Wells Fargo Advantage Income Opportunities Fund (the Fund), formerly Evergreen Income Advantage Fund, is a diversified closed-end management investment company. The primary investment objective of the Fund is to seek a high level of current income. The Fund may, as a secondary objective, also seek capital appreciation to the extent consistent with its investment objective. The Fund may invest in term loans. The loans are marked-to-market daily and the Fund begins earning interest when the loans are funded. The Company invests in sectors, such as utilities, financials, telecommunication services, investment companies, industrials, consumer staples and materials. Wells Fargo Funds Management, LLC (Funds Management), an indirect wholly owned subsidiary of Wells Fargo & Company (Wells Fargo), is the adviser to the Fund.