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Wells Fargo Asset Management Announces Changes to Global Dividend Opportunity Fund and Utilities and High Income Fund Portfolio Management Teams

March 18, 2019

SAN FRANCISCO--(BUSINESS WIRE)--Mar 18, 2019--Effective April 1, 2019, Andrew Tuttle, CFA, of Crow Point Partners, LLC, will no longer be a portfolio manager for the Wells Fargo Global Dividend Opportunity Fund (NYSE: EOD) and the Wells Fargo Utilities and High Income Fund (NYSE American: ERH). 1  Crow Point Partners is a subadvisor to the two affected funds.

Kandarp Acharya, CFA, FRM; Christian Chan, CFA; Niklas Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser will continue their roles as portfolio managers for the Wells Fargo Global Dividend Opportunity Fund. The fund’s investment philosophy and processes will remain the same. The 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. Its secondary objective is long-term growth of capital.

Niklas Nordenfelt, CFA; Timothy O’Brien, CFA; and Philip Susser will continue their roles as portfolio managers for the Wells Fargo Utilities and High Income Fund. The fund’s investment philosophy and processes will remain the same. The Utilities and High Income Fund is a closed-end equity and high-yield bond fund. Its investment objective is to seek a high level of current income and moderate capital growth, with an emphasis on providing tax-advantaged dividend income.

1. WFAM is an indirect wholly owned subsidiary of Wells Fargo & Company and an affiliate of Wells Fargo Funds Management, LLC, the investment advisor to the Wells Fargo Global Dividend Opportunity Fund and the Wells Fargo Utilities and High Income Fund. Crow Point Partners and Wells Capital Management Incorporated are subadvisors to the closed-end Wells Fargo Global Dividend Opportunity Fund and Wells Fargo Utilities and High Income Fund.

These closed-end funds are no longer engaged in initial public offerings, and shares are 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 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. 321750 03-19

INVESTMENT PRODUCTS: NOT FDIC INSURED ● NO BANK GUARANTEE ● MAY LOSE VALUE

View source version on businesswire.com:https://www.businesswire.com/news/home/20190318005208/en/

CONTACT: Shareholder inquiries

1-800-730-6001

Financial advisor inquiries

1-888-877-9275Media contact:

Robert Julavits

917-260-2448

robert.w.julavits@wellsfargo.comSarah Kerr

917-260-1582

skerr@wellsfargo.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: PROFESSIONAL SERVICES BANKING FINANCE

SOURCE: Wells Fargo & Company

Copyright Business Wire 2019.

PUB: 03/18/2019 09:00 AM/DISC: 03/18/2019 09:00 AM

http://www.businesswire.com/news/home/20190318005208/en