As of March 31, 2020 | Fact sheet | wfam.com

Global Dividend Opportunity FundClosed-End Fund

FUND FACTSTicker EODNAV Ticker XEODXCUSIP 94987C103Fund inception date 3-28-07Shares outstanding 43,829,289Average daily volume 99,127

OBJECTIVEThe fund's primary investment objective is to seek a high level of current income. The fund's secondary objective is long-term growth of capital.

INVESTMENT STRATEGYThe fund allocates its assets between two separate investment strategies, or sleeves. Under normal market conditions, the fund will allocate approximately 80% of its total assets to an equity sleeve comprised primarily of common stocks. This sleeve expects to invest normally in approximately 60 to 80 securities, broadly diversified among major economic sectors and regions. The targeted sector and region weighting goal will be +/- 5 percent of weights in the MSCI All Country World Index. The remaining 20% of the fund’s total assets will be allocated to a sleeve consisting of below-investment-grade (high yield) debt securities, loans, and preferred stocks. The fund also employs an option strategy in an attempt to generate gains on call options written by the fund.

ASSET ALLOCATIONEquity 75.54Fixed income 19.46Cash & equivalents 5.00

FUND MANAGERSName Years of investment experience

Justin Carr, CFA 20Vince Fioramonti, CFA 31Niklas Nordenfelt, CFA 29Philip Susser 25Megan Miller, CFA 14

CFA® and Chartered Financial Analyst® are trademarks owned by CFA Institute.

EXPENSES (%)Gross expense ratio 1.89

As of 10-31-19. Expense ratios include 0.57% of interest expense. Excluding interest expense, gross ratio would be 1.32%.

Performance (%)Annualized

3 monthYear to

date 1 year 3 year 5 year 10 year Since incep.Fund at Market -32.02 -32.02 -20.59 -3.60 -3.27 0.73 -1.18Fund at NAV -29.01 -29.01 -20.74 -3.42 -2.41 1.64 0.03

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on an investment in a fund. Investment return, principal value, and yields of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted and assumes the reinvestment of dividends and capital gains. Performance shown is net of all applicable fund fees and expenses. Performance figures of the fund do not reflect fees an investor may be charged pursuant to the terms of any brokerage account agreements with their broker or financial intermediary. Current month-end performance is available by calling 1-800-222-8222.

NAV vs. market price chart

Net asset value (NAV) and market price dataCurrent share price ($) 3.70Current share NAV ($) 4.13Premium/discount at NAV (%) -10.41

Fund capitalizationNet assets ($ in millions) 181.1Bank borrowings ($ in millions) 47.5Total assets ($ in millions) 228.6Leverage as a percentage of total assets (%) 20.8Effective rate on borrowing (%) 2.29Borrowing cost impact on expense ratio (%) 0.61

Fund characteristicsNumber of holdings 348Portfolio turnover (%) 140.4Duration (years) 3.35Weighted average maturity (years) 4.49Weighted average coupon (%) 5.13Call options as a percentage of total assets (%) 39.5Call options as a percentage of equities (%) 52Average call moneyness (%)** 101.4Weighted average time to expiration (days) 60.2

**Average percentage by which call options are in or out of the money.

Yields (%)At market At NAV

Distribution rate* 15.95 14.2930-day SEC yield 1 5.88

*Distribution rate is calculated by annualizing the last distribution and then dividing by the period ending NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation. Distributions may be sourced from any or all of the following: income, capital gains and return of capital.

Dividend informationDeclaration date Payment amount($)

02-20-2020 0.1471311-22-2019 0.14525

Dividends shown are from the last six months and are paid quarterly. Historical dividend sources since the Fund’s inception have included net investment income and return of capital. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes. A fund’s current distribution rate and historical dividends are not indicative of

2 future performance.

NAV Market Value$8

6

4

2

03-17 6-17 9-17 12-17 3-18 6-18 9-18 12-18 3-19 6-19 9-19 12-19 3-20

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Credit rating allocation (%)BBB/Baa 1.51BB/Ba 47.87B/B 36.39CCC/Caa and below 12.48Not rated 1.22Other 0.53

Calculated as a percentage of market value of bonds. Credit rating allocation is subject to change and may have changed since the date specified. Percent totals may not add to 100% due to rounding. The ratings indicated are from Standard & Poor’s, Fitch Ratings Ltd., and/or Moody’s Investors Service. If a security was rated by all three rating agencies, the middle rating was used. If rated by two of three rating agencies, the lower rating was used, and if rated by one of the agencies, that rating was used.

Sector allocation (%)Information technology 23.76Health care 19.60Financials 14.09Consumer discretionary 8.21Communication Services 6.51Industrials 5.82Materials 5.57Consumer staples 5.46Real estate 4.56Energy 3.74Utilities 2.23Other 0.43

Calculated as a percentage of market value of equity investments. Sector allocation is subject to change and may have changed since the date specified. These amounts may differ from the final sector categorization determined by the portfolio management team. Percent totals may not add to 100% due to rounding.

Top geographic allocations (%)North America 63.31Europe 17.62Asia/Pacific ex-Japan 8.12Cash & equivalents 6.88Japan 5.08Latin America 0.47Africa/Middle East 0.34Unassigned -1.81

Geographic allocation is subject to change and may have changed since the date specified. Percent totals may not add to 100% due to rounding.

Top holdings (%)Microsoft Corporation 3.06Apple Inc. 2.02Nestle S.A. 1.71AT&T Inc. 1.60Verizon Communications Inc. 1.59Roche Holding AG 1.54KDDI Corporation 1.51Novartis AG 1.45Bristol-Myers Squibb Company 1.45Fortescue Metals Group Ltd 1.45

Portfolio holdings are subject to change and may have changed since the date specified. The holdings listed should not be considered recommendations to purchase or sell a particular security.

1. The 30-Day SEC yield is calculated with a standardized formula mandated by the SEC. The formula is based on maximum offering price per share and includes the effect of any fee waivers. Without waivers, yields would be reduced. A fund's actual distribution rate will differ from the SEC yield and any income distributions from the fund may be higher or lower than the SEC yield.

2. If a distribution is from a source other than net investment income, the Fund provides a notice to shareholders with an estimate of its distribution source at that time. The final determination of the source of all dividend distributions in the current year will be made after year-end. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a fund's investment experience during the remainder of the fiscal year and may be subject to change based on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year that will tell shareholders how to report these distributions for federal income tax purposes.

As of March 31, 2020 | Fact sheet |

Global Dividend Opportunity FundClosed-End Fund

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StrategyDuring the first quarter of 2020, economic disruptions from the coronavirus pandemic sparked a severe downturn in global equity markets. U.S. equity markets suffered an abrupt sell-off that ended the longest bull market in U.S. history. Market volatility spiked to record levels as the S&P 500 Index 3 reached a bear market in 16 days, the fastest decline on record. As global efforts to contain the coronavirus within China failed, international markets swiftly entered bear market territory as well.

As investors reacted to the increasing severity of the economic impact of the pandemic, asset markets began to experience dislocations and dysfunction. Among the signs of dysfunction were the significant widening of bid/ask spreads in most asset classes, spikes in realized and implied volatility in equity and fixed-income markets, widening basis spreads between futures contracts and the underlying assets, deviations from net asset values for exchange-traded funds, and the breakdown of correlations between asset classes. The historic moves led to deleveraging and forced selling, which contributed to a negative feedback loop accelerating the sell-off.

In response to the growing crisis, central banks unleashed an arsenal of monetary policy tools to ensure the continued liquidity of financial markets. Additionally, governments around the world enacted substantial fiscal relief designed to reduce the economic impact of the coronavirus.

Given the devastating economic ramifications of the global pandemic, analysts anticipate a historic earnings contraction for the first and second quarters of 2020. An earnings rebound is expected during the second half of the year, but recovery is contingent on the pandemic being controlled within the next few months.

While the supply technical in high yield remained positive with issuance shutting down for most of March, the demand technical flipped as the volatility and risk-off sentiment led investors to flee high yield and accelerate outflows. Liquidity in the high-yield market was severely strained for much of March but improved toward the end of the month in large part due to the extraordinary response from the Federal Reserve (Fed).

The Global Dividend Opportunity Fund’s return based on market value was -32.02% for the three-month period that ended March 31, 2020. During the same period, based on its net asset value (NAV), the fund declined 29.01%. Based on its market value and NAV returns, the fund underperformed relative to the Global Dividend Opportunity Blended Index, 4 which declined 19.75%. The Global Dividend Opportunity Blended Index also returned -9.97%, 2.87%, and 5.81% for the 1-, 5-, and 10-year periods, respectively.

Contributors to performanceContributors to performance within the fund’s equity sleeve were particularly notable within the health care sector. Gilead Sciences, Inc. (1.28%), and Roche Holding AG (1.54%) benefited results. Gilead’s hepatitis C franchise has stabilized, generating significant cash flow, and the company is experiencing growth in its HIV treatments. Meanwhile, its antiviral drug, remdesivir, recently emerged as one of the key potential treatment options for patients with the coronavirus. Gilead has a robust later-stage pipeline and plans to be disciplined as it explores acquisition opportunities. Roche Holding AG is a Swiss biopharmaceutical and diagnostic company that offers prescription drugs and in-vitro diagnostics solutions for infectious disease. In March, Roche announced that it received FDA approval for testing patients for the coronavirus. Management noted that the coronavirus pandemic has minimally affected its pharmaceutical business and that strong demand for its coronavirus testing kits are offsetting disruption to routine diagnostic sales. Roche also announced that its rheumatoid arthritis drug, Actemra, entered Phase III clinical trials to evaluate the efficacy of treating hospitalized patients with the coronavirus. We are encouraged by Roche’s dividend stability and the company’s highly visible presence during the coronavirus pandemic, which should create more opportunities within the U.S. diagnostic testing market.

Within the fund’s high-yield sleeve, security selection helped drive positive performance, with credit-quality allocation providing a further small positive. The fund’s underweight to CCC-rated and below credits was a contributor as lower-rated paper underperformed. Positive security selection included names in the autos, midstream, oil-field services, and retailer subsectors. Contributing was selection in certain sectors that the fund’s holdings outperformed the index and particularly in certain energy subsectors where the fund avoided some of the worst-performing names.

Detractors from performanceWithin the equity sleeve, characteristics that are typically favored in the portfolio include attractive valuation, earnings consistency, profitability, and improving sentiment. Due to the scarcity of growth amid a severe economic collapse, investors continued to bid up growth stocks with high free cash flow margins, even at high valuations. Value, however, continued its trend of underperforming. From a risk factor perspective, the strategy’s somewhat smaller size, emphasis on higher-dividend-paying stocks, and attention to valuations detracted from performance.

From an industry perspective, an overweight to and stock selection among mortgage real estate investment trusts hindered results. MFA Financial, Inc., and Ladder Capital Corp. were among the largest individual detractors. MFA was severely affected by the coronavirus-related free-fall in the value of its whole loans and non-agency related assets. MFA disclosed that it was in discussions with counterparties regarding forbearance agreements on its repo financing agreements. Ladder Capital came under intense pressure due to increased volatility and wider credit spreads on commercial real estate portfolios. We sold MFA Financial and Ladder Capital Corp. from the portfolio due to deterioration in our model rankings and recognition of increasing risk of future earnings disappointments.

In the recent market environment, the option overlay strategy detracted from performance on an absolute basis. Mark-to-market losses on sold call options transpired as a result of the sharp equity market rally off March lows. Insufficient premium was received from call-selling over the course of the quarter to offset these losses.

Within the fund’s high-yield sleeve, sector allocation along with leverage were detractors from performance. Leverage in an environment where high yield significantly underperformed was a detractor from total returns. From a sector perspective, detractors came from underweights to communications and consumer non-cylicals, specifically within wireless, cable and satellite, food and beverage, and supermarkets as these sectors held in better amid the larger sell-off. A further negative was the fund’s overweights to the energy subsectors, and as oil prices crashed in the quarter from the steep decline in demand along with a supply glut, the entire energy sector underperformed and this allocation was a detractor. The fund’s allocation to floating-rate high-yield bank loans (approximately 3.6% at quarter-end) was another slight detractor from performance as bank loans underperformed broad-based fixed-rate high-yield paper as the Fed cut interest rates to 0%.

Management outlookThe ongoing coronavirus pandemic inflicted a major external shock to the global economic system. Within the equity sleeve, we are actively monitoring our holdings with exposure to travel and leisure, interest rate risk, supply-chain risks, and weak consumer spending. We continue to monitor the balance sheet strength and liquidity characteristics of our holdings to increase our confidence that they will be able to weather this crisis. We believe the devastating impact of the pandemic should dissipate as daily coronavirus infections peak, new therapies prove successful, and quarantines are gradually lifted. Although the initial collapse in economic activity will be stunning, the subsequent rise in world gross domestic product could also be unprecedented. The path to recovery, however, is likely to be uneven and painful. As we monitor the macroeconomic environment, we will continue to diligently focus on company fundamentals and disciplined portfolio risk management.

Pertaining to the high-yield portfolio sleeve, the team expects continued fiscal and monetary support by the U.S. Government as long as the economy remains largely shut down. In the current environment, the team believes there will be heightened volatility in the short term but that high yield offers an attractive opportunity for longer-term investors. They see dislocations in fallen angels as well as smaller and mid-size issuers as providing further opportunities. The team is actively monitoring and rigorously stress-testing credits, especially for those issuers directly affected by the coronavirus. In regard to energy, the demand for oil is and will continue to be affected by the pandemic, and while the default rate is currently low, this will begin to increase as the year progresses, especially from energy issuers. The demand for floating-rate loans has significantly decreased given the Fed’s move toward 0% rates and the higher risk from increased leverage levels seen in recent years. As the pace of ratings downgrades accelerates, especially within the lower-quality parts of the loan market, the size of the CCC and below bucket will swell, creating a further headwind for collateralized loan obligations trying to maintain their test thresholds.

3. Standard & Poor's 500 Index (S&P 500 Index) The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock's weight in the index proportionate to its market value. You cannot invest directly in an index.

4. Source: Wells Fargo Funds Management, LLC. Effective October 15, 2019, the Global Dividend Opportunity Blended Index changed its membership allocations to 80% Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) (Net) and 20% ICE BofA U.S. High Yield Constrained Index in order to better match the fund’s investment strategy. Prior to October 15, 2019, the Global Dividend Opportunity Blended Index was composed of 65% MSCI ACWI Index (Net), 20% ICE BofA U.S. High Yield Constrained Index, and 15% ICE BofA Core Fixed Rate Preferred Securities Index. Prior to May 1, 2017, the Global Dividend Opportunity Blended Index was composed of 65% MSCI ACWI Index (Net) and 35% ICE BofA Core Fixed Rate Preferred Securities Index. You cannot invest directly in an index.

As of March 31, 2020 | Fact sheet |

Global Dividend Opportunity FundClosed-End Fund

Returns reflect expense limits previously in effect, without which returns would have been lower.

The fund is leveraged through a revolving credit facility and also may incur leverage by issuing preferred shares in the future. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value and the market value of common shares. Derivatives involve 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 closely track. There are numerous risks associated with transactions in options on securities and/or indices. As a writer of an index call option, the fund forgoes the opportunity to profit from increases in the values of securities held by the fund. However, the fund has retained the risk of loss (net of premiums received), should the price of the fund’s portfolio securities decline. Similar risks are involved with writing call options or secured put options on individual securities and/or indices held in the fund’s portfolio. This combination of potentially limited appreciation and potentially unlimited depreciation over time may lead to a decline in the net asset value of the fund. 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 foreign investing are magnified in emerging or developing markets. 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, and, as a result, small- and mid-cap securities may decline significantly in market downturns and may be more volatile than those of larger companies due to their higher risk of failure. High-yield, lower-rated bonds may contain more risk due to the increased possibility of default. Illiquid securities may be subject to wide fluctuations in market value. The fund may be subject to significant delays in disposing of illiquid securities. Accordingly, the fund may be forced to sell these securities at less than fair market value or may not be able to sell them when the advisor or subadvisor believes that it is desirable to do so. This closed-end fund is no longer available as an initial public offering and is only offered through broker-dealers on the secondary market. A closed-end fund is not required to buy its shares back from investors upon request.

The ratings indicated are from Standard & Poor’s, Moody’s Investors Service, and/or Fitch Ratings Ltd. Credit-quality ratings: Credit-quality ratings apply to underlying holdings of the fund and not the fund itself. Standard & Poor's rates the creditworthiness of bonds from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Moody’s rates the creditworthiness of bonds from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Fitch rates the creditworthiness of bonds from AAA (highest) to D (lowest).

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.

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).

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

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As of March 31, 2020 | Fact sheet |

Global Dividend Opportunity FundClosed-End Fund

PAR-0420-07664 05-20