<SEC-DOCUMENT>0001081400-17-002052.txt : 20171020
<SEC-HEADER>0001081400-17-002052.hdr.sgml : 20171020
<ACCEPTANCE-DATETIME>20171020091626
ACCESSION NUMBER:		0001081400-17-002052
CONFORMED SUBMISSION TYPE:	DEF 14A
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20171204
FILED AS OF DATE:		20171020
DATE AS OF CHANGE:		20171020
EFFECTIVENESS DATE:		20171020

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			WELLS FARGO UTILITIES & HIGH INCOME FUND
		CENTRAL INDEX KEY:			0001279014
		IRS NUMBER:				364548459
		FISCAL YEAR END:			0831

	FILING VALUES:
		FORM TYPE:		DEF 14A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	811-21507
		FILM NUMBER:		171146031

	BUSINESS ADDRESS:	
		STREET 1:		525 MARKET STREET
		CITY:			SAN FRANCISCO
		STATE:			CA
		ZIP:			94105
		BUSINESS PHONE:		800-222-2222

	MAIL ADDRESS:	
		STREET 1:		200 BERKELEY STREET
		STREET 2:		FLOOR 21
		CITY:			BOSTON
		STATE:			MA
		ZIP:			02116

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	WELLS FARGO ADVANTAGE UTILITIES & HIGH INCOME FUND
		DATE OF NAME CHANGE:	20100719

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EVERGREEN UTILITIES & HIGH INCOME FUND
		DATE OF NAME CHANGE:	20040209

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	EVERGREEN UTILITIES TRUST
		DATE OF NAME CHANGE:	20040206
</SEC-HEADER>
<DOCUMENT>
<TYPE>DEF 14A
<SEQUENCE>1
<FILENAME>erhwrapper.htm
<DESCRIPTION>UTILITIES AND HIGH INCOME FUND PROXY STATEMENT
<TEXT>
<html>
   <body><font face="Arial, Helvetica, sans-serif" size="2">
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">SCHEDULE 14A INFORMATION</font></p>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">PROXY STATEMENT PURSUANT TO SECTION 14(A)</font></p>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">OF THE SECURITIES EXCHANGE ACT OF 1934</font></p>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">Filed by the Registrant [X]<br> Filed by a Party other than the Registrant [ ]</font></p>
         <table margin="0" border="0" cellspacing="0" cellpadding="10" width="100&#37;">
            <tr width="100&#37;">
               <td valign="top" align="left" colspan="2">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Check the Appropriate Box: </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Preliminary Proxy Statement </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Confidential, for Use of the Commission Only (as permitted by Rule 14a-6(e)(2)) </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [X] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Definitive Proxy Statement </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Definitive Additional Materials </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Soliciting Material Pursuant to Rule 14a-11(c) or Rule 14a-12 </font></p>
               </td>
            </tr>
         </table>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2"><u>Wells Fargo Funds Trust<br> </u></font></p>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">(Name of Registrant as Specified in Its Charter)</font></p>
         <p style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
         <table margin="0" border="0" cellspacing="0" cellpadding="10" width="100&#37;">
            <tr width="100&#37;">
               <td valign="top" align="left" colspan="2">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Payment of filing fee (check the appropriate box): </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [X] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> No fee required. </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Fee computed on table below per Exchange Act Rules 14a-6(i)(1) and 0-11. </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (a) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Title of each class of securities to which transaction applies: </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ___________________________ </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (b) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Aggregate number of securities to which transaction applies: </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ___________________________ </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (c) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Per unit price or other underlying value of transaction computed pursuant to Exchange Act Rule 0-11 (set forth the amount
                        on which the filing fee is calculated and state how it was determined): </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ___________________________ </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (d) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Proposed maximum aggregate value of transaction: </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ___________________________ </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (e) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Total fee paid: </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ___________________________ </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Fee paid previously with preliminary material </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> [ ] </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Check box if any part of the fee is offset as provided by Exchange Act Rule 0-11(a)(2) and identify the filing for which
                        the offsetting fee was paid previously. Identify the previous filing by registration statement number, or the Form or Schedule
                        and the date of its filing. </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (a) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Amount Previously Paid: ______________ </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (b) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Form, Schedule or Registration Statement No.: ____ </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (c) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Filing Party: ______________________ </font></p>
               </td>
            </tr>
            <tr width="100&#37;">
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (d) </font></p>
               </td>
               <td valign="top" align="left">
                  <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Date Filed: _______________________ </font></p>
               </td>
            </tr>
         </table>
         <p align="center"><font face="Arial, Helvetica, sans-serif" size="2">      <table border="0" cellpadding="0" width="100&#37;" valign="top">
         <tr>
            <td width="100&#37;"><font face="Arial, Helvetica, sans-serif" size="3"><b> WELLS FARGO UTILITIES AND HIGH INCOME FUND </b></font></td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;" valign="top">
         <tr>
            <td width="100&#37;">
               <p><font face="Arial, Helvetica, sans-serif" size="3"><b>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 4, 2017<br> </b></font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">200 Berkeley Street, 19th Floor, Boston, Massachusetts 02116<br> </font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">TO THE SHAREHOLDERS OF<br> WELLS FARGO UTILITIES AND HIGH INCOME FUND</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Notice is hereby given that the Annual Meeting of Shareholders (the "Meeting") of the Wells Fargo Utilities and High Income
            (the "Fund") will be held on December 4, 2017, at 1:00 p.m. Eastern time, at 200 Berkeley Street, 19th Floor, Boston, Massachusetts
            02116, for the following purposes:</font></p> <font face="Arial, Helvetica, sans-serif" size="2">
         <ol margin-bottom="0" type="1">
            <li margin-top="0">
               <p><font face="Arial, Helvetica, sans-serif" size="2">To elect three Trustees to the Board of Trustees&#160;of the Fund to serve for the term indicated herein and until their successors
                     shall have been duly elected and qualified; and</font></p>
            </li>
            <li margin-top="0">
               <p><font face="Arial, Helvetica, sans-serif" size="2">To transact such other business as may properly come before the Meeting or any adjournments thereof.</font></p>
            </li>
         </ol></font>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Shareholders of record at the close of business on October 9, 2017 will be entitled to vote at the Meeting to the extent described
            in the accompanying proxy statement.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">It is hoped that you will attend the Meeting, but if you cannot do so, please complete and sign the enclosed proxy card and
            return it in the accompanying envelope as promptly as possible or vote by telephone or Internet. Any shareholder attending
            the Meeting can vote in person even though a proxy may have already been designated by the shareholder. <b>Instructions for the proper execution of the proxy card, as well as instructions on how to vote by telephone and Internet,
               are set forth at the end of the proxy statement.</b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE AS A TRUSTEE.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">By Order of the Board of Trustees,</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">C. DAVID MESSMAN<br> Secretary</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">October 31, 2017</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><b><b>WELLS FARGO UTILITES AND HIGH INCOME FUND PROXY STATEMENT</b></b></b></font> </b></font></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">This proxy statement is furnished in connection with the solicitation of proxies by and on behalf of the Board of Trustees&#160;(the
            "Board")&#160;of the Wells Fargo Utilities and High Income Fund (the "Fund") for the Annual Meeting of Shareholders (the "Meeting")
            to be held at 200 Berkely Street, 19th Floor, Boston, Massachusetts 02116, on December 4, 2017 at 1:00 p.m. Eastern time.
            If you wish to participate in the Meeting, you may submit the proxy card included with this proxy statement by mail, vote
            by telephone or Internet, or attend the Meeting in person. (See "Instructions for Executing Proxy Card" at&#160;the end of this
            proxy statement for voting instructions.) If you wish to attend the Meeting in person, please call (866) 963-5822 for instructions.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">This proxy statement, the accompanying Notice of Annual Meeting of Shareholders, the proxy card and the Annual Report for
            the Fund for the fiscal year ended August 31, 2017 will be first sent to shareholders on or about October 31, 2017.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER
               4, 2017.</b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>You may obtain a copy of this proxy statement, the accompanying Notice of Annual Meeting of Shareholders, the proxy card&#160;and
               the Annual Report for the Fund for the period ended August 31, 2017 without charge by visiting the website indicated on your
               proxy card.</b></font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Proxy Solicitation</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board intends to bring before the Meeting the matter set forth in the accompanying notice. Holders of common shares ("Shares")
            of the Fund ("Shareholders") are being asked to vote for the re-election of&#160; of Ms. Olivia Mitchell and Messrs. Isaiah Harris,
            Jr. and David F. Larcker as Trustees. You can vote by returning your properly executed proxy card in the envelope provided
            or you may vote by telephone or Internet by following the instructions at the end of this proxy statement. When you complete
            and sign your proxy card, the proxies named will vote on your behalf at the Meeting (or any adjournments thereof) exactly
            as you have indicated. If you return a signed proxy card but no choice is specified, your Shares will be voted FOR the election
            of each of the nominees named in the enclosed proxy card. If any other matters are properly presented at the Meeting for action,
            the persons named as proxies will vote in accordance with the views of management of the Fund. Shareholders, including a&#160;broker
            who may hold Shares on your behalf,&#160;may revoke a proxy prior to the Meeting by giving timely written notice of such revocation
            to the Fund at the address above, by submitting a subsequent proxy timely and in accordance with the methods prescribed by
            this proxy statement, or by attending the Meeting and voting in person.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Fund's&#160;Amended and Restated Agreement and Declaration of Trust (the "Declaration") provides that the holders of thirty-three
            and a third percent (33 1/3&#37;) of the Shares issued and outstanding, present in person or by proxy, shall constitute a quorum
            for the transaction of business at the Meeting. With regard to the election of Trustees, votes may be cast FOR all nominees
            or votes may be WITHHELD either with respect to all of the nominees or any individual nominee. Abstentions, broker non-votes
            (i.e., Shares held by brokers or nominee entities as to which (i) instructions have not been received from the beneficial
            owners or other persons entitled to vote and (ii) the broker or nominee entity does not have discretionary voting power on
            a particular matter), and votes that are withheld will count for purposes of determining whether a quorum is present but will
            have no effect with respect to the&#160;election of&#160;Trustees.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The vote of a plurality of the votes cast by Shareholders present in person or represented by proxy at the Meeting is required
            for the election of Trustees.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">In the event a quorum is not present at the Meeting or a quorum is present but sufficient votes to approve a proposal are
            not received, the persons named as proxies may propose one or more adjournments of the Meeting to permit further solicitation
            of proxies as to a proposal. The persons named as proxies will vote in favor of an adjournment those votes that may be voted
            in favor of the proposal. The persons named as proxies will vote against any such adjournment those votes marked against the
            proposal. The Meeting, whether or not a quorum is present, may be adjourned from time to time by the vote of a majority of
            the Shares represented at the Meeting, either in person or by proxy, or by the chair of the Meeting, in his or her discretion.
            Abstentions and broker non-votes will not be voted on a motion to adjourn.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Any proposal for which sufficient favorable votes have been received by the time of the Meeting may be acted upon and considered
            final regardless of whether the Meeting is adjourned to permit additional solicitation with respect to any other proposal.
            In certain circumstances in which the Fund has received sufficient votes to approve a matter being recommended for approval
            by the Board, the Fund may request that brokers and nominee entities, in their discretion, withhold or withdraw submission
            of broker non-votes in order to avoid the need for solicitation of additional votes in favor of the proposal.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Fund will bear the costs typically associated with the election of Trustees. Solicitation may be undertaken by mail, telephone,
            facsimile and personal contact. The Fund has engaged Computershare Fund Services&#160; to solicit proxies from brokers, banks,
            other institutional holders and individual Shareholders for a fee of approximately $3,500. This fee will be borne by the Fund.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Voting Securities and Principal Holders Thereof</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Shareholders of record at the close of business on October 9, 2017 are entitled to vote at the Meeting or any adjournment
            thereof to the extent set forth in this proxy statement. As of October 9, 2017, the Fund had outstanding&#160;9,250,433 Shares.
            Each Share&#160;is entitled to one vote for each dollar, and a fractional vote for each fraction of a dollar as to any matter on
            which the Share is entitled to vote.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">As of October 9, 2017, the&#160;Depository Trust Company&#160;owned of record approximately 100&#37; of the outstanding Shares. No person
            is reflected on the books and records of the Fund as owning beneficially 5&#37; or more of the outstanding Shares of the Fund
            as of October 9, 2017.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">As of October 9, 2017, the officers and Trustees of the Fund as a group beneficially owned in the aggregate less than 1&#37; of
            the Shares of the Fund, and together with their immediate family members, and less than 1&#37; of the outstanding securities of
            Wells Fargo &#38; Company ("Wells Fargo"), the parent company of Wells Fargo Funds Management, LLC ("Funds Management"), the Fund's
            investment adviser and Wells Capital Management Incorporated ("Wells Capital"), one of&#160;the Fund's sub-advisers, and Crow Point
            Partners, LLC ("Crow Point"), the Fund's other sub-adviser.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>I. ELECTION OF TRUSTEES (PROPOSAL 1)</b></font></b></font></b></font></b></font></b></font> </b></font></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board has nominated&#160;<font face="Arial, Helvetica, sans-serif" size="2">three</font> persons for election to the Fund's Board. Each of these nominees currently serves on the Fund's Board and is thus sometimes
            referred to as a "nominee Trustee". In accordance with the Declaration, the Trustees have been divided into three classes
            (each a "Class"): Class I, Class II and Class III. The Trustees in each Class serve until the annual meeting for the year
            indicated: Class I, 2020, Class II, 2018 and Class III, 2019 or, if later, until their respective successors are elected and
            qualified. At each subsequent annual meeting, the persons elected to the Class of Trustees whose terms are expiring will generally
            be nominated for a three-year term. Staggered terms are adopted by many closed-end fund boards and can have the effect of
            promoting greater stability and long-term perspective. Staggered terms also have the effect of limiting the ability of other
            entities or persons to acquire control of a board by delaying replacement of a majority of the board. If any nominee Trustee
            for any reason becomes unable to serve or is unwilling to serve, the persons named as proxies in the enclosed proxy card,
            in consultation with the Board,&#160;will vote for the election of such other person or persons as they may consider qualified.
            Each of the three nominee Trustees has agreed to continue to serve as a Trustee on the Board if elected by Shareholders. The
            nominee Trustees for Class I are expected to serve the full term until the 2020 annual meeting.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board of the Fund proposes the following nominee Trustees for election at the Meeting:</font></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="0" width="100&#37;">
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Trustee </b></font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Class </b></font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Expiration of Term if Elected </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Isaiah Harris, Jr.</font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Class I </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">2020<sup>1</sup></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">David F. Larcker</font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Class I </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">2020<sup>1</sup></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Olivia S. Mitchell</font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Class I </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">2020<sup>1</sup></font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1"> Or, if later, until their respective successors are elected and qualified. </font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">You cannot vote by proxy for anyone other than the&#160;<font face="Arial, Helvetica, sans-serif" size="2">three</font> nominee Trustees currently proposed to serve on the Board.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Trustee and Nominee Trustee Information</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The following table contains specific information about each Trustee and nominee Trustee as of August 31, 2017 including:
            name and year of birth, principal occupation(s) during the past five years or longer, position held with the Fund, length
            of time served, any other directorships held outside the Wells Fargo Funds family of funds and number of portfolios overseen
            in the fund complex&#160;by such Trustee and nominee Trustee. The address for each Trustee and nominee Trustee is c/o Wells Fargo
            Utilities and High Income Fund, 525 Market Street, 12th Floor, San Francisco, California 94105. The Board has established
            a standing Governance Committee, a standing Audit Committee and a standing Valuation Committee, each of which is made up of
            the Trustees listed in the table below.</font></p>
      <p    style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="6" width="100&#37;">
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Name and Year of Birth </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Position Held with the Fund </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Length of Time Served</b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Principal Occupation(s) During Past 5 Years or Longer</b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Number of Portfolios in Fund Complex Overseen by Trustee<sup>1</sup></b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Other Directorships Held by Trustee within past 5 years </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="6">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Class I - Non-Interested Nominee Trustees to serve until 2020 Annual Meeting of Shareholders</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Isaiah Harris, Jr., 1952</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee since 2010 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Retired. Chairman of the Board of CIGNA Corporation since 2009, and Director since 2005. From 2003 to 2011, Director of Deluxe
                     Corporation. Prior thereto, President and CEO of BellSouth Advertising and Publishing Corp. from 2005 to 2007, President and
                     CEO of BellSouth Enterprises from 2004 to 2005 and President of BellSouth Consumer Services from 2000 to 2003. Emeritus member
                     of the Iowa State University Foundation Board of Governors. Emeritus Member of the Advisory Board of Iowa State University
                     School of Business. Advisory Board Member, Palm Harbor Academy (charter school). Advisory Board Member, Child Evangelism Fellowship
                     (non-profit). Mr. Harris is a certified public accountant (inactive status).</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">CIGNA Corporation; Asset Allocation Trust</font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">David F. Larcker, 1950</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee since 2010 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">James Irvin Miller Professor of Accounting at the Graduate School of Business, Stanford University, Director of the Corporate
                     Governance Research Initiative and Senior Faculty of The Rock Center for Corporate Governance since 2006. From 2005 to 2008,
                     Professor of Accounting at the Graduate School of Business, Stanford University. Prior thereto, Ernst &#38; Young Professor of
                     Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Asset Allocation Trust </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Olivia S. Mitchell, 1953</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee since 2010 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">International Foundation of Employee Benefit Plans Professor, Wharton School of the University of Pennsylvania since 1993.
                     Director of Wharton's Pension Research Council and Boettner Center on Pensions &#38; Retirement Research, and Research Associate
                     at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Asset Allocation Trust </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="6">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Class II - Non-Interested Trustees to serve until 2018 Annual Meeting of Shareholders</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">William R. Ebsworth, 1957</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Trustee since 2015</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Retired. From 1984 to 2013, equities analyst, portfolio manager, research director and chief investment officer at Fidelity
                     Management and Research Company in Boston, Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity
                     Strategic Advisers, Inc. where he led a team of investment professionals managing client assets. Prior thereto, Board member
                     of Hong Kong Securities Clearing Co., Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments
                     Life Insurance Company, and Empire Fidelity Investments Life Insurance Company. Board member of the Fort&#233; Foundation (non-profit
                     organization) and the Vincent Memorial Hospital Endowment (non-profit organization), where he serves on the Investment Committee
                     and as Chair of the Audit Committee. Mr. Ebsworth is a CFA&#174; charterholder.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Asset Allocation Trust </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Jane A. Freeman, 1953</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Trustee since 2015</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Retired. From 2012 to 2014 and 1999 to 2008, Chief Financial Officer of Scientific Learning Corporation. From 2008 to 2012,
                     Ms. Freeman provided consulting services related to strategic business projects. Prior to 1999, Portfolio Manager at Rockefeller
                     &#38; Co. and Scudder, Stevens &#38; Clark. Board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent
                     Director and chair of the Audit Committee. Board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and the
                     chair of the Audit Committee. Ms. Freeman is a Board Member of Ruth Bancroft Garden (non-profit organization) and an inactive
                     chartered financial analyst.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Asset Allocation Trust </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Judith M. Johnson, 1949</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Trustee and Audit Committee Chairman since 2010</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Retired. Prior thereto, Chief Executive Officer and Chief Investment Officer of Minneapolis Employees Retirement Fund from
                     1996 to 2008. Ms. Johnson is an attorney, certified public accountant and a certified managerial accountant.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Asset Allocation Trust</font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="6">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Class III - Non-Interested Trustees to serve until 2019 Annual Meeting of Shareholders</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Peter G. Gordon, 1942<sup>2</sup></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee and Chairman </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee and Chairman since 2010 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Co-Founder, Retired Chairman, President and CEO of Crystal Geyser Water Company. Trustee Emeritus, Colby College.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Asset Allocation Trust</font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Timothy J. Penny, 1951</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee since 2010 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007 and
                     Senior Fellow at the Humphrey Institute Policy Forum at the University of Minnesota since 1995. Member of the Board of Trustees
                     of NorthStar Education Finance, Inc., a non-profit organization, since 2007.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Asset Allocation Trust</font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Michael S. Scofield, 1943<sup>3</sup></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Trustee since 2004 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Served on the Investment Company Institute's Board of Governors and Executive Committee from 2008-2011 as well as the Governing
                     Council of the Independent Directors Council from 2006-2011 and the Independent Directors Council Executive Committee from
                     2008-2011. Chairman of the IDC from 2008-2010. Trustee of the Evergreen Fund complex (and its predecessors) from 1984 to 2010.
                     Chairman of the Evergreen Funds from 2000-2010. Former Trustee of the Mentor Funds. Retired Attorney, Law Offices of Michael
                     S. Scofield.</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 152 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Asset Allocation Trust </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="6">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Advisory Board Members</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">James G. Polisson, 1959<sup>4</sup></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Advisory Board Member </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Advisory Board Member since 2017 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Retired. Chief Marketing Officer, Source (ETF) UK Services, Ltd, from 2015 to 2017. From 2012 to 2015, Principal of The Polisson
                     Group, LLC, a management consulting, corporate advisory and principal investing company. Chief Executive Officer and Managing
                     Director at Russell Investments, Global Exchange Traded Funds from 2010 to 2012. Managing Director of Barclays Global Investors
                     from 1998 to 2010 and Global Chief Marketing Officer for iShares and Barclays Global Investors from 2000 to 2010. Prior thereto,
                     Vice President, Fidelity Retail Mutual Fund Group from 1996 to 1998 and Risk Management Practice Manager, Fidelity Consulting
                     from 1995 to 1996. Board member of the Russell Exchange Traded Fund Trust from 2011 to 2012. Director of Barclays Global Investors
                     Holdings Deutschland GmbH from 2006 to 2009. Mr. Polisson is an attorney and has a retired status with the Massachusetts and
                     District of Columbia Bar Associations. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 0 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> None </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Pamela Wheelock, 1959<sup>4</sup></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Advisory Board Member </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Advisory Board Member since 2017 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Chief Operating Officer, Twin Cities Habitat for Humanity, since January, 2017. Vice President of University Services, University
                     of Minnesota from 2012 to 2017. Prior thereto, Interim President and Chief Executive Officer of Blue Cross Blue Shield of
                     Minnesota from 2010 to 2011, Chairman of the Board from 2009 to 2011 and Board Director from 2003 to 2015. Vice President,
                     Leadership and Community Engagement, Bush Foundation, Saint Paul, Minnesota (a private foundation) from 2009 to 2011. Executive
                     Vice President and Chief Financial Officer, Minnesota Sports and Entertainment from 2004 to 2009 and Senior Vice President
                     from 2002 to 2004. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently on the Board of Directors, Governance
                     Committee and Finance Committee, for the Minnesota Philanthropy Partners (Saint Paul Foundation) since 2012 and Board Chair
                     of the Minnesota Wild Foundation since 2010. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 0 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> None </font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">As of August 31, 2017, the Fund Complex consisted of 152 funds.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">2&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">Mr. Gordon is expected to retire on December 31, 2017.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">3&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">Mr. Scofield is expected to retire on December 31, 2018.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">4&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">James Polisson and Pamela Wheelock became members of the Advisory Board of the Trust effective August 1, 2017.</font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The following table contains specific information about the dollar range of equity securities beneficially owned by each Trustee
            and nominee Trustee in the Fund and the aggregate dollar range of equity securities in other funds in the Fund Complex overseen
            by the Trustees.</font></p>
      <p    style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="0" width="100&#37;">
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Name of Trustee </b></font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Dollar Range of Equity Securities in the Fund as of August 31, 2017</b></font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Aggregate Dollar Range of Equity Securities in the Fund Complex as of August 31, 2017</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left" colspan="3">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Non-Interested Nominee Trustees</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Peter G. Gordon </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Timothy J. Penny </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Michael S. Scofield </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left" colspan="3">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Non-Interested Trustees</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> William R. Ebsworth </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $10,001-$50,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Jane A. Freeman </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $10,001-$50,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Isaiah Harris, Jr. </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Judith M. Johnson </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> David F. Larcker </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Olivia S. Mitchell </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1-$10,000 </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Over $100,000 </font></p>
            </td>
         </tr>
      </table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>The Board of Trustees and Its Leadership Structure</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Overall responsibility for oversight of the Fund rests with the Board. The Board has engaged Funds Management to manage the
            Fund on a day-to day basis. The Board is responsible for overseeing Funds Management and other service providers in the operation
            of the Fund in accordance with the provisions of the Investment Company Act of 1940 (the "1940 Act"), applicable provisions
            of Delaware law, other applicable laws and the Declaration.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board is currently composed of nine members, each of whom is not an "interested person" of the Fund, Funds Management,
            or Wells Capital Management, as defined in the 1940 Act (an "Independent Trustee"). The Board currently conducts regular in-person
            meetings five times a year. In addition, the Board may hold special in-person or telephonic meetings or informal conference
            calls to discuss specific matters that may arise or require action between regular meetings.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.
            The Board has appointed an Independent Trustee to serve in the role of Chairman. The Chairman's role is to preside at all
            meetings of the Board and to act as a liaison with respect to governance-related matters with service providers, officers,
            attorneys, and other Trustees generally between meetings. The Chairman may also perform such other functions as may be delegated
            by the Board from time to time. In order to assist the Chairman and to preside at meetings in the absence of the Chairman,
            the Board has, upon recommendation by the Governance Committee and the Chairman of the Board, an Independent Trustee to serve
            as Vice Chair. The Vice Chair serves for a one-year term, which may be extended with the approval of the Board. Except for
            any duties specified herein or pursuant to the Declaration, the designation of Chairman or Vice Chair does not impose on such
            Independent Trustee any duties, obligations or liability that are greater than the duties, obligations or liability imposed
            on such person as a member of the Board generally.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board also has established a Governance Committee, an Audit Committee and a Valuation Committee to assist the Board in
            the oversight and direction of the business and affairs of the Fund and from time to time may establish informal working groups
            to review and address the policies and practices of the Fund with respect to certain specified matters. Additionally, the
            Board has established an investment team to review in detail the performance of the Fund, to meet with portfolio managers,
            and to report back to the full Board. The Board occasionally engages independent consultants to assist it in evaluating initiatives
            or proposals. The Board believes that the Board's current leadership structure is appropriate because it allows the Board
            to exercise informed and independent judgment over matters under its purview, and it allocates areas of responsibility among
            committees of Trustees and the full Board in a manner that enhances effective oversight. The leadership structure of the Board
            may be changed, at any time and in the discretion of the Board, including in response to changes in circumstances or the characteristics
            of the Fund.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">As noted above, the Board has established a standing Governance Committee, a standing Audit Committee and a standing Valuation
            Committee to assist the Board in the oversight and direction of the business and affairs of the Fund. The Governance Committee
            and Audit Committee operate pursuant to charters approved by the Board. The Valuation Committee's responsibilities are set
            forth in Valuation Procedures approved by the Board. Each Independent Trustee is a member of the Fund's Governance Committee,
            Audit Committee and Valuation Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><u>Governance Committee</u>. Except with respect to any trustee nomination made by an eligible Shareholder or Shareholder group as permitted by applicable
            law and applicable provisions of the Declaration and By-Laws of the Fund, the Governance Committee shall make all nominations
            for membership on the Board. The Governance Committee shall evaluate each candidate's qualifications for Board membership
            and his or her independence from the Fund's investment adviser and sub-adviser and, as it deems appropriate, other principal
            service providers. Peter G. Gordon serves as the chariman of the Governance Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Governance Committee has adopted procedures by which a Shareholder may properly submit a nominee recommendation for the
            Governance Committee's consideration, which are set forth in Appendix A to the Fund's Governance Committee Charter. The Shareholder
            must submit any such recommendation (a "Shareholder Recommendation") in writing to the Fund, to the attention of the Fund's
            Secretary, at the address of the principal executive office of the Fund.&#160;The Governance Committee has full discretion to reject
            candidates recommended by Shareholders, and there is no assurance that any such person properly recommended and considered
            by the Governance Committee will be nominated for election to the Board. For more information relating to Shareholder recommendations,
            please see the Fund's Governance Committee Charter attached as Exhibit A.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Governance Committee may from time-to-time propose nominations of one or more individuals to serve as members of an "advisory
            board," as such term is defined in Section 2(a)(1) of the Investment Company Act of 1940.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><u>Valuation Committee</u>. The Board has delegated to the Valuation Committee the authority to take any action regarding the valuation of portfolio
            securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of securities
            between regularly scheduled Board meetings in instances where that determination has not otherwise been delegated to the valuation
            team ("Management Valuation Team") of Funds Management. The Board considers for ratification at each quarterly meeting any
            valuation actions taken during the previous quarter by the Valuation Committee or by the Management Valuation Team other than
            pursuant to Board-approved methodologies. Any one member of the Valuation Committee may constitute a quorum for a meeting
            of the committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><u>Audit Committee</u>. The Audit Committee: oversees the Fund's accounting and financial reporting policies, including their internal controls
            over financial reporting; oversees the quality and objectivity of the Fund's financial statements and the independent audit
            thereof; and interacts with the Fund's independent registered public accounting firm on behalf of the full Board and with
            appropriate officers of the Fund. Judith M. Johnson serves as the chairperson of the Audit Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board and individual committees met the following number of times during the most recently completed fiscal year:</font></p>
      <p    style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="0" width="100&#37;">
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b></b></font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Number of Meetings During Last Fiscal Year </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Regular Meetings </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 5 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Special Meetings </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 1 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Governance Committee Meetings </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 3 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Valuation Committee Meetings </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 2 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Audit Committee Meetings </font></p>
            </td>
            <td valign="bottom" align="right" width="10&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> 4 </font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Each Trustee attended at least 75&#37; of the aggregate of the total number of meetings of the Board and committees on which he
            or she served.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>The Board of Trustees and Risk Oversight</b></font></b></font></b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Fund is subject to a number of risks, including investment, compliance, operational, and valuation risks, among others.
            Day-to-day risk management functions are subsumed within the responsibilities of Funds Management, Wells Capital&#160;Management
            and other service providers (depending on the nature of the risk), who carry out the Fund's investment management and business
            affairs. Each of Funds Management, Wells Capital&#160;Management and other service providers have their own, independent approach
            to risk management, and their policies and methods of carrying out risk management functions will depend, in part, on their
            individual priorities, resources and controls.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Risk oversight forms part of the Board's general oversight of the Fund and is addressed as part of various Board and Committee
            activities. The Board recognizes that it is not possible to identify all of the risks that may affect the Fund or to develop
            processes and controls to eliminate or mitigate their occurrence or effects and that it is necessary for the Fund to bear
            certain risks (such as investment-related risks) to pursue its goals. As part of its regular oversight of the Fund, the Board,
            directly or through a Committee, interacts with and reviews reports from, among others, Funds Management, Wells Capital Management,
            the Chief Compliance Officer of the Fund, the Chief Risk Officer of Funds Management, the independent registered public accounting
            firm for the Fund, and internal compliance auditors for Funds Management or its affiliates, as appropriate, regarding risks
            faced by the Fund and relevant risk functions. The Board, with the assistance of its investment teams, also reviews investment
            policies and risks in connection with its review of the Fund's performance. The Board has appointed a Chief Compliance Officer
            who oversees the implementation and testing of the Fund's compliance program and regularly reports to the Board regarding
            compliance matters for the Fund and its principal service providers. Funds Management has appointed a Chief Risk Officer to
            enhance the framework around the assessment, management, measurement and monitoring of risk indicators and other risk matters
            concerning the Fund and develop periodic reporting of risk management matters to the Board. In addition, as part of the Board's
            periodic review of the Fund's advisory, sub-advisory and other service provider agreements, the Board may consider risk management
            aspects of their operations and the functions for which they are responsible. With respect to valuation, the Board oversees
            a management valuation team comprised of officers and employees of Funds Management, has approved and periodically reviews
            written valuation policies and procedures applicable to valuing the Fund portfolio investments, and has established a valuation
            committee of Trustees. The Board may, at any time and in its discretion, change the manner in which it conducts its risk oversight
            role.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Qualifications of Trustees</b></font></b></font></b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Declaration does not set forth any specific qualifications to serve as a Trustee. The Charter and the Statement of Governance
            Principles of the Governance Committee also do not set forth any specific qualifications, but do set forth certain factors
            that the Governance Committee may take into account in considering Trustee candidates and a process for evaluating potential
            conflicts of interest, which identifies certain disqualifying conflicts.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Among the attributes or skills common to all Trustees are their ability to review critically, evaluate, question and discuss
            information provided to them, to interact effectively with the other Trustees, Funds Management, the Sub-Advisers, other service
            providers, counsel and the independent registered public accounting firm, and to exercise effective and independent business
            judgment in the performance of their duties as Trustees. Each Trustee's ability to perform his or her duties effectively has
            been attained through the Trustee's business, consulting, public service, professional and/or academic positions and through
            experience from service as a board member of the Funds and the other funds in the Fund Complex (and/or in other capacities,
            including for any predecessor funds), other registered investment companies, public companies, and/or non-profit entities
            or other organizations. Each Trustee's ability to perform his or her duties effectively also has been enhanced by his or her
            educational background, professional training, and/or other life experiences. The specific experience, qualifications, attributes
            and/or skills that led to the conclusion that a Trustee should serve as a Trustee of the Fund are as set forth below.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>William R. Ebsworth</i>. Mr. Ebsworth has served as a Trustee of the Trusts in the Fund Complex and Asset Allocation Trust since January 1, 2015.
            From 1984 to 2013, equities analyst, portfolio manager, research director at Fidelity Management and Research Company in Boston,
            Tokyo, and Hong Kong, and retired in 2013 as Chief Investment Officer of Fidelity Strategic Advisers, Inc. where he led a
            team of investment professionals managing client assets. Prior thereto, Board member of Hong Kong Securities Clearing Co.,
            Hong Kong Options Clearing Corp., the Thailand International Fund, Ltd., Fidelity Investments Life Insurance Company, and
            Empire Fidelity Investments Life Insurance Company. Mr. Ebsworth is a CFA&#174; charterholder and an Adjunct Lecturer, Finance,
            at Babson College.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Jane A. Freeman</i>. Ms. Freeman has served as a Trustee of the Trusts in the Fund Complex and Asset Allocation Trust since January 1, 2015.
            From 2012 to 2014 and 1999 to 2008, Ms. Freeman served as the Chief Financial Officer of Scientific Learning Corporation.
            From 2008 to 2012, Ms. Freeman provided consulting services related to strategic business projects. Prior to joining Scientific
            Learning, Ms. Freeman was employed as a portfolio manager at Rockefeller &#38; Co. and Scudder, Stevens &#38; Clark. She served as
            a board member of the Harding Loevner Funds from 1996 to 2014, serving as both Lead Independent Director and chair of the
            Audit Committee. She also served as a board member of the Russell Exchange Traded Funds Trust from 2011 to 2012 and as chair
            of the Audit Committee. Ms. Freeman serves as a Board Member of the Ruth Bancroft Garden. Ms. Freeman is a Chartered Financial
            Analyst (inactive).</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Peter G. Gordon</i>. Mr. Gordon has been a Trustee since 1998, Chairman of the Board of Trustees since 2005, Chairman of the Governance Committee
            since 2005, and was the Lead Independent Trustee from 2001 through 2005, with respect to all of the Trusts in the Fund Complex.
            He has also served as a Trustee, Chairman of the Board of Trustees and Chairman of the Governance Committee of Asset Allocation
            Trust since 2010. In addition, he has over 30 years of executive and business experience as the cofounder, and retired Chairman,
            President and CEO of Crystal Geyser Water Company.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Isaiah Harris, Jr.</i> Mr. Harris has served as a Trustee of the Trusts in the Fund Complex since 2009 and was an Advisory Board Member from 2008
            to 2009. He has also served as a Trustee of Asset Allocation Trust since 2010. He has been the Chairman of the Board of CIGNA
            Corporation since 2009, and has been a director of CIGNA Corporation since 2005. He served as a director of Deluxe Corporation
            from 2003 to 2011. As a director of these and other public companies, he has served on board committees, including Governance,
            Audit and Compensation Committees. Mr. Harris served in senior executive positions, including as president, chief executive
            officer, vice president of finance and/or chief financial officer, of operating companies for approximately 20 years.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Judith M. Johnson</i>. Ms. Johnson has served as a Trustee of the Trusts in the Fund Complex since 2008 and as Chair of the Audit Committee since
            2009. She has also served as a Trustee and Chair of the Audit Committee of Asset Allocation Trust since 2010. She served as
            the Chief Executive Officer and Chief Investment Officer of the Minneapolis Employees Retirement Fund for twelve years until
            her retirement in 2008. Ms. Johnson is a licensed attorney, as well as a certified public accountant and a certified managerial
            accountant. Ms. Johnson has been determined by the Board to be an audit committee financial expert as such term is defined
            in the applicable rules of the SEC.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>David F. Larcker</i>. Mr. Larcker has served as a Trustee of the Trusts in the Fund Complex since 2009 and was an Advisory Board Member from 2008
            to 2009. He has also served as a Trustee of Asset Allocation Trust since 2010. Mr. Larcker is the James Irvin Miller Professor
            of Accounting at the Graduate School of Business of Stanford University. He is also the Morgan Stanley Director of the Center
            for Leadership Development and Research and Co-director of The Rock Center for Corporate Governance at Stanford University.
            He has been a professor of accounting for over 30 years. He has written numerous articles on a range of topics, including
            managerial accounting, financial statement analysis and corporate governance.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Olivia S. Mitchell</i>. Ms. Mitchell has served as a Trustee of the Trusts in the Fund Complex since 2006. She has also served as a Trustee of Asset
            Allocation Trust since 2010. Ms. Mitchell is the International Foundation of Employee Benefit Plans Professor at the Wharton
            School of the University of Pennsylvania, where she is also Professor of Insurance/Risk Management and Business Economics/Policy.
            She also serves in senior positions with academic and policy organizations that conduct research on pensions, retirement,
            insurance, risk management, and related topics including as Executive Director of the Pension Research Council and Director
            of the Boettner Center on Pensions and Retirement Research, both at the University of Pennsylvania. She has taught on and
            served as a consultant on economics, insurance, and risk management, served as Department Chair, advised numerous governmental
            entities, and written numerous articles and books on topics including retirement systems, private and social insurance, and
            health and retirement policy.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Timothy J. Penny</i>. Mr. Penny has been a Trustee of the Trusts in the Fund Complex and their predecessor funds since 1996 and Vice Chair of
            the Board since 2017. He has also served as a Trustee of Asset Allocation Trust since 2010. He has been President and Chief
            Executive Officer of Southern Minnesota Initiative Foundation since 2007 and a Senior Fellow at the Humphrey Institute Policy
            Forum at the University of Minnesota since 1995. He also serves as a member of the board of another non-profit organization.
            Mr. Penny was a member of the U.S. House of Representatives for 12 years representing Southeastern Minnesota's First Congressional
            District.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>James G. Polisson.</i> Mr. Polisson has served as an Advisory Board Member since August 2017. Mr. Polisson has extensive experience in the financial
            services industry, including over 15 years in the ETF industry. Prior to July 31, 2017, Mr. Polisson was the Chief Marketing
            Officer of Source UK Services, Ltd., one of the largest providers of exchange-traded products in Europe. Prior to joining
            Source in 2015, Mr. Polisson was Chief Executive Officer and Managing Director of Russell Investments' global ETF business
            from 2010. He was also a member of the Board of Trustees of Russell Exchange Traded Funds Trust, where he served as Chairman,
            President and Chief Executive Officer from 2011 to 2012. Mr. Polisson also served as Chief Marketing Officer for Barclays
            Global Investors from 2000 to 2010, where he led global marketing for the iShares ETF business.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Michael S. Scofield</i>. Mr. Scofield has served as a Trustee of the Trusts in the Fund Complex since 2010. He has also served as a Trustee of Asset
            Allocation Trust since 2005. He previously served on the Investment Company Institute's Board of Governors and Executive Committee.
            Mr. Scofield previously served as a Trustee of the Evergreen fund complex (and its predecessors) from 1984 to 2010, where
            he served as Chairman of the Board. He also served as a member and former chairman of the Independent Directors Counsel, an
            organization dedicated to serving the independent investment company director community, a member of the board of directors
            of the Mutual Fund Directors Forum, and other leadership positions in the investment company industry. He previously worked
            as an attorney with the Law Offices of Michael S. Scofield.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><i>Pamela Wheelock.</i> Ms. Wheelock has served as an Advisory Board Member since August 2017. Ms. Wheelock is the Chief Operating Officer of Twin
            Cities Habitat for Humanity. Ms. Wheelock has more than 25 years of leadership experience in the private, public and nonprofit
            sectors. Prior to joining Habitat for Humanity in 2017, Ms. Wheelock was the Vice President of University Services at the
            University of Minnesota from 2012, where she served as chief operations officer of the University. She also served as Interim
            President and Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Vice President of the Bush
            Foundation from 2009 to 2011, and Executive Vice President and Chief Financial Officer of Minnesota Sports and Entertainment
            from 2004 to 2009. Ms. Wheelock served as the Executive Budget Officer and Finance Commissioner for the State of Minnesota
            from 1999 to 2002.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Consideration of Diversity by the Governance Committee</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Governance Committee takes the overall diversity of the Board into account when considering and evaluating nominees for
            Trustee. While the Governance Committee has not adopted a specific policy on diversity or a particular definition of diversity,
            when considering nominees, the Governance Committee generally considers the manner in which each nominee's professional experience,
            background, skills in matters that are relevant to the oversight of the funds (e.g., investment management, distribution,
            accounting, trading, compliance, legal), and general leadership experience are complementary to the existing Trustees' attributes.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Governance Committee</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The members of the Governance Committee are "independent" as defined in the <font face="Arial, Helvetica, sans-serif" size="2">NYSE MKT Exchange</font>'s listing standards. The Board has adopted a written Governance Committee Charter which is attached to this proxy statement
            as Exhibit A. The Governance Committee Charter describes the Governance Committee functions. The Governace Committee reviews
            the Governance Committee Charter at least annually and may recommend changes to the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board has approved a policy pursuant to which the Board may consider nominees for election as Trustees, which is described
            further in the Governance Committee Charter. The policy states the minimum nominee qualifications, the process for identifying
            and evaluating trustee nominees and the process for considering nominees recommended by Shareholders.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b>Communications with Board Members</b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board has approved a policy for communications with Board members. Any shareholder who wishes to send a communication
            to the Board should send the communication to the Wells Fargo Utilities and High Income Fund Board of Trustees, 525 Market
            Street, 12th Floor, San Francisco, California 94105. If a Shareholder wishes to send a communication directly to an individual
            Trustee or to a Committee of the Fund's Board, the communication should be specifically addressed to such individual Trustee
            or Committee and sent to the above address.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b>Trustee Attendance Policy at Annual Shareholder Meetings</b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Funds that are listed on the NYSE MKT are required each year to hold an Annual Meeting of Shareholders. It is the policy of
            the Fund to encourage at least one Trustee to attend each such Annual Meeting of Shareholders either in person, by video conference,
            or by teleconference. No Trustees attended the previous year's Annual Meeting of Shareholders.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Current Officers</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The following table contains specific information about each executive officer of the Fund as of August 31, 2017, including:
            name, address and year of birth, position held with the Fund, length of time served and principal occupation(s) during the
            past five years or longer, including offices held with Funds Management, Wells Fargo and their affiliated companies.</font></p>
      <p    style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="6" width="100&#37;">
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Name, Address and Year of Birth </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Position with Fund </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Principal Occupation(s) During Past 5 Years or Longer </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Andrew Owen<br> 525 Market Street, San Francisco, CA 94105<br> Year of Birth: 1960</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> President since 2017 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Executive Vice President of Wells Fargo &#38; Company and Head of Affiliated Managers, Wells Fargo Asset Management, since 2014.
                     In addition, Mr. Owen is currently President, Chief Executive Officer and Director of Wells Fargo Funds Management, LLC since
                     2017. Prior thereto, Executive Vice President responsible for marketing, investments and product development for Wells Fargo
                     Funds Management, LLC, from 2009 to 2014. </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Nancy Wiser<br> 200 Berkeley Street, Boston, MA 02116-5022<br> Year of Birth: 1974</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Treasurer since 2012 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Executive Vice President of Wells Fargo Funds Management since 2011. Chief Operating Officer and Chief Compliance Officer
                     at LightBox Capital Management LLC, from 2008 to 2011.</font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">C. David Messman <br> 525 Market Street, San Francisco, CA 94105<br> Year of Birth: 1960</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Secretary, since 2000; Chief Legal Officer, since 2003 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Senior Vice President and Secretary of Wells Fargo Funds Management, LLC since 2001. Assistant General Counsel of Wells Fargo
                     Bank, N.A since 2013 and Vice President and Managing Counsel of Wells Fargo Bank, N.A. from 1996 to 2013.</font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Michael Whitaker<sup>1</sup><br> 200 Berkeley Street, Boston, MA 02116-5022<br> Year of Birth: 1967</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Chief Compliance Officer since 2016</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Senior Vice President and Chief Compliance Officer since 2016. Senior Vice President and Chief Compliance Officer for Fidelity
                     Investments from 2007 to 2016.</font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">David Berardi<br> 200 Berkeley Street, Boston, MA 02116-5022<br> Year of Birth: 1975</font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Assistant Treasurer, since 2009 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Vice President of Wells Fargo Funds Management, LLC since 2009. Vice President of Evergreen Investment Management Company,
                     LLC from 2008 to 2010. Manager of Fund Reporting and Control for Evergreen Investment Management Company, LLC from 2004 to
                     2010.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">Michael Whitaker became Chief Compliance Officer effective May 16, 2016.</font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The President oversees the operations of the Funds. The Secretary is responsible for maintaining the minutes of all meetings
            and a record of other actions of Trustees and shareholders. The Treasurers are responsible for maintaining the books and records
            of the Funds and for working with the Funds' portfolio managers on a continuous basis to ensure that accounting records are
            properly maintained. The Chief Compliance Officer is responsible for reviewing Fund policies and procedures and monitoring
            the Funds' compliance with them.</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Remuneration of Officers and Trustees</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Fees, salaries or other remuneration of officers of the Fund who also serve as officers or employees of Funds Management or
            any of its affiliated companies are borne by Funds Management or the Wells Fargo affiliate for whom the individual serves.
            The Fund's principal executive officers did not receive any compensation or expense reimbursement from the Fund for the fiscal
            year ended August 31, 2017. The Fund reimburses all Trustees for expenses incurred in connection with attending meetings of
            the Board. The Trustees do not receive any pension or retirement benefits from the Fund. For the fiscal year ended August
            31, 2017, the Trustees earned the following compensation from the Fund and the Fund Complex:</font></p>
      <p    style="margin-top:5px;margin-bottom:0px;"><FONT SIZE="0.5" face="Arial, Helvetica, sans-serif">&#160;</FONT></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="6" width="100&#37;">
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Name of Person and Position with the Fund </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Aggregate Compensation From the Fund</b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b></b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Total Compensation From the Fund and Fund Complex Paid to Trustees<sup>1</sup></b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="4">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Non-Interested Nominee Trustees</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Isaiah Harris, Jr. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,956 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $297,250 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> David F. Larcker </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,985 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $301,750 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Olivia S. Mitchell </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,985 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $301,750 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left" colspan="4">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>Non-Interested Trustees</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> William R. Ebsworth </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,975 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $300,250 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Jane A. Freeman </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,985 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $301,750 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Peter G. Gordon </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $2,437 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $370,500 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Judith M. Johnson </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $2,183 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $331,750 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Timothy J. Penny </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $2,125 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $323,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Michael S. Scofield </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $1,985 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $301,750 </font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">As of August 31, 2017, the Wells Fargo Funds fund complex consisted of 152 funds.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b>Section 16(a) Beneficial Ownership Reporting Compliance</b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Section 16(a) of the Exchange Act requires the Fund's Trustees, principal executive officers and certain other persons ("Reporting
            Entities")&#160;to file reports regarding ownership of, and transactions in, the Fund's securities with the SEC. Copies of the
            required filings must also be furnished to the Fund. During the most recent fiscal year, the Fund believes that all reports
            required to be filed by the Reporting Entities were filed on a timely basis.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Forms 3, 4, and 5 for the officers and Trustees of the Fund may be accessed through the Wells Fargo Funds website at www.wellsfargofunds.com.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Service Providers</b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Funds Management, an affiliate of Wells Fargo, a diversified financial services company providing banking, insurance, investment,
            mortgage and consumer finance services, currently serves as both the Fund's adviser and administrator. Funds Management is
            an indirect, wholly owned subsidiary of Wells Fargo. The principal business address of Funds Management is 525 Market Street,
            San Francisco, California 94105.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Wells Capital, a subsidiary of Wells Fargo and an affiliate of Funds Management, currently serves as the sub-adviser to the
            Fund. The principal business address of Wells Capital Management is 525 Market Street, San Francisco, California 94105.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Computershare Fund Services is the Fund's transfer agent and is located at P.O. Box 43010, Providence, Rhode Island 02940-3010.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">KPMG LLP ("KPMG"), 99 High Street, Boston, Massachusetts 02110, has been approved by the Trustees of the Fund as the independent
            registered public accounting firm of the Fund for the current fiscal year ending August 31, 2017.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Audit Committee of the Board unanimously recommended the selection of KPMG, and the Board unanimously approved such selection,
            at meetings held on August 16, 2017.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Fund's Audit Committee has established and adopted policies and procedures whereby the Audit Committee Chairperson is
            authorized to pre-approve: (1) audit services to the Fund; (2) non-audit tax or compliance consulting or training services
            provided to the Fund by its independent registered accounting firm if the fees for any particular engagement are not anticipated
            to exceed a specified dollar amount; and (3) non-audit tax or compliance consulting or training services provided by the independent
            registered public accounting firm to the Fund's investment adviser and its adviser affiliates (where pre-approval is required
            because the engagement relates directly to the operations and financial reporting of the Fund) if the fee for any particular
            engagement is not anticipated to exceed a specified dollar amount. For any pre-approval sought from the Chairperson, the adviser
            shall prepare a brief description of the proposed services. If the Chairperson approves such service, he or she shall sign
            the statement prepared by the adviser, and such written statement shall be presented to the full Audit Committee at its next
            regularly scheduled meeting.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">A representative of KPMG, if requested in advance by any Shareholder, will be present via telephone at the Meeting to respond
            to appropriate questions from Shareholders and will have an opportunity to make a statement if he or she chooses to do so.
            Absent such a Shareholder request, it is not expected that such representative will be present at the Meeting.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">In approving the selection of KPMG for the Fund, the Audit Committee considered, in addition to other practices and requirements
            relating to the selection of the Fund's independent registered public accounting firm, whether any services performed by KPMG
            for the Fund and the investment adviser and for certain related parties for which KPMG received non-audit fees are compatible
            with maintaining the independence of KPMG as the Fund's<br> independent registered public accounting firm.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">On October 23, 2017, the Audit Committee reviewed and discussed with management the Fund's audited financial statements for
            the fiscal year ended August 31, 2017. The Audit Committee has reviewed and discussed with KPMG the matters required to be
            discussed by Statements on Auditing Standards, No. 114, Communication with Audit Committees. The Audit Committee has received
            the written disclosures and the letter from KPMG required by the Public Company Accounting Oversight Board regarding certain
            communications, and has discussed with KPMG its independence. Based on these reviews and discussions, the Audit Committee
            recommended to the Board that the audited financial statements be included in the annual report to Shareholders for the previous
            fiscal year for filing with the SEC.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The following table presents fees billed for professional audit services rendered by KPMG for the audit of the Fund's annual
            financial statements for the past two fiscal years and for fees billed for other services rendered by KPMG to the Fund. There
            were no fees paid to KPMG during the fiscal years where the de minimis exception was used.</font></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="0" width="100&#37;">
         <tr width="100&#37;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b></b></font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> 2017 </b></font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> 2016 </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Audit fees </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $51,484 </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $51,154 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Audit-related fees</font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Tax fees<sup>1</sup></font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $4,080 </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $3,945 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1">Non-audit fees</font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="bottom" align="left" width="40&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> All other fees </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
            <td valign="bottom" align="right" width="30&#37;">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> $0 </font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0" width="100&#37;">
         <tr>
            <td border="0" width="1&#37;" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1&#160;</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.</font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Board has adopted a written charter for the Audit Committee which is attached to this proxy statement as Exhibit&#160;B. The
            Audit Committee reviews the charter at least annually and may recommend changes to the Board.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b>Other Business</b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">As of the date of this proxy statement, neither the Fund's officers nor Funds Management are aware of any other business to
            come before the Meeting other than as set forth in the Notice of Annual Meeting of Shareholders. If any other business is
            properly brought before the Meeting or any adjournment thereof, the persons named as proxies in the enclosed proxy card will
            vote in accordance with the views of management of the Fund.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Required Vote for Proposal<br> </b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The vote of a plurality of the votes cast by Shareholders present in person or represented by proxy at the Meeting is required
            for the election of trustees.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b>Notice</b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">A Certificate of Trust in respect of the Fund is on file with the Secretary of the State of Delaware. As provided in the Declaration,
            the obligations of any instrument made or issued by any Trustee or Trustees or by any officer or officers of the Fund are
            not binding upon any of them or the Shareholders individually, but are binding only upon the assets and property of the Fund.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Shareholder Proposals</b></font></b></font></b></font></b></font> </b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Proposals intended to be presented by a Shareholder at the annual meeting of Shareholders to be held in 2018 must be received
            by the Fund's Secretary at the Fund's principal executive office by July 3, 2018 in order to be considered for inclusion in
            the Fund's proxy statement and proxy card relating to that meeting pursuant to Rule 14a-8 under the Exchange Act. If a Shareholder
            wishes to present a proposal at the annual meeting of Shareholders to be held in 2018 without having the proposal included
            in the Fund's proxy statement, including a proposal to nominate any persons for election to the Board, such proposal must
            be delivered to the Fund's Secretary at the Fund's principal executive office not earlier than the close of business on July
            3, 2018 and not later than the close of business on August 2, 2018. Timely receipt or delivery of a proposal does not necessarily
            mean that such proposal will be included in the Fund's proxy statement or presented at the meeting, given that such inclusion
            and presentation are subject to various conditions and requirements, including those specified by applicable law and by the
            Fund's governing documents. The Chair of the meeting may refuse to acknowledge a nomination or other proposal by a Shareholder
            that is not made in the manner described above.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE AS A TRUSTEE.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">C. DAVID MESSMAN<br> Secretary</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">October 31, 2017</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b> <font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>Instructions for Executing Proxy Card</b></font></b></font></b></font> </b></font></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The following general rules for signing proxy cards may be of assistance to you and may help to avoid the time and expense
            involved in validating your vote if you fail to sign your proxy card properly.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. INDIVIDUAL ACCOUNTS: Sign your name exactly as it appears in the Registration on the proxy card.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. JOINT ACCOUNTS: Either party may sign, but the name of the party signing should conform exactly to a name shown in the
            Registration on the proxy card.&#160;</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">3. ALL OTHER ACCOUNTS: The capacity of the individual signing the proxy card should be indicated unless it is reflected in
            the form of Registration. For example:</font></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="6" width="100&#37;">
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>CORPORATE ACCOUNTS REGISTRATION<br> </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>VALID SIGNATURE</b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (1) ABC Corp. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> ABC Corp. </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (2) ABC Corp. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> John Doe, Treasurer </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (3) ABC Corp. c/o John Doe, Treasurer </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> John Doe </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (4) ABC Corp. Profit Sharing Plan </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> John Doe, Trustee </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>TRUST ACCOUNTS REGISTRATION<br> </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (1) ABC Trust </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Jane B. Doe, Trustee </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (2) Jane B. Doe, Trustee u/t/d 12/28/78 </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Jane B. Doe, Trustee </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b>CUSTODIAL OR ESTATE ACCOUNTS REGISTRATION<br> </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (1) John B. Smith, Cust. f/b/o John B. Smith, Jr. UGMA </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> John B. Smith </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> (2) John B. Smith </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> John B. Smith, Jr., Executor </font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">After completing your proxy card, return it in the enclosed postage-paid envelope.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><b>OTHER WAYS TO VOTE YOUR PROXY</b></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">VOTE BY TELEPHONE:</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. Read the proxy statement and have your proxy card at hand.<br> 2. Call the toll-free number on your proxy card.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">VOTE BY INTERNET:</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. Read the proxy statement and have your proxy card at hand.<br> 2. Go to the Web site indicated on your proxy card and follow the voting instructions.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The telephone and Internet voting procedures are designed to authenticate Shareholder identities, to allow Shareholders to
            give their voting instructions, and to confirm that Shareholders' instructions have been recorded properly. Please note that,
            although there is no charge to you for voting by telephone Internet, there may be costs associated with electronic access,
            such as usage charges from telephone companies and Internet service providers that must be borne by the Shareholders.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Voting by telephone or Internet is generally available 24 hours a day. Do not mail the proxy card if you are voting by telephone
            or Internet. If you have any questions about voting, please call Computershare Fund Services, our proxy solicitor, at (866)
            963-5822 (toll free).</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p align="right" margin="0" padding="0"><font face="Arial, Helvetica, sans-serif" size="2">Exhibit A</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>WELLS FARGO FUNDS TRUST<br> WELLS FARGO MASTER TRUST<br> WELLS FARGO VARIABLE TRUST<br> ASSET ALLOCATION TRUST<br> WELLS FARGO GLOBAL DIVIDEND OPPORTUNITY FUND<br> WELLS FARGO INCOME OPPORTUNITIES FUND<br> WELLS FARGO MULTI-SECTOR INCOME FUND<br> WELLS FARGO UTILITIES AND HIGH INCOME FUND</b></font><br> <br> <font face="Arial, Helvetica, sans-serif" size="3"><b>CHARTER OF THE GOVERNANCE COMMITTEES</b></font></b></font></b></font></b></font><hr>
      </p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Governance Committee Membership</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Governance Committee of each Trust (the "Committee") shall be composed only of Trustees who are not "interested persons"
            of the Trusts, or of any investment adviser or principal underwriter of the Trusts or any series thereof (a "Fund"), as defined
            in the Investment Company Act of 1940 ("Independent Trustees").</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Board Nominations</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. Except with respect to any trustee nomination made by an eligible shareholder or shareholder group as permitted by applicable
            law (and, with respect to each Trust that is a registered closed-end management investment company ("Closed-End Fund"), in
            accordance with the By-Laws of such Closed-End Fund), the Committee shall make all nominations for membership on the Board
            of Trustees of each Trust. The Committee shall evaluate each candidate's qualifications for Board membership and his or her
            independence from the Funds' investment adviser(s) and principal underwriter(s) and, as it deems appropriate, other principal
            service providers. Any person nominated to serve as an Independent Trustee must not be, on the effective date of his or her
            appointment or election, an "interested person" of the Trusts, or of any investment adviser or principal underwriter of the
            Funds, as defined in the Investment Company Act of 1940, and, with respect to each Closed-End Fund, such person must also
            satisfy, on such date, applicable independence requirements of the listing standards of securities exchanges on which shares
            of such Closed-End Fund are traded.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">a. The Committee may take into account a wide variety of factors in considering Trustee candidates, including (but not limited
            to): (i) availability and commitment of a candidate to attend meetings and perform his or her responsibilities on the Board,
            (ii) relevant industry, business, professional and related experience, (iii) educational background, (iv) financial expertise,
            (v) an assessment of the candidate's ability, judgment and expertise, and (vi) overall diversity of the Board's composition.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">b. The Committee will consider and evaluate nominee candidates properly submitted by shareholders on the same basis as it
            considers and evaluates candidates recommended by other sources. Appendix A to this Charter, as it may be amended from time
            to time by the Committee, sets forth procedures that must be followed by shareholders to submit properly a candidate for nomination
            by the Committee. Shareholder recommendations not properly submitted in accordance with the requirements of Appendix A will
            not be considered for nomination by the Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. Process for evaluating potential conflicts of interest of Independent Trustee candidates.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">a. As a threshold matter, the background of a candidate to serve as an Independent Trustee must be reviewed to confirm that
            the person meets or, on the effective date of his or her appointment or election will meet, the technical requirements for
            being a non-interested Trustee under the Investment Company Act of 1940, and, with respect to Independent Trustee candidates
            for the Board of each Closed-End Fund, that such person satisfies or, on the effective date of his or her appointment or election
            will satisfy, applicable independence requirements of the listing standards of securities exchanges on which shares of such
            Closed-End Fund are traded.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">b. In addition to satisfying the applicable technical requirements set forth in 2.a., above, the candidate's business and
            personal connections (as reflected in the responses to questions in the Trustees' and Officers' Questionnaire completed by
            each current and prospective Trustee) must be reviewed to confirm that they do not create any actual or potential impairment
            to the person's independence with respect to the Funds.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">c. With respect to any candidate, the Committee shall elicit such information from senior management that the Committee deems
            appropriate, if any, to evaluating the merits of the candidate.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">d. Disqualifying factors:</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">i. No candidate shall be nominated for membership on the Board if, upon appointment or election to the Board, that candidate
            serves or has agreed to serve on the board of any registered investment company outside of the Wells Fargo Funds family (Asset
            Allocation Trust shall be considered to be a part of the Wells Fargo Funds family solely for the purposes of this Committee
            Charter), unless otherwise approved by the Committee. If any existing Trustee accepts a position on the board of any such
            other registered investment company, such Trustee shall promptly resign from membership on the Board, unless an exception
            from this policy is expressly approved by the Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">ii. No candidate shall be nominated for membership on the Board if that candidate serves or has agreed to serve as an officer,
            partner, employee or in any similar capacity with a firm that serves as an investment adviser, sub-adviser or principal underwriter
            of any registered investment company outside of the Wells Fargo Funds family. If any existing Trustee accepts such a position
            with such a firm, such Trustee shall promptly resign from membership on the Board. Similarly, if a candidate serves in such
            a capacity for a registered investment adviser or registered broker-dealer, but that firm currently does not serve as an investment
            adviser, sub-adviser or principal underwriter for any such registered investment company, such candidate shall be nominated
            only upon the express agreement that he or she would resign from the Board in the event that his or her firm subsequently
            undertakes such a role for any registered investment company outside of the Wells Fargo Funds family.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">iii. No candidate shall be nominated for membership on the Board if that candidate serves on the board of a firm that serves
            as an investment adviser, sub-adviser or principal underwriter of any registered investment company outside of the Wells Fargo
            Funds family, unless an exception from this policy is expressly approved by the Committee. If any existing Trustee accepts
            a position on the board of any such an investment adviser, sub-adviser or principal underwriter, such Trustee shall promptly
            resign from membership on the Board, unless an exception from this policy is expressly approved by the Committee. Similarly,
            if a candidate serves on the board of a registered investment adviser or registered broker-dealer, but that firm currently
            does not serve as an investment adviser, sub-adviser or principal underwriter of any such registered investment company, such
            candidate shall be nominated only upon the express agreement that he or she would, unless an exception from this policy is
            expressly approved by the Committee, resign from the Board in the event that his or her firm subsequently undertakes such
            a role for any registered investment company outside of the Wells Fargo Funds family.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">3. The Committee shall review the composition of the Board when it deems it appropriate to do so to determine whether it may
            be appropriate to recommend adding individuals with different backgrounds or skill sets from those already on the Board and/or
            recommend expanding or contracting the size of the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Committee Nominations and Functions</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. The Committee shall propose nominations for membership on all committees and shall review committee assignments when it
            deems it appropriate to do so.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. The Committee shall review as necessary the responsibilities of any committees of the Board, whether there is a continuing
            need for each committee, whether there is a need for additional committees of the Board, and whether committees should be
            combined or reorganized. The Committee shall make recommendations for any such action to the Board. With respect to any committee
            of the Board of a Closed-End Fund, the powers, functions, size, membership and other aspects of the committee shall conform
            with any applicable requirements of the By-Laws of such Closed-end Fund.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Governance Committee Chairman</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. Chairman of the Governance Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">a. Only a Trustee who is an Independent Trustee may serve in the role of Chairman of the Governance Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">b. In addition to any powers and duties specified in this Charter, the Chairman of the Governance Committee's role is to preside
            at all meetings of the Committee and to act as a liaison with respect to governance-related matters with service providers,
            officers, attorneys, and other Committee members generally between meetings.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">c. The Chairman of the Governance Committee shall be entitled to receive an additional annual fee in such amount, and payable
            in such frequency and manner, determined from time to time by the Board, for the additional work and time devoted by the Chairman
            of the Governance Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. Except for any duties specified herein or pursuant to a Trust's charter document, the designation of Chairman of the Governance
            Committee does not impose on such Trustee any duties, obligations or liability that are greater than the duties, obligations
            or liability imposed on such person as a member of the Board generally.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Compensation</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. The Committee shall periodically review and recommend any appropriate changes to trustee compensation to the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Board Leadership Structure</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. The Committee shall periodically review the Board leadership structure and shall recommend any appropriate changes to the
            Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Advisory Trustee Nominations</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. The Committee may from time-to-time propose nominations of one or more individuals to serve as members of an "advisory
            board," as such term is defined in Section 2(a)(1) of the Investment Company Act of 1940 ("Advisory Trustees"). An individual
            shall be eligible to serve as an Advisory Trustee only if that individual meets the requirements to be an Independent Trustee
            and does not otherwise serve the Trusts in any other capacity. Any Advisory Trustee shall serve at the pleasure of the Board
            and may be removed, at any time, with or without cause, by the Board. An Advisory Trustee may be nominated and elected as
            a Trustee, at which time he or she shall cease to be Advisory Trustee. Any Advisory Trustee may resign at any time.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b><u>Other Powers and Responsibilities</u></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. The Committee shall review this Charter at least annually and recommend changes, if any, to the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. The Committee shall periodically review and address matters relating to the engagement and independence of legal counsel
            employed by the Independent Trustees and shall recommend any appropriate actions to the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">3. The Committee shall have the resources and authority to discharge its responsibilities, including authority to retain special
            counsel and other experts or consultants, advisers or employees at the expense of the appropriate Fund(s).</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">4. In consultation with independent legal counsel to the Independent Trustees, the Committee shall consider the processes
            to be undertaken by the Board in connection with the annual assessment of the performance of the Board and the committees
            of the Board pursuant to rule 0-1(a)(7)(v) under the Investment Company Act of 1940 and under any applicable listing requirements.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">5. The Committee shall set forth and periodically review governance principles for the Board and its committees and shall
            recommend changes, if any, to the Board. Those principles have been outlined in a separate document (Statement of Governance
            Principles).</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">6. The actions taken at meetings of the Committee shall be recorded in the minutes of such meetings. Meetings of the Committees
            may be conducted in person, telephonically, or via video-conference.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">7. If the Committee's membership does not include all of the Trustees, the Committee will report on actions taken at its meetings
            to the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">8. The Committee shall have such further responsibilities as are given to it from time to time by the Board.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Date of most recent Committee approval: November 18, 2015<br> Date of most recent Charter amendment: November 18, 2015</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Appendix A</b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Procedures for Shareholders to Submit Nominee Candidates</b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">A shareholder of any series of the Trust must follow the following procedures in order to submit properly a nominee candidate
            recommendation for the Committee's consideration.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The shareholder must submit any nominee candidate recommendation (a "Shareholder Recommendation") in writing to the Trust,
            to the attention of the Trust's Secretary, at the address of the principal executive offices of the Trust.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Shareholder Recommendation must include: (i) a statement in writing setting forth (A) the name, age, date of birth, business
            address, residence address and nationality of the person recommended by the shareholder (the "candidate"); (B) the series
            (and, if applicable, class) and number of all shares of the Trust owned of record or beneficially by the candidate, as reported
            to such shareholder by the candidate; (C) any other information regarding the candidate called for with respect to director
            nominees by paragraphs (a), (d), (e) and (f) of Item 401 of Regulation S-K or paragraph (b) of Item 22 of Rule 14a-101 (Schedule
            14A) under the Securities Exchange Act of 1934, as amended (the "Exchange Act"), adopted by the Securities and Exchange Commission
            (or the corresponding provisions of any regulation or rule subsequently adopted by the Securities and Exchange Commission
            or any successor agency applicable to the Trust); (D) any other information regarding the candidate that would be required
            to be disclosed if the candidate were a nominee in a proxy statement or other filing required to be made in connection with
            solicitation of proxies for election of directors pursuant to Section 14 of the Exchange Act and the rules and regulations
            promulgated thereunder; and (E) whether the recommending shareholder believes that the candidate is or will be an "interested
            person" of the Trust (as defined in the Investment Company Act of 1940, as amended) and information regarding the candidate
            that will be sufficient for the Trust to make such determination; (ii) the written and signed consent of the candidate to
            be named as a nominee and to serve as a Trustee if elected; (iii) the recommending shareholder's name as it appears on the
            Trust's books; (iv) the series (and, if applicable, class) and number of all shares of the Trust owned beneficially and of
            record by the recommending shareholder; and (v) a description of all arrangements or understandings between the recommending
            shareholder and the candidate and any other person or persons (including their names) pursuant to which the recommendation
            is being made by the recommending shareholder. In addition, the Committee may require the candidate to interview in person
            and furnish such other information as it may reasonably require or deem necessary to determine the eligibility of such candidate
            to serve as a Trustee of the Trust. With respect to each Closed-End Fund, the Shareholder Recommendation also must comply
            with any timing or additional requirements applicable to shareholder nominations, as set forth in the By-Laws of such Closed-end
            Fund. In the event of any conflict or inconsistency with respect to the requirements applicable to a Shareholder Recommendation
            as between those established in these procedures and those in the By-Laws of a Closed-End Fund, the requirements of the By-Laws
            of such Closed-End Fund shall control.</font></p>
      <table border="0" margin="0" cellpadding="0"></table>
      <p align="right" margin="0" padding="0"><font face="Arial, Helvetica, sans-serif" size="2">Exhibit B</font></p>
      <p margin="0" style="text-transform:uppercase;"><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b><font face="Arial, Helvetica, sans-serif" size="3"><b>WELLS FARGO FUNDS TRUST<br> WELLS FARGO VARIABLE TRUST<br> WELLS FARGO MASTER TRUST<br> ASSET ALLOCATION TRUST<br> WELLS FARGO GLOBAL DIVIDEND OPPORTUNITY FUND<br> WELLS FARGO INCOME OPPORTUNITIES FUND<br> WELLS FARGO MULTI-SECTOR INCOME FUND<br> WELLS FARGO UTILITIES AND HIGH INCOME FUND</b></font><br> <br> AUDIT COMMITTEES CHARTER</b></font></b></font></b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">1. <u>Composition</u>. The Audit Committees ("Committees") of the Boards of Trustees (the "Boards") of Wells Fargo Funds Trust, Wells Fargo Variable
            Trust, Wells Fargo Master Trust, Asset Allocation Trust (collectively, the "Open-End Trusts"), Wells Fargo Global Dividend
            Opportunity Fund ("EOD"), Wells Fargo Income Opportunities Fund ("EAD"), Wells Fargo Multi-Sector Income Fund ("ERC"), and
            Wells Fargo Utilities and High Income Fund ("ERH") (collectively, the "Closed-End Funds" and together, with the Open-End Trusts,
            the "Trusts") shall be composed entirely of Trustees who are not "interested persons" of the Trusts or of any series thereof,
            or of any investment adviser or principal underwriter, as defined in the Investment Company Act of 1940 (the "Act"). The Committees
            of the Closed-End Funds (the "Closed-End Fund Committees") shall have at least three members who are "independent" as that
            term is interpreted under Rule 10A-3 under the Securities Exchange Act of 1934, as amended, and under the listing standards
            of each exchange on which shares of the Closed-End Funds are traded, except as otherwise set forth by statute, rule, or listing
            standard. The full Boards shall designate the members of the Committees, after due consideration of nominations, if any, from
            the Governance Committee, and shall either designate the Chairman or shall approve the manner of selection of the Chairman.
            Except for any duties specified herein or pursuant to a Trust's charter document, the designation of Chairman of the Audit
            Committee does not impose on such Trustee any duties, obligations or liability that are greater than the duties, obligations
            or liability imposed on such person as a member of the Committees and the Boards in the absence of such designation.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Boards shall determine as often as they deem appropriate whether any member of the Committees is an "audit committee financial
            expert" as defined in Item 3 of Form N-CSR. Any member of the Committees who is determined to be such an expert shall not
            bear any duties, obligations or liabilities that are greater than the duties, obligations and liabilities imposed on such
            member as a member of the Committees and the Boards in the absence of such determination.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">2. <u>Primary Responsibilities.</u> The primary responsibilities of the Committees are:</font></p>
      <ul margin-bottom="0" margin-top="0">
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to oversee the accounting and financial reporting policies of the Trusts or their series, as applicable (a Trust or any such
                  series being referred to as a "Fund", and collectively as the "Funds"), including their internal controls over financial reporting
                  and, as a Committee deems appropriate, the internal controls over financial reporting of key service providers;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to oversee the quality and objectivity of the Funds' financial statements and the independent audit thereof;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to interact with the Funds' registered public accounting firm (the "Auditors") on behalf of the Boards, and to interact with
                  the appropriate officers of the Trusts, and the investment managers, advisers, sub-advisers, administrators (collectively,
                  "Management") and other key service providers other than the Auditors regarding accounting and financial reporting matters;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to oversee, or, as appropriate, assist with the Board's oversight of, the Funds' compliance with legal and regulatory requirements
                  that relate to the Funds' accounting and financial reporting, internal controls and independent audits; and</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to approve the engagement of the Auditors and, in connection therewith, to review and evaluate the qualifications, independence
                  and performance of the Auditors.</font></p>
         </li>
      </ul>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The function of the Committees is oversight. Management is responsible for: (1) the preparation, presentation and integrity
            of the Funds' financial statements; (2) the implementation of appropriate accounting and financial reporting principles and
            policies; and (3) the design and maintenance of internal controls and procedures designed to assure compliance with all applicable
            accounting standards, laws and regulations. The Auditors are responsible for planning and carrying out a proper audit and
            review under applicable auditing standards. Nothing in this Charter shall be construed to reduce the responsibilities or liabilities
            of Management or the Auditors.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Although the Committees are expected to take a detached and questioning approach to the matters that come before them, any
            review of the Funds' financial statements by the Committees is not an audit, nor does any review by the Committees substitute
            for the responsibilities of Management for preparing, or the Auditors for auditing, the Funds' financial statements. Members
            of the Committees are not employees of the Funds and, in serving on these Committees, are not, and do not hold themselves
            out to be, acting as accountants or auditors. As such, it is not the duty or responsibility of the Committees or their members
            to conduct "field work" or other types of auditing or accounting reviews or procedures. In addition, the authority and responsibilities
            set forth in this Charter do not reflect or create any duty or obligation of the Committees to plan or conduct any audit,
            to determine or certify that any Fund's financial statements are complete, accurate, fairly presented, or in accordance with
            generally accepted accounting principles or applicable laws, or to guarantee any report of the Auditors.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">In discharging their duties, the members of the Committees are entitled to rely on information, opinions, reports, or statements,
            including financial statements and other financial data prepared or presented by: (1) one or more officers of the Trusts whom
            the member reasonably believes to be reliable and competent in the matters presented; (2) legal counsel, the Auditors or other
            public accountants, or other persons as to matters the member reasonably believes are within the person's professional or
            expert competence; or (3) another Board committee on which the member does not sit.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">3. <u>Duties and Powers.</u> To carry out their responsibilities, the Committees shall have the following duties and powers, to be discharged in such
            a manner as the Committees deem appropriate, in their sole discretion:</font></p>
      <ul margin-bottom="0" margin-top="0">
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to approve the engagement of the Auditors to annually audit and provide audit and tax services necessary to support their
                  audit opinion on a Fund's financial statements, to recommend to those Trustees who are not "interested persons" of the Fund
                  (as that term is defined in Section 2(a)(19) of the Act) the selection, retention or termination of the Auditors and, in connection
                  therewith, to review and evaluate matters brought to their attention potentially affecting the independence and capabilities
                  of the Auditors;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to approve the engagement of the Auditors to provide non-audit services to a Fund, or to its investment adviser or any entity
                  controlling, controlled by, or under common control with the investment adviser ("adviser affiliate") that provides ongoing
                  services to the Fund, if the engagement relates directly to the operations and financial reporting of the Fund;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to implement any policies and procedures for pre-approval of the engagement of the Auditors as are set forth in this Charter,
                  or to separately adopt, to the extent deemed appropriate by the Committees, policies and procedures for pre-approval of the
                  engagement of the Auditors, in either case, to provide audit or non-audit services to a Fund and to provide non-audit services
                  to the Fund's investment adviser (not including a sub-adviser whose role is primarily investment management and is sub-contracted
                  or overseen by another investment adviser) or a control affiliate of the investment adviser that provides ongoing services
                  to the Fund, which services relate directly to the operations and financial reporting of the Fund, provided in either case
                  that the policies and procedures are detailed as to the particular services covered;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to consider whether the provision by the Auditors of non-audit services to a Fund's investment adviser or a control affiliate
                  of the investment adviser that provides ongoing services to the Fund, which services were not required to be pre-approved
                  by the Committees, is compatible with maintaining the Auditors' independence;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to assess the Auditors' independence at least annually, in connection with which, the Committees shall receive and review
                  a report by the Auditors disclosing all relationships that may affect the Auditors' independence, including the disclosures
                  required by Public Company Accounting Oversight Board ("PCAOB") Rule 3526 or any other applicable auditing standard and any
                  relationships of the Auditors' affiliates that could reasonably be thought to bear on the independence of the Auditors;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to receive from, to review and to discuss with the Auditors, and with Management and other key service providers to the extent
                  the Committees deem appropriate, the matters about which PCAOB Auditing Standard No. 16 (Codification of PCAOB Statements
                  on Auditing Standards) requires communication, including those specifically mentioned in this Charter;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to review the arrangements for and scope of the Funds' annual audits and any special audits;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to review and approve the fees proposed to be charged to the Funds by the Auditors for all audit and non-audit services;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to meet with, and consider information and comments from, the Auditors with respect to the Funds' financial statements and
                  the Funds' accounting and financial reporting policies, procedures and internal controls (including the Funds' critical accounting
                  policies and practices and any adjustments to a Fund's financial statements recommended by the Auditors), and to consider
                  Management's responses to any such comments and, to the extent the Committees deem necessary or appropriate, to promote improvements
                  in the quality of the Funds' accounting and financial reporting;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to review the form of engagement letter used by the Funds to engage the Auditors for all audit and non-audit services;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to seek to resolve any material disagreements between Management and the Auditors regarding financial reporting that are brought
                  to the Committees' attention;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to review with the Funds' principal executive officer and/or principal financial officer, in connection with their certifications
                  of any filings by the Funds on Form N-CSR, any significant deficiencies in the design or operation of disclosure controls
                  and procedures or material weaknesses therein or in internal controls over financial reporting and any reported evidence of
                  fraud involving Management or any other key service providers or any of their employees who have a significant role in the
                  Funds' disclosure controls and procedures;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to investigate or initiate investigation of reports of improprieties or suspected improprieties in connection with the Funds'
                  accounting or financial reporting;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to report its activities to the Boards on a regular basis and to make such recommendations with respect to the matters described
                  above and other matters as the Committees may deem necessary or appropriate;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to inquire of the Auditors and Management as to whether appropriate staffing levels are being maintained within the audit
                  engagement team, internal accounting and administration staff; and</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to perform such other functions and to have such powers as may be necessary or appropriate in the efficient and lawful discharge
                  of the foregoing.</font></p>
         </li>
      </ul>
      <p><font face="Arial, Helvetica, sans-serif" size="2">4. <u>All Closed-End Fund Committees.</u> The Closed-End Fund Committees shall be directly responsible for the appointment, compensation, retention and oversight of
            the work of any Auditor engaged (including resolution of disagreements between Management and the Auditor regarding financial
            reporting) for the purpose of preparing or issuing an audit report or performing other audit, review or attest services for
            the Closed-End Funds, and each such Auditor must report directly to its respective Closed-End Fund Committee.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The Closed-End Fund Committees shall also establish procedures for (1) the receipt, retention, and treatment of complaints
            received by the Closed-End Funds regarding accounting, internal accounting controls, or auditing matters; and (2) the confidential,
            anonymous submission by employees of the Closed-End Funds, the Closed-End Funds' investment adviser, administrator, principal
            underwriter (if any) or any other provider of accounting-related services for the Closed-End Funds, of concerns regarding
            questionable accounting or auditing matters.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Each of the Closed-End Fund Committees shall have the power, in addition to the responsibilities, duties and powers included
            elsewhere in this Charter, to be discharged in such a manner as the Committee deems appropriate in its sole discretion, to
            review such disclosures or statements made by the Audit Committee in the Closed-End Funds' annual or semi-annual report or
            proxy statement.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">5. <u>NYSE MKT Closed-End Fund Committees.</u> Any Closed-End Fund with shares listed on the NYSE MKT exchange (formerly NYSE Amex) (the "NYSE MKT") must comply with applicable
            listing standard requirements.<sup>1,</sup> Accordingly, each member of an audit committee of a fund listed on the NYSE MKT ("NYSE MKT Closed-End Fund Committee") must
            be able to read and understand fundamental financial statements, including a company's balance sheet, income statement, and
            cash flow statement. Further, at least one member of a NYSE MKT Closed-End Fund Committee must be "financially sophisticated,"
            as such term is defined in the listing standards of the NYSE MKT.<sup>2</sup></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The purpose of a NYSE MKT Closed-End Fund Committee includes, in addition to the responsibilities, duties and powers included
            elsewhere in this Charter, overseeing the accounting and financial reporting processes and audits of the Closed-End Fund.
            NYSE MKT Closed-End Fund Committees must actively engage in a dialogue with the Auditors with respect to any disclosed relationships
            or services that may impact the objectivity and independence of the Auditors and are responsible for taking, or recommending
            that the Boards take, appropriate action to oversee the independence of the Auditors. Committee members must not have participated
            in the preparation of the financial statements of the Closed-End Fund at any time during the three years prior to appointment
            to the NYSE MKT Closed-End Fund Committee. The NYSE MKT Closed-End Fund Committees shall meet on a regular basis, as often
            as necessary to fulfill their responsibilities, including at least annually in connection with the issuance of audited financial
            statements.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">6. <u>New York Stock Exchange Closed-End Fund Committees.</u> Any Closed-End Fund with shares listed on the New York Stock Exchange (the "NYSE") must comply with applicable listing standard
            requirements.<sup>3,</sup> Accordingly, each member of an audit committee of a fund listed on the NYSE ("NYSE Closed-End Fund Committee") must be "financially
            literate" (or become so within a reasonable time after his or her appointment to the committee).<sup>4,</sup> Further, at least one member of an NYSE Closed-End Fund Committee must have "accounting or related financial expertise".<sup>5</sup></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The purpose of a NYSE Closed-End Fund Committee includes, in addition to the responsibilities, duties and powers included
            elsewhere in this Charter, assisting with the Board's oversight of the integrity of the Closed-End Fund's financial statements,
            the Closed-End Fund's compliance with legal and regulatory requirements, the qualifications and independence of the Closed-End
            Fund's Auditors, and the performance of the Closed-End Fund's internal audit functions (if any) and Auditors.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The NYSE Closed-End Fund Committee shall have the following duties and powers, in addition to the responsibilities, duties
            and powers included elsewhere in this Charter, to be discharged in such a manner as the Committee deems appropriate, in its
            sole discretion:</font></p>
      <ul margin-bottom="0" margin-top="0">
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to obtain and review at least annually a report from the Auditors describing (1) the accounting firm's internal quality-control
                  procedures, (2) any material issues raised (a) by the Auditors' most recent internal quality-control review or peer review
                  or (b) by any governmental or other professional inquiry or investigation performed within the preceding five years respecting
                  one or more independent audits carried out by the firm, and any steps taken to address any such issues, and (3) all relationships
                  between the Auditors and the Closed-End Fund to assess the Auditor's independence;<sup>6</sup></font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to meet to review and discuss with Management the Closed-End Fund's audited annual and unaudited semi-annual financial statements,
                  as well as "Management's Discussion of Fund Performance", if included in its Form N-CSR;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to discuss any press releases regarding the Closed-End Fund's investment performance, distributions and/or other financial
                  information about the Closed-End Fund, as well as any financial information provided to analysts or rating agencies. The NYSE
                  Closed-End Fund Committee may discharge this responsibility by discussing the general types of information to be disclosed
                  by the Fund and the form of presentation (i.e., a case-by-case review is not required) and need not discuss in advance each
                  such release of information;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to discuss guidelines and policies with respect to risk assessment and risk management;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to review with the Auditors any audit problems or difficulties encountered in the course of their audit work and Management's
                  responses thereto;<sup>7</sup></font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to set clear policies for the hiring by the Closed-End Fund of employees or former employees of the Closed-End Fund's Auditors,
                  to the extent that the Closed-End Fund intends to have employees;</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to report regularly to the Closed-End Fund Board; and</font></p>
         </li>
         <li margin-top="0">
            <p><font face="Arial, Helvetica, sans-serif" size="2">to consider whether to recommend to the Board that the audited financial statements be included in the annual report for the
                  Closed-End Fund.</font></p>
         </li>
      </ul>
      <p><font face="Arial, Helvetica, sans-serif" size="2">The performance of the NYSE Closed-End Fund Committee shall be reviewed at least annually by the Committee or by the Board
            and may be conducted as part of the Board's annual self-assessment. Unless otherwise determined by the Board, no member of
            the NYSE Closed-End Fund Committee may serve on the audit committee of more than two other public companies.<sup>8</sup></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">7. <u>Meetings.</u> Unless otherwise specified in this Charter, each Committee shall meet at least twice annually, and is empowered to hold special
            meetings as circumstances require. The Committees shall record minutes of their meetings and shall invite Trustees who are
            not members of the Committees, Management, counsel and representatives of service providers to attend meetings and provide
            information as the Committees, in their sole discretion, consider appropriate. The Committee shall periodically meet separately
            in executive session with the Auditors. Meetings of the Committees may be conducted in person, telephonically, or via video-conference.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">8. <u>Auditor Pre-Approval.</u> The Auditors are hereby pre-approved to provide the following services: (a) audit newly created Funds; (b) perform "agreed
            upon procedures" reviews and/or provide comfort letters in connection with Fund reorganizations; (c) review special Fund registration
            statement filings; (d) provide comments to regulatory filings; and (e) perform non-audit services for a Fund, and for the
            Fund's investment adviser and its control affiliates that provide ongoing services to the Fund where the engagement relates
            directly to the operations and financial reporting of the Fund, provided that any such non-audit services fall within the
            specified categories of services listed on Tab A, which have been separately approved by the Committees, and that the fees
            for such services do not exceed the pre-approved dollar amounts listed on Tab A. To the extent that the non-audit services
            or fees would fall outside of the aforementioned pre-approvals, such services or fees may be pre-approved by the Committees,
            or by the Chairman pursuant to delegated authority in accordance with Section 9 below.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">9. <u>Pre-Approval Procedure.</u> The Chairman of the Committees is authorized to pre-approve: (1) audit services to the Funds; (2) non-audit tax or other
            categories of services identified in Section 8 above or compliance consulting or training services provided to the Funds by
            the Auditors if the fees for any particular engagement are not anticipated to exceed $50,000; and (3) non-audit tax or compliance
            consulting or training services provided by the Auditors to a Fund's investment adviser and its affiliates (where pre-approval
            is required because the entity provides ongoing services to the Fund and the engagement relates directly to the operations
            and financial reporting of the Fund) if the fee to the Auditors for any particular engagement is not anticipated to exceed
            $50,000. For any such pre-approval sought from the Chairman, Management shall prepare a brief written statement describing
            the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management
            or otherwise evidence in writing his or her approval, which may be given by electronic mail. Such written statement, or the
            written engagement for the proposed services described in the statement, shall be reported to the full Committees at their
            next regularly scheduled meeting.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">10. <u>Availability.</u> The Committees shall be available to meet with the Treasurer and other appropriate officers of the Trusts, and with internal
            accounting staff, and individuals with internal audit responsibilities, for consultation on audit, accounting, and related
            financial matters.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">11. <u>Resources.</u> The Committees shall be given the resources and shall have the authority appropriate to discharge their responsibilities,
            including the authority to retain special or independent counsel and other experts, advisors or consultants at the expense
            of the appropriate Fund(s) and to determine the appropriate funding for payment of compensation to Auditors for the purpose
            of preparing or issuing an audit report or performing other audit, review or attest services for a Fund and the Committees'
            ordinary administrative expenses that are necessary or appropriate in carrying out their duties.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">12. <u>Miscellaneous.</u> The Committees shall review and reapprove this Charter as often as they deem appropriate, but not less often than annually,
            and recommend any changes that they deem appropriate to the Boards. The Committees shall have such further responsibilities
            as are given to them from time to time by the Boards. The Committees shall consult as they deem appropriate with Management,
            the Auditors and counsel as to legal or regulatory developments affecting their responsibilities, as well as relevant tax,
            accounting and industry developments. The actions taken at meetings of the Committee shall b899e recorded in the minutes of
            such meetings. If the Committees'membership does not include all of the Trustees, the Committees will report on actions taken
            at their meetings to the Boards. The Committees shall have such further responsibilities as are given to them from time to
            time by the Boards.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Nothing in this Charter shall be interpreted as diminishing or derogating the responsibilities of the Boards.</font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Most Recent Annual Approval by the Boards of Trustees: August 16, 2017<br> Amended: August 16, 2017</font></p>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">1)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">As of August 14, 2012, shares of EAD, ERC and ERH were listed on the NYSE MKT. Although the NYSE MKT LLC Company Guide exempts
                     closed-end funds from certain listing requirements, this Charter has been drafted according to the view expressed by regulators
                     that they may, in fact, apply some of those requirements to closed-end funds.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">2)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">One is "financially sophisticated" if that individual qualifies as an "audit committee financial expert" under Item 3 of Form
                     N-CSR.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">3)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">As of August 14, 2012, shares of EOD were listed on the NYSE.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">4)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">"Financial literacy" is generally interpreted to signify the ability to read and understand fundamental financial statements,
                     including a company's balance sheet, income statement and cash flow statement.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">5)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">One has "accounting or related financial expertise" if that individual qualifies as an "audit committee financial expert"
                     under the Item 407(d)(5)(ii) of Regulation S-K standard, which is identical to that of Item 3 of Form N-CSR.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">6)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">The NYSE Closed End Fund Committee may evaluate the lead partner of the independent auditor team.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">7)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">The NYSE Closed-End Fund Committee may consider an discuss with the Auditors any material issues on which the national office
                     of the Auditors was consulted by the Closed-End Fund's audit team.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" cellpadding="0">
         <tr>
            <td border="0" width="8" valign="top">
               <p><font face="Arial, Helvetica, sans-serif" size="1">8)
                     														</font></p>
            </td>
            <td border="0">
               <p><font face="Arial, Helvetica, sans-serif" size="1">Service on multiple boards in the same fund complex is counted as service on one board for the purposes of this requirement.</font></p>
            </td>
         </tr>
      </table>
      <table border="0" margin="0" cellpadding="0"></table>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>TAB A</b></font></p>
      <p><font face="Arial, Helvetica, sans-serif" size="2"><b>Wells Fargo Funds</b><br> <b>Revised Schedule of Pre-Approved Non-Audit Services</b><br> <b>(Pre-approval amounts are for each calendar year period)</b></font></p>
      <table    margin="0" border="0" cellspacing="0" cellpadding="6" width="100&#37;">
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Non-Audit Services </b></font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;"><font face="Arial, Helvetica, sans-serif" size="1"><b> Fee Range </b></font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Assistance with Internal Revenue Code Sections 851(b) and 817(h) diversification testing (upon specific request as Wells
                     Fargo Fund Tax Department is currently responsible for diversification testing). </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $3,500 per fund </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Tax assistance and advice regarding tax consequences of new investment products or proposed changes to existing products.
                     </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $15,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Tax assistance and advice regarding statutory, regulatory or administrative developments. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $15,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Services related to contesting any assessed Internal Revenue Service penalties for incorrect reporting of Fund Forms 1120-RIC
                     and Form 1099. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $10,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Other International tax services (generally related to foreign tax withholding). </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $15,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Tax assistance and advice regarding evaluation of complex security transactions. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $30,000 </font></p>
            </td>
         </tr>
         <tr width="100&#37;" style="background-color:#d6f7fa;">
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Tax and/or other non-audit services associated with Fund mergers and liquidations. </font></p>
            </td>
            <td valign="top" align="left">
               <p style="padding:0;margin:0;"><font face="Arial, Helvetica, sans-serif" size="1"> Not to exceed $8,000 per fund merger/ liquidation </font></p>
            </td>
         </tr>
      </table>
      <p><font face="Arial, Helvetica, sans-serif" size="2">Most Recent Annual Approval: August 16, 2017<br> Amended: August 16, 2017</font></p>
</font></p>
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<p>PROXY&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; &#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WELLS
FARGO UTILITIES AND HIGH INCOME
FUND&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; PROXY</p>

<p>&#160;</p>

<p>FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 4, 2017</p>

<p>&#160;</p>

<p><b>This Proxy is solicited on behalf of the Board of Trustees of the Wells Fargo Utilities and High Income Fund for the Annual Meeting of Shareholders.</b> The undersigned, revoking any previously executed proxies, hereby appoints C. David Messman, Maureen E.
Towle and Johanne F. Castro, or each of them acting individually, as proxies of the undersigned, each with full power of substitution, to represent and vote all of the Shares of the Fund that the undersigned would be entitled to vote at the 2017 Annual Meeting of
Shareholders of the Wells Fargo Utilities and High Income Fund (the &#8220;Fund&#8221;) to be held at 200 Berkeley Street, 19<sup>th</sup> Floor, Boston, Massachusetts 02116 on December 4, 2017 at 1:00 p.m., Eastern time, and at any and all adjournments thereof.</p>

<p>&#160;</p>

<p>Receipt of the Notice of Meeting and the accompanying Proxy Statement, which describes the matters to be considered and voted on, is hereby acknowledged.</p>

<p>&#160;</p>

<h6 align="left">&#160;</h6>

<p>VOTE VIA THE INTERNET:&#160; www.proxy-direct.com</p>

<p>VOTE VIA THE TELEPHONE:&#160; 1-800-337-3503</p>

<p>&#160;</p>

<p>UNLESS VOTING BY TELEPHONE OR INTERNET, PLEASE SIGN, DATE ON THE REVERSE SIDE AND MAIL THIS PROXY CARD PROMPTLY USING THE ENCLOSED ENVELOPE.</p>

<p><b><b>&#160;</b></b></p>

<p>WFU_29293_100917</p>

<p>&#160;</p>

<p>EVERY SHAREHOLDER&#8217;S VOTE IS IMPORTANT</p>

<p>&#160;</p>

<p><b>NOTICE OF ANNUAL MEETING OF SHAREHOLDERS AND IMPORTANT NOTICE REGARDING THE AVAILABILITY OF PROXY MATERIALS FOR THE ANNUAL MEETING OF SHAREHOLDERS TO BE HELD ON DECEMBER 4, 2017.</b></p>

<p>&#160;</p>

<p><b>You may obtain a copy of this proxy statement, the accompanying Notice of Annual Meeting of Shareholders, the proxy card and the Annual Report of the Fund for the period ended August 31, 2017 without charge by visiting the following Website:
https://www.proxy-direct.com/wff-29293</b></p>

<p><b><b>&#160;</b></b></p>

<p align="center"><b><b>&#160;</b></b></p>

<p align="center"><b><b>&#160;</b></b></p>

<p>PLEASE SIGN, DATE AND RETURN YOUR</p>

<p>&#160;</p>

<p>PROXY TODAY</p>

<p>&#160;</p>

<p>Please detach at perforation before mailing.</p>

<p><b><b>&#160;</b></b></p>

<p><b>The Shares represented by this proxy will be voted as specified in the following Item 1, but if you return a signed proxy card and no choice is specified, they will be voted FOR the election of the three (3) persons named below as nominee Trustees under
&#8220;Election of Trustees (Proposal 1).&#8221;&#160; If any nominee for any reason becomes unable to serve or is unwilling to serve or for good cause will not serve, the persons named as proxies on the other side of this proxy card will vote for the election of
such other person or persons as they may consider qualified.&#160; The Board of Trustees has no reason to believe that any of the three (3) nominee Trustees will be unable or unwilling to serve.</b></p>

<p><b><b>&#160;</b></b></p>

<p><b>If any other matters about which the Fund did not have timely notice properly come before the meeting, authorization is given to the proxy holders to vote in accordance with the views of management of the Fund.</b></p>

<p><b><b>&#160;</b></b></p>

<p><b><b>&#160;</b></b></p>

<p><b>TO VOTE MARK BLOCKS BELOW IN BLUE OR BLACK INK AS SHOWN IN THIS Example:</b><b>&#160;&#160;</b> <b>X</b> <b>&#160;</b></p>

<p><b><b>&#160;</b></b></p>

<p><b>A. Proposal&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; THE BOARD OF TRUSTEES OF THE FUND UNANIMOUSLY RECOMMENDS THAT YOU VOTE FOR THE ELECTION OF EACH NOMINEE AS A TRUSTEE.</b></p>

<p><b><b>&#160;</b></b></p>

<p><b>1. Election of Trustees:</b> To withhold authority to vote for any individual nominee(s) mark the box &#8220;FOR ALL EXCEPT&#8221; and write the nominee number(s) on the line provided<b>.</b></p>

<p><b><b>&#160;</b></b></p>

<p>Nominees:</p>

<p>01. Isaiah Harris, Jr.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 02. David F. Larcker&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; 03. Olivia S. Mitchell&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>

<p>&#160;</p>

<p><b><b>&#160;</b></b></p>

<p><b>2.</b> To transact such other business as may properly come before the meeting or any adjournment thereof.</p>

<p>&#160;</p>

<p><b>B. Authorized Signatures &#9472; This section must be completed for your vote to be counted.&#9472; Sign and Date Below</b></p>

<p>&#160;</p>

<p><b>Note</b>: Please sign exactly as your name(s) appear(s) on this proxy card, and date it.&#160; When shares are held jointly, each holder should sign.&#160; When signing as attorney, executor, administrator, trustee, guardian, officer of corporation or other
entity or in another representative capacity, please give the full title under the signature.</p>

<p><b><b>&#160;</b></b></p>

<p>Date (mm/dd/yyyy) &#9472; Please print date below&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;</p>

<p>Signature 1 &#9472; Please keep signature within the box&#160;&#160;&#160;&#160;&#160;</p>

<p>Signature 2 &#9472; Please keep signature within the box</p>

<p><b><b>&#160;</b></b></p>

<p><b><b>&#160;</b></b></p>

<p>608999900109999999999</p>

<p>&#160;</p>

<p>xxxxxxxxxxxxxx&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; WFU 29293&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
M&#160;&#160;&#160; xxxxxxxx<b>&#160;&#160;&#160;&#160;&#160;&#160; &#160;</b></p>
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