Results of Special Shareholder Meetings of Wells Fargo Closed-End Funds
17 August 2021 - 11:44AM
Business Wire
In connection with the proposed sale by Wells Fargo &
Company of Wells Fargo Asset Management (WFAM) to a holding company
affiliated with private funds of GTCR LLC and Reverence Capital
Partners, L.P. announced on February 23, 2021, shareholders of the
Wells Fargo closed-end funds identified below (each, a “Fund” and,
collectively, the “Funds”) were asked to approve new investment
advisory and sub-advisory agreements for the Funds at special
meetings of shareholders held on August 16, 2021 (collectively, the
“Meetings”). At the Meetings, shareholders of the below-listed
Funds approved the applicable new investment advisory and
sub-advisory agreements:
Wells Fargo Income Opportunities Fund (NYSE
American: EAD) Wells Fargo Multi-Sector Income Fund (NYSE American:
ERC) Wells Fargo Utilities and High Income Fund (NYSE American:
ERH) Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD)
WFAM is the trade name used by the asset management businesses
of Wells Fargo and includes Wells Fargo Funds Management, LLC, the
investment adviser to each of the Funds, Wells Capital Management,
LLC, a sub-adviser to each of the Funds, and Wells Fargo Asset
Management (International) Limited, a sub-adviser to Wells Fargo
Multi-Sector Income Fund. In connection with the transaction, Wells
Capital Management, LLC, is expected to convert from a California
corporation to a Delaware limited liability company.
The Wells Fargo Income Opportunities Fund is a closed-end
high-yield bond fund. The fund’s investment objective is to seek a
high level of current income. The fund may, as a secondary
objective, seek capital appreciation to the extent it is consistent
with its investment objective.
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.
The Wells Fargo Utilities and High Income Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income and moderate capital growth
with an emphasis on providing tax-advantaged dividend income.
The Wells Fargo Global Dividend Opportunity Fund is a closed-end
equity and high-yield bond fund. The fund’s investment objective is
to seek a high level of current income. The fund’s secondary
objective is long-term growth of capital.
For more information on Wells Fargo’s closed-end funds, please
visit our website.
These closed-end funds are no longer available in initial public
offerings and are 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. Shares of a fund may trade
at either a premium or discount relative to the fund’s net asset
value, and there can be no assurance that any discount will
decrease. The values of, and/or the income generated by, securities
held by a fund may decline due to general market conditions or
other factors, including those directly involving the issuers of
such securities. Equity securities fluctuate in value in response
to factors specific to the issuer of the security. Debt securities
are subject to credit risk and interest rate risk, and high-yield
securities and unrated securities of similar credit quality have a
much greater risk of default and their values tend to be more
volatile than higher-rated securities with similar maturities.
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. Funds that concentrate their investments in a single
industry or sector may face increased risk of price fluctuation
over more diversified funds due to adverse developments within that
industry or sector. Small- and mid-cap securities may be subject to
special risks associated with narrower product lines and limited
financial resources compared with their large-cap counterparts.
Each 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 the net asset value 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 closely track. There are
numerous risks associated with transactions in options on
securities.
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, LLC, 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.
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. Readers must make
their own assessment of the information contained herein and
consider such other factors as they may deem relevant to their
individual circumstances.
PAR-0821-00434
INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO
BANK GUARANTEE ● MAY LOSE VALUE
WF-CF
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version on businesswire.com: https://www.businesswire.com/news/home/20210816005761/en/
Media Jeanette Foster, 415-264-1323
jeanette.d.foster@wellsfargo.com
Shareholder inquiries 1-800-730-6001
Financial advisor inquiries 1-888-877-9275
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