NU Online News Service, June 7, 2004, 6:21 p.m. EDT – Wells Fargo & Company, San Francisco, is issuing notes aimed at investors who think commodity prices might continue to go up.[@@]

The financial services company filed a form with the U.S. Securities and Exchange Commission that states that it has issued $20.34 million in Wells Fargo Headline Commodity Index notes.

The notes, which are due June 5, 2006, will not pay traditional interest, but they will pay a “maturity payment amount” tied to prices for crude oil, gas oil, copper, gold and silver, according to the note form filed with the SEC.

If a “market disruption event” disrupts trading in one of the 5 commodities, the notes will mature early, according to the note form.

Representatives for Wells Fargo were not immediately available to comment on the notes.

The best-known U.S. commodity-linked fund now on the market is probably the Oppenheimer Real Asset Fund, which was introduced in 1997 by OppenheimerFunds Inc., a unit of Massachusetts Mutual Life Insurance Company, Springfield, Mass.

The Oppenheimer fund puts assets in commodity-linked derivatives and other commodity-linked investments.