Wells Fargo Income Opportunities Fund (the Fund), formerly Wells Fargo Advantage Income Opportunities Fund, is a diversified closed-end management investment company. The Fund's investment objective is to seek high level of current income and capital appreciation is its secondary objective. The Fund may invest in direct debt instruments, which are interests in amounts owed to lenders by corporate or other borrowers. The Fund invests in a range of sectors, which include consumer discretionary, including auto components, household durables and leisure products; consumer staples, including beverages and food products; energy, including energy equipment and services; financials, including banks and capital markets; healthcare, including healthcare technology and pharmaceuticals; industrials; materials; telecommunication services, and utilities. Wells Fargo Funds Management, LLC is an investment advisor of the Fund. Wells Capital Management Incorporated is the sub advisor of the Fund.