UNITED STATES
SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Wells Fargo Advantage Global Dividend Opportunity Fund

(Exact name of registrant as specified in charter)

525 Market Street, 12^th Floor, San Francisco, CA 94105
(Address of principal executive offices) (Zip code)

C. David Messman
Wells Fargo Funds Management, LLC
525 Market Street, 12^th 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, 2010

Date of reporting period: January 31, 2011

 

 

ITEM 1. SCHEDULE OF INVESTMENTS

PORTFOLIO OF INVESTMENTS — January 31, 2011 (UNAUDITED)

WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND

Shares				Security Name		Value
Common Stocks: 67.41%
Brazil: 0.17%
	25,000			Vivo Participacoes SA ADR (Telecommunication Services, Wireless Telecommunication Services)		$	851,000
Finland: 2.92%
	475,004			Fortum Oyj (Utilities, Electric Utilities)			14,632,917
France: 6.96%
	225,000			Bouygues SA (Industrials, Construction & Engineering)			10,477,080
	900,000			France Telecom SA (Telecommunication Services, Diversified Telecommunication Services)			19,660,314
	230,000			Suez Environnement SA (Utilities, Multi-Utilities)			4,750,335
							34,887,729
Germany: 2.58%
	706,274			Deutsche Post AG (Industrials, Air Freight & Logistics)			12,948,067
Italy: 15.87%
	2,875,001			Enel SpA (Utilities, Electric Utilities)			16,247,113
	1,000,000			ENI SpA (Energy, Oil, Gas & Consumable Fuels)			23,686,300
	5,963,673			Hera SpA (Utilities, Multi-Utilities)			13,872,615
	2,500,000			Mediaset SpA (Consumer Discretionary, Media)			16,232,988
	2,175,000			TERNA SpA (Utilities, Electric Utilities)			9,499,507
							79,538,523
Portugal: 2.23%
	959,797			Portugal Telecom SGPS SA ADR (Telecommunication Services, Diversified Telecommunication Services)			11,191,233
Spain: 3.12%
	513,888			Iberdrola SA (Utilities, Electric Utilities)			4,404,473
	220,000			Red Electrica de Espana (Utilities, Electric Utilities)			11,226,211
							15,630,684
Sweden: 4.42%
	1,002,238			Tele2 AB Series B (Telecommunication Services, Diversified Telecommunication Services)			22,143,671
United Kingdom: 5.15%
	250,000			National Grid plc (Utilities, Multi-Utilities)			2,212,556
	300,000			Pennon Group plc (Utilities, Water Utilities)			2,897,747
	190,000			Scottish & Southern Energy plc (Utilities, Electric Utilities)			3,527,435
	500,000			Severn Trent plc (Utilities, Water Utilities)			10,956,657
	390,223			United Utilities Group plc (Utilities, Multi-Utilities)			3,397,304
	100,000			Vodafone Group plc ADR (Telecommunication Services, Wireless Telecommunication Services)			2,836,000
							25,827,699
United States: 23.99%
	131,000			Ameresco Incorporated Class A (Industrials, Building Products)†			2,029,190
	25,000			American Assets Trust Incorporated (Financials, Real Estate Investment Trusts (REITs))†			532,250
	100,000			American Water Works Company Incorporated (Utilities, Water Utilities)			2,550,000
	200,000			CenterPoint Energy Incorporated (Utilities, Multi-Utilities)			3,230,000
	500,000			Chatham Lodging Trust (Financials, Real Estate Investment Trusts (REITs))			8,270,000
	100,000			Colony Financial Incorporated (Financials, Real Estate Investment Trusts (REITs))			2,020,000
	250,000			Comcast Corporation Class A (Consumer Discretionary, Media)#			5,687,500
	50,000			Constellation Energy Group Incorporated (Utilities, Independent Power Producers & Energy Traders)			1,612,500
	25,000			Convergys Corporation (Information Technology, IT Services)†			356,000
	66,400			EQT Corporation (Energy, Oil, Gas & Consumable Fuels)			3,199,816
	1,275,000			Excel Trust Incorporated (Financials, Real Estate Investment Trusts (REITs))			16,294,500
	25,000			FirstEnergy Corporation (Utilities, Electric Utilities)			978,000

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.

PORTFOLIO OF INVESTMENTS — January 31, 2011 (UNAUDITED)

WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND

Shares				Security Name		Value
United States (continued)
	125,000			Hawaiian Electric Industries Incorporated (Utilities, Electric Utilities)		$	3,112,500
	65,000			Hicks Acquisition Company II Incorporated (Financials, Consumer Finance)†			659,750
	200,000			Invesco Mortgage Capital (Financials, Real Estate Investment Trusts (REITs))			4,474,000
	100,000			Kayne Anderson MLP Investment Company (Energy, Oil, Gas & Consumable Fuels)			2,950,000
	37,899			Middlesex Water Company (Utilities, Water Utilities)			673,844
	100,000			National Fuel Gas Company (Utilities, Gas Utilities)			6,834,000
	75,000			NII Holdings Incorporated (Telecommunication Services, Wireless Telecommunication Services)†			3,148,500
	330,000			Niska Gas Storage Partners LLC (Energy, Oil, Gas & Consumable Fuels)			6,652,800
	300,000			NV Energy Incorporated (Utilities, Electric Utilities)			4,311,000
	1,010,400			optionsXpress Holdings Incorporated (Financials, Capital Markets)			15,014,544
	40,000			Pennichuck Corporation (Utilities, Water Utilities)			1,124,000
	55,000			PG&E Corporation (Utilities, Multi-Utilities)			2,545,400
	50,000			SCANA Corporation (Utilities, Multi-Utilities)			2,113,500
	249,999			Shenandoah Telecommunications Company (Telecommunication Services, Wireless Telecommunication Services)(i)			4,182,483
	250,000			Starwood Property Trust Incorporated (Financials, Real Estate Investment Trusts (REITs))			5,627,500
	300,000			VeriSign Incorporated (Information Technology, Internet Software & Services)			10,095,000
							120,278,577
Total Common Stocks (Cost $317,978,102)							337,930,100

Principal						Interest Rate				Maturity Date
Corporate Bonds and Notes: 1.19%
United States: 1.19%
	100,000			Ares Capital Corporation (Financials,Capital Markets)			7.75	%			10/15/2040				2,439,000
	4,000,000			Regions Financing Trust II (Financials,Consumer Finance)			6.63				05/15/2047				3,540,000
Total Corporate Bonds and Notes (Cost $6,004,582)															5,979,000
Shares
Preferred Stocks: 26.11%

						Dividend
						Yield
Canada: 0.30%
	59,058			Nexen Incorporated (Energy, Oil, Gas & Consumable Fuels)			7.35				1,484,718
Netherlands: 0.19%
	45,000			Aegon NV (Financials, Insurance)			6.50				968,850
United Kingdom: 1.38%
	225,000			Barclays Bank plc (Financials, Commercial Banks)			8.13				5,802,750
	50,000			National Westminster Bank plc (Financials, Commercial Banks)			7.76				1,136,000
											6,938,750
United States: 24.24%
	20,000			ATP Oil & Gas Corporation (Energy, Oil, Gas & Consumable Fuels) ††			8.00				1,944,680
	100,000			Bank of America Corporation Series 3 (Financials, Diversified Financial Services)			6.38				2,243,000
	100,000			Bank of America Corporation Series 5 (Financials, Diversified Financial Services) ±			6.37				1,818,000
	50,000			Bank of America Corporation Series 8 (Financials, Diversified Financial Services)			8.63				1,316,000
	90,000			Bank of America Corporation Series H (Financials, Diversified Financial Services)			8.20				2,294,100
	135,000			Branch Banking & Trust Capital Trust VII (Financials, Commercial Banks)			8.10				3,615,300

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.

PORTFOLIO OF INVESTMENTS — January 31, 2011 (UNAUDITED)

WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND

						Dividend
Shares				Security Name		Yield				Value
United States (continued)
	100,000			Citigroup Capital XII (Financials, Commercial Banks)			8.50	%		$	2,630,000
	66,124			Connecticut Light & Power Company Series 1963 (Utilities, Electric Utilities)			4.50				2,527,180
	53,850			Consolidated Edison Incorporated Series A (Utilities, Electric Utilities)			5.00				4,903,581
	30,214			Constellation Energy Group Incorporated Series A (Utilities, Independent Power Producers & Energy Traders)			8.63				808,225
	110,000			Deutsche Bank Contingent Capital Trust V (Financials, Commercial Banks)			8.05				2,861,100
	105,000			Duquesne Light Company (Utilities, Electric Utilities)			6.50				5,152,867
	22,210			E.I. DuPont de Nemours & Company (Materials, Chemicals)			4.50				2,002,898
	25,000			Entergy Arkansas Incorporated (Utilities, Electric Utilities)			5.75				625,750
	400,000			Entergy Arkansas Incorporated (Utilities, Electric Utilities)			6.45				9,925,000
	13,578			Entergy Arkansas Incorporated Series 1965 (Utilities, Electric Utilities)			4.56				1,044,234
	75,000			Entergy Louisiana LLC (Utilities, Electric Utilities)			5.88				1,881,750
	200,000			Entergy Louisiana LLC (Utilities, Electric Utilities)			6.95				19,643,760
	11,893			Entergy New Orleans Incorporated (Utilities, Electric Utilities)			5.56				1,032,057
	89,600			Fifth Third Capital Trust VII (Financials, Commercial Banks)			8.88				2,368,128
	200,000			First Potomac Realty Trust Series A (Financials, Real Estate Investment Trusts (REITs))			7.75				5,024,000
	500			FPC Capital Trust I Series A (Utilities, Multi-Utilities)			7.10				12,785
	46,090			Hawaiian Electric Company (Utilities, Electric Utilities)			4.75				737,440
	40,000			Hawaiian Electric Company (Utilities, Electric Utilities)			5.25				731,252
	40,000			Heller Financial Incorporated (Financials, Diversified Financial Services)			6.69				3,787,500
	9,000			Heller Financial Incorporated (Financials, Diversified Financial Services)			6.95				891,844
	8,700			Interstate Power & Light Company (Utilities, Electric Utilities)			8.38				248,820
	172,100			MetLife Incorporated (Financials, Insurance)			6.50				4,266,359
	19,840			Pacific Enterprises Incorporated (Utilities, Gas Utilities)			4.40				1,603,320
	130,000			Pacific Gas & Electric Company (Utilities, Electric Utilities)			4.80				2,782,000
	126,000			Pacific Gas & Electric Company Series D (Utilities, Electric Utilities)			5.00				2,809,800
	39,900			Pacific Gas & Electric Company Series I (Utilities, Electric Utilities)			4.36				788,025
	100,000			Protective Life Corporation (Financials, Insurance)			8.00				2,259,000
	48,000			Prudential Financial Incorporated (Financials, Insurance)			9.00				1,336,320
	80,000			Red Lion Hotels Capital Trust (Consumer Discretionary, Hotels, Restaurants & Leisure)			9.50				2,037,600
	30,000			Royal Bank of Scotland Group plc ADR (Financials, Commercial Banks)			5.75				532,500
	12,000			SCANA Corporation Series A (Utilities, Multi-Utilities)			7.70				332,160
	85,000			Southern California Edison Company Series D (Utilities, Electric Utilities)			4.32				1,665,150
	48,000			SunTrust Capital IX (Financials, Commercial Banks)			7.88				1,249,920
	10,000			Union Electric Company (Utilities, Electric Utilities)			4.50				737,265
	120,000			Vornado Realty LP (Financials, Real Estate Investment Trusts (REITs))			7.88				3,225,600
	52,320			Xcel Energy Incorporated (Utilities, Multi-Utilities)			4.10				3,896,208
	30,030			Xcel Energy Incorporated (Utilities, Multi-Utilities)			4.16				2,492,490
	19,880			Xcel Energy Incorporated (Utilities, Multi-Utilities)			4.56				1,664,751
	5,717,000			Zions Bancorporation (Financials, Commercial Banks)			6.00				5,755,647
											121,505,366
Total Preferred Stocks (Cost $122,492,813)											130,897,684
Investment Companies: 0.86%
United States: 0.86%
	175,000			Tortoise Energy Capital Corporation							4,319,000
Total Investment Companies (Cost $4,375,000)											4,319,000

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.

PORTFOLIO OF INVESTMENTS — January 31, 2011 (UNAUDITED)

WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND

Shares				Security Name						Yield				Value
Short-Term Investments: 0.29%
Investment Companies: 0.29%
	1,464,137			Wells Fargo Advantage Cash Investment Money Market Fund(l)(u)							0.12	%		$	1,464,137
Total Short-Term Investments (Cost $1,464,137)															1,464,137
Total Investments in Securities (Cost $452,314,634)*							95.86	%							480,589,921
Other Assets and Liabilities, Net							4.14								20,750,080
Total Net Assets							100.00	%						$	501,340,001

Gross unrealized appreciation		$	37,306,552
Gross unrealized depreciation			(14,770,503	)
Net unrealized appreciation		$	22,536,049

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.

WELLS FARGO ADVANTAGE GLOBAL DIVIDEND OPPORTUNITY FUND

NOTES TO PORTFOLIOS OF INVESTMENTS (unaudited)		January 31, 2011

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, except that 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 Fund’s 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. 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.

Certain fixed income securities with maturities exceeding 60 days are valued based on available market quotations received from an independent pricing service approved by the Trust’s Board of Trustees which may utilize both transaction data and market information such as yield, prices of securities of comparable quality, coupon rate, maturity, type of issue, trading characteristics and other market data. If valuations are not available from the pricing service or values received are deemed not representative of market value, values will be obtained from a third party broker-dealer or determined based on the Fund’s Fair Value Procedures.

Investments in open-end mutual funds are valued at net asset value.

Certain 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 Fund 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 January 31, 2011, 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		$	337,930,100			$	0			$	0			$	337,930,100
Preferred stocks			72,218,682				58,679,002				0				130,897,684
Investment companies			4,319,000				0				0				4,319,000
Corporate bonds and notes			0				5,979,000				0				5,979,000
Short-term investments
Investment companies			1,464,137				0				0				1,464,137
		$	415,931,919			$	64,658,002			$	0			$	480,589,921

As of January 31, 2011, 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		$	(17,925	)		$	(161,249	)		$	0			$	(179,174	)

The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:

		Preferred stocks
Balance as of October 31, 2010		$	749,700
Accrued discounts (premiums)			0
Realized gains (losses)			(18,012	)
Change in unrealized gains (losses)			0
Purchases			(731,688	)
Sales			0
Transfers into Level 3			0
Transfers out of Level 3			0
Balance as of January 31, 2011		$	0
Change in unrealized gains (losses) included in earnings relating to securities still held at January 31, 2011		$	0

DERIVATIVE TRANSACTIONS

During the three months ended January 31, 2011, the Fund entered into written options for hedging purposes, in order to reduce market exposure.

During the three months ended January 31, 2011, the Fund had written option activities as follows:

		Number of				Premiums
		Contracts				Received
Options outstanding at October 31, 2010			11,446			$	1,404,145
Options written			21,424				990,317
Options expired			(19,122	)			(1,745,888	)
Options terminated in closing purchase transactions			(6,539	)			(309,422	)
Options outstanding at January 31, 2011			7,209			$	339,152

Open call options written at January 31, 2011 were as follows for the Fund:

Expiration						Number of				Strike				Market				Premiums
Date				Issuer Name		Contracts				Price				Value				Received
February 2011				AEX Index			420			383 EUR				$	4,537			$	14,462
February 2011				CAC Index			377			4,274 EUR					9,758				22,766
February 2011				Comcast Corporation, Class A			717			24 USD					17,925				25,547
February 2011				DAX Index			428			7,517 EUR					4,985				16,530
February 2011				IBEX Index			1,396			11,543 EUR					63,779				84,862
February 2011				NDX Index			89			2,436 USD					6,481				18,409
February 2011				OMX Index			1,185			1,216 SEK					15,264				26,835
February 2011				RTY Index			263			828 USD					26,347				61,647
February 2011				S&P 400 Midcap Index			223			976 USD					17,510				28,758
February 2011				SPY Index			1,601			137 USD					4,563				10,326
February 2011				SX5E Index			510			3,163 EUR					8,025				29,010

The Fund had average premiums received on written options in the amount of $473,076 during the three months ended January 31, 2011.

ITEM 2. CONTROLS AND PROCEDURES

(a) The President and Treasurer have concluded that the Wells Fargo Advantage Global Dividend Opportunity Fund (the “Trust”) 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 Trust 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 significant changes in the Trust’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) 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.

     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.