Market Overview

Wells Fargo Multi-Sector Income Fund Announces Change to Portfolio Management Team

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Anthony Norris, a portfolio manager of the Wells Fargo Multi-Sector
Income Fund (NYSE:ERC), has announced his intention to retire
from Wells Fargo Asset Management (International), LLC, and the
institutional investment industry on October 3, 2018. He will continue
to serve as a portfolio manager of the fund through October 3, 2018.

Alex Perrin; Niklas Nordenfelt, CFA; Peter Wilson; Christopher Kauffman,
CFA; Michael Lee; Philip Susser; Christopher Wightman; and Noah Wise,
CFA, will continue their roles as portfolio managers of the fund. There
will be no change to the investment philosophy or process as a result of
this transition.

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.

This closed-end fund is no longer offered as an initial public
offering and is 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. Investment return and principal value of an
investment will fluctuate so that investors' shares, when sold, may be
worth more or less than their original costs.

The 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 net asset value and the market value
of common shares. Foreign investments are especially volatile and can
rise or fall dramatically due to differences in the political and
economic conditions of the host country. These risks are generally
intensified in emerging markets. Derivatives involve additional risks,
including interest rate risk, credit risk, the risk of improper
valuation, and the risk of noncorrelation to the relevant instruments
that they are designed to hedge or closely track. Bond values fluctuate
in response to the financial condition of individual issuers, general
market and economic conditions, and changes in interest rates. Changes
in market conditions and government policies may lead to periods of
heightened volatility in the bond market and reduced liquidity for
certain bonds held by the fund. In general, when interest rates rise,
bond values fall and investors may lose principal value. Interest rate
changes and their impact on the fund and its share price can be sudden
and unpredictable. High-yield securities have a greater risk of default
and tend to be more volatile than higher-rated debt securities. This
fund is exposed to mortgage- and asset-backed securities risk.

Wells Fargo Asset Management (WFAM) is the trade name for certain
investment advisory/management firms owned by Wells Fargo & Company.
These firms include but are not limited to Wells Capital Management
Incorporated and Wells Fargo Funds Management, LLC. Certain products
managed by WFAM entities are distributed by Wells Fargo Funds
Distributor, LLC (a broker/dealer and Member FINRA).

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.

315294 08-18

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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