Wells Fargo Utilities and High Income Fund Announces Distribution Sources

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SAN FRANCISCO – (COMMERCIAL THREAD) – The Wells Fargo Utilities and High Income Fund (NYSE American: ERH) released information on distribution sources today in a notice to shareholders. The full text of the Notice is available below and on the Wells Fargo Asset Management website.

IMPORTANT NOTICE TO SHAREHOLDERS

This notice provides information about the sources of the Fund’s monthly distributions. You should not draw any conclusions about the performance of the Fund’s investments from the amount of this distribution or the terms of the Managed Distribution Plan of the Fund.

The Fund considers that it has distributed more than its income and net realized capital gains; therefore, part of your distribution may be a return of capital. A return of capital may occur, for example, when some or all of the money you have invested in the Fund is returned to you. A return of capital distribution does not necessarily reflect the performance of the Fund’s investments and should not be confused with “return” or “income”.

The amounts and sources of distribution shown in this notice are estimates only and are not provided for tax reporting purposes. Sources include net investment income (NII), short-term capital gains (ST), long-term capital gains (LT), and paid-up capital. The actual amounts and the sources of the amounts for tax reporting purposes will depend on the Fund’s investment experience during the remainder of its fiscal year and may be subject to change depending on tax regulations. The Fund will send you a Form 1099-DIV for the calendar year which will tell you how to report these distributions for federal income tax purposes.

The following table provides an estimate of the Fund’s sources of distribution, reflecting the cumulative amount of distributions since the beginning of the year. The Fund attributes these estimates equally to each regular distribution throughout the year. Therefore, the information estimated at the end of the specified month shown below is for the current distribution and also represents an updated estimate for all previous months of the year.

Data as of 09/30/2021
Current month Exercise to date Current month
Estimated sources of distribution Estimated sources of distribution Estimated distribution percentages

Per share

Distribution

NII

Long-term gains

ST gains

Paid in

Capital city

Per share

Distribution

NII

Long-term gains

ST gains

Paid in

Capital city

NII

Long-term gains

ST gains

Paid in

Capital city

ERH (EF 8/31)

0.07314

0.03628

0.00511

0

0.03175

0.07314

0.03628

0.00511

0

0.03175

49.60%

7.00%

0.00%

43.40%

The following table provides information about distributions and total return over various time periods. This information is intended to help you better understand whether the returns for the specified periods were sufficient to meet the distributions.

Data as of 08/31/2021

annualized

Accumulation

5 years

Fiscal year

Fiscal year

Fiscal year

Dist of the current exercise

NAV

Turn over

NAV

Distance rate

on the net asset value1

Turn over

NAV

Distance rate

on the net asset value1

ERH (EF 8/31)

0.85608

13.31

8.31%

6.43%

18.55%

6.43%

1 As a percentage of NAV 8/31

Additional Information About Wells Fargo Closed End Funds

The fund makes distributions in accordance with a managed distribution plan which provides for the declaration of monthly distributions to holders of common shares of the fund at a minimum annual fixed rate of 7.0%, based on the average monthly net asset value (NAV) per fund share over the previous 12 months. Under the managed distribution plan, distributions are from income and may also be from paid-up capital and / or capital gains. The fund’s distributions over a period may be greater or less than the net return realized by the fund on its investments and therefore should not be used as a measure of performance or confused with return or income. Distributions in excess of the fund’s returns will cause the net asset value of the fund to drop. Investors should not draw any conclusions about the investment performance of the fund from the amount of its distribution or the terms of its managed distribution plan.

The quoted distribution rate is a number that uses the previous distribution of the fund to calculate an annualized number. The payout rate is calculated by annualizing the last payout and then dividing it by the end of period NAV or market price. Special distributions, including special capital gains distributions, are not included in the calculation.

The Wells Fargo Utilities and High Income Fund is a closed-end equity and high yield bond fund. The investment objective of the fund is to seek a high level of current income and moderate capital growth with an emphasis on obtaining tax-efficient dividend income.

The final determination of the source of all dividend distributions for the current year will be made after the end of the year. The actual amounts and sources of amounts for tax reporting purposes will depend on a fund’s investment experience during the remainder of the year and may be subject to change depending on tax regulations. Each fund will send shareholders a Form 1099-DIV for the calendar year which will instruct shareholders how to report these distributions for federal income tax purposes.

For more information on Wells Fargo Closed End Funds, please visit our website.

This closed-end fund is no longer available as an initial public offering and is only offered through brokers in the secondary market. A closed-end fund is not required to redeem its shares from investors on demand. Shares of the fund may trade at a premium or at a discount to the net asset value of the fund, and there can be no assurance that a discount will decrease. The values ​​and / or income generated by the securities held by the fund may decline due to general market conditions or other factors, including those directly involving the issuers of such securities. Equity securities fluctuate in value in response to factors specific to the issuer of the security. Debt securities are subject to credit risk and interest rate risk, and high yield securities and unrated securities of similar credit quality have a much higher risk of default and their values ​​tend to be lower. more volatile than higher rated securities with similar maturities. The fund is also subject to the risks associated with any concentration of its investments in the utilities sector. Funds that concentrate their investments in a single industry or sector may face an increased risk of price fluctuations due to unfavorable developments within that industry or sector. The fund is financed by a revolving credit facility and may also be leveraged by issuing preferred shares in the future. The use of leverage involves certain risks, including, but not limited to, the likelihood of greater volatility in the net asset value and price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climate, instability in foreign markets, and fluctuations in foreign currencies. Derivatives carry additional risks, including interest rate risk, credit risk, incorrect valuation risk and the risk of non-correlation with the relevant instruments that they are designed to hedge or closely monitor.

Wells Fargo Asset Management (WFAM) is the trade name of certain investment management / advisory firms owned by Wells Fargo & Company. These companies include, but are not limited to, Wells Capital Management, LLC and Wells Fargo Funds Management, LLC. Certain products managed by WFAM entities are distributed by Wells Fargo Funds Distributor, LLC (a broker and member of 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 investment, strategy or strategy. specific plan.

Some of the information contained in this document may include forward-looking statements about the expected investment activities of the funds. These statements do not provide any assurance as to the investment activities or the actual results of the funds. Readers should make their own assessment of the information contained in this document and take into account other factors that they deem relevant to their personal circumstances..

BY-0921-01099

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

WF-CF

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