Allspring Closed-End Funds Declare Monthly and Quarterly Distributions

Rhea-AI Summary

The Allspring Income Opportunities Fund (EAD), Allspring Multi-Sector Income Fund (ERC), Allspring Utilities and High Income Fund (ERH), and Allspring Global Dividend Opportunity Fund (EOD) announced distributions on November 16, 2022. EAD will distribute $0.05357 monthly, ERC $0.07243 monthly, ERH $0.07496 monthly, and EOD $0.12017 quarterly. Each fund aims to provide a high level of current income, with EOD targeting long-term capital growth. The fixed annual distribution rates are 8% for EAD, ERC, and 7% for ERH, and 9% for EOD, based on average monthly NAV.

Positive

• Monthly distributions reaffirmed for EAD, ERC, ERH, with sustainable income generation.
• EOD offers quarterly distributions, aligning with investor income expectations.
• Funds target annual minimum fixed rates: 8% for EAD, ERC, 7% for ERH, 9% for EOD.

Negative

• EAD and ERC experienced distribution declines of $0.00122 and $0.00181 respectively.
• EOD's quarterly distribution decreased by $0.00741, indicating potential income challenges.

CHARLOTTE, N.C., Nov. 16, 2022 /PRNewswire/ -- The Allspring Income Opportunities Fund (NYSE American: EAD), the Allspring Multi-Sector Income Fund (NYSE American: ERC), the Allspring Utilities and High Income Fund (NYSE American: ERH), and the Allspring Global Dividend Opportunity Fund (NYSE: EOD) have each announced a distribution.

TICKER	Fund name	Distribution per share	Frequency	CHANGE FROM PRIOR DISTRIBUTION
EAD	Allspring Income Opportunities Fund	$0.05357	Monthly	-$0.00122
ERC	Allspring Multi-Sector Income Fund	$0.07243	Monthly	-$0.00181
ERH	Allspring Utilities and High Income Fund	$0.07496	Monthly	-$0.00075
EOD	Allspring Global Dividend Opportunity Fund	$0.12017	Quarterly	-$0.00741

The following dates apply to today's distribution declaration for each fund:

Declaration date	November 16, 2022
Ex-dividend date	December 12, 2022
Record date	December 13, 2022
Payable date	January 3, 2023

These funds make distributions in accordance with a managed distribution plan that provides for the declaration of monthly distributions (in the case of the Allspring Income Opportunities Fund, the Allspring Multi-Sector Income Fund and the Allspring Utilities and High Income Fund) or quarterly distributions (in the case of the Allspring Global Dividend Opportunity Fund) to common shareholders of the fund at an annual minimum fixed rate of 7% for the Allspring Utilities and High Income Fund, 8% for the Allspring Income Opportunities Fund, 8% for the Allspring Multi-Sector Income Fund, and 9% for the Allspring Global Dividend Opportunity Fund based on the fund's average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, distributions are sourced from income and also may be sourced from paid-in capital and/or capital gains. The fund's distributions in any period may be more or less than the net return earned by the fund on its investments and therefore should not be used as a measure of performance or confused with yield or income. Distributions in excess of fund returns will cause the fund's NAV to decline. Investors should not draw any conclusions about the fund's investment performance from the amount of its distribution or from the terms of its managed distribution plan.

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.

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SOURCE Allspring Global Investments

FAQ

What are the distribution rates for EAD, ERH, and EOD announced on November 16, 2022?

EAD will distribute $0.05357, ERH $0.07496 monthly, and EOD $0.12017 quarterly.

When is the ex-dividend date for EAD, ERH, and EOD?

The ex-dividend date for EAD and ERH is December 12, 2022, and for EOD it is also December 12, 2022.

What is the frequency of distributions for EAD, ERH, and EOD?

EAD, ERH, and ERC distribute monthly, while EOD distributes quarterly.

What are the annual minimum fixed rates for EAD, ERC, ERH, and EOD?

EAD, ERC have 8%, ERH has 7%, and EOD has 9% annual minimum fixed rates.

What could affect the NAV of the Allspring funds?

NAV may decline if distributions exceed the fund's net returns; risk factors include market conditions and investment performance.