CHARLOTTE, N.C., Nov. 12, 2021 /PRNewswire/ -- The following
four Wells Fargo closed-end funds announced today that they will
renew their open-market share repurchase programs:
- Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD)
- Wells Fargo Income Opportunities Fund (NYSE American: EAD)
- Wells Fargo Multi-Sector Income Fund (NYSE American: ERC)
- Wells Fargo Utilities and High Income Fund (NYSE American:
ERH)
The funds' Board of Trustees has authorized the repurchase of an
aggregate of up to 10% of each fund's outstanding shares in
open-market transactions during the period beginning January 1, 2022, and ending December 31, 2022. 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, 2021, through
December 31, 2021, of an aggregate of
up to 10% of the outstanding shares of each fund. Through
October 31, 2021, EOD repurchased
161,176 shares (or 0.37% of outstanding shares). EAD, ERC, and ERH
did not repurchase any shares during this period.
The Wells Fargo 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 Wells Fargo 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 Wells Fargo 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 Wells Fargo 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.
About Allspring Global Investments
Allspring
Global Investments is a leading independent asset management firm
with $587 billion in assets under management,1
18 offices globally, and specialized investment teams supported by
more than 480 investment professionals around the world. Allspring
and its investment teams provide a broad range of differentiated
investment products and solutions to help its diverse range of
clients meet their investment objectives. For more information,
please visit www.allspringglobal.com.
- As of September 30, 2021. AUM
includes $93 billion from Galliard
Capital Management, an investment advisor that is not part of the
Allspring trade name/GIPS firm.
About GTCR
Founded in 1980, GTCR is a leading
private equity firm focused on investing in growth companies in the
Healthcare, Financial Services & Technology, Technology, Media
& Telecommunications, and Growth Business Services industries.
The Chicago-based firm pioneered
The Leaders Strategy™ – finding and partnering with management
leaders in core domains to identify, acquire, and build
market-leading companies through transformational acquisitions and
organic growth. Since its inception, GTCR has invested more than
$20 billion in over 250 companies.
For more information, please visit www.gtcr.com.
About Reverence Capital Partners
Reverence
Capital Partners is a private investment firm focused on thematic
investing in leading global, middle-market Financial Services
businesses through control and influence oriented investments in 5
sectors: (1) Depositories and Finance Companies, (2) Asset and
Wealth Management, (3) Insurance, (4) Capital Markets, and (5)
Financial Technology/Payments. The firm was founded in 2013 by
Milton Berlinski, Peter Aberg, and Alex
Chulack, who collectively bring over 90 years of advisory
and investing experience across a wide range of financial services
sectors. For more information visit, please
visit www.reverencecapital.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.
PAR-1121-00513
Shareholder inquiries
1-800-730-6001
Financial advisor inquiries
1-888-877-9275
Media Inquiries:
Jeanette
Foster
jeanette.d.foster@allspring-global.com
415-302-5902
|
Sarah Kerr
skerr@allspring-global.com
332-910-7679
|
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SOURCE Allspring Global Investments