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Wells Fargo Advantage Closed-End Funds Declare Monthly Or Quarterly Dividends; Wells Fargo Advantage Global Dividend Opportunity Fund Makes Changes To Principal Investment Strategy And Dividend

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 Global Dividend Opportunity Fund also announced changes to its principal investment strategy, as well as 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.

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

Declaration date     Ex-dividend date     Record date     Payable date     Dividend/share
November 7, 2012 December 13, 2012 December 17, 2012 January 2, 2013 $0.077/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
November 7, 2012 December 13, 2012 December 17, 2012 January 2, 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
November 7, 2012 December 13, 2012 December 17, 2012 January 2, 2013 $0.075/share

The Wells Fargo Advantage Global Dividend Opportunity Fund is a closed-end fund with an investment objective to seek a high level of current income. The fund’s secondary objective is long-term growth of capital. In pursing these objectives, the fund primarily invests in a diversified portfolio of common stocks of U.S. and non-U.S. companies and other equity securities that offer above-average potential for current and/or future dividends. The fund typically focuses its equity investments in securities of issuers in the utilities, energy, and telecommunications sectors (or any one or more of these sectors). The fund typically employs an option overlay strategy and uses a dividend capture strategy in an attempt to optimize income. The fund has typically invested between 40% and 70% of its total assets in foreign securities.

Effective immediately, the fund’s principal investment strategy has been changed to expressly reflect that it will primarily invest in common and/or preferred stocks of U.S. and non-U.S. companies and other equity securities that offer an above-average potential for current and/or future dividends. This change reflects an increase in the portion of the fund’s portfolio that is normally invested in preferred stocks, which typically provide greater income potential than common stocks. In addition, because the majority of preferred stock investments are expected to be in U.S. companies, the normal allocation range for foreign investment has been modified to be a typical range of 30% to 70% of the fund’s total assets in foreign securities, rather than a typical range of 40% to 70% of the fund’s total assets in foreign securities.

In employing its dividend capture strategy, the fund purchases stock before the ex-dividend date so it becomes entitled to the dividend and then typically sells the stock on or after the ex-dividend date. Over time, in a nonrising market, this strategy may lead to a decline in the net asset value of the fund. Dividend capture also increases the portfolio turnover rate and related transaction costs of the fund. In light of this, the fund expects to use dividend capture to a lesser extent and is reducing its quarterly dividend declared today from $0.28 to $0.21 per share. This reduction in dividend, coupled with increased investments in preferred stocks, will lessen the fund’s need to rely on the dividend capture strategy and is intended to enhance the fund’s ability to pursue its objective of current income in a more sustainable manner. The change may also reduce the volatility of returns.

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