Allspring Global Investments Closed-End Funds Announce Close of Transaction |

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CHARLOTTE, North Carolina, November 1, 2021 / PRNewswire / – Closed-end funds Allspring Global Investments ™ announced today that the previously announced transaction to sell Wells Fargo Asset Management (WFAM) to GTCR LLC and Reverence Capital Partners, LP, has been completed. Concurrent with the closing, WFAM’s name changed to Allspring Global Investments (Allspring), an independent asset management company.

Allspring Global Investments is the trade name for the asset management companies of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, LP. These companies include: Allspring Funds Management, LLC, the investment advisor of each of the funds; Allspring Global Investments, LLC, a sub-advisor of each of the funds; and Allspring Global Investments (UK) Limited, a sub-advisor of Wells Fargo Multi-Sector Income Fund.

Also as part of the closing, new investment advisory and sub-advisory agreements for the funds came into effect.

As previously stated, WFAM Closed End Funds plan to change their name to include “Allspring”, effective December 6, 2021, as following:

Allspring Income Opportunities Fund (American NYSE: EAD)

Allspring Multi-Sector Income Fund (US NYSE: ERC)

Allspring Utilities and High Income Fund (American NYSE: ERH)

Allspring Global Dividend Opportunity Fund (NYSE: EOD)

The Wells Fargo Income Opportunities Fund is a high yield, closed-end bond fund. The investment objective of the fund is to seek a high level of current income. The fund may as a secondary objective seek capital appreciation to the extent that this 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 while 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 investment objective of the fund is to seek a high level of current income and moderate capital growth with an emphasis on paying tax-efficient dividend income.

The Wells Fargo Global Dividend Opportunity Fund is a closed-end equity and high yield bond fund. The investment objective of the fund is to seek a high level of current income. The secondary objective of the fund is long-term capital growth.

For more information on Allspring closed-end funds, please visit www.allspringglobal.com.

About Allspring Global Investments

Allspring Global Investments is a leading independent asset management company with $ 587 billion in assets under management,1 18 offices around the world and specialized investment teams supported by more than 480 investment professionals around the world. Allspring and its investment teams offer a wide range of differentiated investment products and solutions to help its diverse range of clients achieve their investment goals. For more information, please visit www.allspringglobal.com.

  1. From September 30, 2021. Assets under management include $ 93 billion of Galliard Capital Management, an investment advisor who is not part of Allspring / GIPS.

About the GTCR

Founded in 1980, GTCR is a leading private equity firm focused on investing in growing companies in healthcare, financial services and technology, technology, media and telecommunications and services to growth companies. The ChicagoThe Paris-based company pioneered The Leaders Strategy ™ – finding and partnering with management leaders in key areas to identify, acquire and build market-leading companies through transformational acquisitions and growth organic. Since its creation, GTCR has invested more than $ 20 billion in more than 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 firms through control and influence focused investments in 5 sectors: (1) Custodians and finance companies, (2) Asset and Wealth Management, (3) Insurance, (4) Capital Markets, and (5) Technology / Financial Payments. The company was founded in 2013 by Milton Berlinski, Peter Aberg, and Alex chulack, who have over 90 years of advisory and investment experience in a wide range of financial services industries. For more information, please visit www.reverencecapital.com.

These closed-end funds are no longer available in public offerings and are only offered through brokers in the secondary market. A closed-end fund is not required to redeem its shares from investors on demand. Shares of a fund may trade at a premium or at a discount to the net asset value of the fund, and there can be no assurance that a discount will decrease. The values ​​and / or 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 higher risk of default and their values ​​tend to be lower. more volatile than higher rated securities with similar maturities. Foreign investments may contain more risk due to the inherent risks associated with changes in political climate, instability in foreign markets and fluctuations in foreign currencies. The risks of international investing are magnified in emerging or developing markets. Funds that concentrate their investments in a single industry or sector may face an increased risk of price movements compared to more diversified funds due to unfavorable developments within that industry or sector. Small and mid cap securities may be subject to particular risks associated with narrower product lines and limited financial resources compared to their large cap counterparts. Each fund is leveraged through a revolving credit facility and may also be leveraged by issuing preferred shares in the future.

The use of leverage involves certain risks, including, but not limited to, the likelihood of greater volatility in the net asset value and price of common shares. Derivatives carry additional risks, including interest rate risk, credit risk, incorrect valuation risk and the risk of non-correlation with the relevant instruments that they are designed to hedge or closely monitor. There are many risks associated with trading in securities options.

Allspring Global Investments ™ is the trade name for the asset management companies of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by certain private funds of GTCR LLC and Reverence Capital Partners, LP. These companies include, without limitation, Allspring Global Investments, LLC and Allspring Funds Management, LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC (a broker and FINRA / SIPC member). Galliard Capital Management, LLC (an investment advisor not part of the Allspring / GIPS trade name) is associated with Allspring.

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 investment, strategy or strategy. specific plan.

Some of the information contained in this document may include forward-looking statements about the expected investment activities of the funds. These statements do not provide any assurance as to the investment activities or the actual results of the funds. Readers should make their own assessment of the information contained in this document and take into account other factors that they deem relevant to their personal circumstances.

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SOURCE Allspring Global Investments

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