Wells Fargo Advantage Closed-End Funds Declare Monthly And Quarterly Dividends; Wells Fargo Advantage Income Opportunities Fund Reduces Dividend Rate

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), the Wells Fargo Advantage Utilities and High Income Fund (NYSE Amex: ERH), and the Wells Fargo Advantage Global Dividend Opportunity Fund (NYSE Amex: EOD). Wells Fargo Funds Management also announced a reduction in the monthly dividend rate for the Wells Fargo Advantage Income Opportunities Fund.

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 dividend below is a reduction in the stable dividend rate equal to $0.008 per common share. The reduction in the dividend rate is primarily attributable to conditions in the U.S. high-yield market, which has resulted in adjustments to forecasted income. At the new distribution rate of $0.077 per common share, the common share distribution yield will be 6.16% as a percent of the initial offer price.

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
May 16, 2012 June 11, 2012 June 13, 2012 July 2, 2012 $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 from ordinary income:
Declaration date     Ex-dividend date     Record date     Payable date     Dividend rate/share
May 16, 2012 June 11, 2012 June 13, 2012 July 2, 2012 $0.100/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
May 16, 2012 June 11, 2012 June 13, 2012 July 2, 2012 $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 from ordinary income:
Declaration date     Ex-dividend date     Record date     Payable date     Dividend rate/share
May 16, 2012 June 11, 2012 June 13, 2012 July 2, 2012 $0.280/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 wellsfargoadvantagefunds.com. 209965 5-12

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

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