Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

Thu Mar 28, 2013 4:23pm EDT

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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), and the Wells Fargo
Advantage Utilities and High Income Fund (NYSE MKT: ERH) each announced today
its dividend declaration. 

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. 

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

 Declaration date    Ex-dividend date    Record date       Payable date    Dividend/share  
 March 28, 2013      April 12, 2013      April 16, 2013    May 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  
 March 28, 2013      April 12, 2013      April 16, 2013    May 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  
 March 28, 2013      April 12, 2013      April 16, 2013    May 1, 2013     $0.075/share    
                                                                                           


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

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. This material is being prepared by
Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells
Fargo & Company. 

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.

215870 03-13 

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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



Copyright Business Wire 2013

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