Certified Annual Shareholder Report for Management Investment Companies (n-csr)

LOGO

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-22005

Wells Fargo Global Dividend Opportunity Fund

(Exact name of registrant as specified in charter)

525 Market St., San Francisco, CA 94105

(Address of principal executive offices) (Zip code)

Catherine Kennedy

Wells Fargo Funds Management, LLC

525 Market St., San Francisco, CA 94105

(Name and address of agent for service)

Registrant’s telephone number, including area code: 800-222-8222

Date of fiscal year end: October 31

Date of reporting period: October 31, 2019

ITEM 1. REPORT TO STOCKHOLDERS

LOGO

Annual Report

October 31, 2019

Wells Fargo

Global Dividend Opportunity Fund (EOD)

Beginning on January 1, 2021, as permitted by new regulations adopted by the Securities and Exchange Commission, paper copies of the Wells Fargo Funds’ annual and semi-annual shareholder reports issued after this date will no longer be sent by mail, unless you specifically request paper copies of the reports. Instead, the reports will be made available on the Funds’ website, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

If you already elected to receive shareholder reports electronically, you will not be affected by this change and you need not take any action. You may elect to receive shareholder reports and other communications from the Fund electronically at any time by contacting your financial intermediary (such as a broker-dealer or bank) or, if you are a direct investor, by calling 1-800-730-6001.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you continue to receive paper copies of your shareholder reports; if you invest directly with the Fund, you can call 1-800-730-6001. Your election to receive reports in paper will apply to all Wells Fargo Funds held in your account with your financial intermediary or, if you are a direct investor, to all Wells Fargo Funds that you hold.

Contents


Letter to shareholders			2

Performance highlights			6

Portfolio of investments			10

Financial statements

Statement of assets and liabilities			20

Statement of operations			21

Statement of changes in net assets			22

Statement of cash flows			23

Financial highlights			24

Notes to financial statements			25

Report of independent registered public accounting firm			30

Other information			31

Automatic dividend reinvestment plan			38

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The views expressed and any forward-looking statements are as of October 31, 2019, unless otherwise noted, and are those of the Fund managers and/or Wells Fargo Asset Management. Discussions of individual securities, or the markets generally, or any Wells Fargo Fund are not intended as individual recommendations. Future events or results may vary significantly from those expressed in any forward-looking statements. The views expressed are subject to change at any time in response to changing circumstances in the market. Wells Fargo Asset Management and the Fund disclaim any obligation to publicly update or revise any views expressed or forward-looking statements.

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

Wells Fargo Global Dividend Opportunity Fund | 1

Letter to shareholders (unaudited)

LOGO

Andrew Owen

President

Wells Fargo Funds

Dear Shareholder:

We are pleased to offer you this annual report for the Wells Fargo Global Dividend Opportunity Fund for the 12-month period that ended October 31, 2019. After the first few months of the period featured high volatility and yielded minimal returns, U.S. investors generally saw markets recover during the second half amid intensifying market volatility, global economic growth concerns, international trade stare downs, and simmering geopolitical tensions.

Overall, both fixed-income and equity investors enjoyed healthy returns despite market volatility. For the period, U.S. stocks, based on the S&P 500 Index,¹ gained 14.33% and international stocks, as measured by the MSCI ACWI ex USA Index (Net),² returned 11.27%. The MSCI EM Index (Net)³ gained 11.86%. Among fixed income investors, the Bloomberg Barclays U.S. Aggregate Bond Index⁴ added 11.51%, the Bloomberg Barclays Global Aggregate ex-USD Index⁵ added 7.84%, the Bloomberg Barclays Municipal Bond Index⁶ gained 9.42%, and the ICE BofAML U.S. High Yield Index⁷ added 8.32%.

Investors confronted unsettling events during the fourth quarter of 2018.

During the fourth quarter of 2018, investors grew concerned about the pace and sustainability of the global economic expansion. The U.S. Bureau of Economic Analysis reported third-quarter U.S. gross domestic product (GDP) was 3.4% on an annualized basis, which was down from the second-quarter rate. A partial U.S. government shutdown occurred, which extended into January 2019. Brexit efforts stalled, causing uncertainty for the eurozone. The value of the renminbi declined even as the People’s Bank of China cut reserve requirement ratios, accelerated infrastructure spending, and cut taxes in efforts to spur economic activity.

The combination of news in the U.S. and generally weak economic indicators outside of the U.S. caused investors to seek safe havens. December’s S&P 500 Index performance was the worst since 1931. Globally, fixed-income investments fared better than stocks during the last two months of the year. Even as indicators suggested growth was restrained, the U.S. Federal Reserve (Fed) increased the federal funds rate by 25 basis points (bps; 100 bps equal 1.00%) in December 2018 to a target range of between 2.25% and 2.50%. Many observers expressed concerns that higher rates could slow the economy further.

¹	The S&P 500 Index consists of 500 stocks chosen for market size, liquidity, and industry group representation. It is a market-value-weighted index with each stock’s weight in the index proportionate to its market value. You cannot invest directly in an index.

The Morgan Stanley Capital International (MSCI) All Country World Index (ACWI) ex USA Index (Net) is a free-float-adjusted market-capitalization weighted index that is designed to measure the equity market performance of developed and emerging markets, excluding the United States. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

³	The MSCI Emerging Markets (EM) Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of emerging markets. You cannot invest directly in an index.

⁴

The Bloomberg Barclays U.S. Aggregate Bond Index is a broad-based benchmark that measures the investment-grade, U.S. dollar-denominated, fixed-rate taxable bond market, including Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate and hybrid adjustable-rate mortgage pass-throughs), asset-backed securities, and commercial mortgage-backed securities. You cannot invest directly in an index.

⁵	The Bloomberg Barclays Global Aggregate ex-USD Index is an unmanaged index that provides a broad-based measure of the global investment-grade fixed-income markets excluding the U.S. dollar-denominated debt market. You cannot invest directly in an index.

⁶	The Bloomberg Barclays Municipal Bond Index is an unmanaged index composed of long-term tax-exempt bonds with a minimum credit rating of Baa. You cannot invest directly in an index.

⁷

The ICE BofAML U.S. High Yield Index is a market-capitalization-weighted index of domestic and Yankee high-yield bonds. The index tracks the performance of high-yield securities traded in the U.S. bond market. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

2 | Wells Fargo Global Dividend Opportunity Fund

Letter to shareholders (unaudited)

The market climbs a wall of worry.

Investment returns early in 2019 appeared to reaffirm the adage that markets climb a wall of worry as the new year began. The S&P 500 Index gained 8.01% in January, the best monthly performance in 30 years. Returns for the MSCI ACWI ex USA Index (Net), the Bloomberg Barclays U.S. Aggregate Bond Index, and the Bloomberg Barclays Global Aggregate ex-USD Index also were positive.

In February 2019, signs of slowing global growth grew more ominous. The U.S. Bureau of Economic Analysis announced fourth-quarter 2018 GDP grew at an annualized 2.2% rate, a slower rate than reported for the prior two quarters. In a February report, the Bank of England forecast the slowest growth since the financial crisis for 2019. China and the U.S. continued to wrangle over trade issues. By the end of the first quarter of 2019, more accommodative Fed sentiment and steady, if not spectacular, U.S. economic and business metrics encouraged domestic investors.

Early second-quarter 2019 enthusiasm among investors faded.

During April 2019, favorable sentiment found additional support in reports of sustained low inflation, solid employment data, and first-quarter U.S. GDP grew at an annualized rate of 3.2%. During May, markets tumbled on mixed investment signals. In the U.S., partisan wrangling ramped up as Democrats and Republicans set their sights on 2020 presidential politics. The U.K.’s Brexit disagreements caused Prime Minister Theresa May to resign. Boris Johnson succeeded her only to exacerbate uncertainty about Brexit’s resolution ahead of an October 2019 deadline. The European Commission downgraded the 2019 growth forecast to 1.2%. The U.S. increased tariffs on products from China, China responded, and then talks broke down. President Donald Trump threatened to turn his foreign policy tariff tool to Mexico over immigration issues.

Halfway through 2019, investors regrouped. Just as the investment horizon appeared to darken, sentiment turned and U.S. equity markets gained during June and July. The gains, primarily driven by geopolitical and monetary policy events, pushed equity markets to new highs. European Central Bank President Mario Draghi said that if the outlook doesn’t improve, the bank would cut rates or buy more assets to prop up inflation. President Trump backed off of tariff threats against Mexico and China. In the U.S., the Fed implemented a 0.25% federal funds rate cut in July.

Later in July 2019, the U.S. reversed course and threatened to impose higher tariffs on China’s exports after talks failed. China responded with tariff threats of its own and devalued the renminbi, a move that roiled global markets. Major U.S. stock market indices closed July with the worst weekly results of the year. Bond prices gained as Treasury yields fell to levels not seen since November 2016 and the yield curve inverted at multiple points along the 30-year arc.

In a microcosm, August 2019 encapsulated many of the unnerving events that had plagued investors for months. The U.S.-China trade relationship swung from antagonistic to hopeful and back again with no signs of compromise on the horizon. Evidence of a continued global economic slowdown mounted. Central banks in China, New Zealand, and Thailand cut interest rates. Industrial and manufacturing data declined in China, Canada, Japan, and Germany. Adding to the uncertain environment, Italy’s prime minister resigned, many feared a crackdown in Hong Kong as protestors sustained their calls for reform, and Boris Johnson planned to suspend Parliament as Brexit’s deadline neared.

In the U.S., September 2019 saw the Fed join other central banks in cutting interest rates. Manufacturing data in the U.S., as reported by the Institute for Supply Management, disappointed investors. The U.S. House of Representatives announced it would pursue an impeachment investigation of President Trump. Meanwhile, the Brexit

“ In February 2019, signs of slowing global growth grew more ominous.”

Wells Fargo Global Dividend Opportunity Fund | 3

Letter to shareholders (unaudited)

“ The Fed lowered interest rates another quarter point in late October, its third rate cut in four months.”

For further information about your Fund, contact your investment professional, visit our website at wfam.com,

or call us directly at 1-800-222-8222.

impasse showed no signs of resolution. Officials in China said that hitting the country’s economic growth goals for the year would be difficult considering the weight of tariffs and trade restrictions. So while the S&P 500 Index finished the third quarter with the best year-to-date returns in more than 20 years, amid signs of equity investors taking money out of the stock market, concerns about future returns remained.

In October 2019, a relaxing of U.S.-China trade tensions and renewed optimism for a U.K. Brexit deal combined with positive macroeconomic data to support financial markets overall. The initial estimate of U.S. third-quarter GDP growth, announced in late October, was a resilient 1.9% annualized rate while the U.S. unemployment rate fell to a 50-year low of 3.5% in September. However, despite resilience among U.S. consumers, business confidence declined while manufacturing activity contracted. Concerned with a potential economic slowdown, the Fed lowered interest rates another quarter point in late October, its third rate cut in four months. This helped push the S&P 500 Index to a new all-time high while emerging market equities rallied and global bonds declined overall, reflecting a broad pickup in risk appetite.

Don’t let short-term uncertainty derail long-term investment goals.

Periods of investment uncertainty can present challenges, but experience has taught us that maintaining long-term investment goals can be an effective way to plan for the future. Although diversification cannot guarantee an investment profit or prevent losses, we believe it can be an effective way to manage investment risk and potentially smooth out overall portfolio performance. We encourage investors to know their investments and to understand that appropriate levels of risk-taking may unlock opportunities.

Thank you for choosing to invest with Wells Fargo Funds. We appreciate your confidence in us and remain committed to helping you meet your financial needs.

Sincerely,

LOGO

Andrew Owen

President

Wells Fargo Funds

4 | Wells Fargo Global Dividend Opportunity Fund

Letter to shareholders (unaudited)

Notice to Shareholders

∎

At a meeting held on August 13-14, 2019, the Board of Trustees of the Fund approved a change in subadviser for the Fund’s equity sleeve from Crow Point Partners, LLC to Wells Capital Management Incorporated (“WellsCap”). WellsCap already served as subadviser for the Fund’s high yield debt sleeve, and will continue to do so. The change became effective October 15, 2019.

In connection with the change in subadviser, the investment strategy for the equity sleeve was modified as follows:

The equity sleeve no longer invests at least 65 percent of its total assets in securities of issuers in the utilities, energy and communication services sectors. Instead, the equity sleeve invests normally in approximately 60 to 80 securities, broadly diversified among major economic sectors and regions.

The equity sleeve no longer has a focus on convertible debt and no longer may engage in short sales on equity securities.

The equity sleeve no longer seeks to emphasize equity securities that pay dividends qualifying for favorable tax treatment.

The equity sleeve’s investment parameters that specified a specific percentage (or range) of assets to be invested in foreign securities (including emerging markets) and a minimum number of countries in which the sleeve intended to invest have been eliminated.

In connection with the changes, the Board also approved a reduction of the Fund’s advisory fee rate, from 0.95% to 0.85% of the Fund’s average daily total assets, effective at the same time as other changes.

∎

On November 22, 2019, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the renewed Buyback Program, the Fund may repurchase up to 10% of its outstanding shares in open-market transactions during the period beginning January 1, 2020 and ending on December 31, 2020. The Fund’s Board of Trustees has delegated to Wells Fargo Funds Management, LLC, the Fund’s adviser, discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations.

∎

The Fund’s managed distribution plan provides for the declaration of quarterly distributions to common shareholders of the Fund at an annual minimum fixed rate of 10% based on the Fund’s average monthly net asset value (NAV) per share over the prior 12 months. Under the managed distribution plan, quarterly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a quarterly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level. You should not draw any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the managed distribution plan. Shareholders may elect to reinvest distributions received pursuant to the managed distribution plan in the Fund under the existing dividend reinvestment plan, which is described later in this report.

Wells Fargo Global Dividend Opportunity Fund | 5

Performance highlights (unaudited)

Investment objective

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

Strategy summary

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

Adviser

Wells Fargo Funds Management, LLC

Subadviser

Wells Capital Management Incorporated

Portfolio managers

Justin Carr, CFA^®^‡*

Vince Fioramonti, CFA^®^‡*

Greg McMurran*

Megan Miller, CFA^®*

Niklas Nordentfelt, CFA^®^‡

Philip Susser

Average annual total returns (%) as of October 31, 2019¹



	1 year	5 year		10 year

Based on market value	25.71		3.40		5.28

Based on net asset value (NAV)	17.08		3.13		5.35

Global Dividend Opportunity Blended Index²	12.47		7.03		8.67

MSCI ACWI Index (Net)³	12.59		7.08		8.81

ICE BofAML U.S. High Yield Constrained Index⁴	8.32		5.18		7.67

ICE BofAML Core Fixed Rate Preferred Securities Index⁵	13.06		6.52		7.91

Figures quoted represent past performance, which is no guarantee of future results, and do not reflect taxes that a shareholder may pay on fund distributions or the sales of fund shares. Investment return and principal value of an investment will fluctuate so that an investor’s shares, when sold, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted, which assumes the reinvestment of dividends and capital gains. Performance figures of the Fund do not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares. If taxes and such brokerage commissions had been reflected, performance would have been lower. To obtain performance information current to the most recent month-end, please call 1-800-222-8222.

Please keep in mind that high double-digit returns were primarily achieved during favorable market conditions. You should not expect that such favorable returns can be consistently achieved. A fund’s performance, especially for short time periods, should not be the sole factor in making your investment decision.

The Fund’s expense ratio for the year ended October 31, 2019, was 1.89%, which includes 0.57% of interest expense.

Comparison of NAV vs. market value⁶

LOGO

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

Please see footnotes on page 9.

6 | Wells Fargo Global Dividend Opportunity Fund

Performance highlights (unaudited)

MANAGER’S DISCUSSION

The Fund’s return based on market value was 25.71% for the 12-month period that ended October 31, 2019. During the same period, the Fund’s return based on its net asset value (NAV) was 17.08%. Based on its market and NAV based returns, the Fund outperformed relative to the Global Dividend Opportunity Blended Index, which returned 12.47%.

Overview

Over the past year, economic growth in international markets weakened. Global growth concerns increased amid turbulent trade headlines and rising geopolitical risks. However, the U.S. economy remained resilient for much of the period, especially relative to other areas of the world. Unemployment reached its lowest level since 1969, inflation remained subdued, and interest rates have fallen year to date. U.S. stock and bond markets generally performed well, aside from a short, sharp sell-off in the fourth quarter of 2018, induced by a combination of international trade concerns and monetary tightening by the U.S. Federal Reserve (Fed).

Effective October 15, 2019, the Fund’s equity sleeve made changes to its investment strategy and portfolio management personnel. The Fund’s investment strategy no longer expects to invest at least 65% of its total assets in securities of issuers in the utilities, energy, and communication services sectors. Instead, it expects to invest normally in roughly 60 to 80 securities, broadly diversified among major economic sectors and regions. As a result of these changes, the Fund has reduced its exposure to utilities and communication services and increased its exposure to other sectors, such as financials, health care, and information technology.

Over the past few months, the portfolio sold most of its preferred stock holdings, partly due to better perceived opportunities among common stocks.

During the year, high yield returned 8.32%, as measured by the ICE BofAML U.S. High Yield Constrained Index, with a meaningful decline in November–December 2018 followed by a strong 2019 rally with positive returns in every month except May 2019. Spread widening over the period was more than offset by a decline in Treasury yields. The market was supported by solid and consistent gross domestic product growth, lack of aggressive issuance over the past several years, and a relatively low default rate. Given the strong performance of Treasuries and spread widening, it is not surprising that higher-quality BB-rated bonds outperformed lower-quality bonds during the period. Indeed, lower-quality CCC bonds had a negative return for the year.

Opportunities did not arise for the option writing strategy during the period.

There is no change to the option writing strategy. The team continues to evaluate market-specific option premiums and will write only when the rewards are sufficiently high.



Ten largest holdings(%) as of October 31, 2019⁷

Microsoft Corporation			3.48

Visa Incorporated Class A			2.18

Apple Incorporated			2.15

Just Energy Group Incorporated			2.09

AT&T Incorporated			1.93

Ares Capital Corporation			1.86

The Procter & Gamble Company			1.80

Spark Energy Incorporated Class A			1.77

JPMorgan Chase & Company			1.72

Amgen Incorporated			1.62

Sector distributionas of October 31, 2019⁸

LOGO

Some positions detracted from performance as global market conditions changed.

Significant performance detractors within the Fund’s equity investment sleeve included Shenandoah Telecommunications Company**; Enagas S.A.**; Kimbell Royalty Partners, LP**; Red Electrica Corp. S.A.; and SK Telecom Company, Limited**.

Within the Fund’s high-yield portfolio, sector allocation was net negative over the one-year period that ended October 31, 2019. Relative positioning in cable/satellite, wireless, health care, banking, oil-field services, and home construction detracted from performance. An underweight to the +7-year maturity bucket hurt performance.

Please see footnotes on page 9.

Wells Fargo Global Dividend Opportunity Fund | 7

Performance highlights (unaudited)

Equity security selection and a tilt toward higher quality in the high-yield sleeve contributed to returns.

Within the Fund’s equity investment portfolio sleeve, contributors to performance included Enel S.p.A.**, Entergy Corporation**, Hera S.p.A.**, Sempra Energy**, and FirstEnergy Corporation**.

Within the Fund’s high-yield portfolio, rating allocation contributed to performance during the period. An underweight to lower-quality CCC-rated credits and overweights to B-rated and BBB-rated bonds benefited performance. Relative positioning within pharmaceuticals, energy exploration and production, and electric utilities also contributed.

The Fund’s use of leverage had a positive impact on total return performance during this reporting period.

The Fund’s managers are cautiously optimistic while remaining risk-aware.

The slowdown in international markets continues to persist and although positive progress has been made as it relates to global trade, international relations, especially between the U.S. and China, remains a source of uncertainty in the global economy. The global manufacturing sector has weakened and household consumption may decelerate over the next few months. On a more positive note, economic improvement has been evident in Spain, and France has maintained a steady pace since the beginning of 2018. Global unemployment remains low, consumer confidence is high, and wages are rising. However, recent international data suggests that economic growth is unlikely to pick up significantly. Eurozone growth is likely to remain subdued while the U.S. economy may be weakening. Tariffs and slowing activity in the property sector may weigh on China’s economy. As the management team monitors the macroeconomic environment, it will continue to diligently focus on company fundamentals and disciplined portfolio risk management.

Overall, the high-yield portfolio’s management team believes economic fundamentals are on solid footing, with a healthy consumer offsetting lower business investment in the economy. This may be due to the strong employment market giving consumers confidence to increase their spending while uncertainty over trade and tariffs have delayed business investment. Absent something unexpected, we believe these conditions will continue and are a solid backdrop for high-yield bond performance in the coming year subject to new developments with trade and interest rate policy or potential other policy changes as a result of the 2020 presidential election.

To that end, we think the market will continue to focus on U.S.-China trade and Fed monetary policy. As such, our outlook is unusually dependent on White House and Fed policies. If you take the view that the administration is committed to seeing fundamental changes to China and trade between the U.S. and China, then risk assets are likely on a long and challenging road as we think China may be reluctant to make such changes. On the other hand, to the extent you view more limited changes to the trading relationship between the U.S. and China to be acceptable to the White House, we believe there is significant room for a deal to be reached. The proposed phase one trade deal mirrors this more limited approach. To the extent that the phase one deal is completed and is designed to remain in place for some time, we believe it would likely prompt a positive reaction from risk assets. The Fed has been relatively aggressive, cutting rates three times and buying government debt through its overnight repo operations. These actions have been very supportive of risk assets and, absent meaningful increases in inflation, we expect the Fed to continue its accommodative stance.

Over the longer term, most asset classes are richly valued based on historical measures, and we expect that, at some point in the future, there may be a better entry point to buy most asset classes, including high-yield bonds. High yield, however, is rather unique in that it has historically benefited from relatively high coupons, which cushioned downside risks of potential price declines. With a benign default outlook, stable economy, and accommodative Fed, we believe high-yield bonds may continue to perform well on a relative basis, though idiosyncratic or individual bond risk is high. The team leans toward spreads remaining flat from these levels in the short run before ultimately widening—potentially significantly—in the mid- to longer term.

Over a full cycle, the high-yield sleeve’s management team believes the best way to insulate the Fund from periodic bouts of systemic fears and rebalancing is by following a bottom-up investment process that attempts to minimize downside risk while capturing the return potential of high-yield issuers.

Please see footnotes on page 9.

8 | Wells Fargo Global Dividend Opportunity Fund

Performance highlights (unaudited)

Country allocationas of October 31, 2019⁸

Credit qualityas of October 31, 2019⁹

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

*	Mr. Carr, Mr. Fioramonti, Mr. McMurran and Ms. Miller became portfolio managers of the Fund effective October 15, 2019.

Total returns based on market value are calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Total returns based on NAV are calculated based on the NAV at the beginning of the period and at the end of the period. Dividends and distributions, if any, are assumed for the purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan.

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

The MSCI ACWI Index (Net) is a free-float-adjusted market-capitalization-weighted index that is designed to measure the equity market performance of developed and emerging markets. Source: MSCI. MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used as a basis for other indices or any securities or financial products. This report is not approved, reviewed, or produced by MSCI. You cannot invest directly in an index.

⁴

The ICE BofAML U.S. High Yield Constrained Index is a market-value-weighted index of all domestic and Yankee high-yield bonds, including deferred interest bonds and payment-in-kind securities. Issues included in the index have maturities of one year or more and have a credit rating lower than BBB-/ Baa3 but are not in default. The ICE BofAML U.S. High Yield Constrained Index limits any individual issuer to a maximum of 2% benchmark exposure. You cannot invest directly in an index. Copyright 2019. ICE Data Indices, LLC. All rights reserved.

⁵	The ICE BofAML Core Fixed Rate Preferred Securities Index tracks the performance of fixed rate U.S. dollar-denominated preferred securities issued in the U.S. domestic market. You cannot invest directly in an index.

⁶	This chart does not reflect any brokerage commissions charged on the purchase and sale of the Fund’s common stock. Dividends and distributions paid by the Fund are included in the Fund’s average annual total returns but have the effect of reducing the Fund’s NAV.

⁷	The ten largest holdings, excluding cash, cash equivalents and any money market funds, are calculated based on the value of the securities divided by total net assets of the Fund. Holdings are subject to change and may have changed since the date specified.

⁸	Amounts are calculated based on the long-term investments of the Fund. These amounts are subject to change and may have changed since the date specified.

⁹

The credit quality distribution of portfolio holdings reflected in the chart is based on ratings from Standard & Poor’s, Moody’s Investors Service, and/ or Fitch Ratings Ltd. Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The percentages of the Fund’s portfolio with the ratings depicted in the chart are calculated based on the market value of fixed income securities held by the Fund. If a security was rated by all three rating agencies, the middle rating was utilized. If rated by two of the three rating agencies, the lower rating was utilized, and if rated by one of the rating agencies, that rating was utilized. Standard & Poor’s rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Ratings from A to CCC may be modified by the addition of a plus (+) or minus (-) sign to show relative standing within the rating categories. Standard & Poor’s rates the creditworthiness of short-term notes from SP-1 (highest) to SP-3 (lowest). Moody’s rates the creditworthiness of bonds, ranging from Aaa (highest) to C (lowest). Ratings Aa to B may be modified by the addition of a number 1 (highest) to 3 (lowest) to show relative standing within the ratings categories. Moody’s rates the creditworthiness of short-term U.S. tax-exempt municipal securities from MIG 1/VMIG 1 (highest) to SG (lowest). Fitch rates the creditworthiness of bonds, ranging from AAA (highest) to D (lowest). Credit quality distribution is subject to change and may have changed since the date specified.

**	This security was no longer held at the end of the reporting period.

Wells Fargo Global Dividend Opportunity Fund | 9

Portfolio of investments—October 31, 2019


	Shares		Value
Common Stocks: 90.78%

Australia: 1.33%
Fortescue Metals Group Limited (Materials, Metals & Mining)		558,698	$	3,431,584


Canada: 1.88%
Barrick Gold Corporation (Materials, Metals & Mining)		150,155		2,608,417
Pembina Pipeline Corporation (Energy, Oil, Gas & Consumable Fuels)		63,286		2,228,055

				4,836,472


China: 4.75%
Lenovo Group Limited (Information Technology, Technology Hardware, Storage & Peripherals)		3,875,752		2,710,472
Logan Property Holdings Company Limited (Real Estate, Real Estate Management & Development)		1,975,611		3,020,415
Ping An Insurance Group Company H Shares (Financials, Insurance)		240,195		2,781,755
Sands China Limited (Consumer Discretionary, Hotels, Restaurants & Leisure)		754,867		3,732,936

				12,245,578


France: 4.18%
Peugeot SA (Consumer Discretionary, Automobiles)		151,291		3,830,280
Sanofi SA (Health Care, Pharmaceuticals)		36,081		3,324,722
Schneider Electric SE (Industrials, Electrical Equipment)		39,078		3,628,777

				10,783,779


Germany: 2.09%
Allianz AG (Financials, Insurance)		10,058		2,456,673
SAP SE (Information Technology, Software)		22,120		2,930,847

				5,387,520


Hong Kong: 0.91%
CNOOC Limited (Energy, Oil, Gas & Consumable Fuels)		1,557,806		2,337,917


Ireland: 1.35%
Ingersoll-Rand plc (Industrials, Machinery)		27,508		3,490,490


Japan: 4.65%
Astellas Pharma Incorporated (Health Care, Pharmaceuticals)		220,014		3,786,425
Itochu Corporation (Industrials, Trading Companies & Distributors)		157,296		3,307,892
KDDI Corporation (Communication Services, Wireless Telecommunication Services)		95,548		2,653,472
ORIX Corporation (Financials, Diversified Financial Services)		142,507		2,251,951

				11,999,740


Netherlands: 2.34%
ING Groep NV (Financials, Banks)		270,746		3,058,281
LyondellBasell Industries NV Class A (Materials, Chemicals)		33,248		2,982,346

				6,040,627


Spain: 0.95%
Red Eléctrica de Espana SA (Utilities, Electric Utilities)		122,338		2,462,806


Switzerland: 4.69%
Nestle SA (Consumer Staples, Food Products)		23,074		2,463,410
Novartis AG (Health Care, Pharmaceuticals)		41,275		3,601,992
Roche Holding AG (Health Care, Pharmaceuticals)		11,090		3,336,556
Zurich Insurance Group AG (Financials, Insurance)		6,916		2,702,603

				12,104,561

The accompanying notes are an integral part of these financial statements.

10 | Wells Fargo Global Dividend Opportunity Fund

Portfolio of investments—October 31, 2019


	Shares		Value
United Kingdom: 7.89%
3i Group plc (Financials, Capital Markets)		185,089	$	2,704,437
Drax Group plc (Utilities, Independent Power & Renewable Electricity Producers)		715,476		2,750,719
GlaxoSmithKline plc (Health Care, Pharmaceuticals)		126,702		2,902,688
Intermediate Capital Group (Financials, Capital Markets)		140,109		2,696,945
Legal & General Group plc (Financials, Insurance)		946,070		3,231,622
Persimmon plc (Consumer Discretionary, Household Durables)		126,506		3,731,310
Rio Tinto plc (Materials, Metals & Mining)		45,047		2,342,235

				20,359,956


United States: 53.77%
A-Mark Precious Metals Incorporated (Financials, Diversified Financial Services) †		146,466		1,581,833
AbbVie Incorporated (Health Care, Biotechnology)		30,944		2,461,595
Amgen Incorporated (Health Care, Biotechnology)		19,598		4,179,274
Anthem Incorporated (Health Care, Health Care Providers & Services)		8,642		2,325,389
Apple Incorporated (Information Technology, Technology Hardware, Storage & Peripherals)		22,298		5,546,850
Ares Capital Corporation (Financials, Capital Markets)		261,662		4,788,415
AT&T Incorporated (Communication Services, Diversified Telecommunication Services)		129,034		4,966,519
Bristol-Myers Squibb Company (Health Care, Pharmaceuticals)		61,393		3,522,116
Bristow Group Incorporated (Energy, Energy Equipment & Services) (a)‡		13,152		252,308
Cisco Systems Incorporated (Information Technology, Communications Equipment)		60,770		2,887,183
Citigroup Incorporated (Financials, Banks)		39,882		2,865,921
Comcast Corporation Class A (Communication Services, Media)		63,587		2,849,969
ConocoPhillips (Energy, Oil, Gas & Consumable Fuels)		49,201		2,715,895
Delta Air Lines Incorporated (Industrials, Airlines)		55,632		3,064,211
Discover Financial Services (Financials, Consumer Finance)		27,249		2,187,005
Eagle Point Income Company Incorporated (Financials, Diversified Financial Services)		92,530		1,758,070
General Motors Company (Consumer Discretionary, Automobiles)		85,214		3,166,552
Gilead Sciences Incorporated (Health Care, Biotechnology)		49,976		3,183,971
Honeywell International Incorporated (Industrials, Industrial Conglomerates)		14,985		2,588,359
International Business Machines Corporation (Information Technology, IT Services)		17,401		2,327,036
Johnson & Johnson (Health Care, Pharmaceuticals)		23,195		3,062,668
JPMorgan Chase & Company (Financials, Banks)		35,623		4,450,025
KLA-Tencor Corporation (Information Technology, Semiconductors & Semiconductor Equipment)		15,954		2,696,864
Ladder Capital Corporation (Financials, Mortgage REITs)		201,450		3,479,042
MFA Financial Incorporated (Financials, Mortgage REITs)		450,930		3,422,559
Microsoft Corporation (Information Technology, Software)		62,650		8,982,131
Navient Corporation (Financials, Consumer Finance)		184,797		2,544,655
New Residential Investment Corporation (Financials, Mortgage REITs)		165,907		2,627,967
Redwood Trust Incorporated (Financials, Mortgage REITs)		164,342		2,685,348
Spark Energy Incorporated Class A (Utilities, Electric Utilities)		477,216		4,566,957
Starbucks Corporation (Consumer Discretionary, Hotels, Restaurants & Leisure)		27,406		2,317,451
Target Corporation (Consumer Discretionary, Multiline Retail)		25,701		2,747,694
Texas Instruments Incorporated (Information Technology, Semiconductors & Semiconductor Equipment)		23,809		2,809,224
The Coca-Cola Company (Consumer Staples, Beverages)		39,912		2,172,410
The Procter & Gamble Company (Consumer Staples, Household Products)		37,294		4,643,476
UnitedHealth Group Incorporated (Health Care, Health Care Providers & Services)		12,947		3,271,707
Valero Energy Corporation (Energy, Oil, Gas & Consumable Fuels)		37,485		3,635,295
VEREIT Incorporated (Real Estate, Equity REITs)		345,020		3,394,997
Verizon Communications Incorporated (Communication Services, Diversified Telecommunication Services)		64,110		3,876,732
Visa Incorporated Class A (Information Technology, IT Services)		31,380		5,612,627
Wal-Mart Stores Incorporated (Consumer Staples, Food & Staples Retailing)		32,535		3,815,054
Xerox Holdings Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		78,810		2,674,023

				138,707,377


Total Common Stocks (Cost $226,658,841)				234,188,407

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 11

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value
Corporate Bonds and Notes: 19.57%

Canada: 0.01%
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		7.00	%		1-15-2028	$	25,000	$	26,969


United States: 19.56%
Advanced Disposal Services Incorporated (Industrials, Commercial Services & Supplies) 144A		5.63			11-15-2024		450,000		469,688
Alliant Holdings Intermediate LLC (Financials, Insurance) 144A		6.75			10-15-2027		25,000		26,003
Allison Transmission Incorporated (Consumer Discretionary, Auto Components) 144A		4.75			10-1-2027		125,000		127,813
Allison Transmission Incorporated (Consumer Discretionary, Auto Components) 144A		5.00			10-1-2024		700,000		717,500
Allison Transmission Incorporated (Consumer Discretionary, Auto Components) 144A		5.88			6-1-2029		75,000		80,813
Ally Financial Incorporated (Financials, Consumer Finance)		8.00			3-15-2020		175,000		178,206
AmeriGas Partners LP (Utilities, Gas Utilities)		5.75			5-20-2027		75,000		82,125
AmWINS Group Incorporated (Financials, Insurance) 144A		7.75			7-1-2026		175,000		188,125
Antero Midstream Partners LP (Energy, Oil, Gas & Consumable Fuels) 144A		5.75			1-15-2028		150,000		111,375
Archrock Partners LP (Energy, Oil, Gas & Consumable Fuels)		6.00			10-1-2022		200,000		201,500
Archrock Partners LP (Energy, Oil, Gas & Consumable Fuels) 144A		6.88			4-1-2027		100,000		103,240
Asbury Automotive Group Incorporated (Consumer Discretionary, Specialty Retail)		6.00			12-15-2024		625,000		646,875
Ball Corporation (Materials, Containers & Packaging)		4.88			3-15-2026		100,000		108,500
Ball Corporation (Materials, Containers & Packaging)		5.00			3-15-2022		25,000		26,438
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		8.50			1-31-2027		50,000		56,250
BBA US Holdings Incorporated (Industrials, Aerospace & Defense) 144A%%		4.00			3-1-2028		125,000		124,063
BBA US Holdings Incorporated (Industrials, Airlines) 144A		5.38			5-1-2026		425,000		444,125
Berry Global Escrow Corporation (Materials, Containers & Packaging) 144A		5.63			7-15-2027		25,000		26,531
Berry Global Incorporated (Materials, Containers & Packaging)		6.00			10-15-2022		115,000		117,013
Buckeye Partners LP (Energy, Oil, Gas & Consumable Fuels)		5.85			11-15-2043		250,000		215,977
Cardtronics Incorporated (Information Technology, IT Services) 144A		5.50			5-1-2025		450,000		464,625
Carriage Services Incorporated (Consumer Discretionary, Diversified Consumer Services) 144A		6.63			6-1-2026		225,000		234,000
Carrizo Oil & Gas Incorporated (Energy, Oil, Gas & Consumable Fuels)		8.25			7-15-2025		200,000		190,000
Carrizo Oil & Gas Incorporated (Energy, Oil, Gas & Consumable Fuels)		6.25			4-15-2023		50,000		46,500
CCM Merger Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		6.00			3-15-2022		950,000		972,563
CCO Holdings LLC (Communication Services, Media) 144A		4.00			3-1-2023		25,000		25,438
CCO Holdings LLC (Communication Services, Media) 144A		5.00			2-1-2028		25,000		26,156
CCO Holdings LLC (Communication Services, Media)		5.13			2-15-2023		200,000		204,250
CCO Holdings LLC (Communication Services, Media) 144A		5.13			5-1-2023		1,450,000		1,484,438
CDK Global Incorporated (Information Technology, Software)		4.88			6-1-2027		25,000		26,344
CDK Global Incorporated (Information Technology, Software)		5.00			10-15-2024		100,000		108,150
CDK Global Incorporated (Information Technology, Software) 144A		5.25			5-15-2029		50,000		53,094
CDK Global Incorporated (Information Technology, Software)		5.88			6-15-2026		75,000		80,250
Centene Corporation (Health Care, Health Care Providers & Services) 144A		5.38			6-1-2026		100,000		105,850
Centene Corporation (Health Care, Health Care Providers & Services)		6.13			2-15-2024		50,000		51,985
Central Garden & Pet Company (Consumer Staples, Household Products)		5.13			2-1-2028		25,000		25,683
Change Healthcare Holdings Incorporated (Health Care, Health Care Technology) 144A		5.75			3-1-2025		525,000		537,180
Charles River Laboratories Incorporated (Health Care, Life Sciences Tools & Services) 144A		4.25			5-1-2028		25,000		25,471
Charles River Laboratories Incorporated (Health Care, Life Sciences Tools & Services) 144A		5.50			4-1-2026		75,000		79,875
Cheniere Energy Partners LP (Energy, Oil, Gas & Consumable Fuels) 144A		4.50			10-1-2029		75,000		76,594

The accompanying notes are an integral part of these financial statements.

12 | Wells Fargo Global Dividend Opportunity Fund

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

United States (continued)
Cheniere Energy Partners LP (Energy, Oil, Gas & Consumable Fuels)		5.25	%		10-1-2025	$	1,050,000	$	1,086,750
Cheniere Energy Partners LP (Energy, Oil, Gas & Consumable Fuels)		5.63			10-1-2026		100,000		105,625
CHS Incorporated (Health Care, Health Care Providers & Services)		5.13			8-1-2021		400,000		399,000
Citigroup Incorporated (Financials, Banks)		4.13			3-9-2021		10,000		10,225
Citigroup Incorporated (Financials, Banks)		6.13			3-9-2028		15,000		17,700
CommScope Technologies Finance LLC (Information Technology, Communications Equipment) 144A		6.00			6-15-2025		125,000		112,063
CommScope Technologies Finance LLC (Information Technology, Communications Equipment) 144A		8.25			3-1-2027		25,000		23,681
Community Health Systems Incorporated (Health Care, Health Care Providers & Services)		6.25			3-31-2023		75,000		73,078
Cooper Tire & Rubber Company (Consumer Discretionary, Auto Components)		7.63			3-15-2027		475,000		546,844
Cooper Tire & Rubber Company (Consumer Discretionary, Auto Components)		8.00			12-15-2019		175,000		175,875
CoreCivic Incorporated (Real Estate, Equity REITs)		4.63			5-1-2023		250,000		234,063
CoreCivic Incorporated (Real Estate, Equity REITs)		5.00			10-15-2022		3,000		2,974
Cott Beverages Incorporated (Consumer Staples, Beverages) 144A		5.50			4-1-2025		75,000		78,188
Covanta Holding Corporation (Industrials, Commercial Services & Supplies)		5.88			3-1-2024		500,000		513,750
Covanta Holding Corporation (Industrials, Commercial Services & Supplies)		6.00			1-1-2027		25,000		26,125
Crown Americas Capital Corporation V (Materials, Containers & Packaging)		4.25			9-30-2026		125,000		130,469
Crown Americas Capital Corporation VI (Materials, Containers & Packaging)		4.75			2-1-2026		125,000		131,250
CSC Holdings LLC (Communication Services, Media) 144A		5.38			7-15-2023		450,000		461,241
CSC Holdings LLC (Communication Services, Media) 144A		7.50			4-1-2028		200,000		225,000
CSC Holdings LLC (Communication Services, Media) 144A		7.75			7-15-2025		300,000		321,750
Darling Ingredients Incorporated (Consumer Staples, Food Products) 144A		5.25			4-15-2027		150,000		157,500
Davita Incorporated (Health Care, Health Care Providers & Services)		5.00			5-1-2025		225,000		227,813
Dell International LLC (Information Technology, Technology Hardware, Storage & Peripherals) 144A		5.88			6-15-2021		877,000		890,488
Denbury Resources Incorporated (Energy, Oil, Gas & Consumable Fuels)		6.38			12-31-2024		218,000		118,092
Denbury Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) 144A		7.75			2-15-2024		306,000		224,910
Denbury Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) 144A		9.00			5-15-2021		125,000		109,375
Diamond Offshore Drilling Incorporated (Energy, Energy Equipment & Services)		4.88			11-1-2043		250,000		127,188
Diamond Sports Group LLC (Communication Services, Media) 144A		5.38			8-15-2026		25,000		26,094
Diamond Sports Group LLC (Communication Services, Media) 144A		6.63			8-15-2027		25,000		25,750
DISH Network Corporation (Communication Services, Media)		3.38			8-15-2026		175,000		163,636
Encompass Health Corporation (Health Care, Health Care Providers & Services)		4.50			2-1-2028		25,000		25,563
Encompass Health Corporation (Health Care, Health Care Providers & Services)		4.75			2-1-2030		25,000		25,781
EnLink Midstream Partners LP (Energy, Oil, Gas & Consumable Fuels)		4.15			6-1-2025		275,000		248,152
EnLink Midstream Partners LP (Energy, Oil, Gas & Consumable Fuels)		4.40			4-1-2024		150,000		140,625
EnLink Midstream Partners LP (Energy, Oil, Gas & Consumable Fuels)		4.85			7-15-2026		350,000		320,250
EnLink Midstream Partners LP (Energy, Oil, Gas & Consumable Fuels)		5.38			6-1-2029		25,000		22,188
Era Group Incorporated (Energy, Energy Equipment & Services)		7.75			12-15-2022		500,000		502,500
ESH Hospitality Incorporated (Real Estate, Equity REITs) 144A		4.63			10-1-2027		25,000		25,065
ESH Hospitality Incorporated (Real Estate, Equity REITs) 144A		5.25			5-1-2025		725,000		747,656
Fair Isaac Corporation (Information Technology, Software) 144A		5.25			5-15-2026		250,000		271,250
FirstCash Incorporated (Financials, Consumer Finance) 144A		5.38			6-1-2024		375,000		388,125
Flex Acquisition Company Incorporated (Materials, Containers & Packaging) 144A		6.88			1-15-2025		250,000		234,375
Flex Acquisition Company Incorporated (Materials, Containers & Packaging) 144A		7.88			7-15-2026		50,000		47,000
Fortress Transportation and Infrastructure Investors LLC (Industrials, Trading Companies & Distributors) 144A		6.50			10-1-2025		275,000		277,750
Gartner Incorporated (Information Technology, IT Services) 144A		5.13			4-1-2025		500,000		524,350
Gray Television Incorporated (Communication Services, Media) 144A		5.13			10-15-2024		725,000		751,281
Gray Television Incorporated (Communication Services, Media) 144A		7.00			5-15-2027		50,000		54,714
Group 1 Automotive Incorporated (Consumer Discretionary, Specialty Retail)		5.00			6-1-2022		75,000		75,866
Group 1 Automotive Incorporated (Consumer Discretionary, Specialty Retail) 144A		5.25			12-15-2023		350,000		358,750
Gulfport Energy Corporation (Energy, Oil, Gas & Consumable Fuels)		6.00			10-15-2024		300,000		192,750

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 13

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

United States (continued)
Harsco Corporation (Industrials, Machinery) 144A		5.75	%		7-31-2027	$	25,000	$	25,969
Hilcorp Energy Company (Energy, Energy Equipment & Services) 144A		5.00			12-1-2024		125,000		110,975
Hilcorp Energy Company (Energy, Energy Equipment & Services) 144A		5.75			10-1-2025		475,000		423,938
Hilcorp Energy Company (Energy, Energy Equipment & Services) 144A		6.25			11-1-2028		50,000		42,250
Hill-Rom Holdings Incorporated (Health Care, Health Care Equipment & Supplies) 144A		4.38			9-15-2027		25,000		25,750
Hilton Domestic Operating Company Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		4.88			1-15-2030		25,000		26,563
Hilton Domestic Operating Company Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure)		5.13			5-1-2026		100,000		105,000
Hologic Incorporated (Health Care, Health Care Equipment & Supplies) 144A		4.38			10-15-2025		500,000		512,265
Hologic Incorporated (Health Care, Health Care Equipment & Supplies) 144A		4.63			2-1-2028		25,000		26,156
HUB International Limited (Financials, Insurance) 144A		7.00			5-1-2026		225,000		231,750
IAA Spinco Incorporated (Consumer Discretionary, Distributors) 144A		5.50			6-15-2027		350,000		374,990
Indigo Natural Resources LLC (Energy, Oil, Gas & Consumable Fuels) 144A		6.88			2-15-2026		50,000		45,500
Infor US Incorporated (Information Technology, IT Services)		6.50			5-15-2022		215,000		217,956
IQVIA Incorporated (Information Technology, Software) 144A		5.00			5-15-2027		125,000		132,500
Iron Mountain Incorporated (Real Estate, Equity REITs) 144A		5.38			6-1-2026		300,000		311,250
Jefferies Finance LLC (Financials, Diversified Financial Services) 144A		6.25			6-3-2026		200,000		205,500
KAR Auction Services Incorporated (Industrials, Commercial Services & Supplies) 144A		5.13			6-1-2025		925,000		965,469
Lamar Media Corporation (Communication Services, Media)		5.38			1-15-2024		150,000		153,722
Lamar Media Corporation (Communication Services, Media)		5.75			2-1-2026		25,000		26,469
Lamb Weston Holdings Incorporated (Consumer Staples, Food Products) 144A		4.63			11-1-2024		175,000		183,969
Level 3 Financing Incorporated (Communication Services, Diversified Telecommunication Services)		5.13			5-1-2023		25,000		25,313
Level 3 Financing Incorporated (Communication Services, Diversified Telecommunication Services)		5.38			8-15-2022		37,000		37,139
Level 3 Financing Incorporated (Communication Services, Diversified Telecommunication Services)		5.63			2-1-2023		525,000		530,250
Levi Strauss & Company (Consumer Discretionary, Textiles, Apparel & Luxury Goods)		5.00			5-1-2025		100,000		103,750
Lithia Motors Incorporated (Consumer Discretionary, Specialty Retail) 144A		5.25			8-1-2025		475,000		497,563
Live Nation Entertainment Incorporated (Communication Services, Entertainment) 144A		5.38			6-15-2022		316,000		320,244
Live Nation Entertainment Incorporated (Communication Services, Entertainment) 144A		5.63			3-15-2026		50,000		53,250
LKQ Corporation (Consumer Discretionary, Distributors)		4.75			5-15-2023		350,000		356,888
LPL Holdings Incorporated (Financials, Diversified Financial Services) 144A		5.75			9-15-2025		600,000		622,500
MEDNAX Incorporated (Health Care, Health Care Providers & Services) 144A		5.25			12-1-2023		175,000		177,188
MEDNAX Incorporated (Health Care, Health Care Providers & Services) 144A		6.25			1-15-2027		75,000		74,205
MPH Acquisition Holdings LLC (Health Care, Health Care Providers & Services) 144A		7.13			6-1-2024		525,000		489,563
MPLX LP (Energy, Oil, Gas & Consumable Fuels) 144A		6.38			5-1-2024		125,000		131,274
MPT Operating Partnership LP (Health Care, Health Care Providers & Services)		4.63			8-1-2029		75,000		78,236
MPT Operating Partnership LP (Health Care, Health Care Providers & Services)		6.38			3-1-2024		575,000		600,156
MSCI Incorporated (Financials, Capital Markets) 144A		5.75			8-15-2025		35,000		36,706
Murphy Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		4.75			9-15-2029		25,000		26,094
Murphy Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		5.75			8-15-2025		30,000		30,413
Murphy Oil Corporation (Energy, Oil, Gas & Consumable Fuels)		6.88			8-15-2024		400,000		421,936
Nabors Industries Incorporated (Energy, Oil, Gas & Consumable Fuels)		0.75			1-15-2024		225,000		142,495
National CineMedia LLC (Communication Services, Media) 144A		5.88			4-15-2028		300,000		315,330
Navient Corporation (Financials, Consumer Finance)		8.00			3-25-2020		200,000		204,250
NCR Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		5.88			12-15-2021		225,000		225,563

The accompanying notes are an integral part of these financial statements.

14 | Wells Fargo Global Dividend Opportunity Fund

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

United States (continued)
NCR Corporation (Information Technology, Technology Hardware, Storage & Peripherals)		6.38	%		12-15-2023	$	600,000	$	615,000
Nexstar Broadcasting Group Incorporated (Communication Services, Media) 144A		6.13			2-15-2022		325,000		329,469
Nexstar Escrow Incorporated (Communication Services, Media) 144A		5.63			7-15-2027		25,000		26,368
NextEra Energy Operating Partners LP (Utilities, Electric Utilities) 144A		4.25			7-15-2024		175,000		179,760
NextEra Energy Operating Partners LP (Utilities, Electric Utilities) 144A		4.25			9-15-2024		25,000		26,000
NextEra Energy Operating Partners LP (Utilities, Electric Utilities) 144A		4.50			9-15-2027		250,000		255,000
NGPL PipeCo LLC (Energy, Energy Equipment & Services) 144A		4.38			8-15-2022		50,000		51,913
NGPL PipeCo LLC (Energy, Energy Equipment & Services) 144A		7.77			12-15-2037		175,000		225,495
Nielsen Finance LLC (Communication Services, Media) 144A		5.00			4-15-2022		775,000		778,891
Novelis Corporation (Materials, Metals & Mining) 144A		5.88			9-30-2026		90,000		94,509
NSG Holdings LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A		7.75			12-15-2025		562,593		607,601
NVA Holdings Company (Health Care, Health Care Providers & Services) 144A		6.88			4-1-2026		25,000		26,813
Oceaneering International Incorporated (Energy, Energy Equipment & Services)		6.00			2-1-2028		275,000		254,375
Outfront Media Capital Corporation (Communication Services, Media)		5.88			3-15-2025		200,000		206,500
Owens-Brockway Glass Container Incorporated (Materials, Containers & Packaging) 144A		5.38			1-15-2025		75,000		75,656
Owens-Brockway Glass Container Incorporated (Materials, Containers & Packaging) 144A		5.88			8-15-2023		100,000		105,625
Owens-Illinois Incorporated (Materials, Containers & Packaging) 144A		6.38			8-15-2025		150,000		157,875
Panther BF Aggregator 2 LP (Consumer Discretionary, Auto Components) 144A		6.25			5-15-2026		25,000		26,430
Pattern Energy Group Incorporated (Utilities, Independent Power & Renewable Electricity Producers) 144A		5.88			2-1-2024		1,000,000		1,025,000
Penske Auto Group Incorporated (Consumer Discretionary, Specialty Retail)		3.75			8-15-2020		85,000		85,425
Penske Auto Group Incorporated (Consumer Discretionary, Specialty Retail)		5.75			10-1-2022		700,000		708,750
Pilgrim’s Pride Corporation (Consumer Staples, Food Products) 144A		5.75			3-15-2025		75,000		77,813
Pilgrim’s Pride Corporation (Consumer Staples, Food Products) 144A		5.88			9-30-2027		50,000		53,576
Polaris Intermediate Corporation (Health Care, Health Care Providers & Services) 144A		8.50			12-1-2022		100,000		84,000
Prestige Brands Incorporated (Consumer Staples, Food Products) 144A		6.38			3-1-2024		25,000		26,094
Qorvo Incorporated (Information Technology, Semiconductors & Semiconductor Equipment) 144A		4.38			10-15-2029		50,000		50,281
RBS Global & Rexnord LLC (Industrials, Aerospace & Defense) 144A		4.88			12-15-2025		300,000		309,375
Reynolds Group Issuer Incorporated (Materials, Containers & Packaging) 144A		5.13			7-15-2023		100,000		102,595
Rockies Express Pipeline LLC (Energy, Oil, Gas & Consumable Fuels) 144A		5.63			4-15-2020		550,000		559,238
Rockies Express Pipeline LLC (Energy, Oil, Gas & Consumable Fuels) 144A		6.88			4-15-2040		350,000		369,285
Rose Rock Midstream LP (Energy, Oil, Gas & Consumable Fuels)		5.63			7-15-2022		550,000		556,061
Rose Rock Midstream LP (Energy, Oil, Gas & Consumable Fuels)		5.63			11-15-2023		275,000		281,188
Salem Media Group Incorporated (Communication Services, Media) 144A		6.75			6-1-2024		425,000		365,500
SBA Communications Corporation (Real Estate, Equity REITs)		4.88			7-15-2022		155,000		156,648
Scripps Escrow Incorporated (Communication Services, Media) 144A		5.88			7-15-2027		25,000		25,618
Sealed Air Corporation (Materials, Containers & Packaging) 144A		5.13			12-1-2024		225,000		242,438
Select Medical Corporation (Health Care, Health Care Providers & Services) 144A		6.25			8-15-2026		150,000		159,750
SemGroup Corporation (Energy, Oil, Gas & Consumable Fuels)		7.25			3-15-2026		125,000		135,000
Service Corporation International (Consumer Discretionary, Diversified Consumer Services)		4.63			12-15-2027		100,000		104,500
Service Corporation International (Consumer Discretionary, Diversified Consumer Services)		7.50			4-1-2027		25,000		30,500
Service Corporation International (Consumer Discretionary, Diversified Consumer Services)		8.00			11-15-2021		850,000		935,000
Sonic Automotive Incorporated (Consumer Discretionary, Specialty Retail)		5.00			5-15-2023		475,000		482,125
Southern Star Central Corporation (Energy, Oil, Gas & Consumable Fuels) 144A		5.13			7-15-2022		250,000		253,078
Southwestern Energy Company (Energy, Oil, Gas & Consumable Fuels)		7.50			4-1-2026		50,000		43,880
Southwestern Energy Company (Energy, Oil, Gas & Consumable Fuels)		7.75			10-1-2027		50,000		43,000

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 15

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

United States (continued)
Spectrum Brands Incorporated (Consumer Staples, Household Products)		5.75	%		7-15-2025	$	50,000	$	52,125
Springleaf Finance Corporation (Financials, Consumer Finance)		6.63			1-15-2028		25,000		27,688
Springleaf Finance Corporation (Financials, Consumer Finance)		7.13			3-15-2026		175,000		199,938
Springleaf Finance Corporation (Financials, Consumer Finance)		8.25			12-15-2020		106,000		112,758
Springleaf Finance Corporation (Financials, Consumer Finance)		8.25			10-1-2023		100,000		116,500
Sprint Capital Corporation (Communication Services, Wireless Telecommunication Services)		8.75			3-15-2032		175,000		213,392
SS&C Technologies Incorporated (Information Technology, Software) 144A		5.50			9-30-2027		175,000		186,703
Stevens Holding Company Incorporated (Industrials, Machinery) 144A		6.13			10-1-2026		375,000		403,125
Suburban Propane Partners LP (Utilities, Gas Utilities)		5.88			3-1-2027		50,000		51,750
Surgery Center Holdings Incorporated (Health Care, Health Care Equipment & Supplies) 144A		6.75			7-1-2025		100,000		91,500
Symantec Corporation (Information Technology, Software) 144A		5.00			4-15-2025		75,000		76,875
T-Mobile USA Incorporated (Communication Services, Wireless Telecommunication Services)		4.50			2-1-2026		25,000		25,781
T-Mobile USA Incorporated (Communication Services, Wireless Telecommunication Services)		4.75			2-1-2028		75,000		79,031
T-Mobile USA Incorporated (Communication Services, Wireless Telecommunication Services)		6.50			1-15-2026		825,000		882,833
Tallgrass Energy Partners LP (Energy, Oil, Gas & Consumable Fuels) 144A		5.50			9-15-2024		650,000		632,125
Tenet Healthcare Corporation (Health Care, Health Care Providers & Services)		4.63			7-15-2024		130,000		133,900
Tenet Healthcare Corporation (Health Care, Health Care Providers & Services) 144A		4.88			1-1-2026		150,000		155,156
Tenet Healthcare Corporation (Health Care, Health Care Providers & Services) 144A		5.13			11-1-2027		25,000		26,062
TerraForm Global Operating LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A		6.13			3-1-2026		225,000		230,063
TerraForm Power Operating LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A		4.25			1-31-2023		525,000		540,750
TerraForm Power Operating LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A		4.75			1-15-2030		75,000		77,531
TerraForm Power Operating LLC (Utilities, Independent Power & Renewable Electricity Producers) 144A		5.00			1-31-2028		550,000		580,085
The E.W. Scripps Company (Communication Services, Media) 144A		5.13			5-15-2025		517,000		524,109
The Geo Group Incorporated (Real Estate, Equity REITs)		5.13			4-1-2023		150,000		132,000
The Geo Group Incorporated (Real Estate, Equity REITs)		5.88			1-15-2022		24,000		23,220
The Geo Group Incorporated (Real Estate, Equity REITs)		5.88			10-15-2024		400,000		334,000
The Geo Group Incorporated (Real Estate, Equity REITs)		6.00			4-15-2026		125,000		99,063
The William Carter Company (Consumer Discretionary, Textiles, Apparel & Luxury Goods) 144A		5.63			3-15-2027		175,000		186,594
Trimas Corporation (Industrials, Machinery) 144A		4.88			10-15-2025		325,000		330,688
Ultra Resources Incorporated (Energy, Oil, Gas & Consumable Fuels) 144A		7.13			4-15-2025		625,000		62,500
USA Compression Partners LP (Energy, Energy Equipment & Services)		6.88			4-1-2026		175,000		176,750
USI Incorporated (Financials, Insurance) 144A		6.88			5-1-2025		283,000		287,953
Vizient Incorporated (Health Care, Health Care Providers & Services) 144A		6.25			5-15-2027		25,000		26,961
WellCare Health Plans Incorporated (Health Care, Health Care Providers & Services) 144A		5.38			8-15-2026		25,000		26,594
Whiting Petroleum Corporation (Energy, Oil, Gas & Consumable Fuels)		1.25			4-1-2020		139,000		136,625
Wolverine World Wide Incorporated (Consumer Discretionary, Textiles, Apparel & Luxury Goods) 144A		5.00			9-1-2026		325,000		329,063
Wyndham Hotels & Resorts Company (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		5.38			4-15-2026		450,000		474,750
Yum! Brands Incorporated (Consumer Discretionary, Hotels, Restaurants & Leisure) 144A		4.75			1-15-2030		25,000		26,219

The accompanying notes are an integral part of these financial statements.

16 | Wells Fargo Global Dividend Opportunity Fund

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

United States (continued)
Zayo Group LLC (Information Technology, IT Services) 144A		5.75	%		1-15-2027	$	25,000	$	25,410
Zayo Group LLC (Information Technology, IT Services)		6.38			5-15-2025		540,000		555,120

									50,461,629


Total Corporate Bonds and Notes (Cost $50,853,242)									50,488,598


Loans: 0.93%
Advantage Sales & Marketing LLC (1 Month LIBOR +6.50%) (Industrials, Commercial Services & Supplies) ±		8.29			7-25-2022		250,000		202,015
Ancestry.com Incorporated (1 Month LIBOR +4.25%) (Communication Services, Media) ±‡		6.04			8-27-2026		110,235		97,558
Clearwater Paper Corporation (1 Month LIBOR +3.25%) (Materials, Paper & Forest Products) ±‡		5.06			7-26-2026		50,000		49,875
Emerald Topco Incorporated (1 Month LIBOR +3.50%) (Information Technology, Software) ±		5.29			7-24-2026		175,000		172,113
Encino Acquisition Partners Holdings LLC (1 Month LIBOR +6.75%) (Energy, Oil, Gas & Consumable Fuels) ±		8.54			10-29-2025		100,000		62,875
HUB International Limited (1 Month LIBOR +4.00%) (Financials, Insurance) ±%%<		5.93			4-25-2025		25,000		24,950
Hubbard Radio LLC (1 Month LIBOR +3.50%) (Communication Services, Media ) ±		5.29			3-28-2025		115,819		115,336
Montreign Operating Company LLC (3 Month LIBOR +8.25%) (Consumer Discretionary, Hotels, Restaurants & Leisure) ±		10.37			1-24-2023		762,727		680,101
Nexus Buyer LLC (1 Month LIBOR +3.75%) (Financials, Capital Markets) ±‡%%<		5.60			10-31-2026		100,000		100,000
Resolute Investment Managers Incorporated (3 Month LIBOR +7.50%) (Financials, Diversified Financial Services) ±‡		9.43			4-30-2023		175,000		175,000
Reynolds Group Holdings Incorporated (1 Month LIBOR +2.75%) (Materials, Containers & Packaging) ±		4.54			2-5-2023		98,982		98,928
Stonepeak Lonestar Holdings LLC (1 Month LIBOR +4.50%) (Energy, Oil, Gas & Consumable Fuels) ±%%<		6.35			10-16-2026		200,000		197,250
Ultra Resources Incorporated (1 Month LIBOR +3.75%) (Energy, Oil, Gas & Consumable Fuels) ±		5.80			4-12-2024		149,415		87,995
Victory Capital Holdings Incorporated (3 Month LIBOR +3.25%) (Financials, Capital Markets) ±		5.35			7-1-2026		339,886		340,906

Total Loans (Cost $2,642,331)									2,404,902



	Dividend yield					Shares
Preferred Stocks: 3.29%

Canada: 2.09%
Just Energy Group Incorporated (Utilities, Multi-Utilities)		8.50					293,163		5,397,131


United States: 1.20%
Bristow Group Incorporated (Energy, Energy Equipment & Services) ‡		10.00					13,377		519,001
CoBank ACB (3 Month LIBOR +1.18%) (Financials, Banks) ±144A		4.61					750		465,000
Wheeler Real Estate Investment Trust Incorporated Series D (Real Estate, Equity REITs)		8.75					136,500		2,115,750

									3,099,751


Total Preferred Stocks (Cost $10,973,666)									8,496,882



	Interest rate			Maturity date		Principal
Yankee Corporate Bonds and Notes: 1.97%

Canada: 1.00%
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		5.50			3-1-2023	$	52,000		52,455
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		5.50			11-1-2025		75,000		78,376

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 17

Portfolio of investments—October 31, 2019


	Interest rate			Maturity date		Principal		Value

Canada (continued)
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		5.88	%		5-15-2023	$	561,000	$	569,135
Bausch Health Companies Incorporated (Health Care, Pharmaceuticals) 144A		6.13			4-15-2025		250,000		259,531
Baytex Energy Corporation (Energy, Oil, Gas & Consumable Fuels) 144A		5.63			6-1-2024		675,000		600,750
Ritchie Brothers Auctioneers Incorporated (Industrials, Commercial Services & Supplies) 144A		5.38			1-15-2025		725,000		755,813
Rockpoint Gas Storage Canada Limited (Energy, Oil, Gas & Consumable Fuels) 144A		7.00			3-31-2023		250,000		249,375
Telesat Canada/ Telesat LCC (Communication Services, Diversified Telecommunication Services) 144A		6.50			10-15-2027		25,000		26,094

									2,591,529


Luxembourg: 0.46%
ArcelorMittal SA (Materials, Metals & Mining)		6.25			2-25-2022		25,000		27,035
Intelsat Connect Finance Company (Financials, Banks) 144A		9.50			2-15-2023		75,000		69,570
Intelsat Jackson Holdings SA (Financials, Diversified Financial Services)		5.50			8-1-2023		800,000		748,000
Intelsat Jackson Holdings SA (Financials, Diversified Financial Services) 144A		8.50			10-15-2024		275,000		276,977
Intelsat Luxembourg SA (Communication Services, Diversified Telecommunication Services)		8.13			6-1-2023		75,000		63,094

									1,184,676


Marshall Islands: 0.04%
Navios Maritime Holdings Incorporated (Industrials, Transportation Infrastructure) (a)‡		9.75			4-15-2024		244,225		97,812


Netherlands: 0.31%
OI European Group BV (Materials, Containers & Packaging) 144A		4.00			3-15-2023		75,000		75,000
Sensata Technologies BV (Industrials, Electrical Equipment) 144A		5.00			10-1-2025		97,000		104,502
Sensata Technologies BV (Industrials, Electrical Equipment) 144A		5.63			11-1-2024		100,000		109,750
Teva Pharmaceutical Finance Netherlands III BV (Health Care, Pharmaceuticals)		4.10			10-1-2046		125,000		85,625
Teva Pharmaceutical Finance Netherlands III BV (Health Care, Pharmaceuticals)		6.75			3-1-2028		350,000		313,688
Trivium Packaging Finance BV (Financials, Diversified Financial Services) 144A		5.50			8-15-2026		75,000		78,656
Trivium Packaging Finance BV (Financials, Diversified Financial Services) 144A		8.50			8-15-2027		25,000		26,563

									793,784


United Kingdom: 0.13%
Sensata Technologies UK Financing Company plc (Financials, Diversified Financial Services) 144A		6.25			2-15-2026		100,000		107,000
Valaris plc (Energy, Energy Equipment & Services)		5.75			10-1-2044		575,000		232,875

									339,875


United States: 0.03%
Connect Finco SARL/Connect US Finco LLC (Communication Services, Wireless Telecommunication Services) 144A		6.75			10-1-2026		75,000		77,719


Total Yankee Corporate Bonds and Notes (Cost $5,151,963)									5,085,395



	Yield					Shares
Short-Term Investments: 1.50%

Investment Companies: 1.50%
Wells Fargo Government Money Market Fund Select Class (l)(u)##		1.75					3,871,557		3,871,557


Total Short-Term Investments (Cost $3,871,557)									3,871,557


Total investments in securities (Cost $300,151,600)	118.04	%		304,535,741

Other assets and liabilities, net	(18.04	)		(46,545,703	)

Total net assets	100.00	%	$	257,990,038

The accompanying notes are an integral part of these financial statements.

18 | Wells Fargo Global Dividend Opportunity Fund

Portfolio of investments—October 31, 2019

†	Non-income-earning security

(a)	The security is fair valued in accordance with procedures approved by the Board of Trustees.

‡	Security is valued using significant unobservable inputs.

144A	The security may be resold in transactions exempt from registration, normally to qualified institutional buyers, pursuant to Rule 144A under the Securities Act of 1933.

%%	The security is purchased on a when-issued basis.

±	Variable rate investment. The rate shown is the rate in effect at period end.

<	All or a portion of the position represents an unfunded loan commitment. The rate represents current interest rate if the loan is partially funded.

(l)	The issuer of the security is an affiliated person of the Fund as defined in the Investment Company Act of 1940.

(u)	The rate represents the 7-day annualized yield at period end.

##	All or a portion of this security is segregated for when-issued securities and/or unfunded loans.

Abbreviations:

LIBOR

London Interbank Offered Rate

REIT	Real estate investment trust

Investments in Affiliates

An affiliated investment is an investment in which the Fund owns at least 5% of the outstanding voting shares of the issuer or as a result of other relationships, such as the Fund and the issuer having the same investment manager. Transactions with issuers that were either affiliated persons of the Fund at the beginning of the period or the end of the period were as follows:


	Shares, beginning of period		Shares purchased		Shares sold		Shares, end of period		Net realized gains (losses)		Net change in unrealized gains (losses)		Income from affiliated securities		Value, end of period		% of net assets
Short-Term Investments
Investment Companies
Wells Fargo Government Money Market Fund Select Class		15,209,470		139,424,497		150,762,410		3,871,557	$	0	$	0	$	224,354	$	3,871,557		1.50	%

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 19

Statement of assets and liabilities—October 31, 2019




Assets
Investments in unaffiliated securities, at value (cost $296,280,043)	$	300,664,184
Investments in affiliated securities, at value (cost $3,871,557)		3,871,557
Receivable for investments sold		3,227,215
Receivable for dividends and interest		1,202,514
Prepaid expenses and other assets		20,320

Total assets		308,985,790


Liabilities
Secured borrowing payable		47,500,000
Payable for investments purchased		2,892,975
Advisory fee payable		229,277
Administration fee payable		12,811
Trustees’ fees and expenses payable		3,819
Accrued expenses and other liabilities		356,870

Total liabilities		50,995,752

Total net assets	$	257,990,038


Net assets consist of
Paid-in capital	$	396,683,018
Total distributable loss		(138,692,980	)

Total net assets	$	257,990,038


Net asset value per share
Based on $257,990,038 divided by 43,964,009 shares issued and outstanding (unlimited number of shares authorized)		$5.87

The accompanying notes are an integral part of these financial statements.

20 | Wells Fargo Global Dividend Opportunity Fund

Statement of operations—year ended October 31, 2019




Investment income
Dividends (net of foreign withholding taxes of $768,316)	$	9,422,725
Interest (net of foreign withholding taxes of $443)		2,822,206
Income from affiliated securities		224,354

Total investment income		12,469,285


Expenses
Advisory fee		2,882,698
Administration fee		152,464
Custody and accounting fees		62,752
Professional fees		67,697
Shareholder report expenses		79,506
Trustees’ fees and expenses		21,610
Transfer agent fees		39,442
Interest expense		1,477,243
Other fees and expenses		69,799

Total expenses		4,853,211

Net investment income		7,616,074


Realized and unrealized gains (losses) on investments
Net realized gains (losses) on
Unaffiliated securities		29,149,814
Foreign currency transactions		(127,112	)

Net realized gains on investments		29,022,702


Net change in unrealized gains (losses) on
Unaffiliated securities		578,594
Foreign currency transactions		50,124

Net change in unrealized gains (losses) on investments		628,718

Net realized and unrealized gains (losses) on investments		29,651,420

Net increase in net assets resulting from operations	$	37,267,494

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 21

Statement of changes in net assets


	Year ended October 31, 2019			Year ended October 31, 2018

Operations
Net investment income	$	7,616,074		$	10,364,838
Net realized gains (losses) on investments		29,022,702			(3,796,114	)
Net change in unrealized gains (losses) on investments		628,718			(25,924,882	)

Net increase (decrease) in net assets resulting from operations		37,267,494			(19,356,158	)


Distributions to shareholders from
Net investment income and net realized gains		(8,653,070	)		(9,838,226	)
Tax basis return of capital		(17,754,857	)		(19,764,923	)

Total distributions to shareholders		(26,407,927	)		(29,603,149	)


Capital share transactions
Cost of shares repurchased		(6,258,473	)		(1,315,804	)

Total increase (decrease) in net assets		4,601,094			(50,275,111	)


Net assets
Beginning of period		253,388,944			303,664,055

End of period	$	257,990,038		$	253,388,944

The accompanying notes are an integral part of these financial statements.

22 | Wells Fargo Global Dividend Opportunity Fund

Statement of cash flows—year ended October 31, 2019




Cash flows from operating activities:
Net increase in net assets resulting from operations	$	37,267,494

Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities:
Purchase of long-term securities		(323,859,791	)
Proceeds from the sales of long-term securities		333,060,432
Amortization		790,339
Purchases and sales of short-term securities, net		11,337,913
Increase in receivable for investments sold		(2,053,163	)
Decrease in receivable for dividends and interest		231,665
Decrease in prepaid expenses and other assets		11,545
Increase in payable for investments purchased		2,539,469
Decrease in advisory fee payable		(17,340	)
Decrease in administration fee payable		(169	)
Increase in trustee’s fee and expenses payable		3,064
Increase in accrued expenses and other liabilities		152,060
Litigation payments received		3,599
Net realized gains on investments		(29,149,814	)
Net change in unrealized gains (losses) on investments		(628,718	)

Net cash provided by operating activities		29,688,585


Cash flows from financing activities:
Cost of shares repurchased		(6,462,798	)
Cash distributions paid		(26,407,927	)

Net cash used in financing activities		(32,870,725	)

Net decrease in cash		(3,182,140	)


Cash (including foreign currency):
Beginning of period	$	3,182,140

End of period	$	0


Supplemental cash disclosure
Cash paid for interest	$	1,321,055

The accompanying notes are an integral part of these financial statements.

Wells Fargo Global Dividend Opportunity Fund | 23

Financial highlights

(For a share outstanding throughout each period)


	Year ended October 31
	2019			2018			2017			2016			2015
Net asset value, beginning of period		$5.61			$6.68			$6.51			$7.47			$8.53
Net investment income		0.17			0.23			0.30			0.62			0.68
Net realized and unrealized gains (losses) on investments		0.68			(0.66	)		0.46			(1.09	)		(1.02	)

Total from investment operations		0.85			(0.43	)		0.76			(0.47	)		(0.34	)
Distributions to shareholders from
Net investment income		(0.20	)		(0.22	)		(0.32	)		(0.59	)		(0.62	)
Tax basis return of capital		(0.40	)		(0.43	)		(0.28	)		0.00			(0.10	)

Total distributions to shareholders		(0.60	)		(0.65	)		(0.60	)		(0.59	)		(0.72	)
Anti-dilutive effect of shares repurchased		0.01			0.01			0.01			0.10			0.00
Net asset value, end of period		$5.87			$5.61			$6.68			$6.51			$7.47
Market value, end of period		$5.55			$4.94			$6.26			$5.54			$6.33
Total return based on market value¹		25.71	%		(11.55	)%		24.77	%		(3.40	)%		(11.80	)%
Ratios to average net assets (annualized)
Net expenses		1.89	%²		1.84	%²		1.34	%²		1.09	%		1.10	%
Net investment income		2.96	%²		3.70	%²		4.64	%²		9.00	%		8.52	%
Supplemental data
Portfolio turnover rate		109	%		45	%		79	%		134	%		141	%
Net assets, end of period (000s omitted)		$257,990			$253,389			$303,664			$298,914			$366,989
Borrowings outstanding, end of period (000s omitted)		$47,500			$47,500			$47,500			N/A			N/A
Asset coverage per $1,000 of borrowing, end of period		$6,431			$6,335			$7,393			N/A			N/A

Total return is calculated assuming a purchase of common stock on the first day and a sale on the last day of the period reported. Dividends and distributions, if any, are assumed for purposes of these calculations to be reinvested at prices obtained under the Fund’s Automatic Dividend Reinvestment Plan. Total return does not reflect brokerage commissions that a shareholder would pay on the purchase and sale of shares.

²	Ratios include interest expense relating to interest associated with borrowings and/or leverage transactions as follows:


Year ended October 31, 2019	0.57	%
Year ended October 31, 2018	0.45	%
Year ended October 31, 2017	0.15	%

The accompanying notes are an integral part of these financial statements.

24 | Wells Fargo Global Dividend Opportunity Fund

Notes to financial statements

1. ORGANIZATION

Wells Fargo Global Dividend Opportunity Fund (the “Fund”) was organized as a statutory trust under the laws of the state of Delaware on December 21, 2006 and is registered as a diversified closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”). As an investment company, the Fund follows the accounting and reporting guidance in Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946, Financial Services – Investment Companies.

2. SIGNIFICANT ACCOUNTING POLICIES

The following significant accounting policies, which are consistently followed in the preparation of the financial statements of the Fund, are in conformity with U.S. generally accepted accounting principles which require management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosure of contingent assets and liabilities at the date of the financial statements, and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.

Securities valuation

All investments are valued each business day as of the close of regular trading on the New York Stock Exchange (generally 4 p.m. Eastern Time), although the Fund may deviate from this calculation time under unusual or unexpected circumstances.

Equity securities that are listed on a foreign or domestic exchange or market are valued at the official closing price or, if none, the last sales price. If no sale occurs on the principal exchange or market that day, a fair value price will be determined in accordance with the Fund’s Valuation Procedures.

The values of securities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee at Wells Fargo Funds Management, LLC (“Funds Management”).

Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign securities are traded, but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of such securities, then fair value pricing procedures approved by the Board of Trustees of the Fund are applied. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Foreign securities that are fair valued under these procedures are categorized as Level 2 and the application of these procedures may result in transfers between Level 1 and Level 2. Depending on market activity, such fair valuations may be frequent. Such fair value pricing may result in net asset values that are higher or lower than net asset values based on the last reported sales price or latest quoted bid price. On October 31, 2019, such fair value pricing was not used in pricing foreign securities.

Debt securities are valued at the evaluated bid price provided by an independent pricing service (e.g. taking into account various factors, including yields, maturities, or credit ratings) or, if a reliable price is not available, the quoted bid price from an independent broker-dealer.

Investments in registered open-end investment companies are valued at net asset value.

Investments which are not valued using any of the methods discussed above are valued at their fair value, as determined in good faith by the Board of Trustees. The Board of Trustees has established a Valuation Committee comprised of the Trustees and has delegated to it the authority to take any actions regarding the valuation of portfolio securities that the Valuation Committee deems necessary or appropriate, including determining the fair value of portfolio securities, unless the determination has been delegated to the Wells Fargo Asset Management Pricing Committee. The Board of Trustees retains the authority to make or ratify any valuation decisions or approve any changes to the Valuation Procedures as it deems appropriate. On a quarterly basis, the Board of Trustees receives reports on any valuation actions taken by the Valuation Committee or the Wells Fargo Asset Management Pricing Committee which may include items for ratification.

Foreign currency translation

The accounting records of the Fund are maintained in U.S. dollars. The values of other assets and liabilities denominated in foreign currencies are translated into U.S. dollars at rates provided by an independent foreign currency pricing source at a time each business day specified by the Wells Fargo Asset Management Pricing Committee. Purchases and sales of securities, and income and expenses are converted at the rate of exchange on the respective dates of such transactions. Net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise

Wells Fargo Global Dividend Opportunity Fund | 25

Notes to financial statements

from changes in the fair value of assets and liabilities other than investments in securities resulting from changes in exchange rates. The changes in net assets arising from changes in exchange rates of securities and the changes in net assets resulting from changes in market prices of securities are not separately presented. Such changes are included in net realized and unrealized gains or losses from investments.

When-issued transactions

The Fund may purchase securities on a forward commitment or when-issued basis. The Fund records a when-issued transaction on the trade date and will segregate assets in an amount at least equal in value to the Fund’s commitment to purchase when-issued securities. Securities purchased on a when-issued basis are marked-to-market daily and the Fund begins earning interest on the settlement date. Losses may arise due to changes in the market value of the underlying securities or if the counterparty does not perform under the contract.

Loans

The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. The loans pay interest at rates which are periodically reset by reference to a base lending rate plus a spread. Investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. When the Fund purchases participations, it generally has no rights to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Fund assumes the credit risk of both the borrower and the lender that is selling the participation. When the Fund purchases assignments from lenders, it acquires direct rights against the borrower on the loan and may enforce compliance by the borrower with the terms of the loan agreement. Loans may include fully funded term loans or unfunded loan commitments, which are contractual obligations for future funding.

Security transactions and income recognition

Securities transactions are recorded on a trade date basis. Realized gains or losses are recorded on the basis of identified cost.

Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the custodian verifies the ex-dividend date.

Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. To the extent debt obligations are placed on non-accrual status, any related interest income may be reduced by writing off interest receivables when the collection of all or a portion of interest has been determined to be doubtful based on consistently applied procedures and the fair value has decreased. If the issuer subsequently resumes interest payments or when the collectability of interest is reasonably assured, the debt obligation is removed from non-accrual status.

Income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured.

Distributions to shareholders

Under a managed distribution plan, the Fund pays quarterly distributions to shareholders at an annual minimum fixed rate of 10% based on the Fund’s average monthly net asset value per share over the prior 12 months. The quarterly distributions may be sourced from income, paid-in capital, and/or capital gains, if any. To the extent that sufficient investment income is not available on a quarterly basis, the Fund may distribute paid-in capital and/or capital gains, if any, in order to maintain its managed distribution level.

Distributions to shareholders from net investment income and net realized gains, if any, are recorded on the ex-dividend date. Such distributions are determined in accordance with income tax regulations and may differ from U.S. generally accepted accounting principles. Dividend sources are estimated at the time of declaration. The tax character of distributions is determined as of the Fund’s fiscal year end. Therefore, a portion of the Fund’s distributions made prior to the Fund’s fiscal year end may be categorized as a tax return of capital at year end.

Federal and other taxes

The Fund intends to continue to qualify as a regulated investment company by distributing substantially all of its investment company taxable income and any net realized capital gains (after reduction for capital loss carryforwards) sufficient to relieve it from all, or substantially all, federal income taxes. Accordingly, no provision for federal income taxes was required.

The Fund’s income and federal excise tax returns and all financial records supporting those returns for the prior three fiscal years are subject to examination by the federal and Delaware revenue authorities. Management has analyzed the Fund’s tax positions taken on federal, state, and foreign tax returns for all open tax years and does not believe that there are any uncertain tax positions that require recognition of a tax liability.

26 | Wells Fargo Global Dividend Opportunity Fund

Notes to financial statements

As of October 31, 2019, the aggregate cost of all investments for federal income tax purposes was $301,680,434 and the unrealized gains (losses) consisted of:



Gross unrealized gains	$	10,604,599

Gross unrealized losses		(7,749,292	)

Net unrealized gains	$	2,855,307

As of October 31, 2019, the Fund had capital loss carryforwards which consist of $117,861,023 in short-term capital losses and $23,686,041 in long-term capital losses.

3. FAIR VALUATION MEASUREMENTS

Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund’s investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund’s investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows:

∎

Level 1 – quoted prices in active markets for identical securities

∎

Level 2 – other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.)

∎

Level 3 – significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)

The inputs or methodologies used for valuing investments in securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used in valuing the Fund’s assets and liabilities as of October 31, 2019:



	Quoted prices (Level 1)		Other significant observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total

Assets
Investments in:

Common stocks

Australia	$	3,431,584	$	0	$	0	$	3,431,584

Canada		4,836,472		0		0		4,836,472

China		12,245,578		0		0		12,245,578

France		10,783,779		0		0		10,783,779

Germany		5,387,520		0		0		5,387,520

Hong Kong		2,337,917		0		0		2,337,917

Ireland		3,490,490		0		0		3,490,490

Japan		11,999,740		0		0		11,999,740

Netherlands		6,040,627		0		0		6,040,627

Spain		2,462,806		0		0		2,462,806

Switzerland		12,104,561		0		0		12,104,561

United Kingdom		20,359,956		0		0		20,359,956

United States		138,455,069		0		252,308		138,707,377

Corporate bonds and notes		0		50,488,598		0		50,488,598

Loans		0		1,982,469		422,433		2,404,902

Preferred stocks

Canada		5,397,131		0		0		5,397,131

United States		2,115,750		465,000		519,001		3,099,751

Yankee corporate bonds and notes		0		4,987,583		97,812		5,085,395

Short-term investments

Investment companies		3,871,557		0		0		3,871,557

Total assets	$	245,320,537	$	57,923,650	$	1,291,554	$	304,535,741

Wells Fargo Global Dividend Opportunity Fund | 27

Notes to financial statements

Additional sector, industry or geographic detail is included in the Portfolio of Investments.

For the year ended October 31, 2019, the Fund did not have any transfers into/out of Level 3.

4. TRANSACTIONS WITH AFFILIATES

Advisory fee

Funds Management, an indirect wholly owned subsidiary of Wells Fargo & Company (“Wells Fargo”), is the adviser to the Fund and is entitled to receive a fee at an annual rate of 0.85% of the Fund’s average daily total assets. Total assets consist of the net assets of the Fund plus borrowings or other leverage for investment purposes to the extent excluded in calculating net assets. Prior to October 15, 2019, Funds Management received a fee at an annual rate of 0.95% of the Fund’s average daily total assets.

Funds Management has retained the services of a subadviser to provide daily portfolio management to the Fund. The fees for subadvisory services are borne by Funds Management. Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management and an indirect wholly owned subsidiary of Wells Fargo, is the subadviser to the Fund and is entitled to receive a fee from Funds Management at an annual rate of 0.40% of the Fund’s average daily total assets. Prior to October 15, 2019, WellsCap and Crow Point Partners, LLC each received subadvisory fees at an annual rate of 0.20% of the Fund’s average daily total assets, Crow Point Partners, LLC was not an affiliate of Funds Management.

Administration fee

Funds Management also serves as the administrator to the Fund, providing the Fund with a wide range of administrative services necessary to the operation of the Fund. Funds Management is entitled to receive an annual administration fee from the Fund equal to 0.05% of the Fund’s average daily total assets.

Interfund transactions

The Fund may purchase or sell portfolio investment securities to certain other Wells Fargo affiliates pursuant to Rule 17a-7 under the 1940 Act and under procedures adopted by the Board of Trustees. The procedures have been designed to ensure that these interfund transactions, which do not incur broker commissions, are effected at current market prices. Pursuant to these procedures, the Fund had $6,425,815 and $8,658,880 in interfund purchases and sales, respectively, during the year ended October 31, 2019.

5. CAPITAL SHARE TRANSACTIONS

The Fund has authorized an unlimited number of shares with no par value. For the year ended October 31, 2019 and year ended October 31, 2018, the Fund did not issue any shares.

On November 9, 2018, the Fund announced a renewal of its open-market share repurchase program (the “Buyback Program”). Under the Buyback Program, the Fund was authorized to repurchase up to 10% of its outstanding shares in open market transactions during the period beginning on January 1, 2019 and ending on December 31, 2019. The Fund’s Board of Trustees delegated to Funds Management full discretion to administer the Buyback Program, including the determination of the amount and timing of repurchases in accordance with the best interests of the Fund and subject to applicable legal limitations. During the fiscal year ended October 31, 2019, the Fund purchased 1,212,408 of its shares on the open market at a total cost of $6,258,473 (weighted average price per share of $5.15). The weighted average discount of these repurchased shares was 11.50%.

6. BORROWINGS

The Fund has borrowed $47,500,000 through a revolving credit facility administered by a major financial institution (the “Facility”). The Facility has a commitment amount of $47,500,000 with no specific contract expiration date but the Facility can be terminated upon 180 days’ notice. The Fund is charged interest at London Interbank Offered Rate (LIBOR) plus 0.70% and a commitment fee of 0.30% of the average daily unutilized amount of the commitment which may be waived if the amount drawn on the Facility is over 75% of the committed amount. The financial institution holds a security interest in all the assets of the Fund as collateral for the borrowing. Based on the nature of the terms of the Facility and comparative market rates, the carrying amount of the borrowings at October 31, 2019 approximates its fair value. If measured at fair value, the borrowings would be categorized as a Level 2 under the fair value hierarchy.

During the year ended October 31, 2019, the Fund had average borrowings outstanding of $47,500,000 at an average interest rate of 3.11% and paid interest in the amount of $1,477,243, which represents 0.57% of its average daily net assets.

7. INVESTMENT PORTFOLIO TRANSACTIONS

Purchases and sales of investments, excluding U.S. government obligations (if any) and short-term securities, for the year ended October 31, 2019 were $317,737,990 and $319,600,626, respectively.

As of October 31, 2019, the Fund had unfunded term loan commitments of $321,125.

28 | Wells Fargo Global Dividend Opportunity Fund

Notes to financial statements

8. DISTRIBUTIONS TO SHAREHOLDERS

The tax character of distributions paid during the years ended October 31, 2019 and October 31, 2018 were as follows:


	Year ended October 31

	2019		2018

Ordinary income	$	8,653,070	$	9,838,226

Tax basis return of capital		17,754,857		19,764,923

As of October 31, 2019, the components of distributable earnings on a tax basis were as follows:


Unrealized gains		Capital loss carryforward

$2,854,337		$(141,547,064)

9. INDEMNIFICATION

Under the Fund’s organizational documents, the officers and Trustees have been granted certain indemnification rights against certain liabilities that may arise out of performance of their duties to the Fund. At a meeting held on November 21-22, 2019, the Board of Trustees of the Fund approved a proposal to authorize the Fund to enter into a separate agreement with each Trustee that would convert indemnification rights currently existing under the Fund’s organizational documents into contractual rights that could not be changed in the future without the consent of the Trustee. Additionally, in the normal course of business, the Fund may enter into contracts with service providers that contain a variety of indemnification clauses. The Fund’s maximum exposure under these arrangements is dependent on future claims that may be made against the Fund and, therefore, cannot be estimated.

10. NEW ACCOUNTING PRONOUNCEMENTS

In August 2018, FASB issued Accounting Standards Update (“ASU”) No. 2018-13, Fair Value Measurement (Topic 820) Disclosure Framework—Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 updates the disclosure requirements for fair value measurements by modifying or removing certain disclosures and adding certain new disclosures. The amendments are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2019. Early adoption is permitted. Management has adopted the removal and modification of disclosures early, as permitted, and will adopt the additional new disclosures at the effective date.

In March 2017, FASB issued ASU No. 2017-08, Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium and requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount and discounts will continue to be accreted to the maturity date of the security. ASU 2017-08 is effective for fiscal years beginning after December 15, 2018 and for interim periods within those fiscal years. During the current reporting period, management of the Fund adopted the change in accounting policy which did not have a material impact to the Fund’s financial statements.

11. SUBSEQUENT DISTRIBUTION

Under the managed distribution plan, on November 22, 2019, the Fund declared a distribution of $0.14525 per share payable on January 2, 2020 to shareholders of record on December 13, 2019. This distribution is not reflected in the accompanying financial statements.

Wells Fargo Global Dividend Opportunity Fund | 29

Report of independent registered public accounting firm

TO THE SHAREHOLDERS AND BOARD OF TRUSTEES OF WELLS FARGO GLOBAL DIVIDEND OPPORTUNITY FUND:

Opinion on the Financial Statements

We have audited the accompanying statement of assets and liabilities of Wells Fargo Global Dividend Opportunity Fund (the Fund), including the portfolio of investments, as of October 31, 2019, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of October 31, 2019, the results of its operations and cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

Basis for Opinion

These financial statements and financial highlights are the responsibility of the Fund’s management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of October 31, 2019, by correspondence with the custodian, transfer agent and brokers, or by other appropriate auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

LOGO

We have not been able to determine the specific year that we began serving as the auditor of one or more Wells Fargo Funds investment companies; however we are aware that we have served as the auditor of one or more Wells Fargo Funds investment companies since at least 1955.

Boston, Massachusetts

December 20, 2019

30 | Wells Fargo Global Dividend Opportunity Fund

Other information (unaudited)

TAX INFORMATION

For corporate shareholders, pursuant to Section 854 of the Internal Revenue Code, 42.28% of ordinary income dividends qualify for the corporate dividends-received deduction for the fiscal year ended October 31, 2019.

Pursuant to Section 854 of the Internal Revenue Code, $8,653,070 of income dividends paid during the fiscal year ended October 31, 2019 has been designated as qualified dividend income (QDI).

For the fiscal year ended October 31, 2019, $2,421,129 has been designated as interest-related dividends for nonresident alien shareholders pursuant to Section 871 of the Internal Revenue Code.

PROXY VOTING INFORMATION

A description of the policies and procedures used to determine how to vote proxies relating to portfolio securities is available, upon request, by calling 1-800-222-8222, visiting our website at wfam.com, or visiting the SEC website at sec.gov. Information regarding how the proxies related to portfolio securities were voted during the most recent 12-month period ended June 30 is available on the website at wfam.com or by visiting the SEC website at sec.gov.

QUARTERLY PORTFOLIO HOLDINGS INFORMATION

The Fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q or Form N-PORT, which is available by visiting the SEC website at sec.gov. Those forms may be reviewed and copied at the SEC’s Public Reference Room in Washington, DC. Information on the operation of the Public Reference Room may be obtained by calling 1-800-SEC-0330.

Wells Fargo Global Dividend Opportunity Fund | 31

Other information (unaudited)

BOARD OF TRUSTEES AND OFFICERS

The following table provides basic information about the Board of Trustees (the “Trustees”) and Officers of the Fund. Each of the Trustees and Officers¹ listed below acts in identical capacities for each fund in the Wells Fargo family of funds, which consists of 150 mutual funds comprising the Wells Fargo Funds Trust, Wells Fargo Variable Trust, Wells Fargo Master Trust, and four closed-end funds, including the Fund (collectively the “Fund Complex”). The mailing address of each Trustee and Officer is 525 Market Street, 12th Floor, San Francisco, CA 94105. The Board of Trustees is classified into three classes of which one is elected annually. Each Trustee serves a three-year term concurrent with the class from which the Trustee is elected. Each Officer serves an indefinite term.

Independent Trustees


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer	Current other public company or investment company directorships

Class I - Non-Interested Trustees to serve until 2020 Annual Meeting of Shareholders

Isaiah Harris, Jr. (Born 1952)	Trustee, since 2010; Audit Committee Chairman, since 2019	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 (private school). Advisory Board Member, Child Evangelism Fellowship (non-profit). Mr. Harris is a certified public accountant (inactive status).	CIGNA Corporation

David F. Larcker (Born 1950)	Trustee, since 2010	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 & Young Professor of Accounting at The Wharton School, University of Pennsylvania from 1985 to 2005.	N/A

Olivia S. Mitchell (Born 1953)	Trustee, since 2010; Nominating and Governance Committee Chair, since 2018	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 & Retirement Research, and Research Associate at the National Bureau of Economic Research. Previously, Cornell University Professor from 1978 to 1993.	N/A

Class II - Non-Interested Trustees to serve until 2021 Annual Meeting of Shareholders

William R. Ebsworth (Born 1957)	Trustee, since 2015	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. Audit Committee Chair and Investment Committee Chair of the Vincent Memorial Hospital Endowment (non-profit organization). Mr. Ebsworth is a CFA^® charterholder.	N/A

32 | Wells Fargo Global Dividend Opportunity Fund

Other information (unaudited)


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer	Current other public company or investment company directorships

Jane A. Freeman (Born 1953)	Trustee, since 2015; Chair Liaison, since 2018	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 & Co. and Scudder, Stevens & 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 The Ruth Bancroft Garden (non-profit organization). She is also an inactive Chartered Financial Analyst.	N/A

Judith M. Johnson (Born 1949)	Trustee, since 2010; Audit Committee Chairman, from 2010 to 2018	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.	N/A

Class III - Non-Interested Trustees to serve until 2022 Annual Meeting of Shareholders

Timothy J. Penny (Born 1951)	Trustee, since 2010; Chairman, since 2018	President and Chief Executive Officer of Southern Minnesota Initiative Foundation, a non-profit organization, since 2007. Member of the Board of Trustees of NorthStar Education Finance, Inc., a non-profit organization, since 2007.	N/A

James G. Polisson (Born 1959)	Trustee, since 2018	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. Trustee of the San Francisco Mechanics’ Institute, a non-profit organization, from 2013 to 2015. 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.	N/A

Pamela Wheelock² (Born 1959)	Trustee, since January 2020; previously Trustee from January 2018 to July 2019	Board member of the Destination Medical Center Economic Development Agency, Rochester, Minnesota since 2019. Acting Commissioner, Minnesota Department of Human Services, July 2019 through September 2019. Human Services Manager (part-time), Minnesota Department of Human Services, October 2019 through December 2019. Chief Operating Officer, Twin Cities Habitat for Humanity from 2017 to 2019. Vice President of University Services, University of Minnesota from 2012 to 2016. Prior thereto, on the Board of Directors, Governance Committee and Finance Committee for the Minnesota Philanthropy Partners (Saint Paul Foundation) from 2012 to 2018, Interim Chief Executive Officer of Blue Cross Blue Shield of Minnesota from 2011 to 2012, Chairman of the Board from 2009 to 2012 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. Executive Vice President of the Minnesota Wild Foundation from 2004 to 2008. Commissioner of Finance, State of Minnesota, from 1999 to 2002. Currently Board Chair of the Minnesota Wild Foundation since 2010.	N/A

Wells Fargo Global Dividend Opportunity Fund | 33

Other information (unaudited)

Officers


Name and year of birth	Position held and length of service	Principal occupations during past five years or longer

Andrew Owen (Born 1960)	President, since 2017	Executive Vice President of Wells Fargo & 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.

Nancy Wiser¹ (Born 1967)	Treasurer, since 2012	Executive Vice President of Wells Fargo Funds Management, LLC since 2011. Chief Operating Officer and Chief Compliance Officer at LightBox Capital Management LLC, from 2008 to 2011.

Michelle Rhee³ (Born 1966)	Chief Legal Officer, since 2019	Secretary of Wells Fargo Funds Management, LLC, Chief Legal Counsel of Wells Fargo Asset Management and Assistant General Counsel of Wells Fargo Bank, N.A. since 2018. Associate General Counsel and Managing Director of Bank of America Corporation from 2004 to 2018.

Catherine Kennedy⁴ (Born 1969)	Secretary, since 2019	Vice President of Wells Fargo Funds Management, LLC and Senior Counsel of the Wells Fargo Legal Department since 2010. Vice President and Senior Counsel of Evergreen Investment Management Company, LLC from 1998 to 2010.

Michael H. Whitaker (Born 1967)	Chief Compliance Officer, since 2016	Chief Compliance Officer of Wells Fargo Asset Management since 2016. Senior Vice President and Chief Compliance Officer for Fidelity Investments from 2007 to 2016.

David Berardi (Born 1975)	Assistant Treasurer, since 2009	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.

Jeremy DePalma¹ (Born 1974)	Assistant Treasurer, since 2007	Senior Vice President of Wells Fargo Funds Management, LLC since 2009. Senior Vice President of Evergreen Investment Management Company, LLC from 2008 to 2010 and head of the Fund Reporting and Control Team within Fund Administration from 2005 to 2010.

¹	Nancy Wiser acts as Treasurer of 64 funds in the Fund Complex. Jeremy DePalma acts as Treasurer of 86 funds and Assistant Treasurer of 64 funds in the Fund Complex.

²	Ms. Wheelock was re-appointed to the Board effective January 1, 2020.

³	Michelle Rhee became Chief Legal Officer effective October 22, 2019.

⁴	Catherine Kennedy became Secretary effective October 22, 2019.

34 | Wells Fargo Global Dividend Opportunity Fund

Other information (unaudited)

BOARD CONSIDERATION OF INVESTMENT ADVISORY AND SUB-ADVISORY AGREEMENTS:

Wells Fargo Global Dividend Opportunity Fund

Under the Investment Company Act of 1940 (the “1940 Act”), the Board of Trustees (the “Board”) of Wells Fargo Global Dividend Opportunity Fund (the “Fund”) must determine whether to approve the continuation of the Fund’s investment advisory and sub-advisory agreements. In this regard, at an in-person meeting held on May 21-22, 2019 (the “Meeting”), the Board, all the members of which have no direct or indirect interest in the investment advisory and sub-advisory agreements and are not “interested persons” of the Fund, as defined in the 1940 Act (the “Independent Trustees”), reviewed and approved: (i) an investment advisory agreement with Wells Fargo Funds Management, LLC (“Funds Management”), (ii) an investment sub-advisory agreement with Wells Capital Management Incorporated (“WellsCap”), an affiliate of Funds Management; and (iii) an investment sub-advisory agreement with Crow Point Partners, LLC (“Crow Point”). The investment advisory agreement with Funds Management and the investment sub-advisory agreements with WellsCap and Crow Point (each, a “Sub-Adviser” and together, the “Sub-Advisers”) are collectively referred to as the “Advisory Agreements.”

At the Meeting, the Board considered the factors and reached the conclusions described below relating to the selection of Funds Management and the Sub-Advisers and the continuation of the Advisory Agreements. Prior to the Meeting, including at an in-person meeting in April 2019, the Trustees conferred extensively among themselves and with representatives of Funds Management about these matters. Also, the Board has adopted a team-based approach, with each team consisting of a sub-set of Trustees, to assist the full Board in the discharge of its duties in reviewing investment performance and other matters throughout the year. The Independent Trustees were assisted in their evaluation of the Advisory Agreements by independent legal counsel, from whom they received separate legal advice and with whom they met separately.

In providing information to the Board, Funds Management and the Sub-Advisers were guided by a detailed set of requests for information submitted to them by independent legal counsel on behalf of the Independent Trustees at the start of the Board’s annual contract renewal process earlier in 2019. In considering and approving the Advisory Agreements, the Trustees considered the information they believed relevant, including but not limited to the information discussed below. The Board considered not only the specific information presented in connection with the Meeting, but also the knowledge gained over time through interaction with Funds Management and the Sub-Advisers about various topics. In this regard, the Board reviewed reports of Funds Management at each of its quarterly meetings, which included, among other things, portfolio reviews and investment performance reports. In addition, the Board and the teams mentioned above confer with portfolio managers at various times throughout the year. The Board did not identify any particular information or consideration that was all-important or controlling, and each individual Trustee may have attributed different weights to various factors.

After its deliberations, the Board unanimously approved the continuation of the Advisory Agreements and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable. The Board considered the continuation of the Advisory Agreements for the Fund as part of its consideration of agreements for funds across the complex, but its approvals were made on a fund-by-fund basis. The following summarizes a number of important, but not necessarily all, factors considered by the Board in support of its approvals.

Nature, extent and quality of services

The Board received and considered various information regarding the nature, extent and quality of services provided to the Fund by Funds Management and the Sub-Advisers under the Advisory Agreements. This information included, among other things, a summary of the background and experience of senior management of Wells Fargo Asset Management (“WFAM”), of which Funds Management and WellsCap are a part, a summary of investments made in the business of WFAM, a summary of certain organizational and personnel changes involving Funds Management and WellsCap, and a description of Funds Management’s and the Sub-Advisers’ business continuity planning programs and of their approaches to data privacy and cybersecurity. The Board considered the additional services provided to the Fund due to the fact that the Fund is a closed-end fund, including, but not limited to, leverage management and monitoring, evaluating, and, where appropriate, making recommendations with respect to the Fund’s trading discount, share repurchase program, and distribution rates, as well as shareholder relations activities. The Board also considered the qualifications, background, tenure and responsibilities of each of the portfolio managers primarily responsible for the day-to-day portfolio management of the Fund.

The Board evaluated the ability of Funds Management and the Sub-Advisers to attract and retain qualified investment professionals, including research, advisory and supervisory personnel. The Board further considered the compliance programs and compliance records of Funds Management and the Sub-Advisers. In addition, the Board took into account the full range of services provided to the Fund by Funds Management and its affiliates.

Wells Fargo Global Dividend Opportunity Fund | 35

Other information (unaudited)

Fund investment performance and expenses

The Board considered the investment performance results for the Fund over various time periods ended December 31, 2018. The Board considered these results in comparison to the investment performance of funds in a custom peer group that included funds selected by Broadridge Inc. (“Broadridge”) and additional funds that were determined by Funds Management to be similar to the Fund (the “Custom Peer Group”), and in comparison to the Fund’s benchmark index and to other comparative data. The Board received a description of the methodology used by Broadridge and Funds Management to select the funds in the Custom Peer Group and discussed the limitations inherent in the use of other peer groups. The Board noted that the investment performance of the Fund was lower than the average investment performance of the Custom Peer Group for the three- and five-year periods under review and for the period since the Fund’s inception, but higher than the average investment performance of the Custom Peer Group for the one-year period under review. The Board also noted that the investment performance of the Fund was lower than its benchmark, the Global Dividend Opportunity Blended Index, which is a custom index used by the Board to help it assess the Fund’s relative performance, for the three-, five- and ten-year periods under review, but higher than its benchmark for the one-year period under review. The Board noted that it had approved a principal investment strategy change for the Fund, which was implemented on or about May 1, 2017, and that the investment performance of the Fund for most of the periods covered did not reflect the investment performance of the Fund’s revised principal investment strategy. The Board noted that it would continue to review the Fund’s investment performance going forward to monitor implementation of the Fund’s revised principal investment strategy.

The Board also received and considered information regarding the Fund’s net operating expense ratio and its various components, including actual management fees, and custodian and other non-management fees. The Board considered this ratio in comparison to the median ratio of funds in the Custom Peer Group and in comparison to the median ratio of funds in an expense group that was determined by Broadridge to be similar to the Fund (the “Broadridge Group”, and together with the Custom Peer Group, the “Expense Groups”). Broadridge is an independent provider of investment company data. The Board received a description of the methodology used by Broadridge and Funds Management to select the funds in the Expense Groups, and an explanation from Broadridge of how funds comprising Broadridge expense groups and their expense ratios may vary from year-to-year. Based on the Broadridge reports, the Board noted that the net operating expense ratio of the Fund was lower than or in range of the median net operating expense ratios of the Expense Groups.

The Board took into account the Fund’s investment performance and expense information provided to it among the factors considered in deciding to re-approve the Advisory Agreements.

Investment advisory and sub-advisory fee rates

The Board reviewed and considered the contractual investment advisory fee rate that is payable by the Fund to Funds Management for investment advisory services (the “Advisory Agreement Rate”), both on a stand-alone basis and on a combined basis with the Fund’s contractual administration fee rate (the “Management Rate”). The Board also reviewed and considered the contractual investment sub-advisory fee rates that are payable by Funds Management to each of the Sub-Advisers for investment sub-advisory services (the “Sub-Advisory Agreement Rate”).

Among other information reviewed by the Board was a comparison of the Management Rate of the Fund with those of other funds in the Expense Groups at a common asset level. The Board noted that the Management Rate of the Fund was in range of the average rates for both Expense Groups.

The Board also received and considered information about the portion of the total advisory fee that was retained by Funds Management after payment of the fee to the Sub-Advisers for sub-advisory services. In assessing the reasonableness of this amount, the Board received and evaluated information about the nature and extent of responsibilities retained and risks assumed by Funds Management and not delegated to or assumed by the Sub-Advisers, and about Funds Management’s on-going oversight services. Given the affiliation between Funds Management and WellsCap, the Board ascribed limited relevance to the allocation of the advisory fee between them. The Board also considered that the sub-advisory fees paid to Crow Point had been negotiated by Funds Management on an arm’s-length basis.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board determined that the Advisory Agreement Rate and each Sub-Advisory Agreement Rate was reasonable.

Profitability

The Board received and considered information concerning the profitability of Funds Management, as well as the profitability of both WFAM and Wells Fargo & Co. (“Wells Fargo”) from providing services to the fund family as a whole. The Board noted that WellsCap’s profitability information with respect to providing services to the Fund and other funds in the family was subsumed in the WFAM and Wells Fargo profitability analysis. The Board did not consider profitability with respect to Crow Point, as the sub-advisory fees paid to Crow Point had been negotiated by Funds Management on an arm’s-length basis.

36 | Wells Fargo Global Dividend Opportunity Fund

Other information (unaudited)

Funds Management reported on the methodologies and estimates used in calculating profitability, including a description of the methodology used to allocate certain expenses. Among other things, the Board noted that the levels of profitability reported on a fund-by-fund basis varied widely, depending on factors such as the size, type and age of fund. Based on its review, the Board did not deem the profits reported by Funds Management, WFAM or Wells Fargo from services provided to the Fund to be at a level that would prevent it from approving the continuation of the Advisory Agreements.

Economies of scale

The Board received and considered information about the potential for Funds Management to experience economies of scale in the provision of management services, the difficulties of calculating economies of scale on an individual fund level, and the extent to which potential scale benefits are shared with shareholders. The Board noted that the Fund is not engaged in a continuous offering that could help its assets grow, and that, as is typical of closed-end funds, there are no breakpoints in the Management Rate. Although the Fund would not share in any potential economies of scale through contractual breakpoints, the Board noted that Funds Management shares potential economies of scale from its management business in a variety of ways, including through fee waiver and expense reimbursement arrangements, services that benefit shareholders, competitive management fee rates set at the outset without regard to breakpoints, and investments in the business intended to enhance services available to shareholders.

The Board concluded that Funds Management’s arrangements with respect to the Fund constituted a reasonable approach to sharing potential economies of scale with the Fund and its shareholders. The Board also noted that it would have opportunities to revisit the Management Rate as part of future contract reviews.

Other benefits to Funds Management and the Sub-Advisers

The Board received and considered information regarding potential “fall-out” or ancillary benefits received by Funds Management and its affiliates, including WellsCap, and Crow Point as a result of their relationships with the Fund. Ancillary benefits could include, among others, benefits directly attributable to other relationships with the Fund and benefits potentially derived from an increase in Funds Management’s and the Sub-Advisers’ business as a result of their relationships with the Fund. The Board also reviewed information about soft dollar credits earned and utilized by the Sub-Advisers and commissions earned by affiliated brokers from portfolio transactions.

Based on its consideration of the factors and information it deemed relevant, including those described here, the Board did not find that any ancillary benefits received by Funds Management and its affiliates, including WellsCap, or Crow Point were unreasonable.

Conclusion

At the Meeting, after considering the above-described factors and based on its deliberations and its evaluation of the information described above, the Board unanimously approved the continuation of the Advisory Agreements for an additional one-year period and determined that the compensation payable to Funds Management and the Sub-Advisers is reasonable.

Note: As described above, as of October 15, 2019, Crow Point no longer serves as a Sub-Adviser to the Fund.

Wells Fargo Global Dividend Opportunity Fund | 37

Automatic dividend reinvestment plan

AUTOMATIC DIVIDEND REINVESTMENT PLAN

All common shareholders are eligible to participate in the Automatic Dividend Reinvestment Plan (“the Plan”). Pursuant to the Plan, unless a common shareholder is ineligible or elects otherwise, all cash dividends and capital gains distributions are automatically reinvested by Computershare Trust Company, N.A., as agent for shareholders in administering the Plan (“Plan Agent”), in additional common shares of the Fund. Whenever the Fund declares an ordinary income dividend or a capital gain dividend (collectively referred to as “dividends”) payable either in shares or in cash, nonparticipants in the Plan will receive cash, and participants in the Plan will receive the equivalent in common shares. The shares are acquired by the Plan Agent for the participant’s account, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized common shares from the Fund (“newly issued common shares”) or (ii) by purchase of outstanding common shares on the open-market (open-market purchases) on the NYSE Amex or elsewhere. If, on the payment date for any dividend or distribution, the net asset value per share of the common shares is equal to or less than the market price per common share plus estimated brokerage commissions (“market premium”), the Plan Agent will invest the amount of such dividend or distribution in newly issued shares on behalf of the participant. The number of newly issued common shares to be credited to the participant’s account will be determined by dividing the dollar amount of the dividend by the net asset value per share on the date the shares are issued, provided that the maximum discount from the then current market price per share on the date of issuance may not exceed 5%. If on the dividend payment date the net asset value per share is greater than the market value (“market discount”), the Plan Agent will invest the dividend amount in shares acquired on behalf of the participant in open-market purchases. There will be no brokerage charges with respect to shares issued directly by the Fund as a result of dividends or capital gains distributions payable either in shares or in cash. However, each participant will pay a pro rata share of brokerage commissions incurred with respect to the Plan Agent’s open-market purchases in connection with the reinvestment of dividends. The automatic reinvestment of dividends and distributions will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such dividends. All correspondence concerning the Plan should be directed to the Plan Agent at P.O. Box 30170, College Station, Texas 77842-3170 or by calling 1-800-730-6001.

38 | Wells Fargo Global Dividend Opportunity Fund

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LOGO

Transfer Agent, Registrar, Shareholder Servicing

Agent & Dividend Disbursing Agent

Computershare Trust Company, N.A.

P.O. Box 505000

Louisville, Kentucky 40233

1-800-730-6001

Website: wfam.com

LOGO

Wells Fargo Asset Management (WFAM) is the trade name for certain investment advisory/management firms owned by Wells Fargo & Company. These firms include but are not limited to Wells Capital Management Incorporated and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker-dealer and Member FINRA).

This material is for general informational and educational purposes only and is NOT intended to provide investment advice or a recommendation of any kind—including a recommendation for any specific investment, strategy, or plan.

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

408241 12-19

AGDO/AR142 10-19

ITEM 2. CODE OF ETHICS

(a) As of the end of the period, covered by the report, Wells Fargo Global Dividend Opportunity Fund has adopted a code of ethics that applies to its President and Treasurer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.

(c) During the period covered by this report, there were no amendments to the provisions of the code of ethics adopted in Item 2(a) above.

(d) During the period covered by this report, there were no implicit or explicit waivers to the provisions of the code of ethics adopted in Item 2(a) above.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT

The Board of Trustees of Wells Fargo Global Dividend Opportunity Fund has determined that Judith Johnson is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Mrs. Johnson is independent for purposes of Item 3 of Form N-CSR.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES

(a), (b), (c), (d) The following table presents aggregate fees billed in each of the last two fiscal years for services rendered to the Registrant by the Registrant’s principal accountant. These fees were billed to the registrant and were approved by the Registrant’s audit committee.


	Fiscal year ended October 31, 2019		Fiscal year ended October 31, 2018
Audit fees	$	49,310	$	48,692

Audit-related fees		—		—

Tax fees ⁽¹⁾		5,725		5,425
All other fees		—		—

	$	55,035	$	54,117

⁽¹⁾	Tax fees consist of fees for tax compliance, tax advice, tax planning and excise tax.

(e) The Chairman of the Audit Committees is authorized to pre-approve: (1) audit services for the Wells Fargo Global Dividend Opportunity Fund; (2) non-audit tax or compliance consulting or training services provided to the Wells Fargo Global Dividend Opportunity Fund by the independent auditors (“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 Wells Fargo Global Dividend Opportunity Fund’s investment adviser and its controlling entities (where pre-approval is required because the engagement relates directly to the operations and financial reporting of the Wells Fargo Global Dividend Opportunity 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 description of the proposed services. If the Chairman approves of such service, he or she shall sign the statement prepared by Management. Such written statement shall be presented to the full Committees at their next regularly scheduled meetings.

(f) Not applicable

(g) Not applicable

(h) Not applicable

ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS

The registrant has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended. The Audit Committee is comprised of:

William R. Ebsworth

Jane A. Freeman

Isaiah Harris, Jr.

Judith M. Johnson

David F. Larcker

Olivia S. Mitchell

Timothy J. Penny

James G. Polisson

ITEM 6. INVESTMENTS

A Portfolio of Investments for Wells Fargo Global Dividend Opportunity Fund is included as part of the report to shareholders filed under Item 1 of this Form.

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

PROXY VOTING POLICIES AND PROCEDURES EFFECTIVE JANUARY 1, 2019

Scope of Policies and Procedures. These Policies and Procedures (“Procedures”) are used to determine how to vote proxies relating to portfolio securities held by the series of Wells Fargo Funds Trust, Wells Fargo Master Trust, Wells Fargo Variable Trust, Wells Fargo Global Dividend Opportunity Fund, Wells Fargo Income Opportunities Fund, Wells Fargo Multi-Sector Income Fund, and Wells Fargo Utilities and High Income Fund (the “Trusts”) (hereafter, all series of the Trusts and all Trusts not having separate series are referred to as the “Funds”).

Voting Philosophy. The Funds have adopted these Procedures to ensure that proxies are voted in the best interests of Fund shareholders, without regard to any relationship that any affiliated person of the Fund (or an affiliated person of such affiliated person) may have with the issuer, and with the goal of maximizing value to shareholders consistent with governing laws and the investment policies of each Fund. While securities are not purchased to exercise control or to seek to effect corporate change through share ownership activism, the Funds support sound corporate governance practices within companies in which they invest.

Board of Trustees. The Board of Trustees of each Trust (the “Board”) has delegated the responsibility for voting proxies relating to the Funds’ portfolio securities to Wells Fargo Funds Management, LLC (“Funds Management”). Funds Management has adopted the Wells Fargo Asset Management Proxy Voting Policies and Procedures (the “WFAM Procedures”). The Board retains the authority to make or ratify any voting decisions or approve any changes to these Procedures as the Board deems appropriate. Funds Management will provide reports to the

Board regarding voting matters when and as reasonably requested by the Board. The Board shall review these Procedures as often as it deems appropriate to consider whether any revisions are warranted. On an annual basis, the Board shall receive and review a report from Funds Management on the WFAM Procedures and the proxy voting process. In addition, Funds Management will provide the Board with advance notification of future proposed material changes to the WFAM Procedures.

Disclosure of Policies and Procedures. Each Fund shall disclose in its statement of additional information a description of the policies and procedures it uses to determine how to vote proxies relating to securities held in its portfolio. In addition, each Fund shall disclose in its semi- and annual reports that a description of its proxy voting policies and procedures is available without charge, upon request, by calling 1-800-222-8222, on the Fund’s web site at https://www.wellsfargofunds.com/ and on the Securities and Exchange Commission’s website at http://www.sec.gov.

Disclosure of Proxy Voting Record. Each Trust shall file with the Commission an annual report on Form N-PX not later than August 31 of each year (beginning August 31, 2004), containing the Trust’s proxy voting record for the most recent twelve-month period ended June 30.

Each Fund shall disclose in its statement of additional information and semi- and annual reports that information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge on the Funds’ web site at https://www.wellsfargofunds.com/ or by accessing the Commission’s web site at www.sec.gov.

Each Fund shall disclose the following information on Form N-PX for each matter relating to a portfolio security considered at any shareholder meeting held during the period covered by the report and with respect to which the Fund was entitled to vote:

1. The name of the issuer of the portfolio security;

2. The exchange ticker symbol of the portfolio security;

3. The Council of Uniform Securities Identification Procedures (“CUSIP”) number for the portfolio security (unless the CUSIP is not available through reasonably practicable means, in which case it will be omitted);

4. The shareholder meeting date;

5. A brief identification of the matter voted on;

6. Whether the matter was proposed by the issuer or by a security holder;

7. Whether the Fund cast its vote on the matter;

8. How the Fund cast its vote (e.g. for or against a proposal, or abstain; for or withhold regarding election of directors); and

9. Whether the Fund cast its vote for or against management.

Form N-PX shall be made available to Fund shareholders through the SEC web site.

APPENDIX A

PROXY VOTING POLICIES AND PROCEDURES

Funds Management will vote proxies relating to portfolio securities held by the Trusts in accordance with the following proxy voting guidelines. To the extent the specific guidelines below do not address a proxy voting proposal, Funds Management will vote pursuant to ISS’ current U.S. and International proxy voting guidelines. Proxies for securities held by the Wells Fargo Advantage Social Awareness Fund related to social and environmental proposals will be voted pursuant to ISS’ current SRI Proxy Voting Guidelines. In addition, proxies related to issues not addressed by the specific guidelines below or by ISS’ current U.S. and International proxy voting guidelines will be forwarded to the Proxy Committee for a vote determination by the Proxy Committee.


Uncontested Election of Directors or Trustees

THE FUNDS will generally vote for all uncontested director or trustee nominees. The Nominating Committee is in the best position to select nominees who are available and capable of working well together to oversee management of the company. THE FUNDS will not require a performance test for directors.		FOR

THE FUNDS will generally vote for reasonably crafted shareholder proposals calling for directors to be elected with an affirmative majority of votes cast and/or the elimination of the plurality standard for electing directors, unless the company has adopted formal corporate governance principles that present a meaningful alternative to the majority voting standard.		FOR

THE FUNDS will withhold votes for a director if the nominee fails to attend at least 75% of the board and committee meetings without a valid excuse.		WITHHOLD

THE FUNDS will vote against routine election of directors if any of the following apply: company fails to disclose adequate information in a timely manner, serious issues with the finances, questionable transactions, conflicts of interest, record of abuses against minority shareholder interests, bundling of director elections, and/or egregious governance practices.		AGAINST



THE FUNDS will withhold votes from the entire board (except for new nominees) where the director(s) receive more than 50% withhold votes out of those cast and the issue that was the underlying cause of the high level of withhold votes has not been addressed.		WITHHOLD

THE FUNDS will withhold votes from members of the Audit Committee and/or the full board if poor accounting practices, which rise to a level of serious concern, such as: fraud; misapplication of GAAP; and material weaknesses identified in Section 404 disclosures, are identified.		WITHHOLD

THE FUNDS will withhold votes from members of the Audit Committee if the company receives an adverse opinion on the company’s financial statements from its auditor.		WITHHOLD

THE FUNDS will withhold votes from members of the Audit Committee if there is persuasive evidence that the audit committee entered into an inappropriate indemnification agreement with its auditor that limits the ability of the company, or its shareholders, to pursue legitimate legal recourse against the audit firm.		WITHHOLD

THE FUNDS will withhold votes from all directors (except for new nominees) if the company has adopted or renewed a poison pill without shareholder approval since the company’s last annual meeting, does not put the pill to a vote at the current annual meeting, and does not have a requirement or does not commit to put the pill to shareholder vote within 12 months. In addition, THE FUNDS will withhold votes on all directors at any company that responds to the majority of the shareholders voting by putting the poison pill to a shareholder vote with a recommendation other than to eliminate the pill.		WITHHOLD

THE FUNDS will withhold votes from compensation committee members if they fail to submit one-time transferable stock options (TSO’s) to shareholders for approval.		WITHHOLD



Limitation on Number of Boards a Director May Sit On THE FUNDS will withhold votes from directors who sit on more than six boards.		WITHHOLD

THE FUNDS will withhold votes from CEO directors who sit on more than two outside boards besides their own.		WITHHOLD

Ratification of Auditors

THE FUNDS will vote against auditors and withhold votes from audit committee members if non-audit fees are greater than audit fees, audit-related fees, and permitted tax fees, combined. THE FUNDS will follow the disclosure categories being proposed by the SEC in applying the above formula.		AGAINST/ WITHHOLD

With the above exception, THE FUNDS will generally vote for proposals to ratify auditors unless:		FOR

• an auditor has a financial interest in or association with the company, and is therefore not independent, or		AGAINST

• there is reason to believe that the independent auditor has rendered an opinion that is neither accurate nor indicative of the company’s financial position.		AGAINST

THE FUNDS will vote against proposals that require auditors to attend annual meetings as auditors are regularly reviewed by the board audit committee, and such attendance is unnecessary.		AGAINST

THE FUNDS will vote for shareholder proposals requesting a shareholder vote for audit firm ratification.		FOR

THE FUNDS will vote against shareholder proposals asking for audit firm rotation. This practice is viewed as too disruptive and too costly to implement for the benefit achieved.		AGAINST



Company Name Change/Purpose

THE FUNDS will vote for proposals to change the company name as management and the board is best suited to determine if such change in company name is necessary.		FOR

However, where the name change is requested in connection with a reorganization of the company, the vote will be based on the merits of the reorganization.		CASE-BY-CASE

In addition, THE FUNDS will generally vote for proposals to amend the purpose of the company. Management is in the best position to know whether the description of what the company does is accurate, or whether it needs to be updated by deleting, adding or revising language.		FOR

Employee Stock Purchase Plans/401(k) Employee Benefit Plans

THE FUNDS will vote for proposals to adopt, amend or increase authorized shares for employee stock purchase plans and 401(k) plans for employees as properly structured plans enable employees to purchase common stock at a slight discount and thus own a beneficial interest in the company, provided that the total cost of the company’s plan is not above the allowable cap for the company.		FOR

Similarly, THE FUNDS will generally vote for proposals to adopt or amend thrift and savings plans, retirement plans, pension plans and profit plans.		FOR

Anti-Hedging/Pledging/Speculative Investments Policy

THE FUNDS will consider proposals prohibiting named executive officers from engaging in derivative or speculative transactions involving company stock, including hedging, holding stock in a margin account, or pledging stock as collateral for a loan on a case-by-case basis. The company’s existing policies regarding responsible use of company stock will be considered.		CASE-BY-CASE



Approve Other Business

THE FUNDS will generally vote for proposals to approve other business. This transfer of authority allows the corporation to take certain ministerial steps that may arise at the annual or special meeting.		FOR

However, THE FUNDS retains the discretion to vote against such proposals if adequate information is not provided in the proxy statement, or the measures are significant and no further approval from shareholders is sought.		AGAINST

Independent Board of Directors/Board Committees

THE FUNDS will vote for proposals requiring that two-thirds of the board be independent directors. An independent board faces fewer conflicts and is best prepared to protect stockholders’ interests.		FOR

THE FUNDS will withhold votes from insiders and affiliated outsiders on boards that are not at least majority independent.		WITHHOLD

THE FUNDS will withhold votes from compensation committee members where there is a pay-for-performance disconnect (for Russell 3000 companies).		WITHHOLD

THE FUNDS will vote for proposals requesting that the board audit, compensation and/or nominating committees be composed of independent directors, only. Committees should be composed entirely of independent directors in order to avoid conflicts of interest.		FOR

THE FUNDS will withhold votes from any insiders or affiliated outsiders on audit, compensation or nominating committees. THE FUNDS will withhold votes from any insiders or affiliated outsiders on the board if any of these key committees has not been established.		WITHHOLD

THE FUNDS will vote against proposals from shareholders requesting an independent compensation consultant.		AGAINST



Director Fees

THE FUNDS will vote for proposals to set director fees.		FOR

Minimum Stock Requirements by Directors

THE FUNDS will vote against proposals requiring directors to own a minimum number of shares of company stock in order to qualify as a director, or to remain on the board. Minimum stock ownership requirements can impose an across-the-board requirement that could prevent qualified individuals from serving as directors.		AGAINST

Indemnification and Liability Provisions for Directors and Officers

THE FUNDS will vote for proposals to allow indemnification of directors and officers, when the actions taken were on behalf of the company and no criminal violations occurred. THE FUNDS will also vote in favor of proposals to purchase liability insurance covering liability in connection with those actions. Not allowing companies to indemnify directors and officers to the degree possible under the law would limit the ability of the company to attract qualified individuals.		FOR

Alternatively, THE FUNDS will vote against indemnity proposals that are overly broad. For example, THE FUNDS will oppose proposals to indemnify directors for acts going beyond mere carelessness, such as gross negligence, acts taken in bad faith, acts not otherwise allowed by state law or more serious violations of fiduciary obligations.		AGAINST

Nominee Statement in the Proxy

THE FUNDS will vote against proposals that require board nominees to have a statement of candidacy in the proxy, since the proxy statement already provides adequate information pertaining to the election of directors.		AGAINST

Director Tenure/Retirement Age

THE FUNDS will vote against proposals to limit the tenure of directors as such limitations based on an arbitrary number could prevent qualified individuals from serving as directors. However, THE FUNDS is in favor of inserting cautionary language when the average director tenure on the board exceeds 15 years for the entire board.		AGAINST



The Funds will vote for proposals to establish a mandatory retirement age for directors provided that such retirement age is not less than 65.		FOR

Board Powers/Procedures/Qualifications

THE FUNDS will consider on a case-by-case basis proposals to amend the corporation’s By-laws so that the Board of Directors shall have the power, without the assent or vote of the shareholders, to make, alter, amend, or rescind the By-laws, fix the amount to be reserved as working capital, and fix the number of directors and what number shall constitute a quorum of the Board. In determining these issues, THE FUNDS will rely on the proxy voting Guidelines.		CASE-BY-CASE

Adjourn Meeting to Solicit Additional Votes

THE FUNDS will examine proposals to adjourn the meeting to solicit additional votes on a case-by-case basis. As additional solicitation may be costly and could result in coercive pressure on shareholders, THE FUNDS will consider the nature of the proposal and its vote recommendations for the scheduled meeting.		CASE-BY-CASE

THE FUNDS will vote for this item when:

THE FUNDS is supportive of the underlying merger proposal; the company provides a sufficient, compelling reason to support the adjournment proposal; and the authority is limited to adjournment proposals requesting the authority to adjourn solely to solicit proxies to approve a transaction THE FUNDS supports.		FOR



Reimbursement of Solicitation Expenses

THE FUNDS will consider contested elections on a case-by-case basis, considering the following factors: long-term financial performance of the target company relative to its industry; management’s track record; background of the proxy contest; qualifications of director or trustee nominees (both slates); evaluation of what each side is offering shareholders as well as the likelihood that the proposed objectives and goals can be met; and stock ownership positions.		CASE-BY-CASE

Board Structure: Staggered vs. Annual Elections

THE FUNDS will consider the issue of classified boards on a case-by-case basis. In some cases, the division of the board into classes, elected for staggered terms, can entrench the incumbent management and make them less responsive to shareholder concerns. On the other hand, in some cases, staggered elections may provide for the continuity of experienced directors on the Board.		CASE-BY-CASE

Removal of Directors

THE FUNDS will consider on a case-by-case basis proposals to eliminate shareholders’ rights to remove directors with or without cause or only with approval of two-thirds or more of the shares entitled to vote.		CASE-BY-CASE

However, a requirement that a 75% or greater vote be obtained for removal of directors is abusive and will warrant a vote against the proposal.		AGAINST

Board Vacancies

THE FUNDS will vote against proposals that allow the board to fill vacancies without shareholder approval as these authorizations run contrary to basic shareholders’ rights.		AGAINST

Alternatively, THE FUNDS will vote for proposals that permit shareholders to elect directors to fill board vacancies.		FOR



Cumulative Voting

THE FUNDS will vote on proposals to permit or eliminate cumulative voting on a case-by-case basis based upon the existence of a counter balancing governance structure and company performance, in accordance with its proxy voting guideline philosophy.		CASE-BY-CASE

THE FUNDS will vote for against cumulative voting if the board is elected annually.		AGAINST

Board Size

THE FUNDS will vote for proposals that seek to fix the size of the board, as the ability for management to increase or decrease the size of the board in the face of a proxy contest may be used as a takeover defense.		FOR

However, if the company has cumulative voting, downsizing the board may decrease a minority shareholder’s chances of electing a director.

By increasing the size of the board, management can make it more difficult for dissidents to gain control of the board. Fixing the size of the board also prevents a reduction in the board size as a means to oust independent directors or those who cause friction within an otherwise homogenous board.

Shareholder Rights Plan (Poison Pills)

THE FUNDS will generally vote for proposals that request a company to submit its poison pill for shareholder ratification.		FOR

Alternatively, THE FUNDS will analyze proposals to redeem a company’s poison pill, or requesting the ratification of a poison pill on a case-by-case basis.		CASE-BY-CASE

Poison pills are one of the most potent anti-takeover measures and are generally adopted by boards without shareholder approval. These plans harm shareholder value and entrench management by deterring stock acquisition offers that are not favored by the board.



Fair Price Provisions

THE FUNDS will consider fair price provisions on a case-by-case basis, evaluating factors such as the vote required to approve the proposed mechanism, the vote required to approve the proposed acquisition, the vote required to repeal the fair price provision, and the mechanism for determining the fair price.		CASE-BY-CASE

THE FUNDS will vote against fair price provisions with shareholder vote requirements of 75% or more of disinterested shares.		AGAINST

Greenmail

THE FUNDS will generally vote in favor of proposals limiting the corporation’s authority to purchase shares of common stock (or other outstanding securities) from a holder of a stated interest (5% or more) at a premium unless the same offer is made to all shareholders. These are known as “anti-greenmail” provisions. Greenmail discriminates against rank-and-file shareholders and may have an adverse effect on corporate image.		FOR

If the proposal is bundled with other charter or bylaw amendments, THE FUNDS will analyze such proposals on a case-by-case basis. In addition, THE FUNDS will analyze restructurings that involve the payment of pale greenmail on a case-by-case basis.		CASE-BY-CASE

Voting Rights

THE FUNDS will vote for proposals that seek to maintain or convert to a one-share, one-vote capital structure as such a principle ensures that management is accountable to all the company’s owners.		FOR

Alternatively, THE FUNDS will vote against any proposals to cap the number of votes a shareholder is entitled to. Any measure that places a ceiling on voting may entrench management and lessen its interest in maximizing shareholder value.		AGAINST



Dual Class/Multiple-Voting Stock

THE FUNDS will vote against proposals that authorize, amend or increase dual class or multiple-voting stock which may be used in exchanges or recapitalizations. Dual class or multiple-voting stock carry unequal voting rights, which differ from those of the broadly traded class of common stock.		AGAINST

Alternatively, THE FUNDS will vote for the elimination of dual class or multiple-voting stock, which carry different rights than the common stock.		FOR

Confidential Voting

THE FUNDS will vote for proposals to adopt confidential voting.		FOR

Vote Tabulations

THE FUNDS will vote against proposals asking corporations to refrain from counting abstentions and broker non-votes in their vote tabulations and to eliminate the company’s discretion to vote unmarked proxy ballots. Vote counting procedures are determined by a number of different standards, including state law, the federal proxy rules, internal corporate policies, and mandates of the various stock exchanges.		AGAINST

Equal Access to the Proxy

THE FUNDS will evaluate Shareholder proposals requiring companies to give shareholders access to the proxy ballot for the purpose of nominating board members, on a case-by-case basis taking into account the ownership threshold proposed in the resolution and the proponent’s rationale for the proposal at the targeted company in terms of board and director conduct.		CASE-BY-CASE

Disclosure of Information

THE FUNDS will vote against shareholder proposals requesting fuller disclosure of company policies, plans, or business practices. Such proposals rarely enhance shareholder return and in many cases would require disclosure of confidential business information.		AGAINST



Annual Meetings

THE FUNDS will vote for proposals to amend procedures or change date or location of the annual meeting. Decisions as to procedures, dates or locations of meetings are best placed with management.		FOR

Alternatively, THE FUNDS will vote against proposals from shareholders calling for a change in the location or date of annual meetings as no date or location proposed will be acceptable to all shareholders.		AGAINST

THE FUNDS will generally vote in favor of proposals to reduce the quorum necessary for shareholders’ meetings, subject to a minimum of a simple majority of the company’s outstanding voting shares.		FOR

Shareholder Advisory Committees/Independent Inspectors

THE FUNDS will vote against proposals seeking to establish shareholder advisory committees or independent inspectors. The existence of such bodies dilutes the responsibility of the board for managing the affairs of the corporation.		AGAINST

Technical Amendments to the Charter of Bylaws

THE FUNDS will generally vote in favor of charter and bylaw amendments proposed solely to conform to modern business practices, for simplification, or to comply with what management’s counsel interprets as applicable law.		FOR

However, amendments that have a material effect on shareholder’s rights will be considered on a case-by-case basis.		CASE-BY-CASE



Bundled Proposals

THE FUNDS will vote for bundled or “conditional” proxy proposals on a case-by-case basis, as THE FUNDS will examine the benefits and costs of the packaged items, and determine if the effect of the conditioned items are in the best interests of shareholders.		CASE-BY-CASE

Dividends

THE FUNDS will vote for proposals to allocate income and set dividends.		FOR

THE FUNDS will also vote for proposals that authorize a dividend reinvestment program as it allows investors to receive additional stock in lieu of a cash dividend.		FOR

However, if a proposal for a special bonus dividend is made that specifically rewards a certain class of shareholders over another, THE FUNDS will vote against the proposal.		AGAINST

THE FUNDS will also vote against proposals from shareholders requesting management to redistribute profits or restructure investments. Management is best placed to determine how to allocate corporate earnings or set dividends.		AGAINST

Reduce the Par Value of the Common Stock

THE FUNDS will vote for proposals to reduce the par value of common stock.		FOR

Preferred Stock Authorization

THE FUNDS will generally vote for proposals to create preferred stock in cases where the company expressly states that the stock will not be used as a takeover defense or carry superior voting rights, or where the stock may be used to consummate beneficial acquisitions, combinations or financings.		FOR

Alternatively, THE FUNDS will vote against proposals to authorize or issue preferred stock if the board has asked for the unlimited right to set the terms and conditions for the stock and may issue it for anti-takeover purposes without shareholder approval (blank check preferred stock).		AGAINST



In addition, THE FUNDS will vote against proposals to issue preferred stock if the shares to be used have voting rights greater than those available to other shareholders.		AGAINST

THE FUNDS will vote for proposals to require shareholder approval of blank check preferred stock issues for other than general corporate purposes (white squire placements).		FOR

Preemptive Rights

THE FUNDS will generally vote for proposals to eliminate preemptive rights. Preemptive rights are unnecessary to protect shareholder interests due to the size of most modern companies, the number of investors and the liquidity of trading.		FOR

Share Repurchase Plans

THE FUNDS will vote for share repurchase plans, unless:		FOR

• there is clear evidence of past abuse of the authority; or		AGAINST

• the plan contains no safeguards against selective buy-backs.		AGAINST

Corporate stock repurchases are a legitimate use of corporate funds and can add to long-term shareholder returns.

Executive and Director Compensation Plans

THE FUNDS will analyze on a case-by-case basis proposals on executive or director compensation plans, with the view that viable compensation programs reward the creation of stockholder wealth by having high payout sensitivity to increases in shareholder value. Such proposals may seek shareholder approval to adopt a new plan, or to increase shares reserved for an existing plan.		CASE-BY-CASE



THE FUNDS will review the potential cost and dilutive effect of the plan. After determining how much the plan will cost, ISS evaluates whether the cost is reasonable by comparing the cost to an allowable cap. The allowable cap is industry-specific, market cap-base, and pegged to the average amount paid by companies performing in the top quartile of their peer groups. If the proposed cost is below the allowable cap, THE FUNDS will vote for the plan. ISS will also apply a pay for performance overlay in assessing equity-based compensation plans for Russell 3000 companies.		FOR

If the proposed cost is above the allowable cap, THE FUNDS will vote against the plan.		AGAINST

Among the plan features that may result in a vote against the plan are:		AGAINST

• plan administrators are given the authority to reprice or replace underwater options; repricing guidelines will conform to changes in the NYSE and NASDAQ listing rules.

THE FUNDS will vote against equity plans that have high average three-year burn rate. (The burn rate is calculated as the total number of stock awards and stock options granted any given year divided by the number of common shares outstanding.) THE FUNDS will define a high average three-year burn rate as the following: The company’s most recent three-year burn rate exceeds one standard deviation of its four-digit GICS peer group segmented by Russell 3000 index and non-Russell 3000 index; and the company’s most recent three-year burn rate exceeds 2% of common shares outstanding. For companies that grant both full value awards and stock options to their employees, THE FUNDS shall apply a premium on full value awards for the past three fiscal years.		AGAINST

Even if the equity plan fails the above burn rate, THE FUNDS will vote for the plan if the company commits in a public filing to a three-year average burn rate equal to its GICS group burn rate mean plus one standard deviation. If the company fails to fulfill its burn rate commitment, THE FUNDS will consider withholding from the members of the compensation committee.		FOR



THE FUNDS will calculate a higher award value for awards that have Dividend Equivalent Rights (DER’s) associated with them.		CASE-BY-CASE

THE FUNDS will generally vote for shareholder proposals requiring performance-based stock options unless the proposal is overly restrictive or the company demonstrates that it is using a substantial portion of performance-based awards for its top executives.		FOR

THE FUNDS will vote for shareholder proposals asking the company to expense stock options, as a result of the FASB final rule on expensing stock options.		FOR

THE FUNDS will generally vote for shareholder proposals to exclude pension fund income in the calculation of earnings used in determining executive bonuses/compensation.		FOR

THE FUNDS will generally vote for TSO awards within a new equity plan if the total cost of the equity plan is less than the company’s allowable cap.		FOR

THE FUNDS will generally vote against shareholder proposals to ban future stock option grants to executives. This may be supportable in extreme cases where a company is a serial repricer, has a huge overhang, or has highly dilutive, broad-based (non-approved) plans and is not acting to correct the situation.		AGAINST

THE FUNDS will evaluate shareholder proposals asking companies to adopt holding periods for their executives on a case-by-case basis taking into consideration the company’s current holding period or officer share ownership requirements, as well as actual officer stock ownership in the company.		CASE-BY-CASE

For certain OBRA-related proposals, THE FUNDS will vote for plan provisions that (a) place a cap on annual grants or amend administrative features, and (b) add performance criteria to existing compensation plans to comply with the provisions of Section 162(m) of the Internal Revenue Code.		FOR



In addition, director compensation plans may also include stock plans that provide directors with the option of taking all or a portion of their cash compensation in the form of stock. THE FUNDS will consider these plans based on their voting power dilution.		CASE-BY-CASE

THE FUNDS will generally vote for retirement plans for directors.

THE FUNDS will evaluate compensation proposals (Tax Havens) requesting share option schemes or amending an existing share option scheme on a case-by-case basis.		FOR

Stock options align management interests with those of shareholders by motivating executives to maintain stock price appreciation. Stock options, however, may harm shareholders by diluting each owner’s interest. In addition, exercising options can shift the balance of voting power by increasing executive ownership.		CASE-BY-CASE

Bonus Plans

THE FUNDS will vote for proposals to adopt annual or long-term cash or cash-and-stock bonus plans on a case-by-case basis. These plans enable companies qualify for a tax deduction under the provisions of Section 162(m) of the IRC. Payouts under these plans may either be in cash or stock and are usually tied to the attainment of certain financial or other performance goals. THE FUNDS will consider whether the plan is comparable to plans adopted by companies of similar size in the company’s industry and whether it is justified by the company’s performance.		CASE-BY-CASE

Deferred Compensation Plans

THE FUNDS will generally vote for proposals to adopt or amend deferred compensation plans as they allow the compensation committee to tailor the plan to the needs of the executives or board of directors, unless		FOR

• the proposal is embedded in an executive or director compensation plan that is contrary to guidelines		AGAINST



Disclosure on Executive or Director Compensation Cap or Restrict Executive or Director Compensation

THE FUNDS will generally vote for shareholder proposals requiring companies to report on their executive retirement benefits (deferred compensation, split-dollar life insurance, SERPs, and pension benefits.		FOR

THE FUNDS will generally vote for shareholder proposals requesting to put extraordinary benefits contained in SERP agreements to a shareholder vote, unless the company’s executive pension plans do not contain excessive benefits beyond what is offered under employee-wide plans.		FOR

THE FUNDS will generally vote against proposals seek to limit executive and director pay.		AGAINST

Tax-Gross-Up Payments

THE FUNDS will examine on a case-by-case basis proposals calling for companies to adopt a policy of not providing tax gross-up payments to executives.		CASE-BY-CASE

Relocation Benefits

The FUNDS will not consider relocation benefits as a problematic pay practice in connection with management say-on-pay proposals.

Exchange Offers/Re-Pricing

The FUNDS will not vote against option exchange programs made available to executives and directors that are otherwise found acceptable.

Golden and Tin Parachutes

THE FUNDS will vote for proposals that seek shareholder ratification of golden or tin parachutes as shareholders should have the opportunity to approve or disapprove of these severance agreements.		FOR



Alternatively, THE FUNDS will examine on a case-by-case basis proposals that seek to ratify or cancel golden or tin parachutes. Effective parachutes may encourage management to consider takeover bids more fully and may also enhance employee morale and productivity. Among the arrangements that will be considered on their merits are:		CASE-BY-CASE

• arrangements guaranteeing key employees continuation of base salary for more than three years or lump sum payment of more than three times base salary plus retirement benefits; • guarantees of benefits if a key employee voluntarily terminates; • guarantees of benefits to employees lower than very senior management; and • indemnification of liability for excise taxes.

By contrast, THE FUNDS will vote against proposals that would guarantee benefits in a management-led buyout.		AGAINST

Stakeholder Laws

THE FUNDS will vote against resolutions that would allow the Board to consider stakeholder interests (local communities, employees, suppliers, creditors, etc.) when faced with a takeover offer.		AGAINST

Similarly, THE FUNDS will vote for proposals to opt out of stakeholder laws, which permit directors, when taking action, to weight the interests of constituencies other than shareholders in the process of corporate decision-making. Such laws allow directors to consider nearly any factor they deem relevant in discharging their duties.		FOR



Mergers/Acquisitions and Corporate Restructurings

THE FUNDS will consider proposals on mergers and acquisitions on a case-by-case basis. THE FUNDS will determine if the transaction is in the best economic interests of the shareholders. THE FUNDS will take into account the following factors:		CASE-BY-CASE

• anticipated financial and operating benefits; • offer price (cost versus premium); • prospects for the combined companies; • how the deal was negotiated; • changes in corporate governance and their impact on shareholder rights.

In addition, THE FUNDS will also consider whether current shareholders would control a minority of the combined company’s outstanding voting power, and whether a reputable financial advisor was retained in order to ensure the protection of shareholders’ interests.		CASE-BY-CASE

On all other business transactions, i.e. corporate restructuring, spin-offs, asset sales, liquidations, and restructurings, THE FUNDS will analyze such proposals on a case-by-case basis and utilize the majority of the above factors in determining what is in the best interests of shareholders. Specifically, for liquidations, the cost versus premium factor may not be applicable, but THE FUNDS may also review the compensation plan for executives managing the liquidation.		CASE-BY-CASE

Appraisal Rights

THE FUNDS will vote for proposals to restore, or provide shareholders with rights of appraisal.		FOR

Rights of appraisal provide shareholders who are not satisfied with the terms of certain corporate transactions (such as mergers) the right to demand a judicial review in order to determine the fair value of their shares.



Mutual Fund Proxies

THE FUNDS will vote mutual fund proxies on a case-by-case basis. Proposals may include, and are not limited to, the following issues:		CASE-BY-CASE

• eliminating the need for annual meetings of mutual fund shareholders; • entering into or extending investment advisory agreements and management contracts; • permitting securities lending and participation in repurchase agreements; • changing fees and expenses; and • changing investment policies.

APPENDIX B

PROXY VOTING POLICIES AND PROCEDURES

Members of Funds Management Proxy Voting Committee

Thomas C. Biwer, CFA

Mr. Biwer has 38 years of experience in finance and investments. He has served as an investment analyst, portfolio strategist, and corporate pension officer. He received B.S. and M.B.A. degrees from the University of Illinois and has earned the right to use the CFA designation.

Erik J. Sens, CFA

Mr. Sens has 22 years of investment industry experience. He has served as an investment analyst and portfolio manager. He received undergraduate degrees in Finance and Philosophy from the University of San Francisco and has earned the right to use the CFA designation.

Travis L. Keshemberg, CFA

Mr. Keshemberg has 17 years of experience in the investment industry. He has served as an overlay portfolio manager and investment consultant. He holds a Masters Degree from the University of Wisconsin – Milwaukee and Bachelors degree from Marquette University. He has earned the right to use the CFA, CIPM and CIMA designations.

Patrick E. McGuinnis, CFA

Mr. McGuinnis has 12 years of experience in the investment industry as an analyst. He holds B.S. and M.S. degrees in Finance from the University of Wisconsin and has earned the right to use the CFA designation.

ITEM 8. PORTFOLIO MANAGERS OF CLOSED-END MANAGEMENT INVESTMENT COMPANIES

PORTFOLIO MANAGERS

Justin Carr, CFA

Mr. Carr is a senior portfolio manager for the Golden Capital Equity team at Wells Fargo Asset Management. He is also a member of the research team with the responsibility of building and improving stock selection models, back-testing and refining existing factors and writing production code. Prior to joining Golden Capital, he was an analyst with the Global Strategic Products team at Wells Capital Management. Justin earned a bachelor’s degree in business administration from the University of Vermont and a master’s degree in mathematical finance from Worcester Polytechnic Institute. He has earned the right to use the CFA designation.

Vince Fioramonti, CFA

Mr. Fioramonti is a senior portfolio manager for the Golden Capital Equity team at Wells Fargo Asset Management. He helps manage the team’s international and yield-oriented strategies. Prior to joining Golden Capital, Vince served as a partner at Alpha Equity Management, LLC, where he managed the firm’s international equity strategies and was responsible for its technology infrastructure. Earlier, Vince worked with ING and its predecessor Aetna organizations as the lead portfolio manager for the Aetna International Fund. Vince began his career in investment management with Travelers Investment Management. He earned a bachelor’s degree in finance from the University of Dayton and a master’s degree in business administration from the University of Rochester. He has earned the right to use the CFA designation and is a member of CFA Society North Carolina and CFA Institute.

Greg McMurran

Mr. McMurran is a chief investment officer and portfolio manager for the Analytic Investors team at Wells Fargo Asset Management. In this role, Greg focuses on day-to-day portfolio management and research related to derivatives-based investment strategies. Greg has an extensive background in managing quantitative investment portfolios with his experience in quantitative research, portfolio management and trading. He earned a bachelor’s degree in economics from the University of California, Irvine, and a master’s degree in economics from California State University, Fullerton.

Megan Miller, CFA

Ms. Miller is a portfolio manager for the Analytic Investors team at Wells Fargo Asset Management. She is responsible for portfolio management and trading support for derivatives-based investment strategies. Specifically, she researches new models and ways to enhance existing models used in the investment process, develops and maintains optimization inputs and volatility forecasts and develops and maintains optimization frameworks used to create client portfolios. She earned a bachelor’s degree in applied mathematics from the University of

California, Los Angeles, and a master’s degree in business administration, with an emphasis in finance from the University of California, Berkeley. She has earned the right to use the CFA designation.

Niklas Nordenfelt, CFA

Mr. Nordenfelt is currently managing director, senior portfolio manager with the Sutter High Yield Fixed Income team at Wells Capital Management. Niklas joined the Sutter High Yield Fixed Income team of Wells Capital Management in February 2003 as investment strategist. Niklas began his investment career in 1991 and has managed portfolios ranging from quantitative-based and tactical asset allocation strategies to credit driven portfolios. Previous to joining Sutter, Niklas was at Barclays Global Investors (BGI) from 1996-2002 where he was a principal. At BGI, he worked on their international and emerging markets equity strategies after having managed their asset allocation products. Prior to this, Niklas was a quantitative analyst at Fidelity and a portfolio manager and group leader at Mellon Capital Management. He earned a bachelor’s degree in economics from the University of California, Berkeley, and has earned the right to use the CFA designation.

Philip Susser

Mr. Susser is currently managing director, senior portfolio manager, and co-head of the Sutter High Yield Fixed Income team at Wells Capital Management. Philip joined the Sutter High Yield Fixed Income team as a senior research analyst in 2001. He has extensive research experience in the cable/satellite, gaming, hotels, restaurants, printing/publishing, telecom, REIT, lodging and distressed sectors. Philip’s investment experience began in 1995 spending three years as a securities lawyer at Cahill Gordon and Shearman & Sterling representing underwriters and issuers of high yield debt. Later, Philip evaluated venture investment opportunities for MediaOne Ventures before joining Deutsche Bank as a research analyst. He received his bachelor’s degree in economics from the University of Pennsylvania and his law degree from the University of Michigan Law School.

OTHER FUNDS AND ACCOUNTS MANAGED

The following table provides information about the registered investment companies and other pooled investment vehicles and accounts managed by the portfolio manager of the Fund as of the Fund’s most recent year ended October 31, 2019.

Justin Carr


I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		6		1		34
Total assets of above accounts (millions)	$	1,681.98	$	513.54	$	1,952.71

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		2
Total assets of above accounts (millions)	$	0.0	$	0.0	$	198.12

Vince Fioramonti

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		4		0		1
Total assets of above accounts (millions)	$	892.54	$	0	$	0.24

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		0
Total assets of above accounts (millions)	$	0.0	$	0.0	$	0.0


Greg McMurran
I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		3		1		0
Total assets of above accounts (millions)	$	264.43	$	24.37	$	0

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		0
Total assets of above accounts (millions)	$	0.0	$	0.0	$	0.0

Megan Miller

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		3		1		0
Total assets of above accounts (millions)	$	264.43	$	24.37	$	0

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		0
Total assets of above accounts (millions)	$	0.0	$	0.0	$	0.0


Niklas Nordenfelt
I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		5		5		10
Total assets of above accounts (millions)	$	1,619.21	$	630.94	$	548.77

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		0
Total assets of above accounts (millions)	$	0.0	$	0.0	$	0.0

Philip Susser

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		4		5		10
Total assets of above accounts (millions)	$	1,463.38	$	630.94	$	548.77

performance based fee accounts:

I manage the following types of accounts:	Other Registered Investment Companies		Other Pooled Investment Vehicles		Other Accounts
Number of above accounts		0		0		0
Total assets of above accounts (millions)	$	0.0	$	0.0	$	0.0

MATERIAL CONFLICTS OF INTEREST

The Portfolio Managers face inherent conflicts of interest in their day-to-day management of the Funds and other accounts because the Funds may have different investment objectives, strategies and risk profiles than the other accounts managed by the Portfolio Managers. For instance, to the extent that the Portfolio Managers manage accounts with different investment strategies than the Funds, they may from time to time be inclined to purchase securities, including initial public offerings, for one account but not for a Fund. Additionally, some of the accounts managed by the Portfolio Managers may have different fee structures, including performance fees, which are or

have the potential to be higher or lower, in some cases significantly higher or lower, than the fees paid by the Funds. The differences in fee structures may provide an incentive to the Portfolio Managers to allocate more favorable trades to the higher-paying accounts.

To minimize the effects of these inherent conflicts of interest, the Sub-Advisers have adopted and implemented policies and procedures, including brokerage and trade allocation policies and procedures, that they believe address the potential conflicts associated with managing portfolios for multiple clients and ensure that all clients are treated fairly and equitably. Additionally, some of the Sub-Advisers minimize inherent conflicts of interest by assigning the Portfolio Managers to accounts having similar objectives. Accordingly, security block purchases are allocated to all accounts with similar objectives in proportionate weightings. Furthermore, the Sub-Advisers have adopted a Code of Ethics under Rule 17j-1 of the 1940 Act and Rule 204A-1 under the Investment Advisers Act of 1940 (the “Advisers Act”) to address potential conflicts associated with managing the Funds and any personal accounts the Portfolio Managers may maintain.

Wells Capital Management

Wells Capital Management’s Portfolio Managers often provide investment management for separate accounts advised in the same or similar investment style as that provided to mutual funds. While management of multiple accounts could potentially lead to conflicts of interest over various issues such as trade allocation, fee disparities and research acquisition, Wells Capital Management has implemented policies and procedures for the express purpose of ensuring that clients are treated fairly and that potential conflicts of interest are minimized.

COMPENSATION

The Portfolio Managers were compensated by their employing sub-adviser from the fees the Adviser paid the Sub-Adviser using the following compensation structure:

Wells Capital Management Compensation. The compensation structure for Wells Capital Management’s Portfolio Managers includes a competitive fixed base salary plus variable incentives (Wells Capital Management utilizes investment management compensation surveys as confirmation). Incentive bonuses are typically tied to pretax relative investment performance of all accounts under his or her management within acceptable risk parameters. Relative investment performance is generally evaluated for 1, 3, and 5 year performance results, with a predominant

weighting on the 3- and 5- year time periods, versus the relevant benchmarks and/or peer groups consistent with the investment style. This evaluation takes into account relative performance of the accounts to each account’s individual benchmark and/or the relative composite performance of all accounts to one or more relevant benchmarks consistent with the overall investment style. In the case of each Fund, the benchmark(s) against which the performance of the Fund’s portfolio may be compared for these purposes generally are indicated in the Performance” sections of the Prospectuses.

BENEFICIAL OWNERSHIP OF THE FUND

The following table shows for each Portfolio Manager the dollar value of the Fund beneficially owned by the Portfolio Manager as of October 31, 2019:


Justin Carr		none
Vince Fioramonti		none
Greg McMurran		none
Megan Miller		none
Niklas Nordenfelt		none
Phil Susser		none

ITEM 9. PURCHASES OF EQUITY SECURITIES BY CLOSED-END MANAGEMENT INVESTMENT COMPANY AND AFFILIATED PURCHASERS


	(a)		(b)		(c)		(d)
Period	Total Number of Shares Purchased		Average Price Paid per Share		Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs		Maximum Number of Shares that May Yet Be Purchased Under the Plans or Programs
11/1/2018 to 11/30/2018		237,655		5.15		237,655		4,048,552
12/1/2018 to 12/31/2018		131,167		4.77		131,167		3,917,385
1/1/2019 to 1/31/2019		69,550		4.75		69,550		4,411,210
2/1/2019 to 2/28/2019		117,008		5.20		117,008		4,294,202
3/1/2019 to 3/31/2019		236,085		5.25		236,085		4,058,117
4/1/2019 to 4/30/2019		330,818		5.27		330,818		3,727,299
5/1/2019 to 5/31/2019		90,125		5.29		90,125		3,637,174
6/1/2019 to 6/30/2019		0		0		0		3,637,174
7/1/2019 to 7/31/2019		0		0		0		3,637,174
8/1/2019 to 8/31/2019		0		0		0		3,637,174
9/1/2019 to 9/30/2019		0		0		0		3,637,174
10/1/2019 to 10/31/2019		0		0		0		3,637,174
Total		1,212,408		5.15		1,212,408		3,637,174

ITEM 10. SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board of Trustees that have been implemented since the registrant’s last provided disclosure in response to the requirements of this Item.

ITEM 11. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Global Dividend Opportunity Fund (the “Fund”) disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report.

(b) There were no significant changes in the Fund’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the most recent fiscal half-year of the period covered by this report that materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

ITEM 12. DISCLOSURES OF SECURITIES LENDING ACTIVITIES FOR CLOSED-END MANAGEMENT INVESTMENT COMPANIES

Not applicable.

ITEM 13. EXHIBITS

(a)(1) Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as Exhibit COE.

(a)(2) Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

(b) Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is filed and attached hereto as Exhibit 99.906CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Wells Fargo Global Dividend Opportunity Fund

By:

		/s/ Andrew Owen

		Andrew Owen
		President

Date:		December 19, 2019

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the date indicated.


Wells Fargo Global Dividend Opportunity Fund

By:

		/s/ Andrew Owen

		Andrew Owen
		President

Date:		December 19, 2019

By:

		/s/ Nancy Wiser

		Nancy Wiser
		Treasurer

Date:		December 19, 2019