UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM N-Q QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY Investment Company Act file number: 811-22005 Wells Fargo Advantage Global Dividend Opportunity Fund (Exact name of registrant as specified in charter) 525 Market Street, 12th Floor, San Francisco, CA 94105 (Address of principal executive offices) (Zip code) C. David Messman Wells Fargo Funds Management, LLC 525 Market Street, 12th Floor, San Francisco, CA 94105 (Name and address of agent for service) Registrant's telephone number, including area code: 800-643-9691 Date of fiscal year end: October 31, 2009 Date of reporting period: July 31, 2010 ITEM 1. SCHEDULE OF INVESTMENTS PORTFOLIO OF INVESTMENTS - JULY 31, 2010 (UNAUDITED) WELLS FARGO ADVANATGE GLOBAL DIVIDEND OPPORTUNITY FUND (FORMERLY, EVERGREEN GLOBAL DIVIDEND OPPORTUNITY FUND) SHARES SECURITY NAME VALUE ---------- --------------------------------------------------------------------------- ------------ COMMON STOCKS: 55.28% AUSTRALIA: 2.26% 500,000 WESTPAC BANKING CORPORATION (FINANCIALS, Commercial Banks) $ 10,851,874 ------------ BRAZIL: 0.14% 25,000 VIVO PARTICIPACOES SA, ADR (TELECOMMUNICATION SERVICES, Wireless Telecommunication Services) 668,500 ------------ FINLAND: 0.48% 100,004 FORTUM OYJ (UTILITIES, Electric Utilities) 2,326,217 ------------ FRANCE: 5.58% 200,000 BOUYGUES SA (INDUSTRIALS, Construction & Engineering) 8,444,416 700,000 FRANCE TELECOM SA (TELECOMMUNICATION SERVICES, Diversified Telecommunication Services) 14,659,141 200,000 SUEZ ENVIRONNEMENT SA (UTILITIES, Multi-Utilities) 3,721,798 26,825,355 ------------ GERMANY: 6.25% 706,274 DEUTSCHE POST AG (INDUSTRIALS, Air Freight & Logistics) 12,264,082 300,000 E.ON AG (UTILITIES, Electric Utilities) 8,950,690 125,000 RWE AG (UTILITIES, Multi-Utilities) 8,827,217 30,041,989 ------------ ITALY: 17.56% 5,000,000 ENEL SPA (UTILITIES, Electric Utilities) 24,548,100 1,000,000 ENI SPA (ENERGY, Oil, Gas & Consumable Fuels) 20,446,433 5,500,000 HERA SPA (UTILITIES, Multi-Utilities) 10,435,630 3,221,354 MEDIASET SPA (CONSUMER DISCRETIONARY, Media) 20,706,189 2,000,000 TERNA SPA (UTILITIES, Electric Utilities) 8,314,101 84,450,453 ------------ SPAIN: 2.10% 500,000 IBERDROLA SA (UTILITIES, Electric Utilities) 3,528,280 150,000 RED ELECTRICA DE ESPANA (UTILITIES, Electric Utilities) 6,567,879 10,096,159 ------------ SWEDEN: 3.69% 999,952 TELE2 AB SERIES B (TELECOMMUNICATION SERVICES, Diversified Telecommunication Services) 17,728,540 ------------ UNITED KINGDOM: 2.14% 500,000 SEVERN TRENT PLC (UTILITIES, Water Utilities) 10,277,928 ------------ UNITED STATES: 15.08% 131,000 AMERESCO INCORPORATED CLASS A (INDUSTRIALS, Building Products) 1,310,000 100,000 AMERICAN WATER WORKS COMPANY INCORPORATED (UTILITIES, Water Utilities) 2,138,000 250,000 CHATHAM LODGING TRUST (FINANCIALS, Real Estate Investment Trusts)+ 3,792,500 100,000 COLONY FINANCIAL INCORPORATED (FINANCIALS, Real Estate Investment Trusts) 1,786,000 50,000 CONSTELLATION ENERGY GROUP INCORPORATED (UTILITIES, Independent Power Producers & Energy Traders) 1,580,000 42,500 CREXUS INVESTMENT CORPORATION (FINANCIALS, Real Estate Investment Trusts) 512,550 175,000 EQT CORPORATION (ENERGY, Oil, Gas & Consumable Fuels) 6,419,000 775,000 EXCEL TRUST INCORPORATED (FINANCIALS, Real Estate Investment Trusts)+ 8,866,000 250,000 EXCO RESOURCES INCORPORATED (ENERGY, Oil, Gas & Consumable Fuels) 3,627,500 25,000 FIRSTENERGY CORPORATION (UTILITIES, Electric Utilities) 942,500 150,000 HAWAIIAN ELECTRIC INDUSTRIES INCORPORATED (UTILITIES, Electric Utilities) 3,532,500 175,000 KAYNE ANDERSON MLP INVESTMENT COMPANY (ENERGY, Oil, Gas & Consumable Fuels) 4,704,000 70,000 MIDDLESEX WATER COMPANY (UTILITIES, Water Utilities) 1,158,500 140,000 NATIONAL FUEL GAS COMPANY (UTILITIES, Gas Utilities) 6,727,000 25,000 NEXTERA ENERGY INCORPORATED (UTILITIES, Electric Utilities) 1,307,500 THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 1 PORTFOLIO OF INVESTMENTS - JULY 31, 2010 (UNAUDITED) WELLS FARGO ADVANATGE GLOBAL DIVIDEND OPPORTUNITY FUND (FORMERLY, EVERGREEN GLOBAL DIVIDEND OPPORTUNITY FUND) SHARES SECURITY NAME VALUE ---------- --------------------------------------------------------------------------- ------------ UNITED STATES (continued) 340,000 NISKA GAS STORAGE PARTNERS LLC (ENERGY, Oil, Gas & Consumable Fuels) $ 6,524,600 40,000 PENNICHUCK CORPORATION (UTILITIES, Water Utilities)(I) 900,000 50,000 SCANA CORPORATION (UTILITIES, Multi-Utilities) 1,915,500 20,000 SEMPRA ENERGY (UTILITIES, Multi-Utilities) 995,000 339,999 SHENANDOAH TELECOMMUNICATIONS COMPANY (TELECOMMUNICATION SERVICES, Wireless Telecommunication Services)(I) 6,623,181 280,000 STARWOOD PROPERTY TRUST INCORPORATED (FINANCIALS, Real Estate Investment Trusts) 4,972,800 30,000 VISA INCORPORATED CLASS A (INFORMATION TECHNOLOGY, IT Services) 2,200,500 72,535,131 ------------ TOTAL COMMON STOCKS (COST $274,046,768) 265,802,146 ------------ CONVERTIBLE PREFERRED STOCK: 0.88% YIELD MATURITY DATE ------ ------------- UNITED STATES: 0.88% 4,000 EL PASO CORPORATION (ENERGY, Oil, Gas & Consumable Fuels)++ 4.99% 12/31/2049 4,260,000 TOTAL CONVERTIBLE PREFERRED STOCK (COST $2,720,560) 4,260,000 ------------ PREFERRED STOCKS: 31.64% YIELD ------ NETHERLANDS: 1.57% 100,000 AEGON NV (FINANCIALS, Insurance) 6.375% 2,015,000 144,532 ING GROEP NV (FINANCIALS, Diversified Financial Services) 7.05 3,013,492 117,000 ING GROEP NV (FINANCIALS, Diversified Financial Services) 7.375 2,506,140 7,534,632 ------------ SPAIN: 1.19% 205,040 SANTANDER BANCORP (FINANCIALS, Commercial Banks) 10.50 5,741,120 ------------ UNITED KINGDOM: 1.72% 40,000 BARCLAYS PLC SERIES 2 (FINANCIALS, Commercial Banks) 6.625 911,200 20,000 BARCLAYS PLC, (FINANCIALS, Commercial Banks) 8.125 518,600 175,000 HSBC HOLDINGS PLC, (FINANCIALS, Commercial Banks) 8.00 4,546,500 90,000 LLOYDS BANKING GROUP PLC (FINANCIALS, Commercial Banks) 8.00 2,294,100 8,270,400 ------------ UNITED STATES: 27.16% 20,000 ATP OIL & GAS (ENERGY, Oil, Gas & Consumable Fuels)++ 8.00 1,099,064 100,000 BANK OF AMERICA CORPORATION SERIES 5 (FINANCIALS, Diversified Financial Services) 6.37 1,745,000 33,000 BANK OF AMERICA CORPORATION (FINANCIALS, Diversified Financial Services) 7.75 776,490 100,000 BANK OF AMERICA CORPORATION (FINANCIALS, Diversified Financial Services) 8.20 2,532,000 200,000 BB&T CAPITAL TRUST VII (FINANCIALS, Diversified Financial Services) 8.10 5,242,000 200,000 CALENERGY CAPITAL TRUST III (UTILITIES, Multi-Utilities) 6.50 9,325,000 66,124 CONNECTICUT LIGHT & POWER COMPANY SERIES 1963 (UTILITIES, Electric Utilities) 4.50 2,605,702 53,850 CONSOLIDATED EDISON INCORPORATED SERIES A (UTILITIES, Electric Utilities) 5.00 4,819,575 11,005 CONSOLIDATED EDISON INCORPORATED SERIES D (UTILITIES, Electric Utilities) 4.65 970,160 30,214 CONSTELLATION ENERGY GROUP INCORPORATED SERIES A (UTILITIES, Independent Power Producers & Energy Traders) 8.625 790,398 5,120 DAYTON POWER & LIGHT COMPANY SERIES B (UTILITIES, Electric Utilities) 3.75 334,290 9,416 DAYTON POWER & LIGHT COMPANY SERIES C (UTILITIES, Electric Utilities) 3.75 675,304 17,500 DAYTON POWER & LIGHT COMPANY SERIES C (UTILITIES, Electric Utilities) 3.90 1,214,610 130,000 DUQUESNE LIGHT COMPANY (UTILITIES, Electric Utilities) 6.50 6,421,774 34,710 E.I. DUPONT DE NEMOURS & COMPANY (MATERIALS, Chemicals) 4.50 2,933,689 7,565 ENTERGY ARKANSAS INCORPORATED (UTILITIES, Electric Utilities) 4.32 588,825 THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 2 PORTFOLIO OF INVESTMENTS - JULY 31, 2010 (UNAUDITED) WELLS FARGO ADVANATGE GLOBAL DIVIDEND OPPORTUNITY FUND (FORMERLY, EVERGREEN GLOBAL DIVIDEND OPPORTUNITY FUND) SHARES SECURITY NAME YIELD VALUE ---------- -------------------------------------------------------------------------- ------ ------------ UNITED STATES (continued) 2,732 ENTERGY ARKANSAS INCORPORATED (UTILITIES, Electric Utilities) 4.56% $ 217,521 8,444 ENTERGY ARKANSAS INCORPORATED (UTILITIES, Electric Utilities) 6.08 807,849 400,000 ENTERGY ARKANSAS INCORPORATED (UTILITIES, Electric Utilities) 6.45 9,525,000 13,578 ENTERGY ARKANSAS INCORPORATED SERIES 1965 (UTILITIES, Electric Utilities) 4.56 1,056,963 100,000 ENTERGY LOUISIANA LLC (UTILITIES, Electric Utilities) 6.00 2,548,000 200,000 ENTERGY LOUISIANA, LLC (UTILITIES, Electric Utilities) 6.95 18,325,000 3,248 ENTERGY MISSISSIPPI INCORPORATED (UTILITIES, Electric Utilities) 4.36 240,555 10,679 ENTERGY MISSISSIPPI INCORPORATED (UTILITIES, Electric Utilities) 4.92 928,625 6,102 ENTERGY NEW ORLEANS INCORPORATED (UTILITIES, Electric Utilities) 4.75 497,526 11,893 ENTERGY NEW ORLEANS INCORPORATED (UTILITIES, Electric Utilities) 5.56 1,089,021 12,500 FPC CAPITAL TRUST I SERIES A (FINANCIALS, Diversified Financial Services) 7.10 320,750 10,000 HELLER FINANCIAL INCORPORATED (FINANCIALS, Diversified Financial Services) 6.69 943,750 20,000 INDIANAPOLIS POWER & LIGHT COMPANY, (UTILITIES, Electric Utilities) 4.20 1,839,376 101,100 INTERSTATE POWER AND LIGHT COMPANY (UTILITIES, Electric Utilities) 8.375 2,791,371 40,000 JPMORGAN CHASE CAPITAL XXIX (FINANCIALS, Diversified Financial Services) 6.70 988,000 30,000 MERRILL LYNCH CAPITAL TRUST I (FINANCIALS, Capital Markets) 6.45 667,500 1,900 NEW YORK STATE ELECTRIC & GAS CORPORATION (UTILITIES, Electric Utilities) 3.75 132,211 19,840 PACIFIC ENTERPRISES (UTILITIES, Gas Utilities) 4.40 1,617,581 126,000 PACIFIC GAS & ELECTRIC COMPANY SERIES D (UTILITIES, Electric Utilities) 5.00 2,788,380 39,900 PACIFIC GAS & ELECTRIC COMPANY SERIES I (UTILITIES, Electric Utilities) 4.36 788,025 130,000 PACIFIC GAS & ELECTRIC COMPANY (UTILITIES, Electric Utilities) 4.80 2,847,000 250,000 PNC CAPITAL TRUST E (FINANCIALS, Diversified Financial Services) 7.75 6,520,000 75,000 PRINCIPAL FINANCIAL GROUP SERIES A (FINANCIALS, Insurance) 5.56 6,285,938 100,000 PROTECTIVE LIFE CORPORATION (FINANCIALS, Insurance) 8.00 2,207,000 12,000 SCANA CORPORATION SERIES A (UTILITIES, Multi-Utilities) 7.70 334,200 48,100 SOUTHERN CALIFORNIA EDISON COMPANY SERIES B (UTILITIES, Electric Utilities) 4.08 911,495 85,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES D (UTILITIES, Electric Utilities) 4.32 1,656,642 200,000 SOVEREIGN CAPITAL TRUST V (FINANCIALS, Commercial Banks) 7.75 5,090,000 65,000 SUNTRUST CAPITAL IX (FINANCIALS, Diversified Financial Services) 7.875 1,652,950 1,300 UNION ELECTRIC COMPANY SERIES 1969 (UTILITIES, Electric Utilities) 4.00 95,224 14,600 UNION ELECTRIC COMPANY (UTILITIES, Electric Utilities) 4.50 1,077,205 120,000 VORNADO REALTY LP (FINANCIALS, Real Estate Investment Trusts) 7.875 3,128,400 6,000 XCEL ENERGY INCORPORATED (UTILITIES, Multi-Utilities) 3.60 405,000 52,320 XCEL ENERGY INCORPORATED (UTILITIES, Multi-Utilities) 4.10 4,071,150 30,030 XCEL ENERGY INCORPORATED (UTILITIES, Multi-Utilities) 4.16 2,417,415 19,880 XCEL ENERGY INCORPORATED (UTILITIES, Multi-Utilities) 4.56 1,707,692 130,594,196 ------------ TOTAL PREFERRED STOCKS (COST $141,877,809) 152,140,348 ------------ CLOSED END MUTUAL FUNDS: 0.91% UNITED STATES: 0.91% 175,000 TORTOISE ENERGY CAPITAL CORPORATION (CLOSED END INVESTMENT COMPANIES) 4,375,000 TOTAL CLOSED END MUTUAL FUNDS (COST $4,375,000) 4,375,000 ------------ SHORT-TERM INVESTMENTS: 4.87% YIELD ------ INVESTMENT COMPANIES: 4.87% 23,405,477 WELLS FARGO ADVANTAGE MONEY MARKET TRUST (L)(U) 0.31% 23,405,477 TOTAL SHORT-TERM INVESTMENTS (COST $23,405,477) 23,405,477 ------------ THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 3 PORTFOLIO OF INVESTMENTS - JULY 31, 2010 (UNAUDITED) WELLS FARGO ADVANATGE GLOBAL DIVIDEND OPPORTUNITY FUND (FORMERLY, EVERGREEN GLOBAL DIVIDEND OPPORTUNITY FUND) TOTAL INVESTMENTS IN SECURITIES (COST $446,425,614)* 93.58% $449,982,971 OTHER ASSETS AND LIABILITIES, NET 6.42 30,845,722 ------ ------------ TOTAL NET ASSETS 100.00% $480,828,693 ------ ------------ + NON-INCOME EARNING SECURITIES. (I) ILLIQUID SECURITY. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO SECTION 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. (L) INVESTMENT IN AN AFFILIATE. (U) RATE SHOWN IS THE 7-DAY ANNUALIZED YIELD AT PERIOD END. * COST FOR FEDERAL INCOME TAX PURPOSES IS $451,241,808 AND NET UNREALIZED APPRECIATION (DEPRECIATION) CONSISTS OF: GROSS UNREALIZED APPRECIATION $ 27,093,772 GROSS UNREALIZED DEPRECIATION (28,352,609) ------------ NET UNREALIZED DEPRECIATION $ (1,258,837) THE PORTFOLIO OF INVESTMENTS SHOULD BE READ IN CONJUNCTION WITH THE FINANCIAL STATEMENTS AND NOTES TO FINANCIAL STATEMENTS WHICH ARE INCLUDED IN THE FUND'S AUDITED ANNUAL REPORT OR SEMI-ANNUAL REPORT. THESE REPORTS INCLUDE ADDITIONAL INFORMATION ABOUT THE FUND'S SECURITY VALUATION POLICIES AND ABOUT CERTAIN SECURITY TYPES INVESTED IN BY THE FUND. 4 WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND NOTE TO PORTFOLIO OF INVESTMENTS (unaudited) July 31, 2010 The Fund's portfolio of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the Fund's shareholders. For more information regarding the Fund and its holdings, please see the Fund's most recent prospectus and annual report. SECURITIES VALUATION Investments in securities are valued each business day as of the close of regular trading on the New York Stock Exchange, which is usually 4:00 p.m. (Eastern Time). Securities which are traded on a national or foreign securities exchange are valued at the last reported sales price. Securities listed on The NASDAQ Stock Market, Inc. ("NASDAQ") are valued at the NASDAQ Official Closing Price ("NOCP"), and if no NOCP is available, then at the last reported sales price. If no sales price is shown on the NASDAQ, the bid price will be used. In the absence of any sale of securities listed on the NASDAQ, and in the case of other securities, including U.S. Government obligations, but excluding debt securities maturing in 60 days or less, the price will be deemed "stale" and the valuations will be determined in accordance with the Funds' Fair Valuation Procedures. Securities denominated in foreign currencies are translated into U.S. dollars using the closing rates of exchange in effect on the day of valuation. Many securities markets and exchanges outside the U.S. close prior to the close of the New York Stock Exchange and therefore may not fully reflect trading or events that occur after the close of the principal exchange in which the foreign investments are traded but before the close of the New York Stock Exchange. If such trading or events are expected to materially affect the value of the investments, then those investments are fair valued following procedures approved by the Board of Trustees. These procedures take into account multiple factors including movements in U.S. securities markets after foreign exchanges close. Depending on market activity, such fair valuations may be frequent. In light of the judgment involved in fair value decisions, there can be no assurance that a fair value assigned to a particular security is accurate. Such fair value pricing may result in NAVs that are higher or lower than NAVs based on the closing price or latest quoted bid price. Investments in open-end mutual funds are valued at net asset value. Investments which are not valued using any of the methods discussed above, are valued at their fair value, as determined by procedures established in good faith and approved by the Board of Trustees. The valuation techniques used by the Funds to measure fair value are consistent with the market approach, income approach and/or cost approach, where applicable, for each security type. FOREIGN CURRENCY TRANSLATION The accounting records of the Funds are maintained in U.S. dollars. Assets, including investment securities, and liabilities denominated in foreign currency are translated into U.S. dollars at the prevailing rates of exchange at the date of valuation. Purchases and sales of securities, and income and expenses are translated at the prevailing rate of exchange on the respective dates of such transactions. Reported net realized foreign exchange gains or losses arise from sales of foreign currencies, currency gains or losses realized between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded and the U.S. dollar equivalent of the amounts actually paid or received. Net unrealized foreign exchange gains and losses arise from changes in the fair value of assets and liabilities other than investments in securities, at fiscal period-end, resulting in changes in exchange rates. The changes in net assets arising from changes in exchange rates and the changes in net assets resulting from changes in market prices of securities at fiscal period-end are not separately presented. Such changes are recorded with net realized and unrealized gain from investments. Gains and loses from certain foreign currency transactions are treated as ordinary income for U.S. federal income tax purposes. OPTIONS Certain Funds may be subject to equity price risk in the normal course of pursuing its investment objectives. The Fund may write covered put or call options. When a Fund writes an option, an amount equal to the premium received is recorded as a liability and is subsequently adjusted to the current market value of the written option. Premiums received from written options, which expire unexercised, are recognized as realized gains from investments on the expiration date. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is treated as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security in calculating the realized gain or loss on the sale. If a put option is exercised, the premium reduces the cost of the security purchased. The Fund, as a writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. The Fund may also purchase call or put options. The premium is included in the Statement of Assets and Liabilities as an investment which is subsequently adjusted to the current market value of the option. Premiums paid for purchased options which expire are recognized as realized losses from investments on the expiration date. Premiums paid for purchased options which are exercised or closed are added to the amount paid or offset against the proceeds on the underlying security to determine the realized gain or loss. The risk of loss associated with purchased options is limited to the premium paid. Options traded on an exchange are regulated and terms of the options are standardized. Options traded over the counter expose the Fund to counterparty risk in the event the counterparty does not perform. This risk is mitigated by having a master netting arrangement between the Fund and the counterparty and by having the counterparty post collateral to cover the Fund's exposure to the counterparty. FAIR VALUATION MEASUREMENTS Fair value measurements of investments are determined within a framework that has established a fair value hierarchy based upon the various data inputs utilized in determining the value of the Fund's investments. The three-level hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The Fund's investments are classified within the fair value hierarchy based on the lowest level of input that is significant to the fair value measurement. The inputs are summarized into three broad levels as follows: Level 1 - quoted prices in active markets for identical securities Level 2 - other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.) Level 3 - significant unobservable inputs (including the Fund's own assumptions in determining the fair value of investments) The inputs or methodologies used for valuing securities are not necessarily an indication of the risk associated with investing in those securities. As of July 31, 2010, the inputs used in valuing the Fund's assets, which are carried at fair value, were as follows: SIGNIFICANT OTHER SIGNIFICANT OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS INVESTMENTS IN SECURITIES (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL ------------------------- ------------- ----------- ------------ ------------ Equity securities COMMON STOCKS $265,802,146 $ 0 $0 $265,802,146 CONVERTIBLE PREFERRED STOCKS 0 4,260,000 0 4,260,000 PREFERRED STOCKS 80,155,123 71,985,225 0 152,140,348 CLOSED END FUNDS 4,375,000 0 0 4,375,000 Investment companies 23,405,477 0 0 23,405,477 ------------ ----------- -- ------------ $373,737,746 $76,245,225 $0 $449,982,971 ------------ ----------- -- ------------ As of July 31, 2010, the inputs used in valuing the Fund's other financial instruments, which are carried at fair value, were as follows: SIGNIFICANT OTHER SIGNIFICANT OBSERVABLE UNOBSERVABLE QUOTED PRICES INPUTS INPUTS OTHER FINANCIAL INSTRUMENTS (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL --------------------------- ------------- ----------- ------------ ------------ WRITTEN OPTIONS $0 $(1,320,602) $0 $(1,320,602)) The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value: PREFERRED WRITTEN STOCKS OPTIONS --------- --------- Balance as of Novemeber 1, 2009 $ 701,424 $ (49,648) Realized gains or losses (45,687) 186,115 Change in unrealized gains or losses 125,447 (136,467) Net purchases (sales) (781,184) 0 Transfers in and/or out of Level 3 0 0 --------- --------- Balance as of July 31, 2010 $ 0 $ 0 --------- --------- Change in unrealized gains or losses included in earnings relating to securities still held at July 31, 2010 $ 0 $ 0 --------- --------- DERIVATIVE TRANSACTIONS During the nine months ended July 31, 2010, the Fund entered into written options for hedging purposes. Open call options written as of July 31, 2010 were as follows: Expiration Number Strike Market Premiums Date of Contracts Price Value Received ---------- ------------ ---------- -------- -------- 08/20/2010 Amsterdam Exchange Index 465 347 EUR $ 76,957 $111,208 08/20/2010 CAC 40 Index 427 3,774 EUR 147,792 204,352 08/20/2010 DAX Index 497 6,489 EUR 24,287 99,266 08/20/2010 IBEX 35 Index 1,511 10,723 EUR 329,444 343,105 08/20/2010 NASDAQ 100 Index 107 1,956 USD 54,142 109,568 08/20/2010 OMX Stockholm 30 Index 1,379 1,103 SEK 58,830 132,551 08/20/2010 Russell 2000 Index 315 665 USD 317,205 232,785 08/20/2010 S&P 500 Index 1,826 116 USD 153,384 92,724 08/20/2010 SX5E Index 566 2,848 EUR 122,439 198,509 08/20/2010 UKX Index 247 5,519 GBP 36,122 77,474 The Fund had average premiums received on written options in the amount of $1,099,287 during the nine months ended July 31, 2010. ITEM 2. CONTROLS AND PROCEDURES (a) The President and Treasurer have concluded that the Wells Fargo Advantage Global Dividend Opportunity Fund (the "Fund") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) provide reasonable assurances that material information relating to the Fund is made known to them by the appropriate persons based on their evaluation of these controls and procedures as of a date within 90 days of the filing of this report. (b) There were no changes in the Fund's internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) or in other factors that occurred during the registrant's last fiscal quarter that has materially affected or is reasonably likely to materially affect, the registrant's internal control over financial reporting. SIGNATURES Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. Wells Fargo Advantage Global Dividend Opportunity Fund By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: September 28, 2010 Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated. Wells Fargo Advantage Global Dividend Opportunity Fund By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: September 28, 2010 By: /s/ Kasey Phillips Kasey Phillips Treasurer Date: September 28, 2010