CHARLOTTE, N.C., Nov. 15,
2023 /PRNewswire/ -- The following four Allspring
closed-end funds announced today that they will renew their
open-market share repurchase programs:
- Allspring Global Dividend Opportunity Fund (NYSE: EOD)
- Allspring Income Opportunities Fund (NYSE American: EAD)
- Allspring Multi-Sector Income Fund (NYSE American: ERC)
- Allspring Utilities and High Income Fund (NYSE American:
ERH)
The funds' Board of Trustees has authorized the repurchase of an
aggregate of up to 5% of each fund's outstanding shares in
open-market transactions during the period beginning January 1, 2024 and ending December 31, 2024. The Board has again delegated
to Allspring Funds Management, LLC, discretion to determine the
amount and timing of repurchases of shares of each fund in
accordance with the best interests of the fund and subject to
applicable legal limitations. The Board will continue to receive
periodic reports on repurchase activity as part of its ongoing
oversight of the programs, which includes deciding whether to renew
or discontinue the programs at the end of their terms.
The Board previously authorized the repurchase during the period
from January 1, 2023, through
December 31, 2023, of an aggregate of
up to 5% of the outstanding shares of each fund. Through
October 31, 2023, EOD repurchased
27,566 shares (or 0.06% of outstanding shares), ERH repurchased
19,878 shares (or 0.21% of outstanding shares), and EAD repurchased
357,705 shares (or 0.69% of outstanding shares). ERC did not
repurchase any shares during this period.
The Allspring Income Opportunities Fund is a closed-end
high-yield bond fund. The fund's investment objective is to seek a
high level of current income. The fund may, as a secondary
objective, seek capital appreciation to the extent it is consistent
with its investment objective.
The Allspring Multi-Sector Income Fund is a closed-end income
fund. The fund's investment objective is to seek a high level of
current income consistent with limiting its overall exposure to
domestic interest rate risk.
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 Allspring Global Dividend Opportunity 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. The fund's secondary
objective is long-term growth of capital.
For more information on Allspring's closed-end funds, please
visit www.allspringglobal.com.
These closed-end funds are no longer available in public
offerings and are 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 a 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 a 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. Foreign
investments may contain more risk due to the inherent risks
associated with changing political climates, foreign market
instability, and foreign currency fluctuations. Risks of
international investing are magnified in emerging or developing
markets. Funds that concentrate their investments in a single
industry or sector may face increased risk of price fluctuation
over more diversified funds due to adverse developments within that
industry or sector. Small- and mid-cap securities may be subject to
special risks associated with narrower product lines and limited
financial resources compared with their large-cap counterparts.
Each 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 the net asset value
and the market price of common shares. 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.
There are numerous risks associated with transactions in options on
securities.
Allspring Global Investments™ 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). Associated with Allspring is
Galliard Capital Management, LLC (an investment advisor that is not
part of the Allspring trade name/GIPS firm).
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.
ALL-11142023-bzquv0uj
View original content to download
multimedia:https://www.prnewswire.com/news-releases/closed-end-funds-advised-by-allspring-funds-management-renew-share-repurchase-programs-301989754.html
SOURCE Allspring Global Investments
