Wells Fargo Funds Management, LLC, announced today that Christopher
Wightman of First International Advisors, LLC, has been added to the
portfolio management team for the Wells Fargo Advantage Multi-Sector
Income Fund (NYSE Amex: ERC), effective immediately.
Mr. Wightman will join current portfolio managers Michael Lee; Tony
Norris; Alex Perrin; and Peter Wilson of First International Advisors
and Michael Bray, CFA; Christopher Kauffman, CFA; Niklas Nordenfelt,
CFA; Janet Rilling, CFA, CPA; and Phil Susser of Wells Capital
Management Incorporated.
The fund’s objective and strategy are not expected to change as a result
of today’s announcement. The Wells Fargo Advantage Multi-Sector
Income Fund is a closed-end bond fund. The fund’s primary investment
objective is to seek a high level of current income consistent with
limiting its overall exposure to domestic interest-rate risk.
About Christopher Wightman
Senior Portfolio Manager, First International Advisors
Chris Wightman has been with Wells Capital Management since 2011. He is
currently a senior portfolio manager with the First International
Advisors team at Wells Capital Management. He is one of five senior
members of the investment team that forms the Senior Strategy Team. His
responsibilities include macro-portfolio allocation, portfolio
positioning, and risk management. Previously, Mr. Wightman worked at
JPMorgan Chase, where he served as a senior investment manager
specializing in global fixed-income strategies. Earlier, he served as a
senior fixed-income trader at Fidelity International. Mr. Wightman began
his investment industry career in 1997 as a graduate analyst at Morgan
Stanley. He earned a bachelor’s degree in business studies at
Staffordshire University (U.K.).
About investment risks
The fund has leverage through borrowings. The use of leverage results in
certain risks, including, among others, the likelihood of greater
volatility of net asset value (NAV) and the market price of common
shares. Foreign investments may contain more risk due to the inherent
risks associated with changing political climates, foreign market
instability, and foreign currency fluctuations. Emerging markets
securities typically present even greater exposure to the risks of
investment in foreign securities issued in developed markets and may be
particularly sensitive to certain economic changes. 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.
Below-investment-grade securities are commonly referred to as “junk
bonds” and are considered speculative with respect to the issuer’s
capacity to pay interest and principal. They involve greater risk of
loss, are subject to greater price volatility, and are less
liquid—especially during periods of economic uncertainty or change—than
higher-rated debt securities. Generally, the value of fixed-income
securities rises when prevailing interest rates fall and falls when
interest rates rise. U.S. government guarantees apply only to certain
securities held in the fund’s portfolio and not to the fund’s shares.
The fund is also exposed to mortgage- and asset-backed securities
risk. Illiquid securities may be subject to wide fluctuations in market
value. The fund may be subject to significant delays in disposing of
illiquid securities. Accordingly, the fund may be forced to sell these
securities at less than fair market value or may not be able to sell
them when the advisor or subadvisor believes that it is desirable to do
so.
This closed-end fund is no longer conducting an initial public
offering, and shares may be purchased only 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 in the secondary marketplace, and
the market price of the shares is determined by supply and demand—not by
NAV—and is often at a lower price than the NAV. A closed-end fund is not
required to buy its shares back from investors upon request.
About Wells Fargo Funds Management, LLC
Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells
Fargo & Company (NYSE: WFC), provides investment advisory and
administrative services for the fund. Other affiliates of Wells Fargo &
Company provide subadvisory and other services for the fund. The
open-end funds are distributed by Wells Fargo Funds Distributor, LLC,
Member FINRA/SIPC, an affiliate of Wells Fargo & Company. For more
information about the fund, please visit wellsfargoadvantagefunds.com.
210596 06-12
NOT FDIC INSURED * NO BANK GUARANTEE * MAY LOSE VALUE
