Four Closed-End Funds Advised by Wells Fargo Funds Management Renew Share Repurchase Programs

SAN FRANCISCO–(BUSINESS WIRE)–The following four Wells Fargo closed-end funds announced today that
they will renew their open-market share repurchase programs:

  • Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD)
  • 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)

The funds’ Board of Trustees has authorized the repurchase of an
aggregate of up to 10% of each fund’s outstanding shares in open-market
transactions during the period beginning January 1, 2019, and ending
December 31, 2019. The Board has again delegated to Wells Fargo Funds
Management, LLC, discretion to determine the amount and timing of
repurchases of shares of each fund in accordance with the best interests
of the fund and subject to applicable legal limitations. The Board will
continue to receive periodic reports on repurchase activity as part of
its ongoing oversight of the programs, which includes deciding whether
to renew or discontinue the programs at the end of their terms.

The Board previously authorized the repurchase during the period from
January 1, 2018, through December 31, 2018, of an aggregate of up to 10%
of the outstanding shares of each fund. Through October 31, 2018, EOD
repurchased 257,150 shares (or 0.57% of outstanding shares), EAD
repurchased 1,899,824 shares (or 2.82% of outstanding shares), and ERC
repurchased 3,397,183 shares (or 9.72% of outstanding shares). ERH did
not repurchase any shares through October 31, 2018.

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.

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.

For more information on Wells Fargo’s closed-end funds, please visit
our website
.

These closed-end funds are no longer engaged in initial public
offerings, and shares are available 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 through broker/dealers in the
secondary marketplace, and the market price of the shares is determined
by supply and demand, not by NAV, and is often lower than the NAV. A
closed-end fund is not required to buy its shares back from investors
upon request.

High-yield, lower-rated bonds may contain more risk due to the increased
possibility of default. 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. When interest rates rise, the value of
debt securities tends to fall. When interest rates decline, interest
that a fund is able to earn on its investments in debt securities also
may decline, but the value of those securities may increase. Changes in
market conditions and government policies may lead to periods of
heightened volatility in the debt securities market and reduced
liquidity for certain fund investments. Interest rate changes and their
impact on the funds and their NAVs can be sudden and unpredictable.

The use of leverage results in certain risks, including, among others,
the likelihood of greater volatility of the NAV 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
to closely track. There are numerous risks associated with transactions
in options on securities. Illiquid securities may be subject to wide
fluctuations in market value and may be difficult to sell.

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
Incorporated 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.

317948 11-18

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Contacts

Shareholder inquiries
1-800-730-6001
Financial advisor
inquiries
1-888-877-9275
or
Media contact:
Robert
Julavits, 917-260-2448
robert.w.julavits@wellsfargo.com
Sarah
Kerr, 917-260-1582
skerr@wellsfargo.com

leverton

I have been involved with publishing and marketing for the past 32 years. My passion is helping people share their voice. I am able to do this through two important venues: One, with Area-Info.net where people can share everything from opinions to events to news. It is your choice! What do you want to share? Two, through a new program called America's Real Deal I am involved with to help business owners get their voice heard.I schedule speaking engagements with community groups and business groups to share my passion about the importance of "sharing your voice".Contact me directly at lee@leeeverton.coom for scheduling information.