Portfolio Management Change for the Wells Fargo Multi-Sector Income Fund

SAN FRANCISCO--()--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

Contacts

Wells Fargo
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1-800-730-6001
or
Financial advisor inquiries
1-888-877-9275
or
Media contact:
John Roehm, 415-222-5338
john.o.roehm@wellsfargo.com

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Release Summary

Effective today, Ashok Bhatia, CFA, is no longer a portfolio manager for the Wells Fargo Multi-Sector Income Fund (NYSE MKT: ERC). The remaining nine portfolio managers continue in their roles.

Wells Fargo & Company