Wells Fargo Funds Management Announces Portfolio Manager Addition To Wells Fargo Advantage Multi-Sector Income Fund

Wells Fargo Funds Management, LLC, announced today that Christopher Wightman of First International Advisors, LLC, has been added to the portfolio management team for the Wells Fargo Advantage Multi-Sector Income Fund (NYSE Amex: ERC), effective immediately.

Mr. Wightman will join current portfolio managers Michael Lee; Tony Norris; Alex Perrin; and Peter Wilson of First International Advisors and Michael Bray, CFA; Christopher Kauffman, CFA; Niklas Nordenfelt, CFA; Janet Rilling, CFA, CPA; and Phil Susser of Wells Capital Management Incorporated.

The fund’s objective and strategy are not expected to change as a result of today’s announcement. 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.

About Christopher Wightman

Senior Portfolio Manager, First International Advisors

Chris Wightman has been with Wells Capital Management since 2011. He is currently a senior portfolio manager with the First International Advisors team at Wells Capital Management. He is one of five senior members of the investment team that forms the Senior Strategy Team. His responsibilities include macro-portfolio allocation, portfolio positioning, and risk management. Previously, Mr. Wightman worked at JPMorgan Chase, where he served as a senior investment manager specializing in global fixed-income strategies. Earlier, he served as a senior fixed-income trader at Fidelity International. Mr. Wightman began his investment industry career in 1997 as a graduate analyst at Morgan Stanley. He earned a bachelor’s degree in business studies at Staffordshire University (U.K.).

About investment risks

The fund has leverage through borrowings. The use of leverage results in certain risks, including, among others, the likelihood of greater volatility of net asset value (NAV) and the market price of common shares. Foreign investments may contain more risk due to the inherent risks associated with changing political climates, foreign market instability, and foreign currency fluctuations. Emerging markets securities typically present even greater exposure to the risks of investment in foreign securities issued in developed markets and may be particularly sensitive to certain economic changes. 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. Below-investment-grade securities are commonly referred to as “junk bonds” and are considered speculative with respect to the issuer’s capacity to pay interest and principal. They involve greater risk of loss, are subject to greater price volatility, and are less liquid—especially during periods of economic uncertainty or change—than higher-rated debt securities. Generally, the value of fixed-income securities rises when prevailing interest rates fall and falls when interest rates rise. U.S. government guarantees apply only to certain securities held in the fund’s portfolio and not to the fund’s shares. The fund is also exposed to mortgage- and asset-backed securities risk. Illiquid securities may be subject to wide fluctuations in market value. The fund may be subject to significant delays in disposing of illiquid securities. Accordingly, the fund may be forced to sell these securities at less than fair market value or may not be able to sell them when the advisor or subadvisor believes that it is desirable to do so.

This closed-end fund is no longer conducting an initial public offering, and shares may be purchased only 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 NAV—and is often at a lower price than the NAV. A closed-end fund is not required to buy its shares back from investors upon request.

About Wells Fargo Funds Management, LLC

Wells Fargo Funds Management, LLC, a wholly owned subsidiary of Wells Fargo & Company (NYSE: WFC), provides investment advisory and administrative services for the fund. Other affiliates of Wells Fargo & Company provide subadvisory and other services for the fund. The open-end funds are distributed by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of Wells Fargo & Company. For more information about the fund, please visit wellsfargoadvantagefunds.com. 210596 06-12

NOT FDIC INSURED * NO BANK GUARANTEE * MAY LOSE VALUE

Copyright Business Wire 2010

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