Wells Fargo Advantage Closed-End Funds

Thu Feb 21, 2013 7:52pm EST

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Declare Monthly and Quarterly Dividends; Wells Fargo Advantage Income
Opportunities Fund Reduces Dividend Rate
SAN FRANCISCO--(Business Wire)--
The Wells Fargo Advantage Income Opportunities Fund (NYSE MKT: EAD), the Wells
Fargo Advantage Multi-Sector Income Fund (NYSE MKT: ERC), the Wells Fargo
Advantage Utilities and High Income Fund (NYSE MKT: ERH), and the Wells Fargo
Advantage Global Dividend Opportunity Fund (NYSE: EOD) each announced today its
dividend declaration. The Wells Fargo Advantage Income Opportunities Fund also
announced a reduction in its dividend distribution. 

The Wells Fargo Advantage Income Opportunities Fund is a closed-end high-yield
bond fund. The fund`s investment objective is to seek a high level of current
income. The fund may, as a secondary objective, seek capital appreciation to the
extent it is consistent with its investment objective. As part of its principal
investment strategy, the fund invests at least 80% of its total assets in
below-investment-grade (high-yield) debt securities, loans, and preferred stock.
The U.S. high-yield markets have produced a record-level low-yield environment.
In light of this, the fund is reducing its monthly dividend declared today from
$0.077 to $0.068 per share. 

The Wells Fargo Advantage Income Opportunities Fund declared the following
monthly dividend:

 Declaration date           Ex-dividend date          Record date             Payable date           Dividend/share  
 February 21, 2013          March 12, 2013            March 14, 2013          April 1, 2013          $0.068/share    


The Wells Fargo Advantage Multi-Sector Income Fund is a closed-end bond fund.
The fund`s primary investment objective is to seek a high level of current
income consistent with limiting its overall exposure to domestic interest-rate
risk. 

The Wells Fargo Advantage Multi-Sector Income Fund declared the following
monthly dividend:

 Declaration date           Ex-dividend date          Record date             Payable date           Dividend/share  
 February 21, 2013          March 12, 2013            March 14, 2013          April 1, 2013          $0.10/share     


The Wells Fargo Advantage Utilities and High Income Fund is a closed-end equity
and high-yield bond fund. The fund`s primary investment objective is to seek a
high level of current income and moderate capital growth, with an emphasis on
providing tax-advantaged dividend income. 

The Wells Fargo Advantage Utilities and High Income Fund declared the following
monthly dividend:

 Declaration date           Ex-dividend date          Record date             Payable date           Dividend/share  
 February 21, 2013          March 12, 2013            March 14, 2013          April 1, 2013          $0.075/share    


The Wells Fargo Advantage Global Dividend Opportunity Fund is a closed-end fund
investing primarily in a diversified portfolio of common stocks of U.S. and
non-U.S. companies. The fund`s investment objective is to seek a high level of
current income. The fund`s secondary objective is long-term growth of capital. 

The Wells Fargo Advantage Global Dividend Opportunity Fund declared the
following quarterly dividend:

 Declaration date           Ex-dividend date          Record date             Payable date           Dividend rate/share  
 February 21, 2013          March 12, 2013            March 14, 2013          April 1, 2013          $0.210/share         


These closed-end funds are no longer offered as an initial public offering, and
shares are only offered through broker/dealers on the secondary market. Unlike
an open-end mutual fund, a closed-end fund offers a fixed number of shares for
sale. After the initial public offering, shares are bought and sold in the
secondary marketplace, and the market price of the shares is determined by
supply and demand, not by net asset value (NAV), and is often lower than the
NAV. A closed-end fund is not required to buy its shares back from investors
upon request. 

High-yield, lower-rated bonds may contain more risk due to the increased
possibility of default. 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 international investing
are magnified in emerging or developing markets. Funds that concentrate their
investments in a single industry or sector may face increased risk of price
fluctuation over more diversified funds due to adverse developments within that
industry or sector. Nondiversified funds may face increased risk of price
fluctuation over more diversified funds due to adverse developments within
certain sectors. 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. The use of leverage results in certain risks
including, among others, the likelihood of greater volatility of net asset value
and the market price of common shares. Derivatives involve additional risks,
including interest-rate risk, credit risk, the risk of improper valuation and
the risk of noncorrelation to the relevant instruments they are designed to
hedge or to closely track. There are numerous risks associated with transactions
in options on securities. Illiquid securities may be subject to wide
fluctuations in market value and may be difficult to sell. 

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo &
Company, provides investment advisory and administrative services for Wells
Fargo Advantage Funds®. Other affiliates of Wells Fargo & Company 

provide subadvisory and other services for the funds. The open-end funds are
distributed by Wells Fargo Funds

Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. For
more information on Wells Fargo Advantage Funds, please visit
wellsfargoadvantagefunds.com. 

Some of the information contained herein may include forward-looking statements
about the expected investment activities of the funds. These statements provide
no assurance as to the funds` actual investment activities or results. The
reader must make his/her own assessment of the information contained herein and
consider such other factors as he/she may deem relevant to his/her individual
circumstances.

215205 02-13 

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Wells Fargo & Company
John Roehm, 415-222-5338 (Media)
john.o.roehm@wellsfargo.com
or
Shareholder inquiries, 1-800-730-6001
Financial advisor inquiries, 1-888-877-9275 

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