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Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

Wells Fargo Funds Management, LLC, announced today the dividend declaration for the Wells Fargo Advantage Income Opportunities Fund (NYSE Amex:EAD), the Wells Fargo Advantage Multi-Sector Income Fund (NYSE Amex:ERC), and the Wells Fargo Advantage Utilities and High Income Fund (NYSE Amex:ERH).

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 from ordinary income:

Declaration date     Ex-dividend date     Record date     Payable date     Dividend rate/share
October 21, 2011 November 14, 2011 November 16, 2011 December 1, 2011 $0.085/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 from ordinary income:

Declaration date     Ex-dividend date     Record date     Payable date     Dividend rate/share
October 21, 2011 November 14, 2011 November 16, 2011 December 1, 2011 $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 from ordinary income:

Declaration date     Ex-dividend date     Record date     Payable date     Dividend rate/share
October 21, 2011 November 14, 2011 November 16, 2011 December 1, 2011 $0.075/share

These closed-end funds are no longer offered as an initial public offering and 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), often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

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 wellsfargo.com/advantagefunds. 206197 10-11

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE



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