Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

  Wells Fargo Advantage Closed-End Funds Declare Monthly Dividends

Business Wire

SAN FRANCISCO -- January 3, 2014

The Wells Fargo Advantage Income Opportunities Fund (NYSE MKT:EAD), the Wells
Fargo Advantage Multi-Sector Income Fund (NYSE MKT:ERC), and the Wells Fargo
Advantage Utilities and High Income Fund (NYSE MKT:ERH) each announced today
its dividend declaration.

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   Record      Payable    Dividend/share
                     date            date          date
January 3, 2014      January 13,     January       February     $0.068/share
                     2014            15, 2014      3, 2014
                                                                

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   Record      Payable    Dividend/share
                     date            date          date
January 3, 2014      January 13,     January       February     $0.10/share
                     2014            15, 2014      3, 2014
                                                                

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   Record      Payable    Dividend/share
                     date            date          date
January 3, 2014      January 13,     January       February     $0.075/share
                     2014            15, 2014      3, 2014
                                                                

The final determination of the source of all distributions is subject to
change and made after year-end. 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.

High-yield, lower-rated bonds may contain more risk due to the increased
possibility of default. 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 international
investing are magnified in emerging or developing markets. Funds that
concentrate their investments in a single industry or sector may face
increased risk of price fluctuation over more diversified funds due to adverse
developments within that industry or sector. Nondiversified funds may face
increased risk of price fluctuation over more diversified funds due to adverse
developments within certain sectors. 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. The use of
leverage results in certain risks including, among others, the likelihood of
greater volatility of net asset value and the market price of common shares.
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. There are
numerous risks associated with transactions in options on securities. Illiquid
securities may be subject to wide fluctuations in market value and may be
difficult to sell.

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. This material is being prepared
by Wells Fargo Funds Distributor, LLC, Member FINRA/SIPC, an affiliate of
Wells Fargo & Company.

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.

222143 01-14

NOT FDIC INSURED • NO BANK GUARANTEE • MAY LOSE VALUE

Contact:

Shareholder inquiries, 1-800-730-6001
Financial advisor inquiries, 1-888-877-9275
or
Media contact:
Wells Fargo Funds
John Roehm, 415-222-5338
john.o.roehm@wellsfargo.com