Company Allspring Utilities and High Income Fund

Allspring Utilities and High Income Fund (the Fund) is a closed-end management investment fund. The Fund seeks a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income. The Fund’s investment objective is a fundamental policy and may not be changed without the approval of a majority of the outstanding voting securities. The Fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the Fund allocates approximately 70% of its total assets to an investment strategy that focuses on common, preferred and convertible preferred stocks of utility companies (equity sleeve). The Fund may invest this portion of assets in companies across all market capitalizations. The Fund invests in a portfolio of sectors, which include utilities, communications, energy, financials, industrials and technology. Allspring Funds Management, LLC is an investment advisor of the Fund.