-1-2027 | 50,000 | 43,625 | |
Ladder Capital Finance Holdings LP 144A | 4.75 | 6-15-2029 | 220,000 | 179,871 | |
Ladder Capital Finance Holdings LP 144A | 5.25 | 10-1-2025 | 195,000 | 185,301 | |
United Wholesale Mortgage LLC 144A | 5.50 | 4-15-2029 | 65,000 | 53,788 | |
909,811 | |||||
Health care: 1.28% | |||||
Health care providers & services: 0.88% | |||||
180 Medical Incorporated 144A | 3.88 | 10-15-2029 | 200,000 | 169,982 | |
Air Methods Corporation 144A | 8.00 | 5-15-2025 | 110,000 | 22,399 | |
Davita Incorporated 144A | 4.63 | 6-1-2030 | 370,000 | 299,508 | |
Encompass Health Corporation | 5.75 | 9-15-2025 | 75,000 | 74,209 | |
Pediatrix Medical Group 144A | 5.38 | 2-15-2030 | 110,000 | 92,819 | |
Select Medical Corporation 144A | 6.25 | 8-15-2026 | 260,000 | 251,644 | |
Tenet Healthcare Corporation 144A | 4.88 | 1-1-2026 | 100,000 | 94,898 | |
1,005,459 | |||||
Health care technology: 0.17% | |||||
IQVIA Incorporated 144A | 5.00 | 10-15-2026 | 200,000 | 192,500 | |
Life sciences tools & services: 0.04% | |||||
Charles River Laboratories Incorporated 144A | 4.00 | 3-15-2031 | 50,000 | 43,742 | |
Pharmaceuticals: 0.19% | |||||
Catalent Pharma Solutions Company 144A | 5.00 | 7-15-2027 | 225,000 | 214,369 | |
Industrials: 4.17% | |||||
Aerospace & defense: 0.80% | |||||
Spirit AeroSystems Incorporated 144A | 7.50 | 4-15-2025 | 157,000 | 155,312 | |
Spirit AeroSystems Incorporated 144A | 9.38 | 11-30-2029 | 285,000 | 299,963 | |
TransDigm Group Incorporated 144A | 6.25 | 3-15-2026 | 145,000 | 144,295 | |
TransDigm Group Incorporated | 6.38 | 6-15-2026 | 75,000 | 73,660 | |
TransDigm Group Incorporated | 7.50 | 3-15-2027 | 245,000 | 245,613 | |
918,843 | |||||
Airlines: 0.87% | |||||
American Airlines Group Incorporated 144A | 5.75 | 4-20-2029 | 200,000 | 186,190 | |
Hawaiian Airlines Incorporated | 3.90 | 7-15-2027 | 147,316 | 123,529 | |
Hawaiian Brand Intellectual Property Limited 144A | 5.75 | 1-20-2026 | 375,000 | 355,403 | |
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 245,000 | 247,744 | |
Spirit Loyalty Cayman Limited 144A | 8.00 | 9-20-2025 | 75,000 | 76,019 | |
988,885 | |||||
Commercial services & supplies: 0.89% | |||||
Allied Universal Holdco LLC 144A | 6.00 | 6-1-2029 | 385,000 | 275,974 | |
Allied Universal Holdco LLC 144A | 6.63 | 7-15-2026 | 115,000 | 109,250 |
See accompanying notes to portfolio of investments
6 | Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Commercial services & supplies (continued) | |||||
Aramark Services Incorporated 144A | 6.38% | 5-1-2025 | $ 130,000 | $ 129,743 | |
CoreCivic Incorporated | 8.25 | 4-15-2026 | 485,000 | 495,451 | |
1,010,418 | |||||
Machinery: 0.64% | |||||
Stevens Holding Company Incorporated 144A | 6.13 | 10-1-2026 | 165,000 | 166,388 | |
TK Elevator US Newco Incorporated 144A | 5.25 | 7-15-2027 | 335,000 | 304,019 | |
United Rentals 144A | 6.00 | 12-15-2029 | 5,000 | 5,025 | |
Werner FinCo LP 144A | 8.75 | 7-15-2025 | 325,000 | 260,000 | |
735,432 | |||||
Road & rail: 0.54% | |||||
Uber Technologies Incorporated 144A | 4.50 | 8-15-2029 | 300,000 | 261,158 | |
Uber Technologies Incorporated 144A | 8.00 | 11-1-2026 | 350,000 | 353,985 | |
615,143 | |||||
Trading companies & distributors: 0.43% | |||||
Fortress Transportation & Infrastructure Investors LLC 144A | 5.50 | 5-1-2028 | 150,000 | 130,505 | |
Fortress Transportation & Infrastructure Investors LLC 144A | 6.50 | 10-1-2025 | 329,000 | 315,988 | |
Fortress Transportation & Infrastructure Investors LLC 144A | 9.75 | 8-1-2027 | 43,000 | 43,376 | |
489,869 | |||||
Information technology: 2.08% | |||||
Communications equipment: 0.28% | |||||
Ciena Corporation 144A | 4.00 | 1-31-2030 | 150,000 | 125,813 | |
CommScope Technologies LLC 144A | 4.75 | 9-1-2029 | 60,000 | 50,530 | |
CommScope Technologies LLC 144A | 5.00 | 3-15-2027 | 190,000 | 144,936 | |
321,279 | |||||
Electronic equipment, instruments & components: 0.22% | |||||
Wesco Distribution Incorporated 144A | 7.13 | 6-15-2025 | 245,000 | 248,063 | |
IT services: 0.66% | |||||
Sabre GLBL Incorporated 144A | 7.38 | 9-1-2025 | 40,000 | 38,100 | |
Sabre GLBL Incorporated 144A | 9.25 | 4-15-2025 | 600,000 | 598,500 | |
Sabre GLBL Incorporated 144A%% | 11.25 | 12-15-2027 | 115,000 | 117,875 | |
754,475 | |||||
Semiconductors & semiconductor equipment: 0.06% | |||||
QORVO Incorporated 144A | 3.38 | 4-1-2031 | 90,000 | 72,158 | |
Software: 0.86% | |||||
MPH Acquisition Holdings LLC 144A | 5.50 | 9-1-2028 | 125,000 | 99,846 | |
MPH Acquisition Holdings LLC 144A | 5.75 | 11-1-2028 | 340,000 | 238,850 | |
NCR Corporation 144A | 5.13 | 4-15-2029 | 40,000 | 34,408 | |
NCR Corporation 144A | 6.13 | 9-1-2029 | 200,000 | 194,000 | |
NortonLifeLock Incorporated 144A | 5.00 | 4-15-2025 | 225,000 | 218,250 | |
SS&C Technologies Incorporated 144A | 5.50 | 9-30-2027 | 200,000 | 191,153 | |
976,507 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 7
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Materials: 1.53% | |||||
Chemicals: 0.48% | |||||
Avient Corporation 144A | 7.13% | 8-1-2030 | $ 60,000 | $ 58,578 | |
Celanese US Holding LLC | 6.05 | 3-15-2025 | 340,000 | 338,292 | |
Chemours Company 144A | 4.63 | 11-15-2029 | 185,000 | 148,925 | |
545,795 | |||||
Containers & packaging: 0.95% | |||||
Ball Corporation | 2.88 | 8-15-2030 | 140,000 | 113,812 | |
Berry Global Incorporated 144A | 5.63 | 7-15-2027 | 270,000 | 264,600 | |
Clydesdale Acquisition Holdings Incorporated 144A | 8.75 | 4-15-2030 | 255,000 | 229,245 | |
Crown Cork & Seal Company Incorporated | 7.38 | 12-15-2026 | 165,000 | 168,712 | |
Sealed Air Corporation 144A | 5.00 | 4-15-2029 | 330,000 | 306,900 | |
1,083,269 | |||||
Metals & mining: 0.09% | |||||
Arches Buyer Incorporated 144A | 4.25 | 6-1-2028 | 125,000 | 102,831 | |
Paper & forest products: 0.01% | |||||
Clearwater Paper Corporation 144A | 4.75 | 8-15-2028 | 20,000 | 17,524 | |
Real estate: 1.02% | |||||
Equity REITs: 1.02% | |||||
Iron Mountain Incorporated 144A | 4.50 | 2-15-2031 | 250,000 | 209,300 | |
Iron Mountain Incorporated 144A | 5.25 | 7-15-2030 | 315,000 | 283,500 | |
MPT Operating Partnership LP | 3.50 | 3-15-2031 | 395,000 | 278,475 | |
Service Properties Trust Company | 4.35 | 10-1-2024 | 125,000 | 116,663 | |
Service Properties Trust Company | 4.75 | 10-1-2026 | 100,000 | 82,470 | |
Service Properties Trust Company | 4.95 | 2-15-2027 | 140,000 | 115,299 | |
Service Properties Trust Company | 5.25 | 2-15-2026 | 75,000 | 64,244 | |
Service Properties Trust Company | 7.50 | 9-15-2025 | 15,000 | 14,513 | |
1,164,464 | |||||
Utilities: 1.69% | |||||
Electric utilities: 0.42% | |||||
NextEra Energy Operating Partners LP 144A | 4.25 | 9-15-2024 | 2,000 | 1,882 | |
PG&E Corporation | 5.00 | 7-1-2028 | 25,000 | 23,065 | |
PG&E Corporation | 5.25 | 7-1-2030 | 505,000 | 457,270 | |
482,217 | |||||
Independent power & renewable electricity producers: 1.27% | |||||
NSG Holdings LLC 144A | 7.75 | 12-15-2025 | 412,841 | 401,645 | |
TerraForm Power Operating LLC 144A | 4.75 | 1-15-2030 | 175,000 | 157,500 | |
TerraForm Power Operating LLC 144A | 5.00 | 1-31-2028 | 525,000 | 486,938 | |
Vistra Corporation (5 Year Treasury Constant Maturity +5.74%) 144Aʊ± | 7.00 | 12-15-2026 | 90,000 | 80,498 | |
Vistra Operations Company LLC 144A | 4.38 | 5-1-2029 | 110,000 | 98,414 | |
Vistra Operations Company LLC 144A | 5.63 | 2-15-2027 | 225,000 | 217,677 | |
1,442,672 | |||||
Total Corporate bonds and notes (Cost $40,579,648) | 37,423,024 |
See accompanying notes to portfolio of investments
8 | Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Loans: 2.30% | |||||
Communication services: 0.49% | |||||
Diversified telecommunication services: 0.19% | |||||
Intelsat Jackson Holdings SA (U.S. SOFR 6 Month +4.25%) ± | 7.44% | 2-1-2029 | $ 220,358 | $ 212,590 | |
Entertainment: 0.07% | |||||
Dave & Buster's Incorporated (U.S. SOFR 1 Month +5.00%) ± | 9.19 | 6-29-2029 | 84,788 | 84,003 | |
Media: 0.23% | |||||
Clear Channel Outdoor Holdings (1 Month LIBOR +3.50%) ± | 7.91 | 8-21-2026 | 89,769 | 81,954 | |
Hubbard Radio LLC (3 Month LIBOR +4.25%) ± | 8.32 | 3-28-2025 | 211,464 | 185,295 | |
267,249 | |||||
Consumer discretionary: 0.05% | |||||
Multiline retail: 0.05% | |||||
LSF9 Atlantis Holdings LLC (U.S. SOFR 1 Month +7.25%) ± | 10.80 | 3-31-2029 | 55,000 | 53,063 | |
Energy: 0.18% | |||||
Oil, gas & consumable fuels: 0.18% | |||||
GIP II Blue Holdings LP (1 Month LIBOR +4.50%) ± | 8.17 | 9-29-2028 | 122,313 | 121,191 | |
M6 ETX Holdings II MidCo LLC (U.S. SOFR 1 Month +4.50%) ± | 8.51 | 9-19-2029 | 85,000 | 84,947 | |
206,138 | |||||
Financials: 0.48% | |||||
Diversified financial services: 0.29% | |||||
Resolute Investment Managers Incorporated (1 Month LIBOR +4.25%) ‡± | 7.92 | 4-30-2024 | 93,437 | 77,786 | |
Resolute Investment Managers Incorporated (1 Month LIBOR +8.00%) ‡± | 12.41 | 4-30-2025 | 105,857 | 89,978 | |
Russell Investments US Institutional Holdco Incorporated (1 Month LIBOR +3.50%) ± | 7.57 | 5-30-2025 | 173,532 | 162,686 | |
330,450 | |||||
Insurance: 0.07% | |||||
Asurion LLC (1 Month LIBOR +5.25%) ± | 9.32 | 1-31-2028 | 105,000 | 80,745 | |
Mortgage REITs: 0.12% | |||||
Claros Mortgage Trust Incorporated (U.S. SOFR 1 Month +4.50%) ‡± | 8.40 | 8-9-2026 | 133,988 | 131,810 | |
Health care: 0.22% | |||||
Health care equipment & supplies: 0.05% | |||||
Surgery Center Holdings Incorporated (1 Month LIBOR +3.75%) ± | 7.63 | 8-31-2026 | 57,885 | 56,728 | |
Pharmaceuticals: 0.17% | |||||
Bausch Health Companies Incorporated (U.S. SOFR 1 Month +5.25%) ± | 9.05 | 2-1-2027 | 266,625 | 197,848 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 9
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Industrials: 0.88% | |||||
Airlines: 0.32% | |||||
Mileage Plus Holdings LLC (1 Month LIBOR +5.25%) ± | 8.78% | 6-21-2027 | $ 237,500 | $ 244,031 | |
SkyMiles IP Limited (3 Month LIBOR +3.75%) ± | 7.99 | 10-20-2027 | 115,000 | 116,524 | |
360,555 | |||||
Commercial services & supplies: 0.39% | |||||
The Geo Group Incorporated (U.S. SOFR 1 Month +7.13%) <± | 11.21 | 3-23-2027 | 449,018 | 448,879 | |
Machinery: 0.17% | |||||
Vertical US Newco Incorporated (6 Month LIBOR +3.50%) ± | 6.87 | 7-30-2027 | 41,005 | 39,263 | |
Werner FinCo LP (3 Month LIBOR +4.00%) ± | 7.67 | 7-24-2024 | 176,744 | 152,884 | |
192,147 | |||||
Total Loans (Cost $2,774,097) | 2,622,205 |
Expiration date | Shares | ||||
Rights: 0.00% | |||||
Communication services: 0.00% | |||||
Diversified telecommunication services: 0.00% | |||||
Intelsat Jackson Holdings SA Series A Contingent Value Rights ♦† | 12-5-2022 | 460 | 0 | ||
Intelsat Jackson Holdings SA Series B Contingent Value Rights ♦† | 12-5-2022 | 460 | 0 | ||
Total Rights (Cost $0) | 0 |
Maturity date | Principal | ||||
Yankee corporate bonds and notes: 3.38% | |||||
Communication services: 0.31% | |||||
Media: 0.23% | |||||
Videotron Limited 144A | 5.13 | 4-15-2027 | $ 270,000 | 258,120 | |
Wireless telecommunication services: 0.08% | |||||
Connect U.S. Finco LLC 144A | 6.75 | 10-1-2026 | 100,000 | 94,500 | |
Energy: 0.37% | |||||
Oil, gas & consumable fuels: 0.37% | |||||
Baytex Energy Corporation 144A | 8.75 | 4-1-2027 | 165,000 | 170,110 | |
Griffin Coal Mining Company Limited 144A♦† | 9.50 | 12-1-2016 | 60,957 | 0 | |
NorthRiver Midstream Finance LP 144A | 5.63 | 2-15-2026 | 270,000 | 255,695 | |
425,805 | |||||
Financials: 0.39% | |||||
Diversified financial services: 0.39% | |||||
Castlelake Aviation Finance 144A | 5.00 | 4-15-2027 | 255,000 | 216,727 |
See accompanying notes to portfolio of investments
10 | Allspring Utilities and High Income Fund
Portfolio of investments—November 30, 2022 (unaudited)
Interest rate | Maturity date | Principal | Value | ||
Diversified financial services (continued) | |||||
New Red Finance Incorporated 144A | 4.00% | 10-15-2030 | $ 135,000 | $ 113,692 | |
New Red Finance Incorporated 144A | 5.75 | 4-15-2025 | 110,000 | 110,275 | |
440,694 | |||||
Health care: 0.83% | |||||
Biotechnology: 0.19% | |||||
Grifols Escrow Issuer SA 144A | 4.75 | 10-15-2028 | 265,000 | 222,701 | |
Pharmaceuticals: 0.64% | |||||
Bausch Health Companies Incorporated 144A | 4.88 | 6-1-2028 | 125,000 | 76,575 | |
Bausch Health Companies Incorporated 144A | 5.25 | 1-30-2030 | 410,000 | 170,737 | |
Teva Pharmaceutical Finance Netherlands III BV | 6.00 | 4-15-2024 | 370,000 | 364,861 | |
Teva Pharmaceutical Finance Netherlands III BV | 6.75 | 3-1-2028 | 115,000 | 113,196 | |
725,369 | |||||
Industrials: 1.21% | |||||
Airlines: 0.43% | |||||
Air Canada Pass-Through Trust Series 2020-1 Class C 144A | 10.50 | 7-15-2026 | 340,000 | 345,081 | |
VistaJet Malta Finance PLC 144A | 6.38 | 2-1-2030 | 180,000 | 147,600 | |
492,681 | |||||
Electrical equipment: 0.46% | |||||
Sensata Technologies BV 144A | 4.00 | 4-15-2029 | 270,000 | 235,003 | |
Sensata Technologies BV 144A | 5.00 | 10-1-2025 | 45,000 | 43,972 | |
Sensata Technologies BV 144A | 5.63 | 11-1-2024 | 100,000 | 99,784 | |
Sensata Technologies BV 144A | 5.88 | 9-1-2030 | 155,000 | 147,193 | |
525,952 | |||||
Trading companies & distributors: 0.32% | |||||
Fly Leasing Limited 144A | 7.00 | 10-15-2024 | 485,000 | 362,503 | |
Information technology: 0.14% | |||||
Technology hardware, storage & peripherals: 0.14% | |||||
Seagate HDD Cayman | 4.13 | 1-15-2031 | 205,000 | 160,271 | |
Materials: 0.13% | |||||
Containers & packaging: 0.13% | |||||
Ardagh Packaging Finance plc 144A | 6.00 | 6-15-2027 | 155,000 | 151,313 | |
Total Yankee corporate bonds and notes (Cost $4,530,313) | 3,859,909 |
Yield | Shares | ||||
Short-term investments: 1.69% | |||||
Investment companies: 1.69% | |||||
Allspring Government Money Market Fund Select Class ♠∞## | 3.60 | 1,929,180 | 1,929,180 | ||
Total Short-term investments (Cost $1,929,180) | 1,929,180 | ||||
Total investments in securities (Cost $129,960,560) | 125.97% | 143,714,566 | |||
Other assets and liabilities, net | (25.97) | (29,630,369) | |||
Total net assets | 100.00% | $114,084,197 |
See accompanying notes to portfolio of investments
Allspring Utilities and High Income Fund | 11
Portfolio of investments—November 30, 2022 (unaudited)
‡ | Security is valued using significant unobservable inputs. |
† | Non-income-earning security |
144A | The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933. |
± | Variable rate investment. The rate shown is the rate in effect at period end. |
< | All or a portion of the position represents an unfunded loan commitment. The rate represents the current interest rate if the loan is partially funded. |
♦ | The security is fair valued in accordance with Allspring Funds Management's valuation procedures, as the Board-designated valuation designee. |
## | All or a portion of this security is segregated for when-issued securities and unfunded loans. |
♠ | The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940. |
∞ | The rate represents the 7-day annualized yield at period end. |
%% | The security is purchased on a when-issued basis. |
ʊ | Security is perpetual in nature and has no stated maturity date. The date shown reflects the next call date. |
Abbreviations: | |
LIBOR | London Interbank Offered Rate |
REIT | Real estate investment trust |
SOFR | Secured Overnight Financing Rate |
Investments in affiliates
An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same adviser or investment manager. Transactions with issuers that were affiliates of the Fund at the end of the period were as follows:
Value, beginning of period | Purchases | Sales proceeds | Net realized gains (losses) | Net change in unrealized gains (losses) | Value, end of period | Shares, end of period | Income from affiliated securities | |
Short-term investments | ||||||||
Allspring Government Money Market Fund Select Class | $3,237,394 | $4,339,290 | $(5,647,504) | $0 | $0 | $1,929,180 | 1,929,180 | $16,461 |
See accompanying notes to portfolio of investments
12 | Allspring Utilities and High Income Fund
Notes to portfolio of investments—November 30, 2022 (unaudited)
Securities valuation
All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.
Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price.
Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.
Investments in registered open-end investment companies (other than those listed on a foreign or domestic exchange or market) are valued at net asset value.
Investments which are not valued using the methods discussed above are valued at their fair value, as determined in good faith by Allspring Funds Management, LLC ("Allspring Funds Management"), which was named the valuation designee by the Board of Trustees. As the valuation designee, Allspring Funds Management is responsible for day-to-day valuation activities for the Allspring Funds. In connection with these responsibilities, Allspring Funds Management has established a Valuation Committee and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities. On a quarterly basis, the Board of Trustees receives reports of valuation actions taken by the Valuation Committee. On at least an annual basis, the Board of Trustees receives an assessment of the adequacy and effectiveness of Allspring Funds Management's process for determining the fair value of the portfolio of investments.
When-issued transactions
The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund's commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.
Loans
The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.
As of November 30, 2022, the Fund had unfunded loan commitments of $208,133.
Fair valuation measurements
Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:
■ | Level 1 – quoted prices in active markets for identical securities |
■ | Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) |
■ | Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments) |
The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.
Allspring Utilities and High Income Fund | 13
Notes to portfolio of investments—November 30, 2022 (unaudited)
The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of November 30, 2022:
Quoted prices (Level 1) | Other significant observable inputs (Level 2) | Significant unobservable inputs (Level 3) | Total | |
Assets | ||||
Investments in: | ||||
Common stocks | ||||
Communication services | $0 | $0 | $85,998 | $85,998 |
Energy | 154,529 | 0 | 0 | 154,529 |
Financials | 186,315 | 0 | 0 | 186,315 |
Utilities | 97,453,406 | 0 | 0 | 97,453,406 |
Corporate bonds and notes | 0 | 37,423,024 | 0 | 37,423,024 |
Loans | 0 | 2,322,631 | 299,574 | 2,622,205 |
Rights | ||||
Communication services | 0 | 0 | 0 | 0 |
Yankee corporate bonds and notes | 0 | 3,859,909 | 0 | 3,859,909 |
Short-term investments | ||||
Investment companies | 1,929,180 | 0 | 0 | 1,929,180 |
Total assets | $99,723,430 | $43,605,564 | $385,572 | $143,714,566 |
Additional sector, industry or geographic detail, if any, is included in the Portfolio of Investments.
For the three months ended November 30, 2022, the Fund did not have any transfers into/out of Level 3.
14 | Allspring Utilities and High Income Fund