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Press release from Business Wire

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

Wednesday, November 07, 2012

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 Dividend16:58 EST Wednesday, November 07, 2012 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), 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, thefund'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. The Wells Fargo Advantage Global Dividend Opportunity Fund declared the following quarterly dividend: Declaration date     Ex-dividend date     Record date     Payable date     Dividend/share November 7, 2012 December 13, 2012 December 17, 2012 January 2, 2013 $0.210/share More information on preferred stock investing by the Wells Fargo Advantage Global Dividend Opportunity Fund Preferred stock, unlike common stock, typically has a stated dividend rate payable from the corporation's earnings. If interest rates rise, the fixed dividend on preferred stocks may be less attractive, causing the price of preferred stocks to decline. Preferred stock may have mandatory sinking fund provisions, as well as call/redemption provisions prior to maturity, which can be a negative feature when interest rates decline. The rights of preferred stock on distribution of a corporation's assets in the event of liquidation are generally subordinate to rights associated with a corporation's debt securities. About certain investment risks of the Wells Fargo Advantage Global Dividend Opportunity Fund 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 closely track. There are numerous risks associated with transactions in options on securities. As a writer of an index call option, the fund forgoes the opportunity to profit from increases in the values of securities held by the fund. However, the fund has retained the risk of loss (net premiums received) should the price of the fund's portfolio securities decline. Similar risks are involved with writing call options on individual securities held in the fund's portfolio. This combination of potentially limited appreciation and potentially unlimited depreciation over time may lead to a decline in the net asset value of the fund. The fund's dividend capture strategy may lead to a similar result. Dividend capture strategies involve a fund purchasing a stock before an ex-dividend date so it becomes entitled to the dividend and then typically selling the stock on or after the stock's ex-dividend date. Any decline in the value of the stock reflecting the dividend payment may over time 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. 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 foreign investing are magnified in emerging or developing markets. 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, and, as a result, small- and mid-cap securities may decline significantly in market downturns and may be more volatile than those of larger companies due to their higher risk of failure. High-yield, lower-rated bonds may contain more risk due to the increased possibility of default. 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 adviser or subadviser believes that it is desirable to do so. Absent congressional action by the end of 2012, the current maximum tax rates on long-term capital gains would increase to 20% and income from dividends would be taxed at the rates applicable to ordinary income and an additional 3.8% Medicare tax will be imposed on certain net investment income. 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. 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. 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. 213217 11-12 NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE Wells Fargo & CompanyShareholder inquiries1-800-730-6001orFinancial advisor inquiries1-888-877-9275orMedia:John Roehm, 415-222-5338john.o.roehm@wellsfargo.com