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charlotte, north carolina, January 24, 2024 /PRNewswire/ — Effective immediately; andy smith, CFA, will be added as a portfolio manager for the AllSpring Utility and High Income Fund (NYSE American: ERH). This change does not change our investment philosophy or process.
Andy will also be joining us. Jack SudichCFA and Kent Newcombe, CFA managed the Fund’s equity sleeve. michael schulerCFA and Chris Lee, CFA will continue to manage the fund’s high-yield fixed income sleeve.
Allspring Utilities and High Income Fund is a closed-end equity and high-yield bond fund. The Fund’s investment objective is to pursue high levels of ordinary income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.
about andy smithC.F.A.
andy smith He is a portfolio manager on the Rising Dividend Equity team at Allspring Global Investments. Andy joins Allspring from his predecessor company, Wells Fargo Asset Management (WFAM). Prior to joining WFAM, Andy served as an analyst for her WFAM. edward jones, we covered a variety of sectors and investments, including industrials, fixed income, and utilities. Prior to this, he worked as a portfolio reviewer and then an analyst at his AG Edwards. Andy began his investment industry career in 1996. He earned a bachelor’s degree in business administration with an emphasis in marketing and a master’s degree in business administration with an emphasis in management. University of Missouri. Andy holds the right to use the designation Chartered Financial Analyst® (CFA®) and is a member of the CFA Institute and CFA Society St. Louis.
About Allspring
Allspring Global Investments™ is an independent asset management company that provides the following services: $580 billion Includes assets under advisement*, more than 20 offices around the world, and an investment team supported by more than 440 investment professionals. Allspring is committed to inspiring a new era of investing that invests thoughtfully, plans with purpose, and seeks both financial return and positive outcomes. For more information, please visit www.allspringglobal.com.
For more information about AllSpring’s closed-end funds, please visit www.allspringglobal.com.
※the current December 31, 2023. Figures include discretionary and non-discretionary assets.
CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.
This closed-end fund will no longer be available as an initial public offering and will only be offered through broker-dealers in the secondary market.. Closed-end funds are not required to buy back their own shares from investors upon request. Fund shares may trade at a premium or discount to the Fund’s net asset value, and there can be no guarantee that the discount will decrease. The value of securities held by the Fund and/or the income generated by the securities may decline due to general market conditions and other factors, including factors directly related to the issuer of such securities. The value of stocks fluctuates depending on factors specific to the issuer of the security. Debt securities are subject to credit and interest rate risk, and high-yield and unrated securities with similar credit quality have a much greater risk of default and are more volatile in value than high-quality securities with similar maturities. There is a tendency to The Fund is also exposed to risks associated with the concentration of investments in the public sector. A fund that concentrates its investments in a single industry or sector may be subject to increased risk of price fluctuations due to adverse developments within that industry or sector. The Fund is utilized through a revolving credit facility and may be utilized in the future through the issuance of preferred stock. The use of leverage involves certain risks, including the potential for greater volatility in the net asset value and market price of our common stock. Foreign investments may involve more risks due to inherent risks associated with changes in political conditions, foreign market volatility, currency fluctuations, etc. Derivatives involve additional risks, such as interest rate risk, credit risk, risk of inadequate valuation, and risk of non-correlation with related instruments that are designed to be hedged or closely tracked.
Allspring Global Investments™ is the trading name of the asset management company of Allspring Global Investments Holdings, LLC, a holding company indirectly owned by GTCR LLC and certain private funds of Reverence Capital Partners, LP. These companies include, but are not limited to, Allspring Global Investments. , LLC, and Allspring Fund Management LLC. Certain products managed by Allspring entities are distributed by Allspring Funds Distributor, LLC, a broker-dealer and member FINRA/SIPC.
This material is for general informational and educational purposes only and is not intended to provide investment advice or recommendations of any kind, including recommendations for specific investments, strategies, or plans.
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© 2024 Allspring Global Investment Holdings LLC. All rights reserved.
Source Allspring Global Investments
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