Allspring Utilities and High Income Fund Stock

Allspring Utilities and High Income Fund (the Fund) is a diversified, closed-end management investment company. The Fund seeks a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income. The Fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the Fund will allocate approximately 70% of its total assets to a sleeve that places a focus on common, preferred and convertible preferred stocks of utility companies and approximately 30% of its total assets to a sleeve of the United States dollar denominated below investment grade (high yield) debt. The Fund invests in a portfolio of sectors, which include utilities, healthcare, communications, energy, advertising, media, financial, industrial, chemicals, airlines, software, trucking and leasing, technology, and others. Allspring Funds Management, LLC is an investment advisor of the Fund.