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Alternative Market Briefing

Three Wells Fargo's closed-end funds extend share repurchase programs

Monday, November 13, 2017

Komfie Manalo, Opalesque Asia:

Wells Fargo Funds Management said that three of its closed-end funds will extend their open-market share repurchase programs. The three close-end funds include the Wells Fargo Income Opportunities Fund (EAD); Wells Fargo Utilities and High Income Fund (ERH); and the Wells Fargo Global Dividend Opportunity Fund (EOD).

In addition, Wells Fargo said that its Wells Fargo Multi-Sector Income Fund closed-end fund has adopted a new open-market share repurchase program.

"The funds' Boards of Trustees have 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, 2018, and ending December 31, 2018," Wells Fargo said in a statement. It added, "The funds' Boards of Trustees have again delegated to Wells Fargo Funds Management 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 funds' Boards of Trustees will continue to receive periodic reports on repurchase activity as part of their ongoing oversight of the programs, which includes deciding whether to renew or discontinue the programs at the end of their terms."

Previously, Wells Fargo authorized the repurchase during the period from......................

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