Wells Fargo Advantage Income Opportunities Fund is a diversified closed-end management investment fund. The Fund seeks a high level of current income and capital appreciation is a secondary objective. The Fund invests in a range of sectors, which include telecommunication, corporate bonds and notes, consumer discretionary, consumer staples, energy, financials, healthcare, industrials and information technology and utilities, among others. The Fund may invest in direct debt instruments which are interests in amounts owed to lenders by corporate or other borrowers. Wells Fargo Funds Management, LLC is the investment advisor of the Fund. Wells Capital Management Incorporated is the sub-advisor of the Fund.