Portfolio Management Change for the Wells Fargo Multi-Sector Income Fund
May 22 2017 - 4:05PM
Business Wire
Effective today, senior portfolio manager Ashok Bhatia, CFA, has
left Wells Capital Management, Inc. (WellsCap), and is no longer a
portfolio manager for the Wells Fargo Multi-Sector Income Fund
(NYSE MKT: ERC).
The remaining nine portfolio managers from WellsCap continue as
portfolio managers for the fund:
- Christopher Kaufmann, CFA
- Michael Lee
- Anthony Norris
- Nicholas Nordenfelt, CFA
- Alex Perrin
- Philip Susser
- Christopher Wightman
- Peter Wilson
- Noah Wise, CFA
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. For more information on Wells Fargo’s
closed-end funds, please visit our website.
This closed-end fund is no longer engaged in initial public
offerings, and shares are only available through broker/dealers on
the secondary market. Unlike an open-end mutual fund, a
closed-end fund offers a fixed number of shares for sale. After the
initial public offering, shares are bought and sold through
broker/dealers in the secondary marketplace, and the market price
of the shares is determined by supply and demand, not by NAV, and
is often lower than the NAV. A closed-end fund is not required to
buy its shares back from investors upon request.
High-yield, lower-rated bonds may contain more risk due to the
increased possibility of default. 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. This Fund is exposed
to mortgage- and asset-backed securities risk. When interest rates
rise, the value of debt securities tends to fall. When interest
rates decline, interest that a fund is able to earn on its
investments in debt securities may also decline, but the value of
those securities may increase. Changes in market conditions and
government policies may lead to periods of heightened volatility in
the debt securities market and reduced liquidity for certain fund
investments. Interest-rate changes and their impact on the funds
and their NAVs can be sudden and unpredictable.
The use of leverage results in certain risks, including, among
others, the likelihood of greater volatility of the NAV 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 to closely track. There
are numerous risks associated with transactions in options on
securities. Illiquid securities may be subject to wide fluctuations
in market value and may be difficult to sell.
Wells Fargo Asset Management (WFAM) is a trade name used by the
asset management businesses of Wells Fargo & Company. Wells
Fargo Funds Management, LLC, a wholly owned subsidiary of Wells
Fargo & Company, provides investment advisory and
administrative services for Wells Fargo Funds. Other affiliates of
Wells Fargo & Company provide subadvisory and other services
for the funds. This material is prepared by Wells Fargo Funds
Distributor, LLC, Member FINRA, an affiliate of Wells Fargo
& Company. Neither Wells Fargo Funds Management nor Wells Fargo
Funds Distributor has fund customer accounts/assets, and neither
provides investment advice/recommendations or acts as an investment
advice fiduciary to any investor.
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. The reader must
make his/her own assessment of the information contained herein and
consider such other factors as he/she may deem relevant to his/her
individual circumstances.
303701 05-17
NOT FDIC INSURED • NO BANK GUARANTEE • MAY
LOSE VALUE
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Wells FargoShareholder inquiries1-800-730-6001orFinancial
advisor inquiries1-888-877-9275orMedia contact:John Roehm,
415-222-5338john.o.roehm@wellsfargo.com
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