SAN FRANCISCO—Wells Fargo Funds Management, LLC, announced today that Michael Bray, CFA, will be added to the portfolio management team for the Wells Fargo Advantage Multi-Sector Income Fund (NYSE Amex: ERC), effective January 1, 2011.
In conjunction with this change, Richard Applebach, CFA, will no longer serve as a portfolio manager for the Fund. He will remain a portfolio manager for Wells Capital Management (WellsCap), the Fund’s subadvisor.
Christopher Y. Kauffman, CFA; Niklas Nordenfelt, CFA; Anthony Norris; Phil Susser; and Peter Wilson will continue in their roles as managers of the Fund.
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 Michael Bray:
Mr. Bray is a portfolio manager on the customized fixed-income team at Wells Capital Management. Prior to joining WellsCap in 2005, he was managing director at State Street Research and Management, focusing on mutual fund and institutional account management. He also gained experience while with Merrill Lynch & Company as vice president of mortgage securities research and sales. Before this, he was an analyst with Manufacturers Hanover Company, specializing in mortgage and derivative securities. Mr. Bray received a bachelor's degree in math and actuarial science from the University of Connecticut, Storrs. He received his master's degree in business administration–finance from The Pennsylvania State University. Mr. Bray entered the investment industry in 1988.
This closed-end Fund is no longer offered as an initial public offering and is only offered 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 net asset value (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.