Investment and Insurance Products are:
The economic soft-landing we expect should help drive global equity prices higher by year-end 2025 and into 2026.
Persistent underlying supports and looming U.S. tax cut extensions should cushion a mid-2025 tariff-induced economic slowdown and help the U.S. and international economies avoid a recession into 2026.
Lingering policy uncertainties likely will keep U.S. Treasury yields volatile into year-end 2025, but we expect those uncertainties to fade and give way to slightly higher yields in 2026.
The modest improvement in global economic growth that we expect into 2026 should stimulate additional commodity demand and higher prices.
Geopolitical uncertainty
Rapid economic policy changes over the past few months have roiled investors and capital markets. Beyond the sheer complexity of reshaping the global trade order, we remain cautious of persistent regional conflicts in Eastern Europe and the Middle East and lingering geopolitical tensions in the East and South China Seas.
Amidst the policy-induced ebbs and flows, one counter strategy is to seek portfolio exposure to areas that we expect to suffer less negative impact. Reallocating from the Consumer Discretionary equity sector to the Utilities sector could hedge against extended equity-market downside and tariff uncertainty.
Our favorable sub-sectors within the Industrials sector like Aerospace & Defense and Commercial & Professional Services have low exposure to broad economic growth and tariffs in general. For investors who remain hesitant, some buffer in a higher-yielding money-market position may be prudent until markets settle.
Quality assets
We believe a focus on quality asset classes and sectors together with proper diversification are essential during this period of policy uncertainty and slowing economic growth.
Although U.S. large-cap and mid-cap equities have been underperforming developed-market equities in 2025, they remain an important longer-term allocation within U.S. investors’ portfolios. We believe these higher-quality assets are well-suited to weather the policy storm given their strong balance sheets, earnings, and profitability.
We believe fixed income can serve as a potential counterbalance to equities, but we believe now is not the time to significantly overweight the extremes of risk in cash and high yield. However, we believe some short-term fixed-income cushion makes sense, especially to avoid being compelled to sell investments while financial markets are volatile.
Investment income
Fixed-income assets offer a steady stream of cash flow for investors seeking income. As the yields on shorter maturities likely will fall faster than on longer maturities, we believe the best opportunities are in the intermediate space (three- to seven-year maturities), offering attractive income and exposing investors to less volatility than longer-dated maturities
We see an opportunity for investors seeking tax-exempt income as municipal-bond yields have recently climbed, and we believe that the tax-exempt status of municipal securities is not at risk of being repealed.
Investors may consider diversifying income sources from other asset classes. Some of the sectors we favor offer attractive dividend yields. For example, the S&P 500 Energy sector offers approximately 3.5% in dividend income.
Artificial intelligence
Generative AI is transforming industries, and we believe it is ushering in a new era of productivity and innovation.
AI’s transformative potential is most evident in manufacturing. Smart technologies, robotics, and predictive analytics enable streamlined operations, waste reduction, and productivity gains. AI may help to facilitate some of the current administration’s goals such as reshoring production, reducing dependence on global supply chains, and stimulating local economies.
Additionally, AI’s adoption opens opportunities across cyclical equity sectors, including our favored Information Technology, Communication Services, Energy, and Financials sectors. The U.S. is the leader in AI innovation, supported by key sub-sectors such as Semiconductors, Software, and Interactive Media & Services.
International exposure
Year to date, international stocks have significantly outperformed U.S. equities following a 15-year stretch in which the S&P 500 Index dominated both developed and emerging markets. Going forward, we have little doubt the U.S. can maintain its status as the global leader both economically and in terms of equity-market performance.
We believe U.S. markets will resume their leadership after this recent period of underperformance, although the gap with other economies could narrow. Our equity guidance favors U.S. over international exposure; however, we prefer to complement U.S. exposure with a neutral (full) allocation to DM ex-U.S. Equities and an underweight exposure to EM Equities as these countries focus on growing their economies and adapting to the new world order.
Rapid economic policy changes over the past few months have roiled investors and capital markets. Beyond the sheer complexity of reshaping the global trade order, we remain cautious of persistent regional conflicts in Eastern Europe and the Middle East and lingering geopolitical tensions in the East and South China Seas.
Amidst the policy-induced ebbs and flows, one counter strategy is to seek portfolio exposure to areas that we expect to suffer less negative impact. Reallocating from the Consumer Discretionary equity sector to the Utilities sector could hedge against extended equity-market downside and tariff uncertainty.
Our favorable sub-sectors within the Industrials sector like Aerospace & Defense and Commercial & Professional Services have low exposure to broad economic growth and tariffs in general. For investors who remain hesitant, some buffer in a higher-yielding money-market position may be prudent until markets settle.
Quality assets
We believe a focus on quality asset classes and sectors together with proper diversification are essential during this period of policy uncertainty and slowing economic growth.
Although U.S. large-cap and mid-cap equities have been underperforming developed-market equities in 2025, they remain an important longer-term allocation within U.S. investors’ portfolios. We believe these higher-quality assets are well-suited to weather the policy storm given their strong balance sheets, earnings, and profitability.
We believe fixed income can serve as a potential counterbalance to equities, but we believe now is not the time to significantly overweight the extremes of risk in cash and high yield. However, we believe some short-term fixed-income cushion makes sense, especially to avoid being compelled to sell investments while financial markets are volatile.
Investment income
Fixed-income assets offer a steady stream of cash flow for investors seeking income. As the yields on shorter maturities likely will fall faster than on longer maturities, we believe the best opportunities are in the intermediate space (three- to seven-year maturities), offering attractive income and exposing investors to less volatility than longer-dated maturities
We see an opportunity for investors seeking tax-exempt income as municipal-bond yields have recently climbed, and we believe that the tax-exempt status of municipal securities is not at risk of being repealed.
Investors may consider diversifying income sources from other asset classes. Some of the sectors we favor offer attractive dividend yields. For example, the S&P 500 Energy sector offers approximately 3.5% in dividend income.
Artificial intelligence
Generative AI is transforming industries, and we believe it is ushering in a new era of productivity and innovation.
AI’s transformative potential is most evident in manufacturing. Smart technologies, robotics, and predictive analytics enable streamlined operations, waste reduction, and productivity gains. AI may help to facilitate some of the current administration’s goals such as reshoring production, reducing dependence on global supply chains, and stimulating local economies.
Additionally, AI’s adoption opens opportunities across cyclical equity sectors, including our favored Information Technology, Communication Services, Energy, and Financials sectors. The U.S. is the leader in AI innovation, supported by key sub-sectors such as Semiconductors, Software, and Interactive Media & Services.
International exposure
Year to date, international stocks have significantly outperformed U.S. equities following a 15-year stretch in which the S&P 500 Index dominated both developed and emerging markets. Going forward, we have little doubt the U.S. can maintain its status as the global leader both economically and in terms of equity-market performance.
We believe U.S. markets will resume their leadership after this recent period of underperformance, although the gap with other economies could narrow. Our equity guidance favors U.S. over international exposure; however, we prefer to complement U.S. exposure with a neutral (full) allocation to DM ex-U.S. Equities and an underweight exposure to EM Equities as these countries focus on growing their economies and adapting to the new world order.
Economy
We expect tariffs to pressure U.S. economic growth in the coming months before more positive forces kick in late in 2025 from tax cuts, lower short-term interest rates, and improved purchasing power from oil-price declines and solid real (inflation adjusted) income growth.
We think 2025 offers long-term investors an opportunity for increased exposure to high-quality U.S. assets, which we see as well-positioned to outperform developed- and emerging-market assets.
|
2025 target |
2026 target |
|
|---|---|---|
|
U.S. GDP growth |
1.0% |
1.8% |
|
U.S. CPI inflation1 |
3.5% (Dec.) |
2.6% (Dec.) |
|
U.S. unemployment rate2 |
4.8% (Dec.) |
5.3% (Dec) |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Average percent change from the same period a year ago unless otherwise noted. GDP = gross domestic product. CPI = Consumer Price Index. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment.
|
Fixed income
We expect the bond market to remain sensitive to policy announcements and economic developments, especially around the trajectory of inflation and global demand for U.S. fixed-income securities. We also expect bond investors to pay close attention to congressional budget negotiations, mainly for a sense of whether federal-budget deficits will increase.
We see the most attractive tradeoff between yield and interest-rate risk in U.S. Intermediate Term Taxable Fixed Income. Also, we continue to favor exposure to investment-grade credit risk, particularly in high-quality investment-grade corporate bonds and mortgage-backed and asset-backed securities, which we expect should continue to provide attractive income opportunities.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
Federal funds rate |
4.00% – 4.25% |
3.75% – 4.00% |
|
10-year U.S. Treasury yield |
4.00% – 4.50% |
4.25% – 4.75% |
|
30-year U.S. Treasury yield |
4.25% – 4.75% |
4.50% – 5.00% |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Equities
Significantly surpassing the equity-market highs reached early this year likely will be a challenge because of the tariff-related hit to consumer and business sentiment along with the imminent economic slowdown that we expect. Without a recession, we believe the risk of further equity-market downside — beyond lows reached in April — is likely limited while upside reward potential is significant by year-end 2026.
We view further periods of volatility as an opportunity to lean into equities to position for the gains we expect through 2026.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
S&P 500 Index |
5,900 – 6,100 |
6,400 – 6,600 |
|
MSCI EAFE Index |
2,400 – 2,600 |
2,800 – 3,000 |
|
Source: Wells Fargo Investment Institute. All targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Real assets
We believe that material commodity price corrections have created attractive opportunities to position for an improved economic environment later this year and into 2026. We expect improved U.S. economic conditions starting later in 2025 to drive demand growth for commodities, especially areas that are more cyclically sensitive.
We prefer investors rotate toward cyclical sectors that could benefit from an improving macro environment such as Energy or Precious Metals.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
West Texas Intermediate crude ($ per barrel) |
$60 – $70 |
$65 – $75 |
|
Gold ($ per troy ounce) |
$3,000 – $3,200 |
$3,400 – $3,600 |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Alternative investments
Qualified investors who add alternative strategies to a portfolio of traditional stocks and bonds may build portfolios resilient to periods of elevated market volatility and may capitalize on periods of market dislocation.
We favor increasing exposure to flexible strategies that have historically participated in upward-trending markets much more than they have done in declining markets.
If economic growth rebounds and policy uncertainty fades as we expect, we favor allocating to strategies that we anticipate can adapt to changing markets such as Equity Hedge — Directional, Relative Value — Long/Short Credit, and Macro — Discretionary.
We expect tariffs to pressure U.S. economic growth in the coming months before more positive forces kick in late in 2025 from tax cuts, lower short-term interest rates, and improved purchasing power from oil-price declines and solid real (inflation adjusted) income growth.
We think 2025 offers long-term investors an opportunity for increased exposure to high-quality U.S. assets, which we see as well-positioned to outperform developed- and emerging-market assets.
|
2025 target |
2026 target |
|
|---|---|---|
|
U.S. GDP growth |
1.0% |
1.8% |
|
U.S. CPI inflation1 |
2.0% (Oct.) |
2.6% (Dec.) |
|
U.S. unemployment rate2 |
3.5% (Dec.) |
5.3% (Dec.) |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Average percent change from the same period a year ago unless otherwise noted. GDP = gross domestic product. CPI = Consumer Price Index. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment.
|
Fixed income
Fixed income
We expect the bond market to remain sensitive to policy announcements and economic developments, especially around the trajectory of inflation and global demand for U.S. fixed-income securities. We also expect bond investors to pay close attention to congressional budget negotiations, mainly for a sense of whether federal-budget deficits will increase.
We see the most attractive tradeoff between yield and interest-rate risk in U.S. Intermediate Term Taxable Fixed Income. Also, we continue to favor exposure to investment-grade credit risk, particularly in high-quality investment-grade corporate bonds and mortgage-backed and asset-backed securities, which we expect should continue to provide attractive income opportunities.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
Federal funds rate |
4.00% – 4.25% |
3.75% – 4.00% |
|
10-year U.S. Treasury yield |
4.00% – 4.50% |
4.25% – 4.75% |
|
30-year U.S. Treasury yield |
4.25% – 4.75% |
4.50% – 5.00% |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Equities
Significantly surpassing the equity-market highs reached early this year likely will be a challenge because of the tariff-related hit to consumer and business sentiment along with the imminent economic slowdown that we expect. Without a recession, we believe the risk of further equity-market downside — beyond lows reached in April — is likely limited while upside reward potential is significant by year-end 2026.
We view further periods of volatility as an opportunity to lean into equities to position for the gains we expect through 2026.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
S&P 500 Index |
5,900 – 6,100 |
6,400 – 6,600 |
|
MSCI EAFE Index |
2,400 – 2,600 |
2,800 – 3,000 |
|
Source: Wells Fargo Investment Institute. All targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Real assets
We believe that material commodity price corrections have created attractive opportunities to position for an improved economic environment later this year and into 2026. We expect improved U.S. economic conditions starting later in 2025 to drive demand growth for commodities, especially areas that are more cyclically sensitive.
We prefer investors rotate toward cyclical sectors that could benefit from an improving macro environment such as Energy or Precious Metals.
|
Year-end 2025 target |
Year-end 2026 target |
|
|---|---|---|
|
West Texas Intermediate crude ($ per barrel) |
$60 – $70 |
$60 – $70 |
|
Gold ($ per troy ounce) |
$3,000 – $3,200 |
$3,400 – $3,600 |
|
Source: Wells Fargo Investment Institute. Targets for 2025 and 2026 are based on forecasts by Wells Fargo Investment Institute as of June 10, 2025, and provide a forecast direction over a tactical horizon through 2026. Forecasts, targets, and estimates are based on certain assumptions and on our current views of market and economic conditions, which are subject to change. An index is unmanaged and not available for direct investment. |
Alternative investments
Alternative investments
Qualified investors who add alternative strategies to a portfolio of traditional stocks and bonds may build portfolios resilient to periods of elevated market volatility and may capitalize on periods of market dislocation.
We favor increasing exposure to flexible strategies that have historically participated in upward-trending markets much more than they have done in declining markets.
If economic growth rebounds and policy uncertainty fades as we expect, we favor allocating to strategies that we anticipate can adapt to changing markets such as Equity Hedge – Directional, Relative Value – Long/Short Credit, and Macro – Discretionary.
The full 2025 Midyear Outlook from Wells Fargo Investment Institute offers more insights and guidance for investors including:
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Download the full reportGet more WFII research and analysisInvestment Grade bonds - A rating that indicates that a municipal or corporate bond has a relatively low risk of default. Bond rating firms, such as Standard & Poor’s, use different designations consisting of upper- and lower-case letters ’A‘ and ’B‘ to identify a bond’s credit quality rating. ’AAA‘ and ’AA‘ (high credit quality) and ’A‘ and ’BBB‘ (medium credit quality) are considered investment grade. Credit ratings for bonds below these designations (’BB‘, ’B‘, ’CCC‘, etc.) are considered low credit quality, and are commonly referred to as ”junk bonds“.
An index is unmanaged and not available for direct investment.
Consumer Price Index (CPI) produces monthly data on changes in the prices paid by urban consumers for a representative basket of goods and services. leads the global economy through 2025.
MSCI EAFE Index (Europe, Australasia, Far East) Index is a free float-adjusted market capitalization index designed to measure the equity market performance of developed markets, excluding the U.S. and Canada.
S&P 500 Index is a market capitalization-weighted index composed of 500 widely held common stocks that is generally considered representative of the US stock market.
Disclosures
Forecasts and targets are based on certain assumptions and on our current views of market and economic conditions, which are subject to change.
All investing involves risks, including the possible loss of principal. There can be no assurance that any investment strategy will be successful and meet its investment objectives. Investments fluctuate with changes in market and economic conditions and in different environments due to numerous factors, some of which may be unpredictable. Asset allocation and diversification do not guarantee investment returns or eliminate risk of loss. Each asset class has its own risk and return characteristics, which should be evaluated carefully before making any investment decision. The level of risk associated with a particular investment or asset class generally correlates with the level of return the investment or asset class might achieve. Some of the risks associated with the representative asset classes include:
Stock markets, especially foreign markets, are volatile. A stock’s value may fluctuate in response to general economic and market conditions, the prospects of individual companies, and industry sectors. International investing has additional risks including those associated with currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging and frontier markets. Investing in small- and mid-cap companies involves additional risks, such as limited liquidity and greater volatility. Dividends are not guaranteed and are subject to change or elimination.
Investments in fixed-income securities are subject to market, interest rate, credit, liquidity, inflation, prepayment, extension, and other risks. Bond prices fluctuate inversely to changes in interest rates. Therefore, a general rise in interest rates can result in a decline in the bond’s price. High-yield fixed-income securities are considered speculative, involve greater risk of default, and tend to be more volatile than investment-grade fixed-income securities. High-yield fixed-income securities are considered speculative, involve greater risk of default, and tend to be more volatile than investment-grade fixed-income securities.
U.S. government securities are backed by the full faith and credit of the federal government as to payment of principal and interest if held to maturity. Although free from credit risk, they are subject to interest rate risk. Although Treasuries are considered free from credit risk they are subject to other types of risks. These risks include interest rate risk, which may cause the underlying value of the bond to fluctuate. Municipal bonds offer interest payments exempt from federal taxes, and potentially state and local income taxes. Municipal bonds are subject to credit risk and potentially the Alternative Minimum Tax (AMT). Quality varies widely depending on the specific issuer. Municipal securities are also subject to legislative and regulatory risk which is the risk that a change in the tax code could affect the value of taxable or tax-exempt interest income. In addition to the risks associated with investment in debt securities, investments in mortgage-backed and asset-backed securities will be subject to prepayment, extension and call risks. Changes in prepayments may significantly affect yield, average life and expected maturity. Extension risk is the risk that rising interest rates will slow the rate at which mortgages are prepaid. Call risk is the risk that If called prior to maturity, similar yielding investments may not be available for purchase. These risks may be heightened for longer maturity and duration securities.
Sector investing can be more volatile than investments that are broadly diversified over numerous sectors of the economy and will increase a portfolio’s vulnerability to any single economic, political, or regulatory development affecting the sector. The Energy sector may be adversely affected by changes in worldwide energy prices, exploration, production spending, government regulation, and changes in exchange rates, depletion of natural resources, and risks that arise from extreme weather conditions. There is increased risk investing in the Industrials sector. The industries within the sector can be significantly affected by general market and economic conditions, competition, technological innovation, legislation and government regulations, among other things, all of which can significantly affect a portfolio’s performance. Materials industries can be significantly affected by the volatility of commodity prices, the exchange rate between foreign currency and the dollar, export/import concerns, worldwide competition, procurement and manufacturing and cost containment issues. Real estate investments have special risks, including possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions. Risks associated with the Technology sector include increased competition from domestic and international companies, unexpected changes in demand, regulatory actions, technical problems with key products, and the departure of key members of management. Technology and Internet-related stocks smaller, less-seasoned companies, tend to be more volatile than the overall market. Utilities are sensitive to changes in interest rates, and the securities within the sector can be volatile and may underperform in a slow economy.
Alternative investments, such as hedge funds, private equity/private debt, and private real estate funds are speculative and involve a high degree of risk that is appropriate only for those investors who have the financial sophistication and expertise to evaluate the merits and risks of an investment in a fund and for which the fund does not represent a complete investment program. They entail significant risks that can include losses due to leveraging or other speculative investment practices, lack of liquidity, volatility of returns, restrictions on transferring interests in a fund, potential lack of diversification, absence and/or delay of information regarding valuations and pricing, complex tax structures and delays in tax reporting, and less regulation and higher fees than mutual funds. Hedge fund, private equity, private debt, and private real estate fund investing involves other material risks, including capital loss and the loss of the entire amount invested. A fund’s offering documents should be carefully reviewed prior to investing.
Hedge fund strategies, such as Event Driven, Equity Hedge, Global Macro, Relative Value, Structured Credit, and Long/Short Credit, may expose investors to the risks associated with the use of short selling, leverage, derivatives, and arbitrage methodologies. Short sales involve leverage and theoretically unlimited loss potential because the market price of securities sold short may continuously increase. The use of leverage in a portfolio varies by strategy. Leverage can significantly increase return potential but create greater risk of loss. Derivatives generally have implied leverage, which can magnify volatility and may entail other risks, such as market, interest-rate, credit, counterparty, and management risks. Private capital investments are complex, speculative investment vehicles not appropriate for all investors. They are not subject to the same regulatory requirements as registered investment products and engage in leverage and other aggressive investment practices. There is often limited (or even nonexistent) liquidity and a lack of transparency regarding the underlying assets.
Real assets are subject to the risks associated with real estate, commodities, and other investments and may not be appropriate for all investors. The commodities markets, including investments in gold and other precious metals, are considered speculative, carry substantial risks, and have experienced periods of extreme volatility. Investing in a volatile and uncertain commodities market may cause a portfolio to rapidly increase or decrease in value, which may result in greater share price volatility. Investments in commodities may be affected by changes in overall market movements, commodity index volatility, changes in interest rates, or factors affecting a particular industry or commodity. Products that invest in commodities may employ more complex strategies, which may expose investors to additional risks. Investment in real estate securities includes risks, such as the possible illiquidity of the underlying properties, credit risk, interest rate fluctuations, and the impact of varied economic conditions. Other risks associated with investing in listed REITs include the use of leverage, unexpected reductions in common dividends, increases in property taxes, and the impact to listed REITs from new property development.
Global Investment Strategy (GIS) and Global Securities Research (GSR) are divisions of Wells Fargo Investment Institute, Inc. (WFII). Global Asset Allocation is a unit within Global Investment Strategy (GIS). WFII is a registered investment adviser and wholly owned subsidiary of Wells Fargo Bank, N.A., a bank affiliate of Wells Fargo & Company.
The information in this report was prepared by the Global Investment Strategy (GIS) division of WFII. Opinions represent GIS’ opinion as of the date of this report; are for general informational purposes only; and are not intended to predict or guarantee the future performance of any individual security, market sector, or the markets generally. GIS does not undertake to advise you of any change in its opinions or the information contained in this report. Wells Fargo & Company affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report.
The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to any particular investor or potential investor.
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