-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: webmaster@www.sec.gov Originator-Key-Asymmetric: MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB MIC-Info: RSA-MD5,RSA, TYfY+XLUlwVgz8wtrwSOO9IZHZLHxzCyvHNM3+xAkfFCvC65iB39X9skepOXHT2l n7OOUGFWn/YVlqnnqcxJDw== 0000935069-08-001223.txt : 20080528 0000935069-08-001223.hdr.sgml : 20080528 20080528115955 ACCESSION NUMBER: 0000935069-08-001223 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 20080331 FILED AS OF DATE: 20080528 DATE AS OF CHANGE: 20080528 EFFECTIVENESS DATE: 20080528 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FARGO VARIABLE TRUST CENTRAL INDEX KEY: 0001081402 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-09255 FILM NUMBER: 08862808 BUSINESS ADDRESS: STREET 1: 525 MARKET STREET CITY: SAN FRANCISCO STATE: CA ZIP: 94163 BUSINESS PHONE: 800-222-8222 MAIL ADDRESS: STREET 1: 525 MARKET STREET STREET 2: 12TH FLOOR CITY: SAN FRANCISCO STATE: CA ZIP: 94105 0001081402 S000007215 VT Asset Allocation Fund C000019811 VT Asset Allocation Fund 0001081402 S000007218 VT Discovery Fund C000019816 VT Discovery Fund 0001081402 S000007219 VT Total Return Bond Fund C000019817 VT Total Return Bond Fund 0001081402 S000007220 VT Large Company Growth Fund C000019818 VT Large Company Growth Fund 0001081402 S000007221 VT Equity Income Fund C000019819 VT Equity Income Fund 0001081402 S000007222 VT International Core Fund C000019820 VT International Core Fund 0001081402 S000007223 VT C&B Large Cap Value Fund C000019821 VT C&B Large Cap Value Fund 0001081402 S000007224 VT Large Company Core Fund C000019822 VT Large Company Core Fund 0001081402 S000007225 VT Money Market Fund C000019823 VT Money Market Fund 0001081402 S000007226 VT Small/Mid Cap Value Fund C000019824 VT Small/Mid Cap Value Fund 0001081402 S000007227 VT Opportunity Fund C000019825 VT Opportunity Fund 0001081402 S000007228 VT Small Cap Growth Fund C000019826 VT Small Cap Growth Fund N-Q 1 g45845_nqvariabletrust.txt G45845_NQVARIABLETRUST.TXT 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: 811-09255 Wells Fargo Variable Trust (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: December 31, 2008 Date of reporting period: March 31, 2008 ITEM 1. SCHEDULE OF INVESTMENTS WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 57.93% AMUSEMENT & RECREATION SERVICES: 0.06% 3,488 INTERNATIONAL GAME TECHNOLOGY $ 140,252 -------------- APPAREL & ACCESSORY STORES: 0.20% 960 ABERCROMBIE & FITCH COMPANY CLASS A 70,214 5,071 GAP INCORPORATED 99,797 3,497 KOHL'S CORPORATION + 149,986 3,465 LIMITED BRANDS INCORPORATED 59,252 1,996 NORDSTROM INCORPORATED 65,070 444,319 -------------- APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 0.07% 965 JONES APPAREL GROUP INCORPORATED 12,950 1,109 LIZ CLAIBORNE INCORPORATED 20,128 656 POLO RALPH LAUREN CORPORATION 38,238 978 VF CORPORATION 75,805 147,121 -------------- AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS: 0.03% 1,505 AUTONATION INCORPORATED +<< 22,530 479 AUTOZONE INCORPORATED +<< 54,525 77,055 -------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 0.02% 647 RYDER SYSTEM INCORPORATED 39,409 -------------- BIOPHARMACEUTICALS: 0.48% 4,851 CELGENE CORPORATION + 297,318 2,984 GENZYME CORPORATION + 222,427 10,358 GILEAD SCIENCES INCORPORATED + 533,748 1,053,493 -------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.07% 1,364 CENTEX CORPORATION 33,022 3,055 D.R. HORTON INCORPORATED 48,116 858 KB HOME << 21,218 1,551 LENNAR CORPORATION CLASS A << 29,174 2,383 PULTE HOMES INCORPORATED << 34,673 166,203 -------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 0.43% 18,819 HOME DEPOT INCORPORATED 526,367 16,309 LOWE'S COMPANIES INCORPORATED 374,128 1,136 SHERWIN-WILLIAMS COMPANY << 57,981 958,476 -------------- BUSINESS SERVICES: 3.59% 6,344 ADOBE SYSTEMS INCORPORATED +<< 225,783 1,070 AFFILIATED COMPUTER SERVICES INCORPORATED CLASS A + 53,618 1,863 AKAMAI TECHNOLOGIES INCORPORATED +<< 52,462 2,574 AUTODESK INCORPORATED + 81,030 5,829 AUTOMATIC DATA PROCESSING INCORPORATED 247,091 2,142 BMC SOFTWARE INCORPORATED +<< 69,658 4,350 CA INCORPORATED 97,875
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE BUSINESS SERVICES (continued) 2,066 CITRIX SYSTEMS INCORPORATED + $ 60,596 3,215 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A + 92,688 1,824 COMPUTER SCIENCES CORPORATION + 74,401 3,057 COMPUWARE CORPORATION + 22,438 1,413 CONVERGYS CORPORATION + 21,280 12,438 EBAY INCORPORATED + 371,150 3,532 ELECTRONIC ARTS INCORPORATED + 176,317 5,679 ELECTRONIC DATA SYSTEMS CORPORATION 94,555 1,445 EQUIFAX INCORPORATED 49,824 1,908 FIDELITY NATIONAL INFORMATION SERVICES INCORPORATED 72,771 1,833 FISERV INCORPORATED + 88,149 2,585 GOOGLE INCORPORATED CLASS A + 1,138,615 2,044 IMS HEALTH INCORPORATED 42,944 5,253 INTERPUBLIC GROUP OF COMPANIES INCORPORATED +<< 44,178 3,654 INTUIT INCORPORATED +<< 98,695 5,838 JUNIPER NETWORKS INCORPORATED + 145,950 89,255 MICROSOFT CORPORATION 2,533,057 1,399 MONSTER WORLDWIDE INCORPORATED + 33,870 3,926 NOVELL INCORPORATED + 24,695 3,575 OMNICOM GROUP INCORPORATED 157,944 44,105 ORACLE CORPORATION + 862,694 1,771 ROBERT HALF INTERNATIONAL INCORPORATED 45,586 8,840 SUN MICROSYSTEMS INCORPORATED + 137,285 9,438 SYMANTEC CORPORATION +<< 156,860 2,217 TOTAL SYSTEM SERVICES INCORPORATED 52,454 3,940 UNISYS CORPORATION + 17,454 2,379 VERISIGN INCORPORATED +<< 79,078 14,911 YAHOO! INCORPORATED +<< 431,375 7,954,420 -------------- CHEMICALS & ALLIED PRODUCTS: 6.00% 17,236 ABBOTT LABORATORIES 950,565 2,391 AIR PRODUCTS & CHEMICALS INCORPORATED 219,972 12,128 AMGEN INCORPORATED + 506,708 1,187 AVERY DENNISON CORPORATION 58,460 4,759 AVON PRODUCTS INCORPORATED 188,171 1,203 BARR PHARMACEUTICALS INCORPORATED + 58,117 3,320 BIOGEN IDEC INCORPORATED + 204,811 22,072 BRISTOL-MYERS SQUIBB COMPANY 470,134 1,548 CLOROX COMPANY 87,679 5,685 COLGATE-PALMOLIVE COMPANY 442,918 10,477 DOW CHEMICAL COMPANY 386,077 10,028 E.I. DU PONT DE NEMOURS & COMPANY 468,909 889 EASTMAN CHEMICAL COMPANY 55,518 1,957 ECOLAB INCORPORATED 84,993 11,030 ELI LILLY & COMPANY 569,038 1,272 ESTEE LAUDER COMPANIES INCORPORATED CLASS A 58,321 3,472 FOREST LABORATORIES INCORPORATED + 138,915 1,769 HOSPIRA INCORPORATED + 75,660 903 INTERNATIONAL FLAVORS & FRAGRANCES INCORPORATED 39,777 31,587 JOHNSON & JOHNSON 2,049,049 2,743 KING PHARMACEUTICALS INCORPORATED + 23,864 6,110 MONSANTO COMPANY 681,265 3,394 MYLAN LABORATORIES INCORPORATED +<< 39,370 75,393 PFIZER INCORPORATED 1,577,975 1,826 PPG INDUSTRIES INCORPORATED 110,491 3,493 PRAXAIR INCORPORATED 294,215 34,318 PROCTER & GAMBLE COMPANY 2,404,662 1,397 ROHM & HAAS COMPANY 75,550 18,076 SCHERING-PLOUGH CORPORATION 260,475 1,442 SIGMA-ALDRICH CORPORATION 86,015
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE CHEMICALS & ALLIED PRODUCTS (continued) 14,920 WYETH $ 623,059 13,290,733 -------------- COAL MINING: 0.13% 2,035 CONSOL ENERGY INCORPORATED 140,802 3,022 PEABODY ENERGY CORPORATION 154,122 294,924 -------------- COMMUNICATIONS: 2.47% 4,513 AMERICAN TOWER CORPORATION CLASS A +<< 176,955 67,306 AT&T INCORPORATED 2,577,820 1,189 CENTURYTEL INCORPORATED 39,522 3,654 CITIZENS COMMUNICATIONS COMPANY 38,330 5,551 CLEAR CHANNEL COMMUNICATIONS INCORPORATED 162,200 33,576 COMCAST CORPORATION CLASS A 649,360 7,945 DIRECTV GROUP INCORPORATED + 196,957 1,710 EMBARQ CORPORATION 68,571 2,014 IAC/INTERACTIVECORP + 41,811 17,145 QWEST COMMUNICATIONS INTERNATIONAL INCORPORATED << 77,667 31,769 SPRINT NEXTEL CORPORATION + 212,535 32,014 VERIZON COMMUNICATIONS INCORPORATED 1,166,910 5,062 WINDSTREAM CORPORATION 60,491 5,469,129 -------------- DEPOSITORY INSTITUTIONS: 4.46% 49,536 BANK OF AMERICA CORPORATION 1,877,910 12,727 BANK OF NEW YORK MELLON CORPORATION 531,098 6,091 BB&T CORPORATION << 195,277 58,057 CITIGROUP INCORPORATED 1,243,581 1,678 COMERICA INCORPORATED 58,864 5,941 FIFTH THIRD BANCORP 124,286 1,409 FIRST HORIZON NATIONAL CORPORATION << 19,740 5,780 HUDSON CITY BANCORP INCORPORATED 102,190 4,084 HUNTINGTON BANCSHARES INCORPORATED << 43,903 37,875 JPMORGAN CHASE & COMPANY 1,626,731 4,446 KEYCORP 97,590 858 M&T BANK CORPORATION 69,052 2,919 MARSHALL & ILSLEY CORPORATION 67,721 7,069 NATIONAL CITY CORPORATION 70,337 2,140 NORTHERN TRUST CORPORATION 142,246 3,800 PNC FINANCIAL SERVICES GROUP << 249,166 7,734 REGIONS FINANCIAL CORPORATION << 152,747 4,029 SOVEREIGN BANCORP INCORPORATED +<< 37,550 4,320 STATE STREET CORPORATION 341,280 3,912 SUNTRUST BANKS INCORPORATED 215,708 19,288 US BANCORP 624,160 22,100 WACHOVIA CORPORATION << 596,700 9,841 WASHINGTON MUTUAL INCORPORATED << 101,362 36,763 WELLS FARGO & COMPANY(L) 1,069,803 8,359 WESTERN UNION COMPANY 177,796 1,194 ZIONS BANCORPORATION 54,387 9,891,185 -------------- E-COMMERCE/SERVICES: 0.11% 3,439 AMAZON.COM INCORPORATED + 245,201 -------------- EATING & DRINKING PLACES: 0.45% 1,597 DARDEN RESTAURANTS INCORPORATED 51,982
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE EATING & DRINKING PLACES (continued) 12,842 MCDONALD'S CORPORATION $ 716,198 974 WENDY'S INTERNATIONAL INCORPORATED 22,460 5,302 YUM! BRANDS INCORPORATED 197,287 987,927 -------------- EDUCATIONAL SERVICES: 0.03% 1,531 APOLLO GROUP INCORPORATED CLASS A +<< 66,139 -------------- ELECTRIC, GAS & SANITARY SERVICES: 2.32% 7,463 AES CORPORATION + 124,408 1,864 ALLEGHENY ENERGY INCORPORATED 94,132 3,760 ALLIED WASTE INDUSTRIES INCORPORATED + 40,646 2,327 AMEREN CORPORATION 102,481 4,465 AMERICAN ELECTRIC POWER COMPANY INCORPORATED 185,878 3,650 CENTERPOINT ENERGY INCORPORATED 52,086 2,511 CMS ENERGY CORPORATION 33,999 3,034 CONSOLIDATED EDISON INCORPORATED 120,450 1,984 CONSTELLATION ENERGY GROUP INCORPORATED 175,128 6,410 DOMINION RESOURCES INCORPORATED 261,784 1,820 DTE ENERGY COMPANY << 70,780 14,082 DUKE ENERGY CORPORATION 251,364 5,529 DYNEGY INCORPORATED CLASS A + 43,624 3,633 EDISON INTERNATIONAL 178,090 7,814 EL PASO CORPORATION 130,025 2,131 ENTERGY CORPORATION << 232,449 7,373 EXELON CORPORATION 599,204 3,399 FIRSTENERGY CORPORATION 233,239 4,542 FPL GROUP INCORPORATED 284,965 852 INTEGRYS ENERGY GROUP INCORPORATED 39,737 503 NICOR INCORPORATED 16,856 3,057 NISOURCE INCORPORATED 52,703 2,242 PEPCO HOLDINGS INCORPORATED 55,422 3,967 PG&E CORPORATION 146,065 1,120 PINNACLE WEST CAPITAL CORPORATION 39,290 4,163 PPL CORPORATION 191,165 2,900 PROGRESS ENERGY INCORPORATED 120,930 5,669 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 227,837 1,926 QUESTAR CORPORATION 108,935 2,913 SEMPRA ENERGY 155,205 7,053 SPECTRA ENERGY CORPORATION 160,456 2,351 TECO ENERGY INCORPORATED 37,498 8,527 THE SOUTHERN COMPANY 303,646 5,523 WASTE MANAGEMENT INCORPORATED 185,352 4,785 XCEL ENERGY INCORPORATED 95,461 5,151,290 --------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 4.28% 6,752 ADVANCED MICRO DEVICES INCORPORATED +<< 39,769 3,426 ALTERA CORPORATION 63,141 3,277 ANALOG DEVICES INCORPORATED 96,737 5,212 BROADCOM CORPORATION CLASS A + 100,435 970 CIENA CORPORATION +<< 29,905 66,472 CISCO SYSTEMS INCORPORATED + 1,601,310 1,965 COOPER INDUSTRIES LIMITED CLASS A 78,895 8,778 EMERSON ELECTRIC COMPANY 451,716 111,353 GENERAL ELECTRIC COMPANY 4,121,175 674 HARMAN INTERNATIONAL INDUSTRIES INCORPORATED << 29,346 2,320 JABIL CIRCUIT INCORPORATED 21,947 2,507 JDS UNIPHASE CORPORATION +<< 33,569 2,007 KLA-TENCOR CORPORATION 74,460
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 1,364 L-3 COMMUNICATIONS HOLDINGS INCORPORATED $ 149,140 2,463 LINEAR TECHNOLOGY CORPORATION << 75,589 7,371 LSI LOGIC CORPORATION +<< 36,486 2,547 MEMC ELECTRONIC MATERIALS INCORPORATED + 180,582 2,105 MICROCHIP TECHNOLOGY INCORPORATED << 68,897 8,479 MICRON TECHNOLOGY INCORPORATED + 50,620 1,567 MOLEX INCORPORATED 36,292 25,143 MOTOROLA INCORPORATED 233,830 2,529 NATIONAL SEMICONDUCTOR CORPORATION 46,331 3,830 NETAPP INCORPORATED + 76,792 1,137 NOVELLUS SYSTEMS INCORPORATED +<< 23,934 6,195 NVIDIA CORPORATION + 122,599 1,497 QLOGIC CORPORATION +<< 22,979 17,979 QUALCOMM INCORPORATED 737,139 1,810 ROCKWELL COLLINS INCORPORATED 103,442 4,614 TELLABS INCORPORATED + 25,146 14,790 TEXAS INSTRUMENTS INCORPORATED 418,113 5,435 TYCO ELECTRONICS LIMITED 186,529 843 WHIRLPOOL CORPORATION 73,156 3,192 XILINX INCORPORATED 75,810 9,485,811 -------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.20% 987 FLUOR CORPORATION 139,325 1,353 JACOBS ENGINEERING GROUP INCORPORATED + 99,567 2,293 MOODY'S CORPORATION << 79,865 3,609 PAYCHEX INCORPORATED 123,644 442,401 -------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 0.19% 1,087 BALL CORPORATION 49,937 1,717 FORTUNE BRANDS INCORPORATED 119,332 4,465 ILLINOIS TOOL WORKS INCORPORATED 215,347 643 SNAP-ON INCORPORATED 32,697 417,313 -------------- FINANCIAL SERVICES: 0.02% 1,647 JANUS CAPITAL GROUP INCORPORATED 38,326 -------------- FOOD & KINDRED PRODUCTS: 2.40% 7,974 ANHEUSER-BUSCH COMPANIES INCORPORATED 378,366 7,176 ARCHER DANIELS MIDLAND COMPANY 295,364 2,455 CAMPBELL SOUP COMPANY 83,347 3,206 COCA-COLA ENTERPRISES INCORPORATED 77,585 5,437 CONAGRA FOODS INCORPORATED 130,216 2,164 CONSTELLATION BRANDS INCORPORATED CLASS A +<< 38,238 3,755 GENERAL MILLS INCORPORATED 224,849 3,514 H.J. HEINZ COMPANY 165,053 1,265 HERCULES INCORPORATED 23,137 2,906 KELLOGG COMPANY 152,739 17,099 KRAFT FOODS INCORPORATED CLASS A 530,235 1,426 MCCORMICK & COMPANY INCORPORATED 52,719 1,533 MOLSON COORS BREWING COMPANY 80,590 1,529 PEPSI BOTTLING GROUP INCORPORATED 51,848 17,862 PEPSICO INCORPORATED 1,289,636 7,941 SARA LEE CORPORATION 111,015 22,287 THE COCA-COLA COMPANY 1,356,610 1,875 THE HERSHEY COMPANY << 70,631 3,052 TYSON FOODS INCORPORATED CLASS A 48,679
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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE FOOD & KINDRED PRODUCTS (continued) 2,413 WM. WRIGLEY JR. COMPANY $ 151,633 5,312,490 -------------- FOOD STORES: 0.24% 7,501 KROGER COMPANY 190,525 4,908 SAFEWAY INCORPORATED 144,050 8,144 STARBUCKS CORPORATION + 142,520 1,555 WHOLE FOODS MARKET INCORPORATED << 51,268 528,363 -------------- FORESTRY: 0.07% 2,336 WEYERHAEUSER COMPANY << 151,933 -------------- FURNITURE & FIXTURES: 0.08% 1,869 LEGGETT & PLATT INCORPORATED << 28,502 4,066 MASCO CORPORATION 80,629 3,085 NEWELL RUBBERMAID INCORPORATED 70,554 179,685 -------------- GENERAL MERCHANDISE STORES: 1.06% 1,008 BIG LOTS INCORPORATED +<< 22,478 1,567 FAMILY DOLLAR STORES INCORPORATED << 30,557 2,472 JCPENNEY COMPANY INCORPORATED 93,219 4,828 MACY'S INCORPORATED 111,334 813 SEARS HOLDINGS CORPORATION +<< 82,999 9,129 TARGET CORPORATION 462,658 4,873 TJX COMPANIES INCORPORATED << 161,150 26,348 WAL-MART STORES INCORPORATED 1,388,013 2,352,408 -------------- HEALTH SERVICES: 0.16% 3,976 CARDINAL HEALTH INCORPORATED 208,780 1,232 LABORATORY CORPORATION OF AMERICA HOLDINGS +<< 90,774 5,290 TENET HEALTHCARE CORPORATION + 29,941 1,155 WATSON PHARMACEUTICALS INCORPORATED +<< 33,865 363,360 -------------- HOLDING & OTHER INVESTMENT OFFICES: 0.70% 1,022 APARTMENT INVESTMENT & MANAGEMENT COMPANY CLASS A << 36,598 856 AVALONBAY COMMUNITIES INCORPORATED 82,621 1,332 BOSTON PROPERTIES INCORPORATED 122,637 1,332 DEVELOPERS DIVERSIFIED REALTY CORPORATION 55,784 3,006 EQUITY RESIDENTIAL 124,719 2,975 GENERAL GROWTH PROPERTIES INCORPORATED 113,556 2,619 HCP INCORPORATED 88,548 5,838 HOST HOTELS & RESORTS INCORPORATED 92,941 2,819 KIMCO REALTY CORPORATION 110,420 1,908 PLUM CREEK TIMBER COMPANY 77,656 2,879 PROLOGIS << 169,458 1,388 PUBLIC STORAGE INCORPORATED 123,005 2,487 SIMON PROPERTY GROUP INCORPORATED << 231,067 1,505 VORNADO REALTY TRUST << 129,746 1,558,756 --------------
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. 6 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.11% 2,921 BED BATH & BEYOND INCORPORATED +<< $ 86,170 3,929 BEST BUY COMPANY INCORPORATED << 162,896 249,066 -------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.12% 3,355 MARRIOTT INTERNATIONAL INCORPORATED CLASS A 115,278 2,099 STARWOOD HOTELS & RESORTS WORLDWIDE INCORPORATED 108,623 1,974 WYNDHAM WORLDWIDE CORPORATION << 40,822 264,723 -------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.72% 7,891 3M COMPANY 624,573 9,800 APPLE INCORPORATED + 1,406,300 15,094 APPLIED MATERIALS INCORPORATED 294,484 3,450 BAKER HUGHES INCORPORATED 236,325 679 BLACK & DECKER CORPORATION << 44,882 2,434 CAMERON INTERNATIONAL CORPORATION + 101,352 6,958 CATERPILLAR INCORPORATED 544,742 2,254 CUMMINS INCORPORATED 105,532 4,862 DEERE & COMPANY 391,099 24,989 DELL INCORPORATED + 497,781 2,140 DOVER CORPORATION 89,409 1,633 EATON CORPORATION 130,101 23,424 EMC CORPORATION 335,900 1,794 GAMESTOP CORPORATION CLASS A + 92,768 27,491 HEWLETT-PACKARD COMPANY 1,255,239 3,040 INGERSOLL-RAND COMPANY LIMITED CLASS A 135,523 64,543 INTEL CORPORATION 1,367,021 15,437 INTERNATIONAL BUSINESS MACHINES CORPORATION 1,777,416 1,058 LEXMARK INTERNATIONAL INCORPORATED + 32,502 1,448 MANITOWOC COMPANY INCORPORATED 59,078 3,980 NATIONAL OILWELL VARCO INCORPORATED + 232,352 1,367 PALL CORPORATION 47,941 1,878 PARKER HANNIFIN CORPORATION 130,089 2,353 PITNEY BOWES INCORPORATED 82,402 2,554 SANDISK CORPORATION + 57,644 2,239 SMITH INTERNATIONAL INCORPORATED 143,811 872 STANLEY WORKS 41,525 2,002 TERADATA CORPORATION + 44,164 1,132 TEREX CORPORATION + 70,750 1,937 TRANE INCORPORATED 88,908 10,461,613 -------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.20% 3,407 AON CORPORATION 136,961 1,897 HUMANA INCORPORATED + 85,099 5,810 MARSH & MCLENNAN COMPANIES INCORPORATED 141,474 3,868 UNUMPROVIDENT CORPORATION 85,135 448,669 -------------- INSURANCE CARRIERS: 2.72% 3,678 ACE LIMITED 202,511 5,537 AETNA INCORPORATED 233,052 5,294 AFLAC INCORPORATED 343,845 6,249 ALLSTATE CORPORATION 300,327 3,198 AMBAC FINANCIAL GROUP INCORPORATED << 18,389 28,127 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,216,493 1,066 ASSURANT INCORPORATED 64,877
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. 7 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE INSURANCE CARRIERS (continued) 4,128 CHUBB CORPORATION $ 204,253 3,123 CIGNA CORPORATION 126,700 1,845 CINCINNATI FINANCIAL CORPORATION 70,184 4,824 GENWORTH FINANCIAL INCORPORATED 109,215 3,501 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED 265,271 1,886 LEUCADIA NATIONAL CORPORATION 85,285 2,950 LINCOLN NATIONAL CORPORATION 153,400 4,902 LOEWS CORPORATION 197,158 2,343 MBIA INCORPORATED +<< 28,631 7,908 METLIFE INCORPORATED 476,536 1,327 MGIC INVESTMENT CORPORATION << 13,973 2,881 PRINCIPAL FINANCIAL GROUP INCORPORATED 160,529 4,973 PRUDENTIAL FINANCIAL INCORPORATED 389,137 1,000 SAFECO CORPORATION 43,880 7,564 THE PROGRESSIVE CORPORATION 121,553 6,917 THE TRAVELERS COMPANIES INCORPORATED 330,978 1,014 TORCHMARK CORPORATION 60,952 13,954 UNITEDHEALTH GROUP INCORPORATED 479,459 6,043 WELLPOINT INCORPORATED + 266,678 1,983 XL CAPITAL LIMITED CLASS A 58,598 6,021,864 -------------- LEATHER & LEATHER PRODUCTS: 0.05% 3,924 COACH INCORPORATED + 118,309 -------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 0.97% 4,070 AGILENT TECHNOLOGIES INCORPORATED + 121,408 1,866 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 61,317 2,721 BECTON DICKINSON & COMPANY 233,598 14,977 BOSTON SCIENTIFIC CORPORATION + 192,754 1,118 C.R. BARD INCORPORATED << 107,775 5,561 COVIDIEN LIMITED 246,074 2,839 DANAHER CORPORATION 215,849 3,213 EASTMAN KODAK COMPANY << 56,774 613 MILLIPORE CORPORATION + 41,322 1,311 PERKINELMER INCORPORATED 31,792 1,753 QUEST DIAGNOSTICS INCORPORATED 79,358 4,754 RAYTHEON COMPANY 307,156 1,654 ROCKWELL AUTOMATION INCORPORATED 94,973 1,944 TERADYNE INCORPORATED + 24,144 4,667 THERMO FISHER SCIENTIFIC INCORPORATED + 265,272 1,114 WATERS CORPORATION + 62,050 2,141,616 -------------- MEDICAL EQUIPMENT & SUPPLIES: 0.38% 12,523 MEDTRONIC INCORPORATED 605,738 3,836 ST. JUDE MEDICAL INCORPORATED + 165,677 1,401 VARIAN MEDICAL SYSTEMS INCORPORATED +<< 65,623 837,038 -------------- MEDICAL MANAGEMENT SERVICES: 0.23% 1,725 COVENTRY HEALTH CARE INCORPORATED + 69,604 2,819 EXPRESS SCRIPTS INCORPORATED + 181,318 5,842 MEDCO HEALTH SOLUTIONS INCORPORATED + 255,821 506,743 -------------- MEDICAL PRODUCTS: 0.85% 3,411 ALLERGAN INCORPORATED 192,346
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. 8 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE MEDICAL PRODUCTS (continued) 7,074 BAXTER INTERNATIONAL INCORPORATED $ 409,019 24,145 MERCK & COMPANY INCORPORATED 916,303 2,659 STRYKER CORPORATION 172,968 2,600 ZIMMER HOLDINGS INCORPORATED + 202,436 1,893,072 -------------- METAL MINING: 0.29% 4,268 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 410,667 5,054 NEWMONT MINING CORPORATION 228,946 639,613 -------------- MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.04% 1,208 VULCAN MATERIALS COMPANY << 80,211 -------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.19% 1,590 HASBRO INCORPORATED 44,361 4,029 MATTEL INCORPORATED 80,177 1,416 TIFFANY & COMPANY 59,245 5,408 TYCO INTERNATIONAL LIMITED 238,200 421,983 -------------- MISCELLANEOUS RETAIL: 0.74% 4,848 COSTCO WHOLESALE CORPORATION 314,975 15,967 CVS CAREMARK CORPORATION 646,823 637 DILLARD'S INCORPORATED CLASS A 10,963 3,043 OFFICE DEPOT INCORPORATED + 33,625 846 OFFICEMAX INCORPORATED 16,192 1,461 RADIOSHACK CORPORATION 23,741 7,816 STAPLES INCORPORATED 172,812 11,055 WALGREEN COMPANY 421,085 1,640,216 -------------- MOTION PICTURES: 0.77% 25,657 NEWS CORPORATION CLASS A 481,069 39,880 TIME WARNER INCORPORATED 559,118 20,997 WALT DISNEY COMPANY 658,886 1,699,073 -------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 0.52% 3,450 FEDEX CORPORATION 319,712 11,534 UNITED PARCEL SERVICE INCORPORATED CLASS B << 842,213 1,161,925 -------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.70% 2,175 AMERICAN CAPITAL STRATEGIES LIMITED << 74,298 12,891 AMERICAN EXPRESS COMPANY 563,595 4,159 CAPITAL ONE FINANCIAL CORPORATION 204,706 2,132 CIT GROUP INCORPORATED 25,264 6,476 COUNTRYWIDE FINANCIAL CORPORATION << 35,618 5,342 DISCOVER FINANCIAL SERVICES 87,449 10,909 FANNIE MAE 287,125 7,204 FREDDIE MAC 182,405 5,202 SLM CORPORATION + 79,851 1,540,311 --------------
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. 9 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE OFFICE EQUIPMENT: 0.07% 10,232 XEROX CORPORATION $ 153,173 -------------- OIL & GAS EXTRACTION: 2.68% 5,219 ANADARKO PETROLEUM CORPORATION 328,954 3,713 APACHE CORPORATION 448,605 3,266 BJ SERVICES COMPANY 93,114 5,101 CHESAPEAKE ENERGY CORPORATION 235,411 4,955 DEVON ENERGY CORPORATION 516,955 1,605 ENSCO INTERNATIONAL INCORPORATED 100,505 2,754 EOG RESOURCES INCORPORATED 330,480 9,814 HALLIBURTON COMPANY 385,985 3,129 NABORS INDUSTRIES LIMITED + 105,666 2,995 NOBLE CORPORATION 148,762 1,916 NOBLE ENERGY INCORPORATED 139,485 9,172 OCCIDENTAL PETROLEUM CORPORATION 671,115 1,671 RANGE RESOURCES CORPORATION 106,025 1,241 ROWAN COMPANIES INCORPORATED 51,104 13,356 SCHLUMBERGER LIMITED 1,161,972 3,543 TRANSOCEAN INCORPORATED + 479,014 3,782 WEATHERFORD INTERNATIONAL LIMITED + 274,082 5,690 XTO ENERGY INCORPORATED 351,983 5,929,217 -------------- PAPER & ALLIED PRODUCTS: 0.11% 1,110 BEMIS COMPANY INCORPORATED << 28,227 4,770 INTERNATIONAL PAPER COMPANY 129,744 1,938 MEADWESTVACO CORPORATION 52,752 1,454 PACTIV CORPORATION + 38,109 248,832 -------------- PERSONAL SERVICES: 0.05% 1,456 CINTAS CORPORATION 41,554 3,628 H & R BLOCK INCORPORATED << 75,317 116,871 -------------- PETROLEUM REFINING & RELATED INDUSTRIES: 4.33% 624 ASHLAND INCORPORATED 29,515 23,157 CHEVRON CORPORATION 1,976,682 17,412 CONOCOPHILLIPS 1,326,969 59,659 EXXON MOBIL CORPORATION 5,045,958 3,110 HESS CORPORATION 274,240 7,905 MARATHON OIL CORPORATION 360,478 2,115 MURPHY OIL CORPORATION 173,726 1,311 SUNOCO INCORPORATED 68,788 1,534 TESORO PETROLEUM CORPORATION 46,020 5,962 VALERO ENERGY CORPORATION 292,794 9,595,170 -------------- PIPELINES: 0.10% 6,523 THE WILLIAMS COMPANIES INCORPORATED 215,129 -------------- PRIMARY METAL INDUSTRIES: 0.44% 9,081 ALCOA INCORPORATED 327,461 1,125 ALLEGHENY TECHNOLOGIES INCORPORATED 80,280 3,212 NUCOR CORPORATION 217,581 1,549 PRECISION CASTPARTS CORPORATION 158,122 1,102 TITANIUM METALS CORPORATION << 16,585
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. 10 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE PRIMARY METAL INDUSTRIES (continued) 1,313 UNITED STATES STEEL CORPORATION << $ 166,580 966,609 --------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 0.39% 7,590 CBS CORPORATION CLASS B 167,587 998 E.W. SCRIPPS COMPANY CLASS A 41,926 2,562 GANNETT COMPANY INCORPORATED 74,426 3,599 MCGRAW-HILL COMPANIES INCORPORATED 132,983 420 MEREDITH CORPORATION 16,065 1,603 NEW YORK TIMES COMPANY CLASS A << 30,265 2,395 RR DONNELLEY & SONS COMPANY 72,592 7,146 VIACOM INCORPORATED CLASS B +<< 283,125 64 WASHINGTON POST COMPANY CLASS B 42,336 861,305 -------------- RAILROAD TRANSPORTATION: 0.52% 3,300 BURLINGTON NORTHERN SANTA FE CORPORATION 304,326 4,498 CSX CORPORATION 252,203 4,196 NORFOLK SOUTHERN CORPORATION 227,927 2,907 UNION PACIFIC CORPORATION 364,480 1,148,936 -------------- REAL ESTATE: 0.02% 1,937 CB RICHARD ELLIS GROUP INCORPORATED CLASS A +<< 41,917 -------------- RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 0.05% 1,802 SEALED AIR CORPORATION 45,501 2,678 THE GOODYEAR TIRE & RUBBER COMPANY + 69,092 114,593 -------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.50% 2,530 AMERIPRISE FINANCIAL INCORPORATED 131,181 1,316 BEAR STEARNS COMPANIES INCORPORATED << 13,805 10,470 CHARLES SCHWAB CORPORATION 197,150 594 CME GROUP INCORPORATED 278,645 5,151 E*TRADE FINANCIAL CORPORATION +<< 19,883 964 FEDERATED INVESTORS INCORPORATED CLASS B 37,750 1,753 FRANKLIN RESOURCES INCORPORATED 170,023 4,406 GOLDMAN SACHS GROUP INCORPORATED 728,708 782 INTERCONTINENTAL EXCHANGE INCORPORATED + 102,051 1,503 LEGG MASON INCORPORATED 84,138 5,916 LEHMAN BROTHERS HOLDINGS INCORPORATED << 222,678 10,834 MERRILL LYNCH & COMPANY INCORPORATED << 441,377 12,317 MORGAN STANLEY 562,887 2,955 NYSE EURONEXT INCORPORATED 182,353 2,941 T. ROWE PRICE GROUP INCORPORATED 147,050 3,319,679 -------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS: 0.19% 17,556 CORNING INCORPORATED 422,046 -------------- TOBACCO PRODUCTS: 0.86% 23,510 ALTRIA GROUP INCORPORATED 521,922 23,510 PHILIP MORRIS INTERNATIONAL + 1,189,136 1,908 REYNOLDS AMERICAN INCORPORATED << 112,629
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. 11 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
SHARES SECURITY NAME VALUE TOBACCO PRODUCTS (continued) 1,666 UST INCORPORATED $ 90,830 1,914,517 -------------- TRANSPORTATION BY AIR: 0.05% 8,203 SOUTHWEST AIRLINES COMPANY 101,717 -------------- TRANSPORTATION EQUIPMENT: 1.85% 8,528 BOEING COMPANY 634,227 976 BRUNSWICK CORPORATION 15,587 24,610 FORD MOTOR COMPANY + 140,769 4,485 GENERAL DYNAMICS CORPORATION 373,914 6,312 GENERAL MOTORS CORPORATION << 120,244 1,843 GENUINE PARTS COMPANY 74,125 1,394 GOODRICH CORPORATION 80,169 2,659 HARLEY-DAVIDSON INCORPORATED 99,713 8,300 HONEYWELL INTERNATIONAL INCORPORATED 468,286 2,024 ITT CORPORATION 104,863 6,621 JOHNSON CONTROLS INCORPORATED 223,790 3,822 LOCKHEED MARTIN CORPORATION 379,525 3,768 NORTHROP GRUMMAN CORPORATION 293,188 4,088 PACCAR INCORPORATED 183,960 2,773 TEXTRON INCORPORATED 153,680 10,945 UNITED TECHNOLOGIES CORPORATION 753,235 4,099,275 -------------- TRANSPORTATION SERVICES: 0.10% 1,910 C.H. ROBINSON WORLDWIDE INCORPORATED 103,904 2,376 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 107,348 211,252 -------------- TRAVEL & RECREATION: 0.11% 4,867 CARNIVAL CORPORATION 197,016 2,324 EXPEDIA INCORPORATED +<< 50,872 247,888 -------------- WHOLESALE TRADE NON-DURABLE GOODS: 0.40% 1,813 AMERISOURCEBERGEN CORPORATION 74,297 940 BROWN-FORMAN CORPORATION CLASS B 62,247 1,687 DEAN FOODS COMPANY +<< 33,892 3,227 MCKESSON CORPORATION 168,998 4,269 NIKE INCORPORATED CLASS B 290,292 2,358 SUPERVALU INCORPORATED 70,693 6,730 SYSCO CORPORATION 195,305 895,724 -------------- WHOLESALE TRADE-DURABLE GOODS: 0.19% 4,686 KIMBERLY-CLARK CORPORATION 302,481 1,442 PATTERSON COMPANIES INCORPORATED +<< 52,345 748 W.W. GRAINGER INCORPORATED 57,139 411,965 -------------- TOTAL COMMON STOCKS (COST $117,540,628) 128,349,982 --------------
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. 12 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE US TREASURY SECURITIES: 37.87% US TREASURY BONDS: 37.87% $ 5,725,000 US TREASURY BOND << 5.50% 08/15/2028 $ 6,637,422 5,443,000 US TREASURY BOND << 5.25 11/15/2028 6,125,503 5,537,000 US TREASURY BOND << 5.25 02/15/2029 6,240,803 5,255,000 US TREASURY BOND << 6.13 08/15/2029 6,579,833 8,634,000 US TREASURY BOND << 6.25 05/15/2030 11,036,678 8,634,000 US TREASURY BOND << 5.38 02/15/2031 9,985,756 13,797,000 US TREASURY BOND << 4.50 02/15/2036 14,252,949 8,071,000 US TREASURY BOND << 4.75 02/15/2037 8,680,740 8,165,000 US TREASURY BOND << 5.00 05/15/2037 9,133,957 5,161,000 US TREASURY BOND << 4.38 02/15/2038 5,222,287 83,895,928 ------------ TOTAL US TREASURY SECURITIES (COST $79,529,038) 83,895,928 ------------ SHARES COLLATERAL FOR SECURITIES LENDING: 42.50% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.72% 1,154,348 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 1,154,348 1,012,502 DREYFUS CASH MANAGEMENT FUND 1,012,502 1,649,069 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,649,069 3,815,919 ------------ PRINCIPAL COLLATERAL INVESTED IN OTHER ASSETS: 40.78% 1,649,069 AMSTEL FUNDING CORPORATION 2.85 04/16/2008 1,647,110 593,665 APRECO LLC 2.70 04/17/2008 592,952 2,770,435 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 2,766,126 3,627,951 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,628,263) 3.10 04/01/2008 3,627,951 1,649,069 BASF FINANCE EUROPE NV +++/- 3.89 10/17/2008 1,647,495 989,441 BNP PARIBAS +/- 3.13 08/07/2008 988,636 1,813,975 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,814,128) 3.04 04/01/2008 1,813,975 2,308,696 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,308,894) 3.08 04/01/2008 2,308,696 2,005,927 BRYANT BANK FUNDING 2.98 04/09/2008 2,004,599 546,336 CAFCO LLC 2.70 04/18/2008 545,640 2,443,920 CHARIOT FUNDING LLC 2.97 04/14/2008 2,441,298 824,534 CHARTA LLC 3.08 04/09/2008 823,970 939,969 CHEYNE FINANCE LLC +++/-/\/\(a)(i) 5.12 02/25/2008 845,972 1,503,951 CIESCO LLC 3.08 04/08/2008 1,503,050 2,473,603 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 2,473,603 3,957,764 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,958,105) 3.10 04/01/2008 3,957,764 824,534 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 822,061 1,649,069 EBBETS FUNDING LLC 3.65 04/01/2008 1,649,069 1,616,087 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 1,613,932 1,184,031 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 1,183,117 824,534 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 823,604 626,646 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 625,964 824,534 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 824,136 2,417,534 GALLEON CAPITAL LLC 2.88 04/16/2008 2,414,633 329,814 GALLEON CAPITAL LLC 3.10 04/18/2008 329,331 1,780,994 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,777,892 989,441 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 989,350 527,702 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY +/- 2.90 06/16/2008 527,702
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. 13 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 4,122,671 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $4,123,032) 3.15% 04/01/2008 $ 4,122,671 1,154,348 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 1,154,348 3,957,764 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,958,105) 3.10 04/01/2008 3,957,764 890,497 KITTY HAWK FUNDING CORPORATION 3.13 04/04/2008 890,265 1,649,069 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 1,648,244 824,534 METLIFE GLOBAL FUNDING I +++/- 2.59 10/21/2008 824,371 2,473,603 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 2,469,099 205,045 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 204,990 507,089 MORGAN STANLEY +/- 2.94 10/15/2008 506,831 494,721 MORGAN STANLEY +/- 3.07 04/07/2008 494,721 2,473,603 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,473,815) 3.08 04/01/2008 2,473,603 824,534 NATEXIS BANQUES POPULAIRES +++/- 4.91 09/08/2008 821,412 2,770,435 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 2,765,926 824,534 PARK AVENUE RECEIVABLES CORPORATION 3.15 04/03/2008 824,390 643,137 PICAROS FUNDING LLC 2.60 04/11/2008 642,672 587,068 PREMIUM ASSET TRUST +++/- 4.41 07/15/2008 586,686 1,682,050 RANGER FUNDING CORPORATION 2.71 04/18/2008 1,679,897 1,813,975 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 1,811,702 659,627 SLM CORPORATION +++/- 2.94 05/12/2008 658,438 1,319,255 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(a)(i) 5.27 04/03/2008 1,176,248 1,929,410 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,927,272 890,497 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 889,423 989,441 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 988,383 1,649,069 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 1,648,684 3,298,137 TRANSAMERICA OCCIDENTAL LIFE INSURANCE +/- 3.20 10/03/2008 3,298,137 692,609 TULIP FUNDING CORPORATION 2.88 04/21/2008 691,501 824,534 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 824,066 494,721 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 494,596 1,649,069 VERSAILLES CDS LLC 3.00 04/11/2008 1,647,694 524,404 VERSAILLES CDS LLC 3.45 04/08/2008 524,052 824,534 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 3.47 08/07/2008 735,155 824,534 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 5.11 05/02/2008 735,155 2,655,000 YORKTOWN CAPITAL LLC 2.72 04/03/2008 2,654,598 90,342,622 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $94,657,238) 94,158,541 ------------ SHARES SHORT-TERM INVESTMENTS: 4.02% 4,510,045 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 4,510,046 ------------ PRINCIPAL US TREASURY BILLS: 1.99% 60,000 US TREASURY BILL /\# 3.15 05/08/2008 59,909 95,000 US TREASURY BILL /\# 3.16 05/08/2008 94,856 415,000 US TREASURY BILL /\# 3.20 05/08/2008 414,372 30,000 US TREASURY BILL /\# 3.41 05/08/2008 29,955 700,000 US TREASURY BILL /\# 3.47 05/08/2008 698,941 50,000 US TREASURY BILL /\# 1.24 08/07/2008 49,759 50,000 US TREASURY BILL /\# 1.42 08/07/2008 49,759 50,000 US TREASURY BILL /\# 1.80 08/07/2008 49,759 2,975,000 US TREASURY BILL /\# 2.06 08/07/2008 2,960,666 4,407,976 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $8,908,300) 8,918,022 ------------
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. 14 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT ASSET ALLOCATION FUND
VALUE TOTAL INVESTMENTS IN SECURITIES (COST $300,635,204)* 142.32% $315,322,473 OTHER ASSETS AND LIABILITIES, NET (42.32) (93,769,395) ------ ------------ TOTAL NET ASSETS 100.00% $221,553,078 ------ ------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (L) LONG-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $920,154. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (i) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $4,510,046. /\ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. # SECURITY PLEDGED AS COLLATERAL FOR FUTURES TRANSACTIONS. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 15 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT C&B LARGE CAP VALUE FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 97.68% APPAREL & ACCESSORY STORES: 1.94% 11,953 KOHL'S CORPORATION + $ 512,664 ------------ APPAREL & OTHER FINISHED PRODUCTS MADE FROM FABRICS & SIMILAR MATERIALS: 2.94% 21,610 JONES APPAREL GROUP INCORPORATED 290,006 6,310 VF CORPORATION 489,088 779,094 ------------ BUSINESS SERVICES: 6.10% 25,080 MICROSOFT CORPORATION 711,770 20,480 OMNICOM GROUP INCORPORATED 904,806 1,616,576 ------------ CHEMICALS & ALLIED PRODUCTS: 11.68% 12,610 AVERY DENNISON CORPORATION 621,043 7,770 AVON PRODUCTS INCORPORATED 307,226 10,290 COLGATE-PALMOLIVE COMPANY 801,694 4,250 HENKEL KGAA ADR 177,650 9,100 HENKEL KGAA ADR PREFERRED 414,505 11,890 JOHNSON & JOHNSON 771,304 3,093,422 ------------ COMMUNICATIONS: 2.82% 25,312 VODAFONE GROUP PLC ADR 746,957 ------------ DEPOSITORY INSTITUTIONS: 8.24% 20,230 BANK OF AMERICA CORPORATION 766,919 12,705 JPMORGAN CHASE & COMPANY 545,680 10,990 STATE STREET CORPORATION 868,210 2,180,809 ------------ EATING & DRINKING PLACES: 3.55% 12,300 DARDEN RESTAURANTS INCORPORATED 400,365 9,671 MCDONALD'S CORPORATION 539,352 939,717 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 6.53% 38,640 FLEXTRONICS INTERNATIONAL LIMITED + 362,830 19,850 GENERAL ELECTRIC COMPANY 734,649 19,130 MOLEX INCORPORATED CLASS A 418,182 6,222 TYCO ELECTRONICS LIMITED 213,539 1,729,200 ------------ FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.89% 10,350 ILLINOIS TOOL WORKS INCORPORATED 499,181 ------------ FOOD & KINDRED PRODUCTS: 3.54% 8,850 ANHEUSER-BUSCH COMPANIES INCORPORATED 419,933 6,360 DIAGEO PLC ADR 517,195 937,128 ------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT C&B LARGE CAP VALUE FUND
SHARES SECURITY NAME VALUE GENERAL MERCHANDISE STORES: 2.45% 12,340 WAL-MART STORES INCORPORATED $ 650,071 ------------ HEALTH SERVICES: 1.47% 7,400 CARDINAL HEALTH INCORPORATED 388,574 ------------ HOLDING & OTHER INVESTMENT OFFICES: 2.64% 156 BERKSHIRE HATHAWAY INCORPORATED CLASS B + 697,772 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.51% 25,110 DELL INCORPORATED + 500,191 10,800 DIEBOLD INCORPORATED 405,540 16,270 DOVER CORPORATION 679,761 4,980 EATON CORPORATION 396,757 15,300 PITNEY BOWES INCORPORATED 535,806 2,518,055 ------------ INSURANCE AGENTS, BROKERS & SERVICE: 2.56% 20,180 WILLIS GROUP HOLDINGS LIMITED 678,250 ------------ INSURANCE CARRIERS: 6.21% 15,510 ALLSTATE CORPORATION 745,411 17,910 AMERICAN INTERNATIONAL GROUP INCORPORATED 774,608 10,190 MBIA INCORPORATED +<< 124,522 1,644,541 ------------ MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 5.35% 2,690 BECTON DICKINSON & COMPANY 230,937 34,880 BOSTON SCIENTIFIC CORPORATION + 448,906 16,250 QUEST DIAGNOSTICS INCORPORATED 735,638 1,415,481 ------------ MEDICAL PRODUCTS: 1.40% 6,420 BAXTER INTERNATIONAL INCORPORATED 371,204 ------------ MISCELLANEOUS MANUFACTURING INDUSTRIES: 2.01% 12,082 TYCO INTERNATIONAL LIMITED 532,212 ------------ MISCELLANEOUS RETAIL: 2.15% 26,650 OFFICE DEPOT INCORPORATED + 294,483 13,930 ZALE CORPORATION +<< 275,257 569,740 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS: 3.62% 18,280 AMERICAN EXPRESS COMPANY 799,202 28,920 COUNTRYWIDE FINANCIAL CORPORATION << 159,060 958,262 ------------ PETROLEUM REFINING & RELATED INDUSTRIES: 3.71% 11,630 EXXON MOBIL CORPORATION 983,665 ------------ PRIMARY METAL INDUSTRIES: 1.00% 6,080 HUBBELL INCORPORATED CLASS B 265,635 ------------ TRAVEL & RECREATION: 1.89% 12,390 CARNIVAL CORPORATION 501,547 ------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT C&B LARGE CAP VALUE FUND
SHARES SECURITY NAME VALUE WHOLESALE TRADE-DURABLE GOODS: 2.48% 10,190 KIMBERLY-CLARK CORPORATION $ 657,761 ------------ TOTAL COMMON STOCKS (COST $27,012,005) 25,867,518 ------------ COLLATERAL FOR SECURITIES LENDING: 2.23% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.09% 1,712 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 1,712 7,270 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 7,270 6,543 DREYFUS CASH MANAGEMENT FUND 6,543 7,997 SCUDDER DAILY ASSETS MONEY MARKET FUND 7,997 23,522 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 2.14% $ 15,268 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 15,249 2,690 APRECO LLC 2.70 04/17/2008 2,687 2,908 APRECO LLC 3.10 04/07/2008 2,907 17,594 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 17,567 1,134 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 1,133 3,635 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 3,631 23,774 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $23,776) 3.10 04/01/2008 23,774 3,635 BANK OF IRELAND +++/- 3.06 10/14/2008 3,634 727 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $727) 2.50 04/01/2008 727 2,908 BNP PARIBAS +/- 3.13 08/07/2008 2,906 16,067 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $16,068) 3.08 04/01/2008 16,067 9,161 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $9,162) 3.04 04/01/2008 9,161 7,706 BRYANT BANK FUNDING 2.98 04/09/2008 7,701 2,181 CAFCO LLC 2.70 04/18/2008 2,178 5,991 CAFCO LLC 3.08 04/07/2008 5,988 14,904 CHARIOT FUNDING LLC 2.97 04/14/2008 14,888 10,905 CHARTA LLC 3.08 04/09/2008 10,898 9,451 CHEYNE FINANCE LLC +++/-/\/\(a)(i) 5.12 02/25/2008 8,506 7,270 CHEYNE FINANCE LLC +++/-/\/\(a)(i) 5.18 05/19/2008 6,543 14,541 CIESCO LLC 3.08 04/08/2008 14,532 14,686 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 14,686 23,338 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $23,340) 3.10 04/01/2008 23,338 10,905 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 10,873 4,289 EBBETS FUNDING LLC 3.65 04/01/2008 4,289 7,416 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 7,406 5,816 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 5,812 7,270 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 7,262 2,835 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 2,832 3,635 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 3,633 14,541 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 14,475 11,763 GALLEON CAPITAL LLC 2.88 04/16/2008 11,749 5,816 GALLEON CAPITAL LLC 3.10 04/18/2008 5,808 7,561 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 7,548 10,178 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 10,177 10,687 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,688) 3.00 04/01/2008 10,687 29,881 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $29,884) 3.15 04/01/2008 29,881 1,454 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 1,454 9,451 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 9,451 3,635 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 3,632
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT C&B LARGE CAP VALUE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 8,797 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $8,798) 3.10% 04/01/2008 $ 8,797 6,252 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $6,253) 3.04 04/01/2008 6,252 1,454 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 1,454 5,089 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 5,087 7,270 LINKS FINANCE LLC +++/- 3.09 08/15/2008 7,221 10,905 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 10,886 116 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 116 6,979 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 6,978 673 MORGAN STANLEY +/- 2.94 10/15/2008 672 10,978 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,979) 3.08 04/01/2008 10,978 6,227 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $6,227) 2.50 04/01/2008 6,227 7,270 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 7,224 10,178 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 10,162 6,601 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 6,599 2,108 PICAROS FUNDING LLC 2.60 04/11/2008 2,107 7,270 RANGER FUNDING CORPORATION 2.71 04/18/2008 7,261 4,362 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 4,357 5,235 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 5,233 4,362 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 4,362 2,908 SLM CORPORATION +++/- 2.94 05/12/2008 2,903 4,508 STANFIELD VICTORIA FUNDING LLC +++/-/\/\ (a)(i) 5.27 04/03/2008 4,019 7,270 STANFIELD VICTORIA FUNDING LLC +++/-/\/\ (a)(i) 5.47 02/15/2008 6,482 872 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 872 7,270 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 7,262 9,161 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 9,149 4,362 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 4,357 2,436 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 2,436 7,270 TULIP FUNDING CORPORATION 2.88 04/21/2008 7,259 3,635 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 3,633 3,635 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 3,633 2,181 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 2,181 7,270 VERSAILLES CDS LLC 3.00 04/11/2008 7,264 3,635 VERSAILLES CDS LLC 3.45 04/08/2008 3,633 6,252 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 3.44 07/28/2008 5,575 3,635 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 3.47 08/07/2008 3,241 7,270 WHITE PINE FINANCE LLC +++/-/\/\(a)(i) 5.41 02/22/2008 6,907 17,449 YORKTOWN CAPITAL LLC 2.72 04/03/2008 17,445 565,894 ----------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $597,723) 589,416 ----------- SHARES SHORT-TERM INVESTMENTS: 2.05% 542,872 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 542,872 ----------- TOTAL SHORT-TERM INVESTMENTS (COST $542,872) 542,872 ----------- TOTAL INVESTMENTS IN SECURITIES (COST $28,152,600) * 101.96% $26,999,806 OTHER ASSETS AND LIABILITIES, NET (1.96) (519,602) ------ ----------- TOTAL NET ASSETS 100.00% $26,480,204 ------ -----------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. 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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT C&B LARGE CAP VALUE FUND ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (i) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $542,872. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT DISCOVERY FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.72% AEROSPACE, DEFENSE: 1.34% 72,733 BE AEROSPACE INCORPORATED + $ 2,542,018 ------------- AMUSEMENT & RECREATION SERVICES: 1.13% 59,500 WMS INDUSTRIES INCORPORATED +<< 2,140,215 ------------- APPAREL & ACCESSORY STORES: 4.02% 13,200 ABERCROMBIE & FITCH COMPANY CLASS A 965,448 105,800 GUESS? INCORPORATED 4,281,726 75,600 URBAN OUTFITTERS INCORPORATED +<< 2,370,060 7,617,234 ------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.51% 26,600 PERINI CORPORATION + 963,718 ------------- BUSINESS SERVICES: 13.14% 168,800 ACTIVISION INCORPORATED + 4,609,928 45,500 AKAMAI TECHNOLOGIES INCORPORATED + 1,281,280 72,500 ANSYS INCORPORATED +<< 2,502,700 72,800 CITRIX SYSTEMS INCORPORATED + 2,135,224 89,200 COGNIZANT TECHNOLOGY SOLUTIONS CORPORATION CLASS A + 2,571,636 74,002 CONCUR TECHNOLOGIES INCORPORATED +<< 2,297,762 141,500 OMNITURE INCORPORATED +<< 3,284,215 88,800 PHASE FORWARD INCORPORATED + 1,516,704 149,550 THE TRIZETTO GROUP INCORPORATED +<< 2,495,990 84,200 VOCUS INCORPORATED + 2,222,880 24,918,319 ------------- CHEMICALS & ALLIED PRODUCTS: 9.38% 91,200 BIOMARIN PHARMACEUTICAL INCORPORATED +<< 3,225,744 63,400 CHARLES RIVER LABORATORIES INTERNATIONAL INCORPORATED + 3,736,796 87,118 FMC CORPORATION 4,834,178 70,100 IMMUCOR INCORPORATED + 1,495,934 70,003 INNOPHOS HOLDINGS INCORPORATED 1,126,348 22,700 INVITROGEN CORPORATION + 1,940,169 123,500 MYLAN LABORATORIES INCORPORATED +<< 1,432,600 17,791,769 ------------- COAL MINING: 2.51% 89,500 ALPHA NATURAL RESOURCES INCORPORATED + 3,887,880 20,100 ARCH COAL INCORPORATED 874,350 4,762,230 ------------- COMMUNICATIONS: 11.49% 78,300 AMERICAN TOWER CORPORATION CLASS A + 3,070,143 247,283 BRIGHTPOINT INCORPORATED + 2,067,286 79,063 EQUINIX INCORPORATED +<< 5,256,899 118,500 FOUNDRY NETWORKS INCORPORATED + 1,372,230 138,945 NII HOLDINGS INCORPORATED + 4,415,672 188,000 SBA COMMUNICATIONS CORPORATION CLASS A + 5,608,040 21,790,270 ------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 1.76% 156,100 ACERGY SA 3,332,735 -------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT DISCOVERY FUND
SHARES SECURITY NAME VALUE DEPOSITORY INSTITUTIONS: 1.79% 186,300 NEW YORK COMMUNITY BANCORP INCORPORATED << $ 3,394,386 ------------- E-COMMERCE/SERVICES: 1.76% 27,600 PRICELINE.COM INCORPORATED +<< 3,335,736 ------------- EATING & DRINKING PLACES: 1.21% 82,900 BURGER KING HOLDINGS INCORPORATED 2,293,014 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 3.37% 87,000 NETLOGIC MICROSYSTEMS INCORPORATED +<< 2,100,180 175,950 SOLERA HOLDINGS INCORPORATED +<< 4,286,142 6,386,322 ------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.26% 86,000 KBR INCORPORATED 2,384,780 ------------- FOOD & KINDRED PRODUCTS: 1.50% 49,050 CENTRAL EUROPEAN DISTRIBUTION CORPORATION +<< 2,854,220 ------------- HEALTH SERVICES: 1.76% 26,400 COVANCE INCORPORATED + 2,190,408 17,100 PEDIATRIX MEDICAL GROUP INCORPORATED + 1,152,540 3,342,948 ------------- HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS: 3.97% 64,118 FOSTER WHEELER LIMITED 3,630,361 71,193 MCDERMOTT INTERNATIONAL INCORPORATED + 3,902,800 7,533,161 ------------- HOLDING & OTHER INVESTMENT OFFICES: 0.95% 129,200 KITE REALTY GROUP TRUST 1,808,800 ------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.65% 110,385 HHGREGG INCORPORATED +<< 1,241,831 ------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 6.87% 116,400 DATA DOMAIN INCORPORATED +<< 2,770,320 83,300 GAMESTOP CORPORATION CLASS A + 4,307,443 44,300 JOY GLOBAL INCORPORATED 2,886,588 156,400 NETEZZA CORPORATION + 1,481,108 15,200 SPX CORPORATION 1,594,480 13,039,939 ------------- INSURANCE CARRIERS: 2.39% 51,000 ASSURANT INCORPORATED 3,103,860 39,000 ENDURANCE SPECIALTY HOLDINGS LIMITED 1,427,400 4,531,260 ------------- LEGAL SERVICES: 0.61% 16,327 FTI CONSULTING INCORPORATED + 1,159,870 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 8.08% 34,000 C.R. BARD INCORPORATED << 3,277,600 220,100 EV3 INCORPORATED +<< 1,791,614 30,600 HAEMONETICS CORPORATION +<< 1,823,148
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT DISCOVERY FUND
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 39,268 HOLOGIC INCORPORATED +<< $ 2,183,301 29,314 ICON PLC ADR + 1,902,185 120,800 ION GEOPHYSICAL CORPORATION + 1,667,040 111,100 WRIGHT MEDICAL GROUP INCORPORATED + 2,681,954 15,326,842 -------------- MEDICAL EQUIPMENT & SUPPLIES: 1.20% 7,000 INTUITIVE SURGICAL INCORPORATED + 2,270,450 -------------- MISCELLANEOUS RETAIL: 0.51% 35,900 DICK'S SPORTING GOODS INCORPORATED +<< 961,402 -------------- OIL & GAS EXTRACTION: 8.91% 35,000 ATWOOD OCEANICS INCORPORATED +<< 3,210,200 40,989 CARRIZO OIL & GAS INCORPORATED + 2,429,418 63,900 FOREST OIL CORPORATION + 3,128,544 82,600 NEWFIELD EXPLORATION COMPANY + 4,365,410 71,000 PLAINS EXPLORATION & PRODUCTION COMPANY + 3,772,940 16,906,512 -------------- PRIMARY METAL INDUSTRIES: 2.66% 44,600 KAISER ALUMINUM CORPORATION << 3,090,780 27,479 SCHNITZER STEEL INDUSTRY 1,951,559 5,042,339 -------------- REAL ESTATE: 1.27% 72,500 GAFISA SA << 2,418,600 -------------- TRANSPORTATION EQUIPMENT: 2.72% 66,100 HORNBECK OFFSHORE +<< 3,018,787 96,900 SPIRIT AEROSYSTEMS HOLDINGS INCORPORATED + 2,149,241 5,168,028 -------------- TOTAL COMMON STOCKS (COST $186,905,055) 187,258,948 -------------- RIGHTS: 0.00% 90,400 SEAGATE TECHNOLOGY RIGHTS +(a)(i) 0 TOTAL RIGHTS (COST $0) 0 -------------- COLLATERAL FOR SECURITIES LENDING: 23.05% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.92% 127,014 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 127,014 539,398 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 539,398 485,458 DREYFUS CASH MANAGEMENT FUND 485,458 593,338 SCUDDER DAILY ASSETS MONEY MARKET FUND 593,338 1,745,208 --------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 22.13% $ 1,132,735 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 1,131,390 199,577 APRECO LLC 2.70 04/17/2008 199,338 215,759 APRECO LLC 3.10 04/07/2008 215,648 1,305,343 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 1,303,312
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT DISCOVERY FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 84,146 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00% 04/18/2008 $ 84,027 269,699 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 269,429 1,763,831 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,763,983) 3.10 04/01/2008 1,763,831 269,699 BANK OF IRELAND +++/- 3.06 10/14/2008 269,617 53,940 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $53,944) 2.50 04/01/2008 53,940 215,759 BNP PARIBAS +/- 3.13 08/07/2008 215,583 1,192,069 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,192,171) 3.08 04/01/2008 1,192,069 679,641 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $679,698) 3.04 04/01/2008 679,641 571,762 BRYANT BANK FUNDING 2.98 04/09/2008 571,383 161,819 CAFCO LLC 2.70 04/18/2008 161,613 444,464 CAFCO LLC 3.08 04/07/2008 444,236 1,105,765 CHARIOT FUNDING LLC 2.97 04/14/2008 1,104,579 809,097 CHARTA LLC 3.08 04/09/2008 808,543 701,217 CHEYNE FINANCE LLC(a)(i) +++/-/\/\ 5.12 02/25/2008 631,095 539,398 CHEYNE FINANCE LLC(a)(i) +++/-/\/\ 5.18 05/19/2008 485,458 1,078,796 CIESCO LLC 3.08 04/08/2008 1,078,149 1,089,583 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,089,583 1,731,467 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,731,616) 3.10 04/01/2008 1,731,467 809,097 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 806,670 318,245 EBBETS FUNDING LLC 3.65 04/01/2008 318,245 550,186 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 549,452 431,518 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 431,185 539,398 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 538,789 210,365 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 210,136 269,699 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 269,569 1,078,796 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 1,073,967 872,746 GALLEON CAPITAL LLC 2.88 04/16/2008 871,698 431,518 GALLEON CAPITAL LLC 3.10 04/18/2008 430,887 560,974 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 559,997 755,157 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 755,087 792,915 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $792,981) 3.00 04/01/2008 792,915 2,216,925 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,217,119) 3.15 04/01/2008 2,216,925 107,880 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 107,880 701,217 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 701,217 269,699 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 269,450 652,671 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $652,727) 3.10 04/01/2008 652,671 463,882 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $463,921) 3.04 04/01/2008 463,882 107,880 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 107,880 377,578 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 377,390 539,398 LINKS FINANCE LLC +++/- 3.09 08/15/2008 535,772 809,097 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 807,623 8,630 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 8,624 517,822 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 517,682 49,894 MORGAN STANLEY +/- 2.94 10/15/2008 49,869 461,985 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $462,017) 2.50 04/01/2008 461,985 814,491 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $814,561) 3.08 04/01/2008 814,491 539,398 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 535,968 755,157 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 753,928 489,730 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 489,606 156,425 PICAROS FUNDING LLC 2.60 04/11/2008 156,312 539,398 RANGER FUNDING CORPORATION 2.71 04/18/2008 538,707 323,639 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 323,233
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT DISCOVERY FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 388,366 SEDNA FINANCE INCORPORATED +++/- 3.03% 04/10/2008 $ 388,245 323,639 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 323,609 215,759 SLM CORPORATION +++/- 2.94 05/12/2008 215,370 334,427 STANFIELD VICTORIA FUNDING LLC(a)(i) +++/-/\/\ 5.27 04/03/2008 298,175 539,398 STANFIELD VICTORIA FUNDING LLC(a)(i) +++/-/\/\ 5.47 02/15/2008 480,927 64,728 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 64,717 539,398 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 538,800 679,641 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 678,822 323,639 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 323,293 180,763 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 180,721 539,398 TULIP FUNDING CORPORATION 2.88 04/21/2008 538,535 269,699 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 269,520 269,699 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 269,546 161,819 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 161,779 539,398 VERSAILLES CDS LLC 3.00 04/11/2008 538,948 269,699 VERSAILLES CDS LLC 3.45 04/08/2008 269,518 463,882 VICTORIA FINANCE LLC(a)(i) +++/-/\/\ 3.44 07/28/2008 413,597 269,699 VICTORIA FINANCE LLC(a)(i) +++/-/\/\ 3.47 08/07/2008 240,464 539,398 WHITE PINE FINANCE LLC(a)(i) +++/-/\/\ 5.41 02/22/2008 512,428 1,294,555 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,294,355 41,984,992 ------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $44,045,198) 43,730,200 ------------- SHARES SHORT-TERM INVESTMENTS: 3.48% 6,601,936 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 6,601,936 TOTAL SHORT-TERM INVESTMENTS (COST $6,601,936) 6,601,936 ------------- TOTAL INVESTMENTS IN SECURITIES (COST $237,552,189)* 125.25% $ 237,591,084 OTHER ASSETS AND LIABILITIES, NET (25.25) (47,893,023) --------- ------------- TOTAL NET ASSETS 100.00% $ 189,698,061 --------- -------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (i) ILLIQUID SECURITY. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $6,601,936. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 5
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT EQUITY INCOME FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 99.58% BUSINESS SERVICES: 2.49% 27,450 MICROSOFT CORPORATION $ 779,031 20,425 ORACLE CORPORATION + 399,513 46,850 SYMANTEC CORPORATION +<< 778,647 1,957,191 ------------ CHEMICALS & ALLIED PRODUCTS: 12.10% 14,750 ABBOTT LABORATORIES 813,463 11,360 AIR PRODUCTS & CHEMICALS INCORPORATED 1,045,120 35,450 BRISTOL-MYERS SQUIBB COMPANY 755,085 4,275 COLGATE-PALMOLIVE COMPANY 333,065 23,900 E.I. DU PONT DE NEMOURS & COMPANY 1,117,564 13,645 JOHNSON & JOHNSON 885,151 63,680 PFIZER INCORPORATED 1,332,822 28,390 PROCTER & GAMBLE COMPANY 1,989,287 15,839 ROHM & HAAS COMPANY 856,573 8,825 WYETH 368,532 9,496,662 ------------ COMMUNICATIONS: 6.26% 80,020 AT&T INCORPORATED 3,064,766 50,824 VERIZON COMMUNICATIONS INCORPORATED 1,852,535 4,917,301 ------------ DEPOSITORY INSTITUTIONS: 13.36% 60,630 BANK OF AMERICA CORPORATION 2,298,483 29,401 BANK OF NEW YORK MELLON CORPORATION 1,226,904 65,590 CITIGROUP INCORPORATED 1,404,938 53,695 JPMORGAN CHASE & COMPANY 2,306,200 12,925 STATE STREET CORPORATION 1,021,075 39,325 US BANCORP 1,272,557 35,600 WACHOVIA CORPORATION << 961,200 10,491,357 ------------ EATING & DRINKING PLACES: 1.21% 17,075 MCDONALD'S CORPORATION 952,273 ------------ ELECTRIC, GAS & SANITARY SERVICES: 5.20% 18,240 DOMINION RESOURCES INCORPORATED 744,922 100 EXELON CORPORATION 8,127 8,597 FIRSTENERGY CORPORATION 589,926 25,650 FPL GROUP INCORPORATED 1,609,281 13,025 MDU RESOURCES GROUP INCORPORATED 319,764 20,210 PUBLIC SERVICE ENTERPRISE GROUP INCORPORATED 812,240 4,084,260 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 7.29% 27,650 CISCO SYSTEMS INCORPORATED + 666,089 22,515 EMERSON ELECTRIC COMPANY 1,158,622 80,680 GENERAL ELECTRIC COMPANY 2,985,967 28,625 NOKIA OYJ ADR 911,134 5,721,812 ------------
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT EQUITY INCOME FUND
SHARES SECURITY NAME VALUE FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 2.29% 17,900 COMMERCIAL METALS COMPANY $ 536,463 18,170 FORTUNE BRANDS INCORPORATED 1,262,815 1,799,278 ------------ FOOD & KINDRED PRODUCTS: 2.24% 11,884 KRAFT FOODS INCORPORATED CLASS A 368,523 19,240 PEPSICO INCORPORATED 1,389,128 1,757,651 ------------ FOOD STORES: 0.89% 23,800 SAFEWAY INCORPORATED 698,530 ------------ GENERAL MERCHANDISE STORES: 1.98% 30,740 TARGET CORPORATION 1,557,903 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 5.62% 11,859 3M COMPANY 938,640 35,690 HEWLETT-PACKARD COMPANY 1,629,605 43,165 INTEL CORPORATION 914,235 8,060 INTERNATIONAL BUSINESS MACHINES CORPORATION 928,028 4,410,508 ------------ INSURANCE CARRIERS: 6.46% 32,088 AMERICAN INTERNATIONAL GROUP INCORPORATED 1,387,806 26,825 METLIFE INCORPORATED 1,616,475 31,675 THE TRAVELERS COMPANIES INCORPORATED 1,515,649 12,475 WELLPOINT INCORPORATED + 550,522 5,070,452 ------------ MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 1.54% 4,740 BECTON DICKINSON & COMPANY 406,929 14,025 ROCKWELL AUTOMATION INCORPORATED 805,316 1,212,245 ------------ MEDICAL PRODUCTS: 0.85% 17,675 MERCK & COMPANY INCORPORATED 670,766 ------------ MISCELLANEOUS RETAIL: 1.13% 21,875 CVS CAREMARK CORPORATION 886,156 ------------ MOTION PICTURES: 1.60% 45,425 TIME WARNER INCORPORATED 636,859 19,700 WALT DISNEY COMPANY 618,186 1,255,045 ------------ NON-DEPOSITORY CREDIT INSTITUTIONS: 2.42% 17,325 AMERICAN CAPITAL STRATEGIES LIMITED << 591,822 18,070 AMERICAN EXPRESS COMPANY 790,020 10,450 CAPITAL ONE FINANCIAL CORPORATION 514,349 1,896,191 ------------ OIL & GAS EXTRACTION: 2.76% 21,475 CHESAPEAKE ENERGY CORPORATION 991,071
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT EQUITY INCOME FUND
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION (continued) 29,875 HALLIBURTON COMPANY $ 1,174,984 2,166,055 ------------ PETROLEUM REFINING & RELATED INDUSTRIES: 13.31% 34,600 CHEVRON CORPORATION 2,953,456 32,700 CONOCOPHILLIPS 2,492,067 45,489 EXXON MOBIL CORPORATION 3,847,460 16,975 MARATHON OIL CORPORATION 774,060 7,825 VALERO ENERGY CORPORATION 384,286 10,451,329 ------------ SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.80% 2,434 AMERIPRISE FINANCIAL INCORPORATED 126,203 2,675 GOLDMAN SACHS GROUP INCORPORATED 442,418 8,275 LEHMAN BROTHERS HOLDINGS INCORPORATED << 311,471 6,350 MERRILL LYNCH & COMPANY INCORPORATED << 258,699 23,110 MORGAN STANLEY 1,056,127 2,194,918 ------------ TOBACCO PRODUCTS: 1.45% 15,670 ALTRIA GROUP INCORPORATED 347,874 15,670 PHILIP MORRIS INTERNATIONAL + 792,589 1,140,463 ------------ TRANSPORTATION EQUIPMENT: 3.52% 27,333 HONEYWELL INTERNATIONAL INCORPORATED 1,542,128 17,700 UNITED TECHNOLOGIES CORPORATION 1,218,114 2,760,242 ------------ WHOLESALE TRADE NON-DURABLE GOODS: 0.81% 22,015 SYSCO CORPORATION 638,872 ------------ TOTAL COMMON STOCKS (COST $69,926,563) 78,187,460 ------------ COLLATERAL FOR SECURITIES LENDING: 3.80% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.15% 8,662 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 8,662 36,786 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 36,786 33,107 DREYFUS CASH MANAGEMENT FUND 33,107 40,465 SCUDDER DAILY ASSETS MONEY MARKET FUND 40,465 119,020 ------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 3.65% $ 77,251 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 77,159 13,611 APRECO LLC 2.70 04/17/2008 13,594 14,714 APRECO LLC 3.10 04/07/2008 14,707 89,022 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 88,884 5,739 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 5,730 18,393 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 18,375 120,290 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $120,300) 3.10 04/01/2008 120,290 18,393 BANK OF IRELAND +++/- 3.06 10/14/2008 18,387
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT EQUITY INCOME FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 3,679 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,679) 2.50% 04/01/2008 $ 3,679 14,714 BNP PARIBAS +/- 3.13 08/07/2008 14,702 46,350 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $46,354) 3.04 04/01/2008 46,350 81,297 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $81,304) 3.08 04/01/2008 81,297 38,993 BRYANT BANK FUNDING 2.98 04/09/2008 38,967 11,036 CAFCO LLC 2.70 04/18/2008 11,022 30,312 CAFCO LLC 3.08 04/07/2008 30,296 75,411 CHARIOT FUNDING LLC 2.97 04/14/2008 75,330 55,179 CHARTA LLC 3.08 04/09/2008 55,141 47,822 CHEYNE FINANCE LLC +++/-/\/\(a)(i) 5.12 02/25/2008 43,040 36,786 CHEYNE FINANCE LLC +++/-/\/\(a)(i) 5.18 05/19/2008 33,107 73,572 CIESCO LLC 3.08 04/08/2008 73,528 74,308 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 74,308 118,083 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $118,093) 3.10 04/01/2008 118,083 55,179 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 55,014 21,704 EBBETS FUNDING LLC 3.65 04/01/2008 21,704 37,522 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 37,472 29,429 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 29,406 36,786 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 36,745 14,347 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 14,331 18,393 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 18,384 73,572 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 73,243 59,520 GALLEON CAPITAL LLC 2.88 04/16/2008 59,448 29,429 GALLEON CAPITAL LLC 3.10 04/18/2008 29,386 38,257 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 38,191 51,500 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 51,496 54,075 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $54,080) 3.00 04/01/2008 54,075 151,191 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $151,204) 3.15 04/01/2008 151,191 7,357 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 7,357 47,822 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 47,822 18,393 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 18,376 44,511 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $44,515) 3.10 04/01/2008 44,511 31,636 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $31,639) 3.04 04/01/2008 31,636 7,357 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 7,357 25,750 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 25,737 36,786 LINKS FINANCE LLC +++/- 3.09 08/15/2008 36,539 55,179 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 55,079 589 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 588 35,315 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 35,305 3,403 MORGAN STANLEY +/- 2.94 10/15/2008 3,401 31,507 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $31,509) 2.50 04/01/2008 31,507 55,547 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $55,552) 3.08 04/01/2008 55,547 36,786 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 36,552 51,500 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 51,417 33,399 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 33,390 10,668 PICAROS FUNDING LLC 2.60 04/11/2008 10,660 36,786 RANGER FUNDING CORPORATION 2.71 04/18/2008 36,739 22,072 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 22,044 26,486 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 26,478 22,072 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 22,070 14,714 SLM CORPORATION+++/- 2.94 05/12/2008 14,688 22,807 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(a)(i) 5.27 04/03/2008 20,335 36,786 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(a)(i) 5.47 02/15/2008 32,798
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT EQUITY INCOME FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 4,414 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85% 04/03/2008 $ 4,414 36,786 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 36,745 46,350 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 46,295 22,072 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 22,048 12,328 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 12,325 36,786 TULIP FUNDING CORPORATION 2.88 04/21/2008 36,727 18,393 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 18,381 18,393 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 18,383 11,036 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 11,033 36,786 VERSAILLES CDS LLC 3.00 04/11/2008 36,755 18,393 VERSAILLES CDS LLC 3.45 04/08/2008 18,381 31,636 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 3.44 07/28/2008 28,207 18,393 VICTORIA FINANCE LLC +++/-/\/\(a)(i) 3.47 08/07/2008 16,399 36,786 WHITE PINE FINANCE LLC +++/-/\/\(a)(i) 5.41 02/22/2008 34,947 88,286 YORKTOWN CAPITAL LLC 2.72 04/03/2008 88,271 2,863,306 ----------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,020,875) 2,982,326 ----------- SHARES SHORT-TERM INVESTMENTS: 0.37% 288,320 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 288,320 TOTAL SHORT-TERM INVESTMENTS (COST $288,320) 288,320 ----------- TOTAL INVESTMENTS IN SECURITIES (COST $73,235,758)* 103.75% $81,458,106 OTHER ASSETS AND LIABILITIES, NET (3.75) (2,940,725) --------- ----------- TOTAL NET ASSETS 100.00% $78,517,381 --------- -----------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (i) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $288,320. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 99.52% AUSTRALIA: 7.39% 70,231 AXA ASIA PACIFIC HOLDINGS LIMITED (INSURANCE CARRIERS) $ 353,013 17,889 ORICA LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 476,240 17,000 QBE INSURANCE GROUP LIMITED (INSURANCE CARRIERS) 345,062 9,658 RIO TINTO LIMITED (METAL MINING) 1,081,241 25,114 SANTOS LIMITED (OIL & GAS EXTRACTION) 332,800 4,567 WOODSIDE PETROLEUM LIMITED (OIL & GAS EXTRACTION) 227,471 2,815,827 ---------------- BELGIUM: 1.07% 5,200 DELHAIZE GROUP (FOOD STORES) 409,163 ---------------- FINLAND: 2.81% 9,140 FORTUM OYJ (ELECTRIC, GAS & SANITARY SERVICES) 372,434 22,000 NOKIA OYJ (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 696,042 1,068,476 ---------------- FRANCE: 13.72% 2,260 ALSTOM (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 489,956 3,500 BOUYGUES SA (ENGINEERING CONSTRUCTION) 222,352 4,944 COMPAGNIE GENERALE DES ETABLISSEMENTS MICHELIN (RUBBER & MISCELLANEOUS PLASTICS PRODUCTS) 516,091 8,200 FRANCE TELECOM SA (COMMUNICATIONS) 275,746 3,674 LVMH MOET HENNESSY LOUIS VUITTON SA (CONSUMER SERVICES) 408,925 2,839 PPR SA (APPAREL & ACCESSORY STORES) 420,644 11,470 PUBLICIS GROUPE (COMMUNICATIONS) 438,222 5,470 SANOFI-AVENTIS SA (CHEMICALS & ALLIED PRODUCTS) 410,373 4,600 SUEZ SA (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 301,893 2,627 TECHNIP SA (OIL & GAS EXTRACTION) 204,591 11,000 TOTAL SA (OIL & GAS EXTRACTION) 816,912 960 VALLOUREC SA (STEEL PRODUCERS, PRODUCTS) 233,055 12,483 VIVENDI UNIVERSAL SA (COMMUNICATIONS) 487,763 5,226,523 ---------------- GERMANY: 9.45% 2,400 ALLIANZ SE (INSURANCE CARRIERS) 475,446 10,350 ARCANDOR AG (GENERAL MERCHANDISE STORES) 207,029 4,900 BAYER AG (MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL) 392,675 5,300 DAIMLERCHRYSLER AG (TRANSPORTATION EQUIPMENT) 453,095 3,600 DEUTSCHE BANK AG (DEPOSITORY INSTITUTIONS) 407,509 34,194 DEUTSCHE TELEKOM AG (COMMUNICATIONS) 569,531 3,100 E.ON AG (ELECTRIC, GAS & SANITARY SERVICES) 573,887 9,317 GEA GROUP AG (HOLDING & OTHER INVESTMENT OFFICES) 313,307 8,100 SYMRISE AG (CHEMICALS & ALLIED PRODUCTS) 209,210 3,601,689 ---------------- GREECE: 1.09% 12,567 ALPHA BANK AE (DEPOSITORY INSTITUTIONS) 416,645 ---------------- HONG KONG: 4.50% 55,000 BANK OF EAST ASIA LIMITED (DEPOSITORY INSTITUTIONS) 275,260 27,000 CHEUNG KONG HOLDINGS LIMITED (REAL ESTATE) 383,353 21,500 CHINA MOBILE (HONG KONG) LIMITED (COMMUNICATIONS) 319,904 119,000 HANG LUNG PROPERTIES LIMITED (REAL ESTATE) 421,251 560 SUN HUNG KAI PROPERTIES LIMITED (REAL ESTATE) 8,735
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE HONG KONG (continued) 57,000 TELEVISION BROADCASTS LIMITED (MOTION PICTURES) $ 305,410 1,713,913 ---------------- ITALY: 2.23% 14,707 ENI SPA (PETROLEUM REFINING & RELATED INDUSTRIES) 501,525 52,100 UNICREDITO ITALIANO SPA (DEPOSITORY INSTITUTIONS) 348,754 850,279 ---------------- JAPAN: 19.50% 31,000 BANK OF YOKOHAMA LIMITED (DEPOSITORY INSTITUTIONS) 210,544 64 EAST JAPAN RAILWAY COMPANY (RAILROADS) 532,263 4,800 FANUC LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 456,501 16,900 HITACHI CONSTRUCTION MACHINERY COMPANY LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 423,009 36 INPEX HOLDINGS INCORPORATED (OIL & GAS EXPLORATION) 400,883 29,900 ISETAN COMPANY LIMITED (APPAREL & ACCESSORY STORES) 340,892 19,000 KAO CORPORATION (CHEMICALS & ALLIED PRODUCTS) 538,473 14,300 MITSUBISHI CORPORATION (BUSINESS SERVICES) 431,812 34,000 MITSUBISHI UFJ FINANCIAL GROUP INCORPORATED (DEPOSITORY INSTITUTIONS) 293,339 24,000 MITSUI FUDOSAN COMPANY LIMITED (REAL ESTATE) 476,485 7,400 MURATA MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 367,476 27,000 NIPPON ELECTRIC GLASS COMPANY LIMITED (MISCELLANEOUS MANUFACTURING INDUSTRIES) 417,406 15,600 NOMURA HOLDINGS INCORPORATED (SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES) 233,186 15,900 NOMURA RESEARCH INSTITUTE LIMITED (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 415,525 40,000 SEKISUI HOUSE LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 369,984 5,000 SHIN-ETSU CHEMICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 258,327 9,500 TAKEDA PHARMACEUTICAL COMPANY LIMITED (CHEMICALS & ALLIED PRODUCTS) 475,572 10,700 TOYOTA MOTOR CORPORATION (AUTOMOTIVE DEALERS & GASOLINE SERVICE STATIONS) 533,497 13,900 YAMAHA MOTOR COMPANY LIMITED (TRANSPORTATION EQUIPMENT) 255,744 7,430,918 ---------------- LUXEMBOURG: 1.42% 6,596 ARCELORMITTAL (PRIMARY METAL INDUSTRIES) 540,355 ---------------- NETHERLANDS: 6.34% 12,622 ASML HOLDING NV (SEMICONDUCTOR EQUIPMENT MANUFACTURING & RELATED) + 310,464 23,100 ING GROEP NV (FINANCIAL SERVICES) 865,051 24,100 UNILEVER NV (FOOD & KINDRED PRODUCTS) 809,282 16,200 WOLTERS KLUWER NV (PRINTING, PUBLISHING & ALLIED INDUSTRIES) 428,907 2,413,704 ---------------- RUSSIA: 1.73% 5,488 LUKOIL ADR (OIL & GAS EXTRACTION) 469,224 26,444 VTB BANK OJSC GDR (NON-DEPOSITORY CREDIT INSTITUTIONS) +<< 191,190 660,414 ---------------- SINGAPORE: 1.03% 85,000 CAPITALAND LIMITED (REAL ESTATE) 392,132 ---------------- SPAIN: 2.90% 11,418 INDRA SISTEMAS SA (INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT) 328,799 27,000 TELEFONICA SA (COMMUNICATIONS) 775,801 1,104,600 ----------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT INTERNATIONAL CORE FUND
SHARES SECURITY NAME VALUE SWEDEN: 1.12% 12,300 SKANSKA AB CLASS B (HEAVY CONSTRUCTION OTHER THAN BUILDING CONSTRUCTION CONTRACTS) $ 246,337 91,000 TELEFONAKTIEBOLAGET LM ERICSSON CLASS B (COMMUNICATIONS) 178,574 424,911 ---------------- SWITZERLAND: 6.46% 11,500 CREDIT SUISSE GROUP (NON-DEPOSITORY CREDIT INSTITUTIONS) 585,364 3,900 HOLCIM LIMITED (BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS) 409,596 4,800 ROCHE HOLDINGS AG GENUSSCHEIN (MEDICAL PRODUCTS) 903,353 1,789 ZURICH FINANCIAL SERVICES AG (FINANCIAL SERVICES) 563,397 2,461,710 ---------------- TAIWAN: 0.90% 28,642 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 294,153 4,700 TAIWAN SEMICONDUCTORS MANUFACTURING COMPANY LIMITED (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 48,269 342,422 ---------------- UNITED KINGDOM: 15.86% 33,850 AVIVA PLC (INSURANCE CARRIERS) 414,837 33,877 BAE SYSTEMS PLC (TRANSPORTATION BY AIR) 326,251 37,100 BARCLAYS PLC (DEPOSITORY INSTITUTIONS) 333,544 37,993 BP PLC (OIL & GAS EXTRACTION) 386,060 38,000 BRITISH SKY BROADCASTING PLC (COMMUNICATIONS) 419,692 22,000 EASYJET PLC (TRANSPORTATION BY AIR)+ 162,095 26,290 GLAXOSMITHKLINE PLC (CHEMICALS & ALLIED PRODUCTS) 556,198 7,184 JOHNSON MATTHEY PLC (CHEMICALS & ALLIED PRODUCTS) 285,866 195,000 LEGAL & GENERAL GROUP PLC (INSURANCE CARRIERS) 489,174 28,522 NATIONAL GRID PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 391,430 5,421 RIO TINTO PLC (METAL MINING) 563,004 41,863 ROLLS ROYCE GROUP PLC (AEROSPACE, DEFENSE) 334,824 3,750,924 ROLLS ROYCE GROUP PLC CLASS B (AEROSPACE, DEFENSE)+(a) 7,444 13,400 ROYAL DUTCH SHELL PLC CLASS A (OIL & GAS EXTRACTION) 461,941 12,752 SMITHS GROUP PLC (ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT) 237,896 192,497 VODAFONE GROUP PLC (COMMUNICATIONS) 576,494 9,167 WOLSELEY PLC (WHOLESALE TRADE NON-DURABLE GOODS) 96,421 6,043,171 ---------------- TOTAL COMMON STOCKS (COST $35,261,484) 37,916,852 ---------------- COLLATERAL FOR SECURITIES LENDING: 0.06% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.00% 70 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 70 297 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 297 268 DREYFUS CASH MANAGEMENT FUND 268 327 SCUDDER DAILY ASSETS MONEY MARKET FUND 327 962 ----------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 0.06% $ 624 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 624 110 APRECO LLC 2.70 04/17/2008 110 119 APRECO LLC 3.10 04/07/2008 119 720 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 718 46 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 46
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT INTERNATIONAL CORE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 149 BANCO SANTANDER TOTTA LOAN +++/- 2.83% 10/15/2008 $ 149 972 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $972) 3.10 04/01/2008 972 149 BANK OF IRELAND +++/- 3.06 10/14/2008 149 30 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $30) 2.50 04/01/2008 30 119 BNP PARIBAS +/- 3.13 08/07/2008 119 375 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $375) 3.04 04/01/2008 375 657 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $657) 3.08 04/01/2008 657 315 BRYANT BANK FUNDING 2.98 04/09/2008 315 89 CAFCO LLC 2.70 04/18/2008 89 245 CAFCO LLC 3.08 04/07/2008 245 610 CHARIOT FUNDING LLC 2.97 04/14/2008 609 446 CHARTA LLC 3.08 04/09/2008 446 387 CHEYNE FINANCE LLC(a)+++/-/\/\(i) 5.12 02/25/2008 348 297 CHEYNE FINANCE LLC(a)+++/-/\/\(i) 5.18 05/19/2008 268 595 CIESCO LLC 3.08 04/08/2008 594 601 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 601 954 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $954) 3.10 04/01/2008 954 446 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 445 175 EBBETS FUNDING LLC 3.65 04/01/2008 175 303 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 303 238 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 238 297 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 297 116 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 116 149 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 149 595 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 592 481 GALLEON CAPITAL LLC 2.88 04/16/2008 481 238 GALLEON CAPITAL LLC 3.10 04/18/2008 238 309 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 309 416 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 416 437 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $437) 3.00 04/01/2008 437 1,222 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,222) 3.15 04/01/2008 1,222 59 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 59 387 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 387 149 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 149 360 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $360) 3.10 04/01/2008 360 256 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $256) 3.04 04/01/2008 256 59 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 59 208 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 208 297 LINKS FINANCE LLC +++/- 3.09 08/15/2008 295 446 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 445 5 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 5 285 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 285 28 MORGAN STANLEY +/- 2.94 10/15/2008 27 255 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $255) 2.50 04/01/2008 255 449 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $449) 3.08 04/01/2008 449 297 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 295 416 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 416 270 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 270 86 PICAROS FUNDING LLC 2.60 04/11/2008 86 297 RANGER FUNDING CORPORATION 2.71 04/18/2008 297 178 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 178 214 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 214
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT INTERNATIONAL CORE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 178 SHEFFIELD RECEIVABLES CORPORATION 3.25% 04/02/2008 $ 178 119 SLM CORPORATION +++/- 2.94 05/12/2008 119 184 STANFIELD VICTORIA FUNDING LLC(a)+++/-/\/\(i) 5.27 04/03/2008 164 297 STANFIELD VICTORIA FUNDING LLC(a)+++/-/\/\(i) 5.47 02/15/2008 265 36 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 36 297 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 297 375 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 374 178 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 178 100 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 100 297 TULIP FUNDING CORPORATION 2.88 04/21/2008 297 149 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 149 149 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- 3.09 10/08/2008 149 89 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 89 297 VERSAILLES CDS LLC 3.00 04/11/2008 297 149 VERSAILLES CDS LLC 3.45 04/08/2008 149 256 VICTORIA FINANCE LLC(a)+++/-/\/\(i) 3.44 07/28/2008 228 149 VICTORIA FINANCE LLC(a)+++/-/\/\(i) 3.47 08/07/2008 133 297 WHITE PINE FINANCE LLC(a)+++/-/\/\(i) 5.41 02/22/2008 282 714 YORKTOWN CAPITAL LLC 2.72 04/03/2008 710 23,144 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $24,492) 24,106 ------------
SHARES SHORT-TERM INVESTMENTS: 0.15% 56,485 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 56,485 TOTAL SHORT-TERM INVESTMENTS (COST $56,485) 56,485 ---------------- TOTAL INVESTMENTS IN SECURITIES (COST $35,342,461)* 99.73% $ 37,997,443 OTHER ASSETS AND LIABILITIES, NET 0.27 102,175 ------- ---------------- TOTAL NET ASSETS 100.00% $ 38,099,618 ------- ----------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. (a) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (i) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $56,485. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY CORE FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.63% APPAREL & ACCESSORY STORES: 0.96% 8,600 GAP INCORPORATED $ 169,248 --------------- BUSINESS SERVICES: 7.92% 22,400 MICROSOFT CORPORATION 635,712 12,500 MONSTER WORLDWIDE INCORPORATED + 302,625 2,000 OMNICOM GROUP INCORPORATED 88,360 22,000 SYMANTEC CORPORATION + 365,640 1,392,337 --------------- CHEMICALS & ALLIED PRODUCTS: 6.16% 24,400 PFIZER INCORPORATED 510,692 13,700 WYETH 572,112 1,082,804 --------------- COMMUNICATIONS: 3.58% 33,200 COMCAST CORPORATION CLASS A 629,804 --------------- DEPOSITORY INSTITUTIONS: 11.94% 14,100 BANK OF AMERICA CORPORATION 534,531 18,200 CITIGROUP INCORPORATED 389,844 12,600 JPMORGAN CHASE & COMPANY 541,170 29,800 WESTERN UNION COMPANY 633,846 2,099,391 --------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 13.98% 16,000 ANALOG DEVICES INCORPORATED 472,320 21,700 CISCO SYSTEMS INCORPORATED + 522,753 18,200 GENERAL ELECTRIC COMPANY 673,582 25,000 NOVELLUS SYSTEMS INCORPORATED +<< 526,250 7,650 TYCO ELECTRONICS LIMITED 262,548 2,457,453 --------------- GENERAL MERCHANDISE STORES: 3.93% 13,100 WAL-MART STORES INCORPORATED 690,108 --------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 9.20% 7,400 3M COMPANY 585,710 30,400 DELL INCORPORATED + 605,568 20,100 INTEL CORPORATION 425,718 1,616,996 --------------- INSURANCE CARRIERS: 3.17% 12,900 AMERICAN INTERNATIONAL GROUP INCORPORATED 557,925 --------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.78% 15,000 COVIDIEN LIMITED 663,750 --------------- MISCELLANEOUS MANUFACTURING INDUSTRIES: 3.61% 14,400 TYCO INTERNATIONAL LIMITED 634,320 --------------- MISCELLANEOUS RETAIL: 5.17% 16,700 OFFICE DEPOT INCORPORATED + 184,535 24,500 STAPLES INCORPORATED 541,695
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY CORE FUND
SHARES SECURITY NAME VALUE MISCELLANEOUS RETAIL (continued) 4,800 WALGREEN COMPANY $ 182,832 909,062 --------------- MOTION PICTURES: 3.48% 43,700 TIME WARNER INCORPORATED 612,674 --------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 0.87% 9,300 DISCOVER FINANCIAL SERVICES 152,241 --------------- OIL & GAS EXTRACTION: 4.04% 6,800 DEVON ENERGY CORPORATION 709,444 --------------- PETROLEUM REFINING & RELATED INDUSTRIES: 7.47% 7,800 CHEVRON CORPORATION 665,808 8,500 CONOCOPHILLIPS 647,785 1,313,593 --------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 2.82% 13,400 MCGRAW-HILL COMPANIES INCORPORATED 495,130 --------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 5.82% 11,900 MERRILL LYNCH & COMPANY INCORPORATED << 484,806 11,800 MORGAN STANLEY 539,260 1,024,066 --------------- SEMICONDUCTORS: 0.73% 12,500 TAIWAN SEMICONDUCTOR MANUFACTURING COMPANY LIMITED ADR 128,375 --------------- TOTAL COMMON STOCKS (COST $19,002,023) 17,338,721 --------------- COLLATERAL FOR SECURITIES LENDING: 5.79% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.23% 2,958 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 2,958 12,563 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 12,563 11,306 DREYFUS CASH MANAGEMENT FUND 11,306 13,819 SCUDDER DAILY ASSETS MONEY MARKET FUND 13,819 40,646 ---------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 5.56% $ 26,381 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 26,350 4,648 APRECO LLC 2.70 04/17/2008 4,643 5,025 APRECO LLC 3.10 04/07/2008 5,022 30,401 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 30,354 1,960 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 1,957 6,281 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 6,275 41,079 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $41,083) 3.10 04/01/2008 41,079 6,281 BANK OF IRELAND +++/- 3.06 10/14/2008 6,279 1,256 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,256) 2.50 04/01/2008 1,256 5,025 BNP PARIBAS +/- 3.13 08/07/2008 5,021 15,829 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $15,830) 3.04 04/01/2008 15,829
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY CORE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 27,763 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $27,765) 3.08% 04/01/2008 $ 27,763 13,316 BRYANT BANK FUNDING 2.98 04/09/2008 13,307 3,769 CAFCO LLC 2.70 04/18/2008 3,764 10,352 CAFCO LLC 3.08 04/07/2008 10,346 25,753 CHARIOT FUNDING LLC 2.97 04/14/2008 25,726 18,844 CHARTA LLC 3.08 04/09/2008 18,831 16,331 CHEYNE FINANCE LLC +++/-/\/\(A)(I) 5.12 02/25/2008 14,698 12,563 CHEYNE FINANCE LLC +++/-/\/\(A)(I) 5.18 05/19/2008 11,306 25,125 CIESCO LLC 3.08 04/08/2008 25,110 25,376 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 25,376 40,326 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $40,329) 3.10 04/01/2008 40,326 18,844 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 18,787 7,412 EBBETS FUNDING LLC 3.65 04/01/2008 7,412 12,814 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 12,797 10,050 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 10,042 12,563 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 12,548 4,899 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 4,894 6,281 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 6,278 25,125 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 25,013 20,326 GALLEON CAPITAL LLC 2.88 04/16/2008 20,302 10,050 GALLEON CAPITAL LLC 3.10 04/18/2008 10,035 13,065 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 13,042 17,588 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 17,586 18,467 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $18,469) 3.00 04/01/2008 18,467 51,632 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $51,637) 3.15 04/01/2008 51,632 2,513 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 2,513 16,331 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 16,331 6,281 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 6,275 15,201 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $15,202) 3.10 04/01/2008 15,201 10,804 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,805) 3.04 04/01/2008 10,804 2,513 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 2,513 8,794 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 8,789 12,563 LINKS FINANCE LLC +++/- 3.09 08/15/2008 12,478 18,844 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 18,809 201 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 201 12,060 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 12,057 1,162 MORGAN STANLEY +/- 2.94 10/15/2008 1,161 10,760 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $10,761) 2.50 04/01/2008 10,760 18,969 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $18,971) 3.08 04/01/2008 18,969 12,563 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 12,483 17,588 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 17,559 11,406 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 11,403 3,643 PICAROS FUNDING LLC 2.60 04/11/2008 3,641 12,563 RANGER FUNDING CORPORATION 2.71 04/18/2008 12,546 7,538 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 7,528 9,045 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 9,042 7,538 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 7,537 5,025 SLM CORPORATION +++/- 2.94 05/12/2008 5,016 7,789 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.27 04/03/2008 6,944 12,563 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.47 02/15/2008 11,201 1,508 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 1,507 12,563 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 12,549 15,829 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 15,810 7,538 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 7,529 4,210 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 4,209
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY CORE FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 12,563 TULIP FUNDING CORPORATION 2.88% 04/21/2008 $ 12,542 6,281 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 6,277 6,281 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 6,278 3,769 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 3,768 12,563 VERSAILLES CDS LLC 3.00 04/11/2008 12,552 6,281 VERSAILLES CDS LLC 3.45 04/08/2008 6,277 10,804 VICTORIA FINANCE LLC +++/-/\/\(A)(I) 3.44 07/28/2008 9,633 6,281 VICTORIA FINANCE LLC +++/-/\/\(A)(I) 3.47 08/07/2008 5,600 12,563 WHITE PINE FINANCE LLC +++/-/\/\(A)(I) 5.41 02/22/2008 11,934 30,150 YORKTOWN CAPITAL LLC 2.72 04/03/2008 30,147 977,826 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $1,025,183):1.34% 1,018,472 ------------ SHARES 235,240 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 235,240 ------------ TOTAL SHORT-TERM INVESTMENTS (COST $235,240) 235,240 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $20,262,446)* 105.76% $ 18,592,433 OTHER ASSETS AND LIABILITIES, NET (5.76) (1,013,133) -------- ------------ TOTAL NET ASSETS 100.00% $ 17,579,300 -------- ------------
- ---------------- + NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (I) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $235,240. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY GROWTH FUND SHARES SECURITY NAME VALUE COMMON STOCKS: 98.05% APPAREL & ACCESSORY STORES: 1.47% 28,300 KOHL'S CORPORATION + $ 1,213,787 --------------- BIOPHARMACEUTICALS: 6.16% 40,000 GENENTECH INCORPORATED + 3,247,200 24,800 GENZYME CORPORATION + 1,848,592 5,095,792 --------------- BUILDING MATERIALS, HARDWARE, GARDEN SUPPLY & MOBILE HOME DEALERS: 5.15% 43,700 FASTENAL COMPANY << 2,007,141 98,300 LOWE'S COMPANIES INCORPORATED 2,255,002 4,262,143 --------------- BUSINESS SERVICES: 17.26% 26,500 AUTOMATIC DATA PROCESSING INCORPORATED 1,123,335 123,300 EBAY INCORPORATED + 3,679,272 8,800 GOOGLE INCORPORATED CLASS A + 3,876,136 197,270 MICROSOFT CORPORATION 5,598,523 14,277,266 --------------- CHEMICALS & ALLIED PRODUCTS: 1.79% 35,500 AMGEN INCORPORATED + 1,483,190 --------------- DEPOSITORY INSTITUTIONS: 1.14% 44,500 WESTERN UNION COMPANY 946,515 --------------- E-COMMERCE/SERVICES: 1.36% 15,800 AMAZON.COM INCORPORATED + 1,126,540 --------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 15.48% 175,700 CISCO SYSTEMS INCORPORATED + 4,232,613 49,700 LINEAR TECHNOLOGY CORPORATION << 1,525,293 157,300 NOKIA OYJ ADR 5,006,859 72,200 TEXAS INSTRUMENTS INCORPORATED 2,041,094 12,805,859 --------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 3.82% 92,250 PAYCHEX INCORPORATED 3,160,485 --------------- GENERAL MERCHANDISE STORES: 6.18% 69,700 TARGET CORPORATION 3,532,396 29,900 WAL-MART STORES INCORPORATED 1,575,132 5,107,528 --------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.15% 67,300 EMC CORPORATION 965,082 116,400 INTEL CORPORATION 2,465,352 3,430,434 --------------- INSURANCE CARRIERS: 2.66% 50,775 AMERICAN INTERNATIONAL GROUP INCORPORATED 2,196,019 ---------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY GROWTH FUND SHARES SECURITY NAME VALUE MEDICAL EQUIPMENT & SUPPLIES: 5.70% 97,475 MEDTRONIC INCORPORATED $ 4,714,866 --------------- PERSONAL SERVICES: 0.99% 28,600 CINTAS CORPORATION 816,244 --------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 21.13% 226,950 CHARLES SCHWAB CORPORATION 4,273,469 2,300 CME GROUP INCORPORATED 1,078,930 28,400 FRANKLIN RESOURCES INCORPORATED 2,754,516 40,125 GOLDMAN SACHS GROUP INCORPORATED 6,636,274 17,900 LEGG MASON INCORPORATED 1,002,042 34,600 T. ROWE PRICE GROUP INCORPORATED 1,730,000 17,475,231 --------------- TRANSPORTATION SERVICES: 3.61% 30,100 C.H. ROBINSON WORLDWIDE INCORPORATED 1,637,440 29,900 EXPEDITORS INTERNATIONAL OF WASHINGTON INCORPORATED 1,350,881 2,988,321 --------------- TOTAL COMMON STOCKS (COST $79,051,258) 81,100,220 --------------- COLLATERAL FOR SECURITIES LENDING: 4.35% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.18% 10,442 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 10,442 44,343 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 44,343 39,909 DREYFUS CASH MANAGEMENT FUND 39,909 48,777 SCUDDER DAILY ASSETS MONEY MARKET FUND 48,777 143,471 ---------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 4.17% $ 93,121 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 93,010 16,407 APRECO LLC 2.70 04/17/2008 16,387 17,737 APRECO LLC 3.10 04/07/2008 17,728 107,310 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 107,143 6,918 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 6,908 22,172 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 22,149 145,002 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $145,014) 3.10 04/01/2008 145,002 22,172 BANK OF IRELAND +++/- 3.06 10/14/2008 22,165 4,434 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $4,434) 2.50 04/01/2008 4,434 17,737 BNP PARIBAS +/- 3.13 08/07/2008 17,723 55,872 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $55,877) 3.04 04/01/2008 55,872 97,998 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $98,006) 3.08 04/01/2008 97,998 47,004 BRYANT BANK FUNDING 2.98 04/09/2008 46,973 13,303 CAFCO LLC 2.70 04/18/2008 13,286 36,539 CAFCO LLC 3.08 04/07/2008 36,520 90,903 CHARIOT FUNDING LLC 2.97 04/14/2008 90,806 66,515 CHARTA LLC 3.08 04/09/2008 66,469 57,646 CHEYNE FINANCE LLC +++/-/\/\(A)(I) 5.12 02/25/2008 51,881 44,343 CHEYNE FINANCE LLC +++/-/\/\(A)(I) 5.18 05/19/2008 39,909 88,686 CIESCO LLC 3.08 04/08/2008 88,633 89,573 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 89,573
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 142,341 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $142,353) 3.10% 04/01/2008 $ 142,341 66,515 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 66,315 26,162 EBBETS FUNDING LLC 3.65 04/01/2008 26,162 45,230 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 45,170 35,474 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 35,447 44,343 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 44,293 17,294 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 17,275 22,172 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 22,161 88,686 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 88,289 71,747 GALLEON CAPITAL LLC 2.88 04/16/2008 71,661 35,474 GALLEON CAPITAL LLC 3.10 04/18/2008 35,423 46,117 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 46,037 62,080 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 62,075 65,184 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $65,189) 3.00 04/01/2008 65,184 182,250 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $182,266) 3.15 04/01/2008 182,250 8,869 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 8,869 57,646 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 57,646 22,172 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 22,151 53,655 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $53,660) 3.10 04/01/2008 53,655 38,135 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $38,138) 3.04 04/01/2008 38,135 8,869 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 8,869 31,040 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 31,025 44,343 LINKS FINANCE LLC +++/- 3.09 08/15/2008 44,045 66,515 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 66,394 709 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 709 42,569 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 42,558 4,102 MORGAN STANLEY +/- 2.94 10/15/2008 4,100 37,979 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $37,982) 2.50 04/01/2008 37,979 66,958 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $66,964) 3.08 04/01/2008 66,958 44,343 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 44,061 62,080 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 61,979 40,260 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 40,250 12,860 PICAROS FUNDING LLC 2.60 04/11/2008 12,850 44,343 RANGER FUNDING CORPORATION 2.71 04/18/2008 44,286 26,606 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 26,573 31,927 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 31,917 26,606 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 26,603 17,737 SLM CORPORATION +++/- 2.94 05/12/2008 17,705 27,493 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.27 04/03/2008 24,513 44,343 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.47 02/15/2008 39,536 5,321 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 5,320 44,343 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 44,294 55,872 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 55,805 26,606 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 26,577 14,860 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 14,857 44,343 TULIP FUNDING CORPORATION 2.88 04/21/2008 44,272 22,172 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 22,157 22,172 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 22,159 13,303 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 13,300 44,343 VERSAILLES CDS LLC 3.00 04/11/2008 44,306 22,172 VERSAILLES CDS LLC 3.45 04/08/2008 22,157 38,135 VICTORIA FINANCE LLC +++/-/\/\(A)(I) 3.44 07/28/2008 34,001 22,172 VICTORIA FINANCE LLC +++/-/\/\(A)(I) 3.47 08/07/2008 19,768 44,343 WHITE PINE FINANCE LLC +++/-/\/\(A)(I) 5.41 02/22/2008 42,126
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT LARGE COMPANY GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 106,423 YORKTOWN CAPITAL LLC 2.72% 04/03/2008 $ 106,408 3,451,525 ------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $3,607,403) 3,594,996 ------------ SHARES SHORT-TERM INVESTMENTS: 1.01% 833,287 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 833,287 TOTAL SHORT-TERM INVESTMENTS (COST $833,287) 833,287 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $83,491,948)* 103.41% $ 85,528,503 OTHER ASSETS AND LIABILITIES, NET (3.41) (2,816,887) -------- ------------- TOTAL NET ASSETS 100.00% $ 82,711,616 -------- ------------
- ---------------- + NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (I) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $833,287. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT MONEY MARKET FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE CERTIFICATES OF DEPOSIT: 10.27% $ 500,000 ALLIED IRISH BANKS NY 2.86% 09/09/2008 $ 500,000 250,000 BANK OF NOVA SCOTIA (PORTLAND) 4.28 04/11/2008 250,000 500,000 BANK OF SCOTLAND PLC (NEW YORK) +/- 4.50 11/10/2008 500,000 500,000 BARCLAYS BANK PLC (NEW YORK) 5.20 04/10/2008 500,000 500,000 CALYON (NEW YORK) 4.03 07/14/2008 500,000 600,000 CREDIT AGRICOLE SA 4.31 04/01/2008 600,000 1,000,000 DEXIA CREDIT LOCAL SA (NEW YORK) 3.08 05/30/2008 1,000,000 500,000 NATIXIS NEW YORK BRANCH 4.48 05/08/2008 500,000 250,000 ROYAL BANK OF CANADA (NEW YORK) +/- 2.76 04/16/2008 249,990 250,000 ROYAL BANK OF SCOTLAND (NEW YORK) +/- 3.06 04/03/2008 250,000 250,000 ROYAL BANK OF SCOTLAND (NEW YORK) +/- 3.06 07/03/2008 249,924 500,000 UNICREDITO ITALIANO (NEW YORK) 4.40 04/10/2008 500,000 TOTAL CERTIFICATES OF DEPOSIT (COST $5,599,914) 5,599,914 ------------ COMMERCIAL PAPER: 47.44% 250,000 AMERICAN EXPRESS CREDIT 2.98 07/08/2008 247,972 300,000 AMSTEL FUNDING CORPORATION ++ 3.10 04/08/2008 299,819 250,000 AMSTEL FUNDING CORPORATION ++ 2.80 04/18/2008 249,669 250,000 AMSTEL FUNDING CORPORATION ++ 2.85 04/21/2008 249,604 250,000 ANZ NATIONAL (INTERNATIONAL) LIMITED ++ 4.62 04/25/2008 249,230 250,000 APRECO LLC ++ 2.94 05/09/2008 249,224 250,000 ATLANTIC ASSET SECURITIZATION CORPORATION ++ 3.18 04/23/2008 249,514 250,000 BANK OF IRELAND ++ 4.56 04/25/2008 249,240 250,000 BARCLAYS US FUNDING LLC 3.01 08/28/2008 246,891 250,000 BEAGLE FUNDING LLC ++ 4.44 04/09/2008 249,753 250,000 BNZ INTERNATIONAL FUNDING ++ 2.88 05/12/2008 249,180 500,000 BNZ INTERNATIONAL FUNDING ++ 2.87 05/19/2008 498,087 350,000 BRYANT PARK FUNDING LLC ++ 3.05 04/14/2008 349,615 750,000 CAFCO LLC ++ 2.92 05/09/2008 747,688 250,000 CAFCO LLC ++ 2.70 05/16/2008 249,156 250,000 CANCARA ASSET SECURITIZATION LLC ++ 3.10 04/08/2008 249,849 500,000 CANCARA ASSET SECURITIZATION LLC ++ 3.95 04/15/2008 499,232 250,000 CANCARA ASSET SECURITIZATION LLC ++ 4.27 04/14/2008 249,615 250,000 CHARIOT FUNDING LLC 2.72 06/30/2008 248,300 500,000 CHARTA LLC ++ 3.89 04/16/2008 499,190 250,000 CHARTA LLC ++ 3.20 04/25/2008 249,467 500,000 CHARTA LLC ++ 2.82 06/09/2008 497,298 250,000 CIESCO LLC ++ 3.30 04/28/2008 249,381 250,000 CIESCO LLC ++ 2.92 05/05/2008 249,311 250,000 CIESCO LLC ++ 2.85 06/05/2008 248,714 750,000 CITIBANK OMNI MASTER TRUST ++ 4.25 04/11/2008 749,115 350,000 CITIBANK OMNI MASTER TRUST ++ 3.72 04/24/2008 349,168 250,000 CLIPPER RECEIVABLES COMPANY LLC ++ 3.07 04/02/2008 249,979 1,000,000 CLIPPER RECEIVABLES LLC ++ 3.10 04/07/2008 999,483 250,000 CRC FUNDING LLC ++ 3.14 04/07/2008 249,869 250,000 CRC FUNDING LLC ++ 3.08 05/15/2008 249,059 250,000 CRC FUNDING LLC ++ 2.90 06/10/2008 248,590 300,000 DNB NOR BANK ASA ++ 3.69 07/07/2008 297,017 250,000 ERASMUS CAPITAL CORPORATION ++ 3.95 04/18/2008 249,534 250,000 EUREKA SECURITIZATION ++ 2.70 04/29/2008 249,475 250,000 FAIRWAY FINANCE CORPORATION ++ 3.19 04/04/2008 249,934 250,000 FAIRWAY FINANCE CORPORATION ++ 3.09 04/25/2008 249,485 250,000 FALCON ASSET SECURITIES COMPANY LLC ++ 3.10 05/07/2008 249,225 500,000 FORTIS FUNDING LLC ++ 3.01 05/13/2008 498,244 500,000 GALLEON CAPITAL LLC ++ 3.10 04/02/2008 499,957 250,000 GRAMPIAN FUNDING LLC ++ 4.45 04/08/2008 249,784 200,000 GRAMPIAN FUNDING LLC ++ 5.12 04/08/2008 199,801 250,000 IRISH LIFE & PERMANENT ++ 4.40 04/04/2008 249,908 450,000 IRISH LIFE & PERMANENT ++ 2.94 06/10/2008 447,428 250,000 JUPITER SECURITIZATION CORPORATION LLC ++ 2.70 04/23/2008 249,588 500,000 KBC FINANCIAL PRODUCTS INTERNATIONAL LIMITED ++ 2.72 09/17/2008 493,616 500,000 LIBERTY STREET FUNDING LLC ++ 3.01 05/14/2008 498,202
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT MONEY MARKET FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COMMERCIAL PAPER (continued) $ 250,000 LIBERTY STREET FUNDING LLC ++ 2.90% 06/26/2008 $ 248,268 250,000 LIBERTY STREET FUNDING LLC ++ 2.85 06/25/2008 248,318 500,000 MONT BLANC CAPITAL CORPORATION ++ 3.87 04/18/2008 499,086 250,000 NIEUW AMSTERDAM RECEIVABLES ++ 3.25 04/22/2008 249,526 250,000 OLD LINE FUNDING LLC ++ 3.12 04/09/2008 249,827 250,000 OLD LINE FUNDING LLC ++ 3.15 04/18/2008 249,628 250,000 OLD LINE FUNDING LLC 2.65 05/09/2008 249,301 250,000 PARK AVENUE RECEIVABLES ++ 2.70 04/23/2008 249,588 250,000 PARK AVENUE RECEIVABLES ++ 2.65 05/12/2008 249,245 250,000 PARK AVENUE RECEIVABLES ++ 2.75 05/27/2008 248,931 500,000 RANGER FUNDING COMPANY LLC ++ 3.20 04/14/2008 499,422 250,000 RANGER FUNDING COMPANY LLC ++ 3.20 04/23/2008 249,511 250,000 RANGER FUNDING COMPANY LLC ++ 3.02 04/24/2008 249,518 500,000 REGENCY MARKETS # 1 LLC ++ 3.00 04/17/2008 499,333 500,000 REGENCY MARKETS # 1 LLC ++ 3.20 04/17/2008 499,289 500,000 REGENCY MARKETS #1 LLC ++ 3.15 05/15/2008 498,075 500,000 SCALDIS CAPITAL LLC ++ 3.95 04/15/2008 499,232 250,000 SHEFFIELD RECEIVABLES CORPORATION ++ 3.14 04/09/2008 249,826 250,000 SOCIETE GENERALE NORTH AMERICA 4.25 04/09/2008 249,764 250,000 SOCIETE GENERALE NORTH AMERICA 3.87 04/17/2008 249,571 250,000 SWEDBANK MORTGAGE AB 3.88 04/16/2008 249,596 250,000 SWEDBANK MORTGAGE AB 4.36 07/08/2008 247,033 250,000 THAMES ASSET GLOBAL SECURITIES ++ 4.15 04/07/2008 249,827 1,000,000 THAMES ASSET GLOBAL SECURITIES ++ 3.10 04/01/2008 1,000,000 250,000 THUNDER BAY FUNDING LLC ++ 3.13 04/03/2008 249,957 250,000 THUNDER BAY FUNDING LLC ++ 3.15 04/17/2008 249,650 250,000 THUNDER BAY FUNDING LLC ++ 2.65 06/17/2008 248,583 500,000 UNICREDITO ITALIANO BANK OF IRELAND ++ 3.21 05/02/2008 498,620 250,000 VARIABLE FUNDING CAPITAL ++ 2.94 05/05/2008 249,306 250,000 VERSAILLES CDS LLC ++ 3.30 04/04/2008 249,931 TOTAL COMMERCIAL PAPER (COST $25,879,222) 25,879,222 ------------ CORPORATE BONDS & NOTES: 3.52% 300,000 BES FINANCE LIMITED +/-++ 3.17 03/02/2009 300,000 500,000 DNB NOR BANK ASA +/-++ 2.60 03/25/2009 500,000 500,000 FLORIDA HURRICANE CATASTROPHE +/- 3.03 12/12/2008 500,000 500,000 INTESA BANK IRELAND PLC +/-++ 2.61 03/25/2009 500,000 120,000 MORGAN STANLEY +/- 2.29 09/15/2008 119,701 TOTAL CORPORATE BONDS & NOTES (COST $1,919,701) 1,919,701 ------------ EXTENDABLE BONDS: 4.67% 1,000,000 BANK OF IRELAND +/-++ 2.96 04/28/2009 1,000,000 300,000 BASF FINANCE EUROPE NV +/-++ 3.88 04/20/2009 300,000 250,000 CAISSE NATIONALE +/-++ 3.07 03/10/2009 250,000 250,000 COMMONWEALTH BANK AUSTRALIA +/-++ 4.71 02/03/2009 250,000 500,000 GENERAL ELECTRIC CAPITAL CORPORATION +/- 3.08 03/09/2009 500,000 250,000 WACHOVIA BANK +/- 4.75 02/04/2009 250,000 TOTAL EXTENDABLE BONDS (COST $2,550,000) 2,550,000 ------------ MEDIUM TERM NOTES: 7.97% 500,000 BNP PARIBAS +/- 2.79 09/16/2008 500,000 500,000 MERRILL LYNCH & COMPANY +/- 2.74 03/24/2009 500,000 200,000 MERRILL LYNCH & COMPANY +/- 2.92 03/18/2009 200,000 1,000,000 NORDEA BANK AB +/-++ 3.02 09/10/2008 1,000,000 1,000,000 NORTHERN ROCK PLC +/-++ 3.08 10/08/2008 1,000,000 500,000 PREMIUM ASSET TRUST SERIES 04-10 +/-++ 2.94 12/12/2008 500,000 250,000 ROYAL BANK SCOTLAND GROUP PLC +/-++ 2.91 09/18/2008 250,000
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. 2 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT MONEY MARKET FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE MEDIUM TERM NOTES (continued) $ 400,000 SEDNA FINANCE INCORPORATED SERIES MTN ++ 5.35% 05/29/2008 $ 400,000 TOTAL MEDIUM TERM NOTES (COST $4,350,000) 4,350,000 ------------ MUNICIPAL BONDS & NOTES: 1.79% 500,000 JOHNSON CITY TN HEALTH & EDUCATIONAL FACILITIES SERIES B (EDUCATIONAL FACILITIES REVENUE, REGIONS BANK) +/-ss. 3.75 07/01/2033 500,000 475,000 MISSISSIPPI STATE TAXABLE NISSAN PROJECT A (GO UNLIMITED, BANK OF AMERICA NA LOC) +/-ss. 2.96 11/01/2028 474,972 TOTAL MUNICIPAL BONDS & NOTES (COST $974,972) 974,972 ------------ SECURED MASTER NOTE AGREEMENT: 3.72% 967,000 BANK OF AMERICA SECURITIES LLC +/-++ss.(e) 3.13 967,000 1,060,000 CITIGROUP GLOBAL MARKETS INCORPORATED +/-++ss.(e) 3.13 1,060,000 TOTAL SECURED MASTER NOTE AGREEMENT (COST $2,027,000) 2,027,000 ------------ REPURCHASE AGREEMENTS: 11.51% 1,278,000 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,278,089) 2.50 04/01/2008 1,278,000 3,000,000 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $3,000,208) 2.50 04/01/2008 3,000,000 1,000,000 JPMORGAN REPURCHASE AGREEMENT - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,086) 3.10 04/01/2008 1,000,000 1,000,000 LEHMAN BROTHERS REPURCHASE AGREEMENT - 102% COLLATERALIZED BY US GOVERNMENT SECURITIES (MATURITY VALUE $1,000,088) 3.15 04/01/2008 1,000,000 TOTAL REPURCHASE AGREEMENTS (COST $6,278,000) 6,278,000 ------------ TIME DEPOSITS: 11.00% 1,000,000 BANK OF SCOTLAND LONDON 3.05 04/01/2008 1,000,000 1,000,000 BNP PARIBAS PARIS 3.15 04/01/2008 1,000,000 1,000,000 DANSKE BANK AS COPENHAGEN 3.05 04/01/2008 1,000,000 1,000,000 DANSKE BANK AS COPENHAGEN 3.50 04/01/2008 1,000,000 1,000,000 DEXIA BANK SA BRUSSELS 3.25 04/01/2008 1,000,000 1,000,000 RABOBANK LONDON 3.15 04/02/2008 1,000,000 TOTAL TIME DEPOSITS (COST $6,000,000) 6,000,000 ------------ TOTAL INVESTMENTS IN SECURITIES (COST $55,578,809)* 101.89% $ 55,578,809 OTHER ASSETS AND LIABILITIES, NET (1.89) (1,029,316) ------- ------------ TOTAL NET ASSETS 100.00% $ 54,549,493 ------- ------------
- ---------------- +/- VARIABLE RATE INVESTMENTS. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. ss. THESE SECURITIES ARE SUBJECT TO A DEMAND FEATURE WHICH REDUCES THE EFFECTIVE MATURITY. (E) THE SECURITY IS A PRIVATE PLACEMENT WITH NO STATED MATURITY DATE. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 80.30% AMUSEMENT & RECREATION SERVICES: 0.87% 147,000 INTERNATIONAL GAME TECHNOLOGY $ 5,910,870 ------------- APPAREL & ACCESSORY STORES: 1.20% 230,000 NORDSTROM INCORPORATED << 7,498,000 20,377 URBAN OUTFITTERS INCORPORATED <<+ 638,819 8,136,819 ------------- BIOPHARMACEUTICALS: 2.15% 107,000 GENENTECH INCORPORATED + 8 ,686,260 550,000 PDL BIOPHARMA INCORPORATED <<+ 5,824,500 14,510,760 ------------- BUSINESS SERVICES: 10.05% 620,000 CADENCE DESIGN SYSTEMS INCORPORATED <<+ 6,621,600 1,080,000 CNET NETWORKS INCORPORATED <<+ 7,668,000 190,000 ELECTRONIC ARTS INCORPORATED + 9,484,800 365,000 IMS HEALTH INCORPORATED 7,668,650 1,180,000 INTERPUBLIC GROUP OF COMPANIES INCORPORATED <<+ 9,923,800 345,000 NCR CORPORATION + 7,876,350 198,100 OMNICOM GROUP INCORPORATED 8,752,058 540,000 RED HAT INCORPORATED + 9,930,600 67,925,858 ------------- CHEMICALS & ALLIED PRODUCTS: 5.89% 182,850 AMGEN INCORPORATED + 7,639,473 175,000 AVERY DENNISON CORPORATION 8,618,750 145,000 CLOROX COMPANY 8,212,800 182,000 PRAXAIR INCORPORATED 15,329,860 39,800,883 ------------- COMMUNICATIONS: 4.53% 375,000 CABLEVISION SYSTEMS CORPORATION NEW YORK GROUP CLASS A + 8,036,250 512,000 COMCAST CORPORATION CLASS A 9,712,640 161,000 LIBERTY MEDIA CORPORATION - ENTERTAINMENT CLASS A + 3,645,040 570,000 LIBERTY MEDIA CORPORATION INTERACTIVE SERIES A <<+ 9,199,800 30,593,730 ------------- DEPOSITORY INSTITUTIONS: 5.64% 190,000 BANK OF NEW YORK MELLON CORPORATION 7,928,700 213,500 BB&T CORPORATION << 6,844,810 126,000 CITIGROUP INCORPORATED 2,698,920 65,000 JPMORGAN CHASE & COMPANY 2,791,750 290,000 TORONTO-DOMINION BANK 17,830,289 38,094,469 ------------- ELECTRIC, GAS & SANITARY SERVICES: 0.41% 94,500 REPUBLIC SERVICES INCORPORATED 2,745,320 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 10.23% 4,710,000 ARM HOLDINGS PLC 8,225,932 1,292,400 CELESTICA INCORPORATED + 8,684,928 805,000 FLEXTRONICS INTERNATIONAL LIMITED <<+ 7,558,950 430,000 MICROSEMI CORPORATION <<+ 9,804,000
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. 1 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 385,000 MOLEX INCORPORATED CLASS A $ 8,416,100 405,000 NETAPP INCORPORATED + 8,120,250 1,585,000 ON SEMICONDUCTOR CORPORATION <<+ 9,002,800 415,000 POLYCOM INCORPORATED + 9,354,100 69,167,060 ------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 1.64% 315,000 ACCENTURE LIMITED CLASS A 11,078,550 ------------- FABRICATED METAL PRODUCTS, EXCEPT MACHINERY & TRANSPORTATION EQUIPMENT: 1.39% 195,000 ILLINOIS TOOL WORKS INCORPORATED 9,404,850 ------------- FOOD & KINDRED PRODUCTS: 1.19% 237,800 PEPSI BOTTLING GROUP INCORPORATED 8,063,798 ------------- FORESTRY: 1.15% 119,985 WEYERHAEUSER COMPANY << 7,803,824 ------------- GENERAL MERCHANDISE STORES: 2.43% 185,000 JCPENNEY COMPANY INCORPORATED 6,976,350 187,000 TARGET CORPORATION 9,477,160 16,453,510 ------------- HEALTH SERVICES: 1.26% 1,615,000 HEALTH MANAGEMENT ASSOCIATION INCORPORATED CLASS A << 8,543,350 ------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 1.33% 215,000 DOVER CORPORATION 8,982,700 ------------- INSURANCE CARRIERS: 3.78% 175,000 ACE LIMITED 9,635,500 730,000 MGIC INVESTMENT CORPORATION << 7,686,900 159,000 RENAISSANCERE HOLDINGS LIMITED 8,253,690 25,576,090 ------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 3.63% 285,000 APPLERA CORPORATION-APPLIED BIOSYSTEMS GROUP 9,365,100 79,839 RESMED INCORPORATED <<+ 3,367,609 212,500 WATERS CORPORATION <<+ 11,836,250 24,568,959 ------------- MEDICAL PRODUCTS: 1.18% 102,000 ZIMMER HOLDINGS INCORPORATED + 7,941,720 ------------- METAL MINING: 0.93% 65,000 FREEPORT-MCMORAN COPPER & GOLD INCORPORATED CLASS B 6,254,300 ------------- MISCELLANEOUS RETAIL: 2.22% 108,000 CVS CAREMARK CORPORATION 4,375,080 480,000 STAPLES INCORPORATED 10,612,800 14,987,880 ------------- MOTOR FREIGHT TRANSPORTATION & WAREHOUSING: 1.44% 310,000 J.B. HUNT TRANSPORT SERVICES INCORPORATED << 9,743,300 -------------
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. 2 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
SHARES SECURITY NAME VALUE OIL & GAS EXTRACTION: 7.55% 153,000 TRANSOCEAN INCORPORATED + $ 20,685,600 330,000 WEATHERFORD INTERNATIONAL LIMITED + 23,915,100 103,400 XTO ENERGY INCORPORATED 6,396,324 50,997,024 ------------- PERSONAL SERVICES: 0.63% 155,000 REGIS CORPORATION << 4,260,950 ------------- PETROLEUM REFINING & RELATED INDUSTRIES: 1.16% 149,000 SUNOCO INCORPORATED 7,818,030 ------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.37% 220,000 E.W. SCRIPPS COMPANY CLASS A 9,242,200 ------------- TRANSPORTATION BY AIR: 1.76% 210,000 CONTINENTAL AIRLINES INCORPORATED CLASS B + 4,038,300 410,000 TAM SA ADR << 7,867,900 11,906,200 ------------- TRANSPORTATION EQUIPMENT: 1.25% 250,000 JOHNSON CONTROLS INCORPORATED 8,450,000 ------------- UTILITIES: 0.75% 65,000 VANGUARD UTILITIES ETF 5,101,200 ------------- WATER TRANSPORTATION: 1.29% 265,000 ROYAL CARIBBEAN CRUISES LIMITED << 8,718,500 ------------- TOTAL COMMON STOCKS (COST $519,400,641) 542,782,704 -------------
UNITS MATURITY DATE EXCHANGEABLE NOTES: 3.24% 124,000 MEDTRONIC INCORPORATED + ++(J) 04/23/2008 6,163,668 160,000 MEMC ELECTRONIC MATERIALS INCORPORATED MTN+(J) 04/04/2008 11,241,600 107,000 WYETH MTN + ++ 04/09/2008 4,467,304 TOTAL EXCHANGEABLE NOTES (COST $21,065,975) 21,872,572 -------------
SHARES INVESTMENT COMPANIES: 3.09% STOCK FUNDS: 3.09% 80,000 ISHARES S&P SMALLCAP 600 INDEX FUND << 4,794,400 58,000 MIDCAP SPDR TRUST SERIES 1 << 8,213,960 60,000 VANGUARD TOTAL STOCK MARKET ETF << 7,875,000 20,883,360 ------------- TOTAL INVESTMENT COMPANIES (COST $18,970,427) 20,883,360 ------------- PREFERRED STOCKS: 3.55% 255,000 AKAMAI TECHNOLOGIES + ++ 7,168,050 126,320 HALLIBURTON COMPANY + ++ 4,921,036 177,805 NUCOR CORPORATION + ++ 11,889,820 TOTAL PREFERRED STOCKS (COST $23,835,264) 23,978,906 -------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
SHARES SECURITY NAME VALUE RIGHTS: 0.00% 230,000 SEAGATE TECHNOLOGY RIGHTS +(A)(I) $ 0 TOTAL RIGHTS (COST $0) 0 ------------- COLLATERAL FOR SECURITIES LENDING: 19.22% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 0.77% 377,328 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 377,328 1,602,419 BLACKROCKTEMPORARY #24 MONEY MARKET FUND 1,602,419 1,442,177 DREYFUS CASH MANAGEMENT FUND 1,442,177 1,762,661 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,762,661 5,184,585 -------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 18.45% $ 3,365,079 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 3,361,083 592,895 APRECO LLC 2.70 04/17/2008 592,183 640,967 APRECO LLC 3.10 04/07/2008 640,636 3,877,853 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 3,871,821 249,977 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 249,623 801,209 BANCO SANTANDER TOTTA LOAN +++/- 2.83 10/15/2008 800,409 5,239,909 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $5,240,360) 3.10 04/01/2008 5,239,909 801,209 BANK OF IRELAND +++/- 3.06 10/14/2008 800,965 160,242 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $160,253) 2.50 04/01/2008 160,242 640,967 BNP PARIBAS +/- 3.13 08/07/2008 640,446 2,019,048 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,019,218) 3.04 04/01/2008 2,019,048 3,541,345 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,541,648) 3.08 04/01/2008 3,541,345 1,698,564 BRYANT BANK FUNDING 2.98 04/09/2008 1,697,439 480,726 CAFCO LLC 2.70 04/18/2008 480,113 1,320,393 CAFCO LLC 3.08 04/07/2008 1,319,715 3,284,958 CHARIOT FUNDING LLC 2.97 04/14/2008 3,281,435 2,403,628 CHARTA LLC 3.08 04/09/2008 2,401,983 2,083,144 CHEYNE FINANCE LLC ++(A)(I)+/-/\/\ 5.12 02/25/2008 1,874,830 1,602,419 CHEYNE FINANCE LLC ++(A)(I)+/-/\/\ 5.18 05/19/2008 1,442,177 3,204,837 CIESCO LLC 3.08 04/08/2008 3,202,918 3,236,886 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 3,236,886 5,143,764 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $5,144,207) 3.10 04/01/2008 5,143,764 2,403,628 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 2,396,420 945,427 EBBETS FUNDING LLC 3.65 04/01/2008 945,427 1,634,467 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 1,632,288 1,281,935 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 1,280,945 1,602,419 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 1,600,612 624,943 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 624,263 801,209 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 800,822 3,204,837 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 3,190,493 2,592,713 GALLEON CAPITAL LLC 2.88 04/16/2008 2,589,602 1,281,935 GALLEON CAPITAL LLC 3.10 04/18/2008 1,280,058 1,666,515 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,663,613 2,243,386 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 2,243,179 2,355,556 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,355,752) 3.00 04/01/2008 2,355,556 6,585,941 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $6,586,517) 3.15 04/01/2008 6,585,941 320,484 HARRIER FINANCE FUNDING LLC +/- 2.62 04/25/2008 320,484 2,083,144 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 2,083,144 801,209 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 800,471
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 1,938,927 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,939,094) 3.10% 04/01/2008 $ 1,938,927 1,378,080 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,378,196) 3.04 04/01/2008 1,378,080 320,484 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 320,484 1,121,693 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 1,121,132 1,602,419 LINKS FINANCE LLC +++/- 3.09 08/15/2008 1,591,647 2,403,628 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 2,399,251 25,639 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 25,620 1,538,322 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 1,537,905 148,224 MORGAN STANLEY +/- 2.94 10/15/2008 148,149 1,372,444 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,372,539) 2.50 04/01/2008 1,372,444 2,419,652 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,419,859) 3.08 04/01/2008 2,419,652 1,602,419 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 1,592,231 2,243,386 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 2,239,735 1,454,868 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 1,454,499 464,701 PICAROS FUNDING LLC 2.60 04/11/2008 464,366 1,602,419 RANGER FUNDING CORPORATION 2.71 04/18/2008 1,600,368 961,451 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 960,246 1,153,741 SEDNA FINANCE INCORPORATED +++/- 3.03 04/10/2008 1,153,380 961,451 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 961,364 640,967 SLM CORPORATION +++/- 2.94 05/12/2008 639,812 993,500 STANFIELD VICTORIA FUNDING LLC ++(A)(I)+/-/\/\ 5.27 04/03/2008 885,804 1,602,419 STANFIELD VICTORIA FUNDING LLC ++(A)(I)+/-/\/\ 5.47 02/15/2008 1,428,717 192,290 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 192,260 1,602,419 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,600,643 2,019,048 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 2,016,614 961,451 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 960,423 537,003 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 536,877 1,602,419 TULIP FUNDING CORPORATION 2.88 04/21/2008 1,599,855 801,209 UNICREDITO ITALIANO BANK (IRELAND) +/- 2.84 04/15/2009 800,677 801,209 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +++/- 3.09 10/08/2008 800,754 480,726 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 480,605 1,602,419 VERSAILLES CDS LLC 3.00 04/11/2008 1,601,083 801,209 VERSAILLES CDS LLC 3.45 04/08/2008 800,672 1,378,080 VICTORIA FINANCE LLC ++(A)(I)+/-/\/\ 3.44 07/28/2008 1,228,696 801,209 VICTORIA FINANCE LLC ++(A)(I)+/-/\/\ 3.47 08/07/2008 714,358 1,602,419 WHITE PINE FINANCE LLC ++(A)(I)+/-/\/\ 5.41 02/22/2008 1,522,298 3,845,805 YORKTOWN CAPITAL LLC 2.72 04/03/2008 3,845,221 124,727,137 ------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $130,560,236) 129,911,722 ------------- SHARES SHORT-TERM INVESTMENTS: 10.43% MUTUAL FUNDS: 8.66% 58,541,410 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 58,541,410 US TREASURY BILLS: 1.77% 3,000,000 US TREASURY BILL< 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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT OPPORTUNITY FUND
VALUE TOTAL INVESTMENTS IN SECURITIES (COST $784,364,825)* 119.83% $ 809,960,906 OTHER ASSETS AND LIABILITIES, NET (19.83) (134,048,727) ------ ------------- TOTAL NET ASSETS 100.00% $ 675,912,179 ------- -------------
<< ALL OR A PORTION OF THIS SECURITY IS ON LOAN. + NON-INCOME EARNING SECURITIES. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. (J) THE HOLDER OF AN EXCHANGEABLE EQUITY-LINKED NOTE WILL RECEIVE, AT THE NOTE'S MATURITY, SHARES OF THE REFERENCED EQUITY BASED ON THE FINAL INDEX VALUE OF THE EQUITY (OR THE CASH EQUIVALENT). THE INDEX VALUE AND MATURITY DATE ARE BOTH DEFINED IN THE TERMS OF THE NOTE. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (I) ILLIQUID SECURITY. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $58,541,410. /\ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES.
CONTRACTS STRIKE PRICE EXPIRATION DATE VALUE WRITTEN OPTIONS: (0.01%) (50) PRAXAIR INCORPORATED CALL 80.00 04/19/2008 $(24,500) (70) PRAXAIR INCORPORATED CALL 85.00 04/19/2008 (15,750) TOTAL WRITTEN OPTIONS (PREMIUMS RECEIVED $(47,540)) (40,250) --------
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. 6 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.85% AMUSEMENT & RECREATION SERVICES: 0.83% 43,700 WMS INDUSTRIES INCORPORATED +<< $ 1,571,889 -------------------- AUTOMOTIVE REPAIR, SERVICES & PARKING: 1.50% 92,276 WRIGHT EXPRESS CORPORATION + 2,835,641 -------------------- BIOPHARMACEUTICALS: 0.64% 81,542 APPLERA CORPORATION-CELERA GROUP +<< 1,198,667 -------------------- BUSINESS SERVICES: 23.59% 33,045 BANKRATE INCORPORATED +<< 1,648,615 94,257 DEALERTRACK HOLDINGS INCORPORATED +<< 1,905,877 48,100 DIGITAL RIVER INCORPORATED +<< 1,489,657 127,200 EPICOR SOFTWARE CORPORATION +<< 1,424,640 11,400 F5 NETWORKS INCORPORATED + 207,138 64,800 FORRESTER RESEARCH INCORPORATED +<< 1,722,384 112,600 GARTNER INCORPORATED +<< 2,177,684 300,040 GLOBAL CASH ACCESS INCORPORATED +<< 1,758,234 187,600 INTERNAP NETWORK SERVICES +<< 930,496 323,100 LAWSON SOFTWARE INCORPORATED + 2,432,943 246,774 MARCHEX INCORPORATED CLASS B<< 2,462,805 450,490 ON ASSIGNMENT INCORPORATED + 2,860,612 117,100 RSC HOLDINGS INCORPORATED +<< 1,276,390 271,083 SECURE COMPUTING CORPORATION +<< 1,748,485 90,887 SI INTERNATIONAL INCORPORATED + 1,744,122 562,836 SKILLSOFT PLC ADR + 5,892,893 247,271 SYKES ENTERPRISES INCORPORATED + 4,349,497 54,700 SYNCHRONOSS TECHNOLOGIES INCORPORATED +<< 1,095,641 204,451 TELETECH HOLDINGS INCORPORATED + 4,591,969 126,832 THE KNOT INCORPORATED +<< 1,490,276 70,656 VALUECLICK INCORPORATED +<< 1,218,816 44,429,174 -------------------- CASINO & GAMING: 0.63% 92,200 PINNACLE ENTERTAINMENT INCORPORATED +<< 1,180,160 -------------------- CHEMICALS & ALLIED PRODUCTS: 3.30% 18,150 INVERNESS MEDICAL INNOVATIONS INCORPORATED +<< 546,315 100,500 NOVEN PHARMACEUTICALS INCORPORATED + 902,490 244,433 SCIELE PHARMA INCORPORATED +<< 4,766,444 6,215,249 -------------------- COMMUNICATIONS: 4.47% 27,700 CBEYOND INCORPORATED + 520,483 265,900 CENTENNIAL COMMUNICATIONS CORPORATION + 1,571,469 92,400 LIVE NATION INCORPORATED +<< 1,120,812 113,300 LODGENET ENTERTAINMENT CORPORATION +<< 689,997 100,388 NOVATEL WIRELESS INCORPORATED + 971,756 291,800 PAETEC HOLDING CORPORATION +<< 1,943,388 98,000 SAVVIS INCORPORATED +<< 1,594,460 8,412,365 -------------------- E-COMMERCE/SERVICES: 1.83% 262,300 GSI COMMERCE INCORPORATED +<< 3,449,245 -------------------- EATING & DRINKING PLACES: 0.25% 48,600 TEXAS ROADHOUSE INCORPORATED CLASS A +<< 476,280 --------------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 11.16% 202,800 INFORMATION SERVICES GROUP INCORPORATED +<< $ 1,046,448 178,820 MICROSEMI CORPORATION +<< 4,077,096 628,800 PMC-SIERRA INCORPORATED + 3,584,160 68,800 POLYPORE INTERNATIONAL INCORPORATED + 1,423,472 81,841 POWER INTEGRATIONS INCORPORATED + 2,394,668 32,000 REGAL-BELOIT CORPORATION + 1,172,160 47,800 SILICON LABORATORIES INCORPORATED + 1,507,612 122,538 SOLERA HOLDINGS INCORPORATED + 2,985,026 65,900 SYNAPTICS INCORPORATED +<< 1,573,692 42,307 UNIVERSAL DISPLAY CORPORATION<< 605,836 24,800 ZOLTEK COMPANIES INCORPORATED +<< 657,696 21,027,866 -------------------- ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 7.01% 48,759 ADVISORY BOARD COMPANY +<< 2,678,819 179,739 EXELIXIS INCORPORATED +<< 1,249,186 17,850 IHS INCORPORATED +<< 1,147,934 39,500 NAVIGANT CONSULTING INCORPORATED + 749,710 229,466 RESOURCES CONNECTION INCORPORATED +<< 4,100,557 57,700 WATSON WYATT & COMPANY HOLDINGS 3,274,475 13,200,681 -------------------- FINANCIAL INSTITUTIONS: 0.72% 59,000 DOLLAR FINANCIAL CORPORATION +<< 1,357,000 -------------------- FOOD & KINDRED PRODUCTS: 0.43% 136,803 SENOMYX INCORPORATED +<< 807,138 -------------------- HEALTH SERVICES: 3.97% 33,450 CARDIONET INCORPORATED +<< 601,766 170,605 INVENTIV HEALTH INCORPORATED +<< 4,915,130 57,600 PSYCHIATRIC SOLUTIONS INCORPORATED +<< 1,953,792 7,470,688 -------------------- HOME FURNITURE, FURNISHINGS & EQUIPMENT STORES: 0.55% 91,800 HHGREGG INCORPORATED +<< 1,032,750 -------------------- HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 2.56% 52,677 GAYLORD ENTERTAINMENT COMPANY +<< 1,595,586 267,100 GREAT WOLF RESORTS INCORPORATED +<< 1,704,098 31,600 VAIL RESORTS INCORPORATED +<< 1,525,964 4,825,648 -------------------- INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 4.63% 100,710 ACTUANT CORPORATION CLASS A<< 3,042,449 109,872 GARDNER DENVER INCORPORATED + 4,076,251 36,500 KAYDON CORPORATION<< 1,602,715 8,721,415 -------------------- INSURANCE AGENTS, BROKERS & SERVICE: 0.63% 53,848 EHEALTH INCORPORATED +<< 1,188,425 -------------------- INSURANCE CARRIERS: 2.53% 98,950 FIRST MERCURY FINANCIAL CORPORATION + 1,722,720 20,045 THE NAVIGATORS GROUP INCORPORATED + 1,090,448
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND
SHARES SECURITY NAME VALUE INSURANCE CARRIERS (continued) 77,800 TOWER GROUP INCORPORATED<< $ 1,958,226 4,771,394 -------------------- LEGAL SERVICES: 1.63% 43,209 FTI CONSULTING INCORPORATED +<< 3,069,567 -------------------- MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 9.10% 22,700 DRS TECHNOLOGIES INCORPORATED 1,322,956 32,900 ESTERLINE TECHNOLOGIES CORPORATION +<< 1,657,173 116,600 EV3 INCORPORATED +<< 949,124 310,965 IXIA + 2,413,088 28,017 ORTHOFIX INTERNATIONAL N.V. +<< 1,114,236 118,345 SENORX INCORPORATED + 763,325 91,800 SIRONA DENTAL SYSTEMS INCORPORATED +<< 2,475,846 58,426 SONOSITE INCORPORATED +<< 1,661,051 141,222 SPECTRANETICS CORPORATION + 1,180,616 82,228 SYMMETRY MEDICAL INCORPORATED +<< 1,364,985 38,799 VARIAN INCORPORATED + 2,247,238 17,149,638 -------------------- MEDICAL EQUIPMENT & SUPPLIES: 0.83% 93,858 PSS WORLD MEDICAL INCORPORATED +<< 1,563,674 -------------------- MEDICAL PRODUCTS: 0.96% 145,300 VOLCANO CORPORATION + 1,816,250 -------------------- MOTION PICTURES: 1.67% 125,464 CINEMARK HOLDINGS INCORPORATED<< 1,604,685 68,800 NATIONAL CINEMEDIA INCORPORATED<< 1,546,624 3,151,309 -------------------- OIL & GAS EXTRACTION: 2.45% 88,400 CONCHO RESOURCES INCORPORATED + 2,266,576 116,080 PETROHAWK ENERGY CORPORATION +<< 2,341,334 4,607,910 -------------------- PRINTING, PUBLISHING & ALLIED INDUSTRIES: 6.37% 192,764 INNERWORKINGS INCORPORATED +<< 2,704,479 189,750 SHUTTERFLY INCORPORATED +<< 2,821,583 185,040 VISTAPRINT LIMITED +<< 6,467,148 11,993,210 -------------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 1.19% 70,108 EVERCORE PARTNERS INCORPORATED CLASS A 1,244,417 36,175 FCSTONE GROUP INCORPORATED +<< 1,002,048 2,246,465 -------------------- TEXTILE MILL PRODUCTS: 1.02% 136,700 INTERFACE INCORPORATED 1,920,635 -------------------- TRANSPORTATION EQUIPMENT: 0.85% 39,100 POLARIS INDUSTRIES INCORPORATED<< 1,603,491 --------------------
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 ================================================================================ WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND
SHARES SECURITY NAME VALUE TRANSPORTATION SERVICES: 0.61% 34,700 HUB GROUP INCORPORATED CLASS A + $ 1,141,283 -------------------- WHOLESALE TRADE-DURABLE GOODS: 0.94% 95,600 INTERLINE BRANDS INCORPORATED + 1,773,378 -------------------- TOTAL COMMON STOCKS (COST $213,274,250) 186,208,485 -------------------- COLLATERAL FOR SECURITIES LENDING: 48.20% COLLATERAL INVESTED IN MONEY MARKET FUNDS: 1.92% 263,710 AIM SHORT-TERM INVESTMENT COMPANY - LIQUID ASSETS PORTFOLIO 263,710 1,119,913 BLACKROCK TEMPORARY #24 MONEY MARKET FUND 1,119,913 1,007,921 DREYFUS CASH MANAGEMENT FUND 1,007,921 1,231,904 SCUDDER DAILY ASSETS MONEY MARKET FUND 1,231,904 3,623,448 --------------------
PRINCIPAL INTEREST RATE MATURITY DATE COLLATERAL INVESTED IN OTHER ASSETS: 46.28% $ 2,351,816 AMSTEL FUNDING CORPORATION 2.85% 04/16/2008 2,349,024 414,368 APRECO LLC 2.70 04/17/2008 413,870 447,965 APRECO LLC 3.10 04/07/2008 447,734 2,710,188 ATLANTIC ASSET SECURITIZATION CORPORATION 2.80 04/21/2008 2,705,973 174,706 ATLANTIC ASSET SECURITIZATION CORPORATION 3.00 04/18/2008 174,459 559,956 BANCO SANTANDER TOTTA LOAN + + +/- 2.83 10/15/2008 559,397 3,662,114 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,662,429) 3.10 04/01/2008 3,662,114 559,956 BANK OF IRELAND +++/- 3.06 10/14/2008 559,786 111,991 BARCLAYS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $111,999) 2.50 04/01/2008 111,991 447,965 BNP PARIBAS +/- 3.13 08/07/2008 447,600 1,411,090 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,411,209) 3.04 04/01/2008 1,411,090 2,475,007 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,475,219) 3.08 04/01/2008 2,475,007 1,187,107 BRYANT BANK FUNDING 2.98 04/09/2008 1,186,321 335,974 CAFCO LLC 2.70 04/18/2008 335,545 922,808 CAFCO LLC 3.08 04/07/2008 922,334 2,295,821 CHARIOT FUNDING LLC 2.97 04/14/2008 2,293,359 1,679,869 CHARTA LLC 3.08 04/09/2008 1,678,719 1,455,886 CHEYNE FINANCE LLC +++/-/\/\(A)(I) 5.12 02/25/2008 1,310,298 1,119,913 CHEYNE FINANCE LLC + + +/-/\/\(A)(I) 5.18 05/19/2008 1,007,921 2,239,825 CIESCO LLC 3.08 04/08/2008 2,238,484 2,262,223 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 2,262,223 3,594,919 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $3,595,229) 3.10 04/01/2008 3,594,919 1,679,869 CULLINAN FINANCE CORPORATION +++/- 3.08 08/04/2008 1,674,831 660,748 EBBETS FUNDING LLC 3.65 04/01/2008 660,748 1,142,311 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 1,140,788 895,930 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 895,238 1,119,913 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 1,118,650 436,766 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 436,290 559,956 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 559,686 2,239,825 FIVE FINANCE INCORPORATED +++/- 4.50 07/09/2008 2,229,800 1,812,019 GALLEON CAPITAL LLC 2.88 04/16/2008 1,809,844 895,930 GALLEON CAPITAL LLC 3.10 04/18/2008 894,619 1,164,709 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 1,162,681 1,567,878 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 1,567,733 1,646,272 GOLDMAN SACHS & COMPANY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,646,409) 3.00 04/01/2008 1,646,272 4,602,841 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $4,603,244) 3.15 04/01/2008 4,602,841
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 223,983 HARRIER FINANCE FUNDING LLC +/- 2.62% 04/25/2008 $ 223,983 1,455,886 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 1,455,886 559,956 INTESA BANK (IRELAND) PLC +++/- 2.61 10/24/2008 559,440 1,355,094 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,355,211) 3.10 04/01/2008 1,355,094 963,125 JPMORGAN CHASE SECURITIES CORPORATION REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $963,206) 3.04 04/01/2008 963,125 223,983 KESTREL FUNDING US LLC +/- 2.62 04/25/2008 223,983 783,939 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 783,547 1,119,913 LINKS FINANCE LLC+++/- 3.09 08/15/2008 1,112,385 1,679,869 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 1,676,810 17,919 MONT BLANC CAPITAL CORPORATION 3.20 04/09/2008 17,906 1,075,116 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 1,074,825 103,592 MORGAN STANLEY +/- 2.94 10/15/2008 103,539 1,691,068 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,691,213) 3.08 04/01/2008 1,691,068 959,186 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $959,253) 2.50 04/01/2008 959,186 1,119,913 NORTHERN ROCK PLC +++/- 3.14 10/03/2008 1,112,792 1,567,878 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,565,326 1,016,791 OLD LINE FUNDING CORPORATION 3.04 04/04/2008 1,016,533 324,775 PICAROS FUNDING LLC 2.60 04/11/2008 324,540 1,119,913 RANGER FUNDING CORPORATION 2.71 04/18/2008 1,118,479 671,948 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 671,105 806,337 SEDNA FINANCE INCORPORATED+++/- 3.03 04/10/2008 806,084 671,948 SHEFFIELD RECEIVABLES CORPORATION 3.25 04/02/2008 671,887 447,965 SLM CORPORATION +++/- 2.94 05/12/2008 447,157 694,346 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.27 04/03/2008 619,079 1,119,913 STANFIELD VICTORIA FUNDING LLC +++/-/\/\(A)(I) 5.47 02/15/2008 998,514 134,390 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/03/2008 134,368 1,119,913 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 1,118,671 1,411,090 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 1,409,389 671,948 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 671,229 375,305 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 375,218 1,119,913 TULIP FUNDING CORPORATION 2.88 04/21/2008 1,118,121 559,956 UNICREDITO ITALIANO BANK (IRELAND)+/- 2.84 04/15/2009 559,584 559,956 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB+++/- 3.09 10/08/2008 559,638 335,974 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 335,889 1,119,913 VERSAILLES CDS LLC 3.00 04/11/2008 1,118,979 559,956 VERSAILLES CDS LLC 3.45 04/08/2008 559,581 963,125 VICTORIA FINANCE LLC+++/-/\/\(A)(I) 3.44 07/28/2008 858,722 559,956 VICTORIA FINANCE LLC+++/-/\/\(A)(I) 3.47 08/07/2008 499,257 1,119,913 WHITE PINE FINANCE LLC+++/-/\/\(A)(I) 5.41 02/22/2008 1,063,917 2,687,790 YORKTOWN CAPITAL LLC 2.72 04/03/2008 2,687,382 87,170,407 ------------------ TOTAL COLLATERAL FOR SECURITIES LENDING (COST $91,348,769) 90,793,855 ------------------ SHARES SHORT-TERM INVESTMENTS: 1.26% 2,373,241 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~ +++ 2,373,241 TOTAL SHORT-TERM INVESTMENTS (COST $2,373,241) 2,373,241 ------------------
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. 5 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL CAP GROWTH FUND TOTAL INVESTMENTS IN SECURITIES (COST $306,996,260)* 148.31% $ 279,375,581 OTHER ASSETS AND LIABILITIES, NET (48.31) (91,006,275) ------ ------------------ TOTAL NET ASSETS 100.00% $ 188,369,306 ------ ------------------
+ NON-INCOME EARNING SECURITIES. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. +/- VARIABLE RATE INVESTMENTS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (I) ILLIQUID SECURITY. - - THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY ~ MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $2,373,241. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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. 6 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL//MID CAP VALUE FUND
SHARES SECURITY NAME VALUE COMMON STOCKS: 98.96% AMUSEMENT & RECREATION SERVICES: 0.56% 26,055 CENTURY CASINOS INCORPORATED + $ 84,418 ------------- APPAREL & ACCESSORY STORES: 0.27% 15,505 DELIA*S INCORPORATED + 41,398 ------------- BIOPHARMACEUTICALS: 2.38% 185,252 ENCORIUM GROUP INCORPORATED + 361,241 ------------- BUILDING CONSTRUCTION-GENERAL CONTRACTORS & OPERATIVE BUILDERS: 0.69% 19,864 PALM HARBOR HOMES INCORPORATED + 104,485 ------------- BUSINESS SERVICES: 12.98% 81,750 3COM CORPORATION + 187,208 8,165 ABM INDUSTRIES INCORPORATED 183,223 6,240 CLARUS CORPORATION + 40,061 3,310 HEALTHCARE SERVICES GROUP 68,318 77,405 HILL INTERNATIONAL INCORPORATED + 968,337 5,583 HLTH CORPORATION + 53,262 5,145 IMS HEALTH INCORPORATED 108,096 2,040 RHAPSODY ACQUISITION CORPORATION + 16,116 6,747 SUN MICROSYSTEMS INCORPORATED + 104,781 30,235 TIER TECHNOLOGIES INCORPORATED CLASS B + 240,973 1,970,375 ------------- CHEMICALS & ALLIED PRODUCTS: 1.61% 1,105 ENDO PHARMACEUTICALS HOLDINGS INCORPORATED + 26,454 25,775 ORASURE TECHNOLOGIES INCORPORATED + 188,415 7,335 VANDA PHARMACEUTICALS INCORPORATED + 28,386 44,165 WELLMAN INCORPORATED + 1,104 244,359 ------------- COMMUNICATIONS: 1.21% 12,890 CHINA GRENTECH CORPORATION LIMITED ADR + 65,997 15,455 CINCINNATI BELL INCORPORATED + 65,838 31,360 CITADEL BROADCASTING CORPORATION 52,058 183,893 ------------- CONSTRUCTION SPECIAL TRADE CONTRACTORS: 3.18% 46,070 CHAMPION ENTERPRISES INCORPORATED + 462,082 5,750 U.S. HOME SYSTEMS INCORPORATED + 20,873 482,955 ------------- DEPOSITORY INSTITUTIONS: 2.04% 12,610 FIRST SECURITY GROUP INCORPORATED 114,499 3,930 MIDWEST BANC HOLDINGS INCORPORATED 50,225 9,088 PACIFIC PREMIER BANCORP INCORPORATED + 63,616 3,815 WESTERN UNION COMPANY 81,145 309,485 ------------- ELECTRIC, GAS & SANITARY SERVICES: 0.91% 8,290 EL PASO CORPORATION 137,946 ------------- ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 5.94% 30,653 EVANS & SUTHERLAND COMPUTER CORPORATION+ 23,299
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL//MID CAP VALUE FUND
SHARES SECURITY NAME VALUE ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT (continued) 12,660 GLOBECOMM SYSTEMS INCORPORATED + $ 110,142 7,295 INTEGRATED ELECTRICAL SERVICES INCORPORATED + 114,606 16,450 MICRON TECHNOLOGY INCORPORATED + 98,207 135,240 MRV COMMUNICATIONS INCORPORATED + 185,279 7,262 NORTEL NETWORKS CORPORATION ADR 48,583 6,955 OSI SYSTEMS INCORPORATED + 160,104 30,245 POWER-ONE INCORPORATED + 97,086 15,090 RICHARDSON ELECTRONICS LIMITED 63,831 901,137 ------------ ENGINEERING, ACCOUNTING, RESEARCH MANAGEMENT & RELATED SERVICES: 0.72% 14,555 SYMYX TECHNOLOGIES INCORPORATED + 109,163 ------------ FURNITURE & FIXTURES: 0.44% 5,715 FURNITURE BRANDS INTERNATIONAL INCORPORATED 66,866 ------------ HEALTH SERVICES: 1.15% 14,158 CROSS COUNTRY HEALTHCARE INCORPORATED + 175,134 ------------ HOLDING & OTHER INVESTMENT OFFICES: 7.08% 22,505 ANNALY MORTGAGE MANAGEMENT INCORPORATED 344,777 23,675 ANWORTH MORTGAGE ASSET CORPORATION 145,128 12,190 CAPSTEAD MORTGAGE CORPORATION 138,966 4,415 DISCOVERY HOLDING COMPANY CLASS A + 93,686 11,135 HILLTOP HOLDINGS INCORPORATED + 115,808 5,530 SUN COMMUNITIES INCORPORATED 113,365 12,307 UMH PROPERTIES INCORPORATED 122,824 1,074,554 ------------ HOTELS, ROOMING HOUSES, CAMPS & OTHER LODGE PLACES: 0.08% 8,620 EMPIRE RESORTS INCORPORATED + 11,809 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 3.98% 17,060 BROCADE COMMUNICATIONS SYSTEMS INCORPORATED + 124,538 15,351 CRAY INCORPORATED + 91,489 14,250 INTERMEC INCORPORATED + 316,208 2,345 LEXMARK INTERNATIONAL INCORPORATED + 72,038 604,273 ------------ INSURANCE CARRIERS: 3.04% 2,800 MERCURY GENERAL CORPORATION 124,068 16,385 NORTH POINTE HOLDINGS CORPORATION + 258,883 45,682 QUANTA CAPITAL HOLDINGS LIMITED 79,030 461,981 ------------ JUSTICE, PUBLIC ORDER & SAFETY: 1.91% 10,188 GEO GROUP INCORPORATED + 289,747 ------------ LEATHER & LEATHER PRODUCTS: 0.23% 17,775 BAKERS FOOTWEAR GROUP INCORPORATED + 35,195 ------------ MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS: 2.85% 44,200 ALLIED HEALTHCARE PRODUCTS INCORPORATED + 273,156 24,200 CREDENCE SYSTEMS CORPORATION + 41,140 1,115 HAEMONETICS CORPORATION + 66,432
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL//MID CAP VALUE FUND
SHARES SECURITY NAME VALUE MEASURING, ANALYZING & CONTROLLING INSTRUMENTS: PHOTOGRAPHIC, MEDICAL & OPTICAL GOODS (continued) 1,820 KENSEY NASH CORPORATION+ $ 52,689 433,417 ------------ METAL MINING: 14.93% 1,055 AGNICO-EAGLE MINES LIMITED 71,434 22,340 APEX SILVER MINES LIMITED + 270,761 17,530 GOLDCORP INCORPORATED 679,288 5,245 NEWMONT MINING CORPORATION 237,599 17,800 NOVAGOLD RESOURCES INCORPORATED + 137,238 17,955 RANDGOLD RESOURCES LIMITED ADR + 832,035 2,680 YAMANA GOLD INCORPORATED 39,182 2,267,537 ------------ MINING & QUARRYING OF NONMETALLIC MINERALS, EXCEPT FUELS: 0.13% 38,755 BIRCH MOUNTAIN RESOURCES LIMITED + 18,990 ------------ MISCELLANEOUS MANUFACTURING INDUSTRIES: 0.52% 5,805 ACCO BRANDS CORPORATION + 78,774 ------------ OIL & GAS EXTRACTION: 22.89% 2,210 CANADIAN NATURAL RESOURCES LIMITED 150,855 27,030 GLOBAL INDUSTRIES LIMITED + 434,913 9,330 HELIX ENERGY SOLUTIONS GROUP INCORPORATED + 293,895 5,290 HELMERICH & PAYNE INCORPORATED 247,942 2,915 HERCULES OFFSHORE INCORPORATED + 73,225 16,370 KEY ENERGY SERVICES INCORPORATED + 219,685 19,423 MCMORAN EXPLORATION COMPANY + 335,832 1,630 NEWFIELD EXPLORATION COMPANY + 86,146 56,190 NEWPARK RESOURCES INCORPORATED + 286,569 2,535 PENN WEST ENERGY TRUST 70,929 3,895 PETROQUEST ENERGY INCORPORATED + 67,539 3,450 PIONEER NATURAL RESOURCES COMPANY 169,464 3,775 PRIDE INTERNATIONAL INCORPORATED + 131,936 3,642 RANGE RESOURCES CORPORATION 231,085 1,480 SANDRIDGE ENERGY INCORPORATED + 57,942 28,145 TRILOGY ENERGY TRUST 272,826 11,275 WILLBROS GROUP INCORPORATED + 345,015 3,475,798 ------------ PETROLEUM REFINING & RELATED INDUSTRIES: 0.87% 8,005 INTEROIL CORPORATION + 131,842 ------------ PRINTING, PUBLISHING & ALLIED INDUSTRIES: 1.27% 2,235 E.W. SCRIPPS COMPANY CLASS A 93,892 5,945 JOURNAL COMMUNICATIONS INCORPORATED CLASS A 43,874 10,930 R.H. DONNELLEY CORPORATION + 55,306 193,072 ------------ RAILROAD TRANSPORTATION: 0.02% 90 KANSAS CITY SOUTHERN + 3,610 ------------ RUBBER & MISCELLANEOUS PLASTICS PRODUCTS: 1.24% 18,505 CONSTAR INTERNATIONAL INCORPORATED + 48,483 58,953 INTERTAPE POLYMER GROUP INCORPORATED + 139,718 188,201 ------------
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 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT SMALL//MID CAP VALUE FUND
SHARES SECURITY NAME VALUE SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 0.02% 330 MARKETAXESS HOLDINGS INCORPORATED + $ 3,280 ------------- SOCIAL SERVICES: 0.61% 3,460 ABB LIMITED ADR 93,143 ------------- STONE, CLAY, GLASS & CONCRETE PRODUCTS: 1.84% 16,325 GENTEX CORPORATION 279,974 ------------- THEATERS & ENTERTAINMENT: 0.69% 5,440 REGAL ENTERTAINMENT GROUP CLASS A 104,938 ------------- TRANSPORTATION EQUIPMENT: 0.68% 22,310 FLEETWOOD ENTERPRISES INCORPORATED + 102,622 ------------- TOTAL COMMON STOCKS (COST $16,890,988) 15,025,612 ------------- WARRANTS: 0.18% 12,520 RHAPSODY ACQUISITION WARRANT + 26,918 TOTAL WARRANTS (COST $30,212) 26,918 ------------- SHORT-TERM INVESTMENTS: 0.90% 137,114 WELLS FARGO ADVANTAGE MONEY MARKET TRUST ~+++ 137,114 ------------- TOTAL SHORT-TERM INVESTMENTS (COST $137,114) 137,114 TOTAL INVESTMENTS IN SECURITIES (COST $17,058,314) * 100.04% $ 15,189,644 OTHER ASSETS AND LIABILITIES, NET (0.04) (6,093) ------ ------------- TOTAL NET ASSETS 100.00% $ 15,183,551 ------ -------------
- ---------- + NON-INCOME EARNING SECURITIES. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $137,114. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES. 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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ASSET BACKED SECURITIES: 8.20% $ 597,000 AMERICAN EXPRESS ISSUANCE TRUST SERIES 2007-2 CLASS A +/- 3.07% 07/15/2013 $ 575,987 270,000 AMERICREDIT PRIME AUTOMOBILE RECEIVABLES TRUST SERIES 2007-1 CLASS A3 5.27 11/08/2011 274,678 73,000 BANK OF AMERICA CREDIT CARD TRUST SERIES 2007-A8 CLASS A8 5.59 11/17/2014 76,577 172,000 CAPITAL AUTO RECEIVABLES ASSET TRUST SERIES 2007-1 CLASS A3A 5.00 04/15/2011 173,432 160,000 CAPITAL AUTO RECEIVABLES ASSET TRUST SERIES 2007-4A CLASS A4 5.30 12/15/2011 162,564 1,702,000 CHASE ISSUANCE TRUST SERIES 2008-A4 CLASS A4 4.65 03/15/2015 1,701,939 340,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2007-A8 CLASS A8 5.65 09/20/2019 340,216 671,000 CITIBANK CREDIT CARD ISSUANCE TRUST SERIES 2008-A1 CLASS A1 5.35 02/07/2020 652,762 141,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES INCORPORATED SERIES 2006-1 CLASS A2 (0)(0) 5.68 07/25/2036 138,039 160,000 CITICORP RESIDENTIAL MORTGAGE SECURITIES INCORPORATED SERIES 2006-2 CLASS A2 (0)(0) 5.56 09/25/2036 157,265 183,514 CITIGROUP MORTGAGE LOAN TRUST INCORPORATED SERIES 2007-AHL1 CLASS A2A +/- 2.64 12/25/2036 172,435 132,204 CNH EQUIPMENT TRUST SERIES 2004-A CLASS A4A +/- 2.93 09/15/2011 132,174 358,000 COMET SERIES 2007-A7 CLASS A7 5.75 07/15/2020 359,271 99,000 CONNECTICUT RRB SPECIAL PURPOSE TRUST CL&P-1 SERIES 2001-1 CLASS A5 6.21 12/30/2011 103,919 219,510 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2006-S1 CLASS A2 5.55 08/25/2021 214,116 81,898 COUNTRYWIDE ASSET BACKED CERTIFICATES SERIES 2007-3 CLASS 2A1 +/- 2.70 05/25/2047 77,132 153,000 DAIMLERCHRYSLER AUTO TRUST SERIES 2006-D CLASS A4 4.94 02/08/2012 156,418 138,000 DAIMLERCHRYSLER AUTO TRUST SERIES 2007-A CLASS A4 5.28 03/08/2013 141,410 876,000 DISCOVER CARD MASTER TRUST SERIES 2007-A1 CLASS A1 5.65 03/16/2020 874,590 251,000 DOMINOS PIZZA MASTER ISSUER LLC SERIES 2007-1 CLASS A2 ++ 5.26 04/25/2037 218,291 175,000 FORD CREDIT AUTO OWNER TRUST SERIES 2007-B CLASS A3A 5.15 11/15/2011 179,003 224,943 GREAT AMERICA LEASING RECEIVABLES SERIES 2006-1 CLASS A3 ++ 5.34 01/15/2010 226,647 112,000 HARLEY DAVIDSON MOTORCYCLE TRUST SERIES 2008-1 CLASS A3A 4.25 02/15/2013 111,667 100,000 HARLEY-DAVIDSON MOTORCYCLE TRUST SERIES 2006-3 CLASS 4A 5.22 06/15/2013 102,740 57,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2007-A CLASS A3A 5.04 01/17/2012 57,724 280,000 HYUNDAI AUTO RECEIVABLES TRUST SERIES 2007-A CLASS A4 5.21 03/17/2014 283,265 8,201 MASTER ASSET BACKED SECURITIES TRUST SERIES 2005-AB1 CLASS A1B (0)(0) 5.14 11/25/2035 8,176 191,000 MBNA CREDIT CARD MASTER NOTE TRUST SERIES 2003-A7 CLASS A7 2.65 11/15/2010 190,862 5,570 MORGAN STANLEY ABS CAPITAL I SERIES 2006-WMC1 CLASS A2A +/- 2.67 12/25/2035 5,538 85,309 MORGAN STANLEY ABS CAPITAL I SERIES 2007-HE2 CLASS A2A +/- 2.64 01/25/2037 81,856 75,528 MORGAN STANLEY HOME EQUITY LOANS SERIES 2007-1 CLASS A1 +/- 2.65 12/25/2036 72,444 83,911 MORGAN STANLEY MORTGAGE LOAN TRUST SERIES 2007-6XS CLASS 2A1S +/- 2.71 02/25/2047 77,167 335,000 NATIONAL CITY CREDIT CARD MASTER TRUST SERIES 2005-1 CLASS A +/- 2.87 08/15/2012 327,804 699,000 NISSAN AUTO RECEIVABLES OWNER TRUST SERIES 2007-B CLASS A4 5.16 03/17/2014 715,705 25,031 OWNIT MORTGAGE LOAN ASSET BACKED CERTIFICATES SERIES 2006-1 CLASS AF1 (0)(0) 5.42 12/25/2036 24,685 90,605 RESIDENTIAL ASSET MORTGAGE PRODUCTS INCORPORATED SERIES 2003-RS7 CLASS AI6 +/- 5.34 08/25/2033 91,654 212,000 SLM STUDENT LOAN TRUST SERIES 2005-7 CLASS A3 4.41 07/25/2025 209,880 70,000 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-B CLASS A4 5.52 11/12/2012 68,549 112,585 TRIAD AUTO RECEIVABLES OWNER TRUST SERIES 2006-C CLASS A3 5.26 11/14/2011 110,964 493 USAA AUTO OWNER TRUST SERIES 2005-1 CLASS A3 3.90 07/15/2009 493 4,321 WFS FINANCIAL OWNER TRUST SERIES 2005-3 CLASS A3A 4.25 06/17/2010 4,333 197,000 WORLD OMNI AUTO RECEIVABLES TRUST SERIES 2007-B CLASS A4 5.39 05/15/2013 200,329 82,000 WORLD OMNI RECEIVABLES TRUST SERIES 2007-B CLASS A3A 5.28 01/17/2012 83,429 TOTAL ASSET BACKED SECURITIES (COST $9,995,225) 9,938,129 ------------ COLLATERALIZED MORTGAGE OBLIGATIONS: 24.63% 251,000 AMERICAN TOWER TRUST SERIES 2007-1A CLASS AFX ++ 5.42 04/15/2037 234,216 277,000 BANC OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2005-6 CLASS A4 +/- 5.18 09/10/2047 275,584 226,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2000-1 CLASS A2A +/- 7.33 11/15/2031 231,055 100,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2002-PB2 CLASS B 6.31 06/11/2035 104,113
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 160,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2003-1 CLASS A2 4.65% 09/11/2036 $ 155,826 224,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2004-1 CLASS A4 4.76 11/10/2039 219,174 40,000 BANK OF AMERICA COMMERCIAL MORTGAGE INCORPORATED SERIES 2004-2 CLASS A5 4.58 11/10/2038 38,798 674,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-WF1 CLASS A2 +/- 7.78 02/15/2032 697,031 264,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-ESA CLASS C ++ 4.94 05/14/2016 271,489 157,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2005-T18 CLASS A4 +/- 4.93 02/13/2042 153,694 45,000 BEAR STEARNS COMMERCIAL MORTGAGE SECURITIES SERIES 2004-PWR6 CLASS A6 4.83 11/11/2041 44,305 369,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2001-J2A CLASS A2 ++ 6.10 07/16/2034 377,550 48,000 COMMERCIAL MORTGAGE PASS-THROUGH CERTIFICATE SERIES 2005-LP5 CLASS A4 +/- 4.98 05/10/2043 47,259 254,857 COUNTRYWIDE ALTERNATIVE LOAN TRUST SERIES 2006-0C6 CLASS 2A1 +/- 2.67 07/25/2036 237,804 146,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CF2 CLASS A4 6.51 02/15/2034 150,596 87,382 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CK1 CLASS A3 6.38 12/18/2035 89,730 241,987 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2001-CKN5 CLASS A4 5.44 09/15/2034 243,394 171,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CKN2 CLASS A3 6.13 04/15/2037 176,889 399,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2002-CKS4 CLASS A2 5.18 11/15/2036 398,496 118,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-C4 CLASS A4 +/- 5.14 08/15/2036 116,536 152,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-C5 CLASS A4 +/- 4.90 12/15/2036 149,121 85,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2003-CK2 CLASS A4 4.80 03/15/2036 83,055 207,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2004-C2 CLASS A2 +/- 5.42 05/15/2036 209,482 82,000 CREDIT SUISSE FIRST BOSTON MORTGAGE SECURITIES CORPORATION SERIES 2005-C1 CLASS AAB 4.82 02/15/2038 79,128 12,222 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 1999-CG2 CLASS A1B +/- 7.30 06/10/2032 12,451 178,687 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 1999-CG3 CLASS A1B 7.34 10/10/2032 183,194 152,539 DLJ COMMERCIAL MORTGAGE CORPORATION SERIES 2000-CKP1 CLASS A1B 7.18 11/10/2033 158,054 111,000 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2001-C4 CLASS B 6.42 12/12/2033 114,778 115,875 FIRST UNION NATIONAL BANK COMMERCIAL MORTGAGE SERIES 2000-C2 CLASS A2 7.20 10/15/2032 120,865 500,998 FHLB SERIES I7-2014 CLASS 1 5.34 03/20/2014 512,349 997,744 FHLB SERIES VN-2015 CLASS A 5.46 11/27/2015 1,061,545 323,000 FHLMC SERIES 2542 CLASS ES << 5.00 12/15/2017 333,415 235,000 FHLMC SERIES 2558 CLASS BD 5.00 01/15/2018 239,245 317,292 FHLMC SERIES 2583 CLASS TD 4.50 12/15/2013 323,072 185,000 FHLMC SERIES 2590 CLASS NU 5.00 06/15/2017 192,017 166,000 FHLMC SERIES 2623 CLASS AJ 4.50 07/15/2016 168,637 11,513 FHLMC SERIES 2631 CLASS MT 3.50 01/15/2022 11,499 366,609 FHLMC SERIES 2632 CLASS NE << 4.00 06/15/2013 368,674 122,812 FHLMC SERIES 2645 CLASS MK 3.50 07/15/2022 122,729 41,055 FHLMC SERIES 2672 CLASS HA 4.00 09/15/2016 41,331 281,000 FHLMC SERIES 2694 CLASS QG 4.50 01/15/2029 283,368 47,000 FHLMC SERIES 2725 CLASS PC 4.50 05/15/2028 47,609 16,149 FHLMC SERIES 2727 CLASS PW 3.57 06/15/2029 16,133 70,404 FHLMC SERIES 2780 CLASS TB 3.00 12/15/2024 70,141 201,000 FHLMC SERIES 2790 CLASS TN 4.00 05/15/2024 188,728 189,666 FHLMC SERIES 2814 CLASS BD 4.00 04/15/2018 190,773
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 140,632 FHLMC SERIES 2975 CLASS EA 5.00% 05/15/2018 $ 144,025 30,582 FHLMC SERIES 3000 CLASS PA 3.90 01/15/2023 30,679 202,510 FHLMC SERIES 3017 CLASS TA 4.50 08/15/2035 203,488 312,065 FHLMC SERIES 3020 CLASS MA 5.50 04/15/2027 318,837 283,942 FHLMC SERIES 3034 CLASS EH << 5.50 12/15/2034 293,918 178,000 FHLMC SERIES 3062 CLASS LC 5.50 11/15/2028 183,108 109,598 FHLMC SERIES 3075 CLASS PA 5.50 07/15/2025 111,570 144,428 FHLMC SERIES 3078 CLASS PA 5.50 07/15/2024 146,982 175,000 FHLMC SERIES 3104 CLASS QC 5.00 09/15/2031 175,382 528,000 FHLMC SERIES 3117 CLASS PC << 5.00 06/15/2031 539,620 173,000 FHLMC SERIES 3164 CLASS NC 6.00 12/15/2032 179,672 19,811 FHLMC SERIES 3184 CLASS PA 5.50 02/15/2027 20,340 330,000 FHLMC SERIES 3205 CLASS PC << 6.00 09/15/2032 344,894 138,000 FHLMC SERIES 3268 CLASS HC 5.00 12/15/2032 136,738 190,054 FHLMC SERIES 3279 CLASS PA 5.50 02/15/2023 194,476 416,594 FHLMC SERIES 3288 CLASS PA 5.50 05/15/2029 428,818 199,000 FHLMC SERIES 3289 CLASS PB 5.00 11/15/2029 201,418 152,000 FHLMC SERIES 3298 CLASS VB 5.00 11/15/2025 144,344 164,404 FHLMC SERIES 3312 CLASS AP << 5.50 11/15/2025 168,170 491,256 FHLMC SERIES 3316 CLASS HA << 5.00 07/15/2035 496,951 91,000 FHLMC SERIES 3316 CLASS PB 5.50 03/15/2031 93,611 782,435 FHLMC SERIES 3325 CLASS JL << 5.50 06/15/2037 807,807 64,000 FHLMC SERIES 3326 CLASS PC 5.50 08/15/2032 65,605 302,220 FHLMC SERIES 3347 CLASS PA << 5.00 06/15/2028 309,167 178,000 FHLMC SERIES 3372 CLASS BD 4.50 10/15/2022 172,769 47,000 FNMA SERIES 2003-108 CLASS BE 4.00 11/25/2018 45,851 79,992 FNMA SERIES 2003-113 CLASS PN 3.50 02/25/2013 79,943 269,187 FNMA SERIES 2003-123 CLASS AB << 4.00 10/25/2016 270,769 85,780 FNMA SERIES 2003-15 CLASS CH 4.00 02/25/2017 86,186 116,784 FNMA SERIES 2003-16 CLASS PN 4.50 10/25/2015 117,768 184,000 FNMA SERIES 2003-3 CLASS HJ 5.00 02/25/2018 189,094 226,253 FNMA SERIES 2003-30 CLASS ET 3.50 08/25/2016 225,494 245,005 FNMA SERIES 2003-33 CLASS CH 4.00 07/25/2017 246,172 312,094 FNMA SERIES 2003-34 CLASS QJ << 4.50 01/25/2016 315,310 23,530 FNMA SERIES 2003-92 CLASS NM 3.50 04/25/2013 23,510 294,000 FNMA SERIES 2003-92 CLASS PC << 4.50 05/25/2015 297,465 136,000 FNMA SERIES 2004-34 CLASS PI 3.50 05/25/2014 135,936 163,831 FNMA SERIES 2004-4 CLASS CA 4.00 09/25/2017 164,615 149,180 FNMA SERIES 2004-6 CLASS CA 4.00 06/25/2017 149,893 131,482 FNMA SERIES 2004-60 CLASS PA 5.50 04/25/2034 134,770 146,458 FNMA SERIES 2004-81 CLASS AG 4.00 03/25/2018 147,152 141,748 FNMA SERIES 2005-38 CLASS CD 5.00 06/25/2019 145,740 7,900 FNMA SERIES 2005-45 CLASS BA 4.50 11/25/2014 7,901 119,644 FNMA SERIES 2005-58 CLASS MA 5.50 07/25/2035 124,260 159,905 FNMA SERIES 2006-18 CLASS PA 5.50 01/25/2026 163,247 169,421 FNMA SERIES 2006-31 CLASS PA 5.50 11/25/2026 173,252 114,750 FNMA SERIES 2006-41 CLASS MA << 5.50 04/25/2024 116,487 56,607 FNMA SERIES 2006-53 CLASS PA 5.50 12/25/2026 57,917 143,070 FNMA SERIES 2006-64 CLASS PA 5.50 02/25/2030 146,636 206,000 FNMA SERIES 2007-113 CLASS DB 4.50 12/25/2022 199,403 128,229 FNMA SERIES 2007-27 CLASS KA 5.75 09/25/2033 131,963 535,288 FNMA SERIES 2007-39 CLASS NA << 4.25 01/25/2037 535,792 83 FNMA SERIES 2007-81 CLASS PA 6.00 02/25/2029 86 170,700 FREDDIE MAC SERIES 3098 CLASS PB 5.00 07/15/2025 173,517 94,761 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2001-2 CLASS A3 6.03 08/11/2033 95,838 164,000 GE CAPITAL COMMERCIAL MORTGAGE CORPORATION SERIES 2004-C1 CLASS A3 4.60 11/10/2038 159,143 489,054 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED +/- 7.72 03/15/2033 505,785 209,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2002-C3 CLASS A2 4.93 07/10/2039 206,521 407,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2003-C3 CLASS A4 5.02 04/10/2040 400,504
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
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 29,561 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-C1 CLASS A1 3.12% 03/10/2038 $ 29,247 15,651 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2004-C2 CLASS A1 3.90 08/10/2038 15,504 222,388 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-C2 CLASS A2 +/- 7.46 08/16/2033 230,765 420,000 GMAC COMMERCIAL MORTGAGE SECURITIES INCORPORATED SERIES 2000-C3 CLASS A2 6.96 09/15/2035 434,468 57,297 GNMA SERIES 2006-3 CLASS A 4.21 01/16/2028 57,767 127,000 GNMA SERIES 2006-37 CLASS JG 5.00 07/20/2036 121,732 162,769 GNMA SERIES 2006-8 CLASS A << 3.94 08/16/2025 163,256 56,000 GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION II SERIES 1998-C1 CLASS B 6.97 10/18/2030 56,133 23,631 GOLDMAN SACHS MORTGAGE SECURITIES CORPORATION II SERIES 1998-GLII CLASS A2 6.56 04/13/2031 23,586 125,274 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2000-C10 CLASS A2 +/- 7.37 08/15/2032 129,099 27,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2001-C1 CLASS A3 5.86 10/12/2035 27,452 377,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2002-C2 CLASS A2 5.05 12/12/2034 374,003 76,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2002-CIB5 CLASS A2 5.16 10/12/2037 75,701 218,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2003-PM1A CLASS A4 +/- 5.33 08/12/2040 217,217 121,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-CB11 CLASS ASB +/- 5.20 08/12/2037 117,830 55,443 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-LDP2 CLASS A1 4.33 07/15/2042 55,034 41,309 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2005-LDP3 CLASS A1 4.66 08/15/2042 41,044 108,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-CB15 CLASS ASB +/- 5.79 06/12/2043 106,516 29,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-CB16 CLASS ASB 5.52 05/12/2045 28,624 115,000 JPMORGAN CHASE COMMERCIAL MORTGAGE SECURITIES CORPORATION SERIES 2006-LDP7 CLASS ASB +/- 5.88 04/15/2045 113,316 55,000 LEHMAN BROTHERS UBS COMMERCIAL CONDUIT MORTGAGE TRUST SERIES 1999-C2 CLASS B 7.43 10/15/2032 56,690 337,000 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2002-C2 CLASS A4 5.59 06/15/2031 342,480 89,831 LEHMAN BROTHERS UBS COMMERCIAL MORTGAGE TRUST SERIES 2003-C5 CLASS A2 3.48 07/15/2027 89,373 101,213 MORGAN STANLEY CAPITAL I SERIES 2002-IQ2 CLASS A3 5.52 12/15/2035 101,963 249,000 MORGAN STANLEY CAPITAL I SERIES 2003-IQ5 CLASS A4 5.01 04/15/2038 246,291 157,000 MORGAN STANLEY CAPITAL I SERIES 2004-HQ3 CLASS A4 4.80 01/13/2041 153,895 248,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ5 CLASS AAB 5.04 01/14/2042 240,281 389,000 MORGAN STANLEY CAPITAL I SERIES 2005-HQ7 CLASS AAB +/- 5.18 11/14/2042 376,966 156,785 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP1 CLASS A4 6.66 02/15/2033 161,991 179,146 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP3 CLASS A4 6.39 07/15/2033 184,579 39,000 MORGAN STANLEY DEAN WITTER CAPITAL I SERIES 2001-TOP5 CLASS A4 6.39 10/15/2035 40,253 57,000 SALOMON BROTHERS MORTGAGE SECURITIES SERIES 2000-C3 CLASS A2 6.59 12/18/2033 58,341 161,704 SALOMON BROTHERS MORTGAGE SECURITIES VII SERIES 2002-KEY2 CLASS A2 4.47 03/18/2036 159,960 628,111 US BANK NA SERIES 2007-1 CLASS A 5.92 05/25/2012 652,312 167,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C1 CLASS A4 6.29 04/15/2034 173,426 138,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2002-C2 CLASS A4 4.98 11/15/2034 136,393 63,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C5 CLASS A2 3.99 06/15/2035 59,296 489,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C6 CLASS A3 +/- 4.96 08/15/2035 489,698 41,159 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C7 CLASS A1 ++ 4.24 10/15/2035 40,465 116,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C8 CLASS A3 4.45 11/15/2035 115,212
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 VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERALIZED MORTGAGE OBLIGATIONS (continued) $ 402,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2003-C9 CLASS A4 +/- 5.01% 12/15/2035 $ 395,517 634,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C10 CLASS A4 4.75 02/15/2041 619,905 91,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2004-C11 CLASS A4 5.03 01/15/2041 90,676 139,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C19 CLASS A6 4.70 05/15/2044 134,113 296,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C20 CLASS A7 +/- 5.12 07/15/2042 292,497 280,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2005-C21 CLASS A4 +/- 5.21 10/15/2044 281,144 289,000 WACHOVIA BANK COMMERCIAL MORTGAGE TRUST SERIES 2006-C26 CLASS APB 6.00 06/15/2045 293,916 TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS (COST $29,283,911) 29,837,168 ------------- CORPORATE BONDS & NOTES: 17.76% APPAREL & ACCESSORY STORES: 0.23% 280,000 NORDSTROM INCORPORATED 7.00 01/15/2038 277,148 ------------- BUSINESS SERVICES: 0.11% 120,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA 6.00 06/15/2012 127,944 ------------- CHEMICALS & ALLIED PRODUCTS: 0.42% 105,000 ABBOTT LABORATORIES 5.60 11/30/2017 109,851 75,000 BRISTOL MYERS SQUIBB COMPANY 5.88 11/15/2036 72,527 165,000 ESTEE LAUDER COMPANIES INCORPORATED 5.55 05/15/2017 168,420 160,000 SCHERING-PLOUGH CORPORATION 6.55 09/15/2037 154,086 504,884 ------------- COMMUNICATIONS: 1.50% 440,000 AT&T INCORPORATED 5.10 09/15/2014 437,127 670,000 COMCAST CABLE COMMUNICATIONS HOLDINGS INCORPORATED 8.38 03/15/2013 744,257 320,000 QWEST CORPORATION 7.50 10/01/2014 312,000 145,000 TIME WARNER CABLE INCORPORATED << 5.85 05/01/2017 138,795 170,000 TIME WARNER ENTERTAINMENT COMPANY LP 8.38 07/15/2033 191,281 1,823,460 ------------- DEPOSITORY INSTITUTIONS: 1.02% 80,000 BANK OF AMERICA CORPORATION 5.38 06/15/2014 82,273 70,000 CAPITAL ONE FINANCIAL CORPORATION 6.75 09/15/2017 66,400 195,000 CITIGROUP INCORPORATED 3.63 02/09/2009 194,490 435,000 CITIGROUP INCORPORATED 6.88 03/05/2038 434,692 105,000 JPMORGAN CHASE & COMPANY 6.00 01/15/2018 109,496 50,000 PNC BANK SERIES BKNT 6.88 04/01/2018 50,848 195,000 PNC FUNDING CORPORATION 5.25 11/15/2015 183,987 155,000 WACHOVIA CAPITAL TRUST I +/- 5.80 08/29/2049 110,438 1,232,624 ------------- EATING & DRINKING PLACES: 0.47% 285,000 MCDONALD'S CORPORATION SERIES MTN 5.35 03/01/2018 288,483 105,000 MCDONALD'S CORPORATION SERIES MTN 6.30 03/01/2038 107,425 180,000 YUM! BRANDS INCORPORATED 6.88 11/15/2037 172,213 568,121 -------------
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. 5
WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE ELECTRIC UTILITIES: 0.09% $ 105,000 PROGRESS ENERGY INCORPORATED 6.85% 04/15/2012 $ 113,613 ------------ ELECTRIC, GAS & SANITARY SERVICES: 3.11% 125,000 ALLEGHENY ENERGY SUPPLY ++ 8.25 04/15/2012 135,000 120,000 CMS ENERGY CORPORATION 6.55 07/17/2017 116,103 120,000 COMMONWEALTH EDISON COMPANY 6.15 09/15/2017 123,194 140,000 COMMONWEALTH EDISON COMPANY 6.45 01/15/2038 134,916 350,000 DPL INCORPORATED 6.88 09/01/2011 373,512 212,000 KINDER MORGAN ENERGY PARTNERS LP << 5.95 02/15/2018 209,957 230,000 MIDAMERICAN ENERGY COMPANY ++ 5.75 04/01/2018 232,262 300,000 NEVADA POWER COMPANY SERIES A 8.25 06/01/2011 323,894 110,000 NORTHERN STATES POWER MINNESOTA 5.25 03/01/2018 111,865 145,000 PACIFIC GAS & ELECTRIC COMPANY 6.35 02/15/2038 146,878 195,000 PACIFICORP 6.25 10/15/2037 197,023 75,000 PROGRESS ENERGY INCORPORATED 6.30 04/01/2038 76,917 175,000 PUBLIC SERVICE COMPANY OF COLORADO 7.88 10/01/2012 201,726 275,000 SOUTHERN CALIFORNIA EDISON COMPANY SERIES 08-A 5.95 02/01/2038 275,623 819,000 TAQA ABU DHABI NATIONAL ENERGY COMPANY ++ << 5.62 10/25/2012 844,567 175,000 VIRGINIA ELECTRIC & POWER COMPANY 5.10 11/30/2012 181,831 80,000 VIRGINIA ELECTRIC & POWER COMPANY 6.35 11/30/2037 81,797 3,767,065 ------------ ELECTRONIC & OTHER ELECTRICAL EQUIPMENT & COMPONENTS, EXCEPT COMPUTER EQUIPMENT: 0.44% 210,000 DUKE ENERGY CAROLINAS LLC 6.00 01/15/2038 209,312 210,000 VERIZON COMMUNICATIONS CORPORATION 5.50 02/15/2018 204,533 125,000 VERIZON COMMUNICATIONS CORPORATION 6.40 02/15/2038 121,697 535,542 ------------ FOOD & KINDRED PRODUCTS: 0.36% 440,000 KRAFT FOODS INCORPORATED 6.13 02/01/2018 439,721 ------------ FOOD STORES: 0.12% 150,000 KROGER COMPANY 5.00 04/15/2013 150,833 ------------ GENERAL MERCHANDISE STORES: 0.28% 140,000 TARGET CORPORATION 7.00 01/15/2038 143,900 185,000 WAL-MART STORES INCORPORATED << 6.50 08/15/2037 194,253 338,153 ------------ HEALTH SERVICES: 0.18% 230,000 COVENTRY HEALTH CARE INCORPORATED 5.95 03/15/2017 217,336 ------------ HOLDING & OTHER INVESTMENT OFFICES: 0.42% 490,000 ALLIED CAPITAL CORPORATION 6.63 07/15/2011 514,193 ------------ INDUSTRIAL & COMMERCIAL MACHINERY & COMPUTER EQUIPMENT: 0.30% 142,000 HEWLETT-PACKARD COMPANY 4.50 03/01/2013 144,057 140,000 HEWLETT-PACKARD COMPANY 5.50 03/01/2018 143,433 75,000 LOCKHEED MARTIN CORPORATION 4.12 03/14/2013 75,108 362,598 ------------ INSURANCE AGENTS, BROKERS & SERVICE: 0.18% 215,000 HARTFORD FINANCIAL SERVICES GROUP INCORPORATED << 6.30 03/15/2018 215,408 ------------ INSURANCE CARRIERS: 0.70% 90,000 ACE INA HOLDINGS INCORPORATED << 5.70 02/15/2017 89,605 40,000 ACE INA HOLDINGS INCORPORATED 6.70 05/15/2036 38,768
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. 6 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE INSURANCE CARRIERS (continued) $ 140,000 AETNA INCORPORATED 6.75% 12/15/2037 $ 133,425 100,000 AMERICAN INTERNATIONAL GROUP INCORPORATED 4.70 10/01/2010 100,323 179,000 LIBERTY MUTUAL GROUP ++ 7.50 08/15/2036 169,568 40,000 PRUDENTIAL FINANCIAL INCORPORATED SERIES MTN 5.70 12/14/2036 34,076 145,000 UNITEDHEALTH GROUP INCORPORATED << 6.88 02/15/2038 138,541 145,000 WELLPOINT INCORPORATED 5.88 06/15/2017 141,916 846,222 ---------------- MOTION PICTURES: 0.09% 105,000 THE WALT DISNEY COMPANY 4.70 12/01/2012 107,778 ---------------- NON-DEPOSITORY CREDIT INSTITUTIONS: 1.68% 330,000 AMERICAN EXPRESS 8.15 03/19/2038 365,706 173,000 AMERICAN GENERAL FINANCE CORPORATION 6.90 12/15/2017 169,068 245,000 CAPITAL ONE BANK SERIES BKNT 4.88 05/15/2008 244,630 325,000 CREDIT SUISSE NEW YORK 6.00 02/15/2018 324,224 107,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES GMTN 6.15 08/07/2037 106,845 180,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTN 5.25 10/19/2012 187,042 260,000 GENERAL ELECTRIC CAPITAL CORPORATION SERIES MTNA << 3.75 12/15/2009 262,998 360,000 JPMORGAN CHASE BANK NATIONAL SERIES BKNT 6.00 10/01/2017 375,200 2,035,713 ---------------- OFFICE EQUIPMENT: 0.12% 145,000 XEROX CORPORATION 5.50 05/15/2012 146,221 ---------------- OIL & GAS EXTRACTION: 0.67% 240,000 DEVON FINANCING CORPORATION 6.88 09/30/2011 261,956 65,000 EL PASO NATURAL GAS COMPANY 5.95 04/15/2017 63,755 75,000 PEMEX PROJECT FUNDING MASTER TRUST 6.63 06/15/2035 77,616 90,000 PEMEX PROJECT FUNDING MASTER TRUST ++ 6.63 06/15/2035 93,139 60,000 SOUTHERN NATURAL GAS COMPANY ++ 5.90 04/01/2017 58,652 110,000 WEATHERFORD INTERNATIONAL INCORPORATED 5.95 06/15/2012 114,666 135,000 WEATHERFORD INTERNATIONAL INCORPORATED 6.35 06/15/2017 139,638 809,422 ---------------- PETROLEUM REFINING & RELATED INDUSTRIES: 0.37% 70,000 MARATHON OIL CORPORATION 6.00 10/01/2017 71,011 230,000 MARATHON OIL CORPORATION 5.90 03/15/2018 231,196 143,000 MARATHON OIL CORPORATION 6.60 10/01/2037 142,080 444,287 ---------------- PHARMACEUTICALS: 0.47% 529,000 WYETH 6.95 03/15/2011 571,810 ---------------- PRIMARY METAL INDUSTRIES: 0.06% 70,000 CORNING INCORPORATED 7.25 08/15/2036 75,509 ---------------- RAILROAD TRANSPORTATION: 0.12% 150,000 BURLINGTON NORTHERN SANTA FE CORPORATION 5.75 03/15/2018 150,445 ---------------- REAL ESTATE INVESTMENT TRUSTS (REITS): 0.78% 35,000 DEVELOPERS DIVERS REALTY 5.38 10/15/2012 32,686 275,000 HEALTH CARE PROPERTIES INVESTORS INCORPORATED 5.65 12/15/2013 245,318 130,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN +/- 5.25 05/24/2010 123,053 235,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.75 06/15/2011 236,455 105,000 INTERNATIONAL LEASE FINANCE CORPORATION SERIES MTN 5.65 06/01/2014 100,830 65,000 PROLOGIS TRUST 5.25 11/15/2010 65,620
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. 7 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE REAL ESTATE INVESTMENT TRUSTS (REITS) (continued) $ 140,000 PROLOGIS TRUST 5.50% 04/01/2012 $ 140,345 944,307 ---------------- SECURITY & COMMODITY BROKERS, DEALERS, EXCHANGES & SERVICES: 2.60% 120,000 GOLDMAN SACHS CAPITAL I 6.35 02/15/2034 103,908 395,000 GOLDMAN SACHS CAPITAL II +/-<< 5.79 05/17/2049 263,110 60,000 GOLDMAN SACHS GROUP INCORPORATED << 5.95 01/18/2018 59,415 275,000 GOLDMAN SACHS GROUP INCORPORATED 6.75 10/01/2037 255,842 430,000 LAZARD GROUP LLC 7.13 05/15/2015 418,248 285,000 LAZARD GROUP LLC 6.85 06/15/2017 266,881 210,000 LEHMAN BROTHERS HOLDINGS INCORPORATION 6.75 12/28/2017 201,876 460,000 LEHMAN BROTHERS HOLDINGS INCORPORATION SERIES MTN 5.63 01/24/2013 447,288 135,000 MERRILL LYNCH & COMPANY INCORPORATED 5.45 02/05/2013 132,821 171,000 MORGAN STANLEY 5.30 03/01/2013 170,425 100,000 MORGAN STANLEY 5.38 10/15/2015 94,893 295,000 MORGAN STANLEY SERIES MTN 5.95 12/28/2017 285,105 450,000 MORGAN STANLEY SERIES MTN 6.63 04/01/2018 450,158 3,149,970 ---------------- TRANSPORTATION EQUIPMENT: 0.87% 540,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 6.50 11/15/2013 569,208 65,000 DAIMLERCHRYSLER NA HOLDING CORPORATION 8.50 01/18/2031 74,303 410,000 DAIMLERCHRYSLER NA HOLDING CORPORATION SERIES MTN +/- 3.22 03/13/2009 404,931 1,048,442 ---------------- TOTAL CORPORATE BONDS & NOTES (COST $21,645,117) 21,518,769 ---------------- FOREIGN CORPORATE BONDS@: 3.64% 167,000 AMERICA MOVIL SA DE CV 6.38 03/01/2035 161,614 87,000 AMERICA MOVIL SA DE CV 6.13 11/15/2037 80,649 180,000 ASTRAZENECA PLC 5.40 09/15/2012 189,890 255,000 BRITISH TELECOMMUNICATIONS PLC 5.95 01/15/2018 247,081 130,000 DELHAIZE GROUP 6.50 06/15/2017 134,251 75,000 DEUTSCHE TELEKOM INTERNATIONAL FINANCE BV 8.25 06/15/2030 89,969 220,000 DIAGEO CAPITAL PLC 5.20 01/30/2013 227,600 70,000 DIAGEO CAPITAL PLC 5.75 10/23/2017 71,689 210,000 FRANCE TELECOM SA 7.75 03/01/2011 227,712 125,000 HSBC HOLDINGS PLC 6.50 09/15/2037 118,580 70,000 HUSKY ENERGY INCORPORATED 6.80 09/15/2037 71,136 120,000 HUSKY OIL COMPANY 7.55 11/15/2016 137,668 255,000 HUTCHISON WHAMPOA INTERNATIONAL LIMITED ++ 7.45 11/24/2033 261,983 350,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 6.13 10/06/2016 349,020 390,000 PETROBRAS INTERNATIONAL FINANCE COMPANY 5.88 03/01/2018 375,393 250,000 RAS LAFFAN LIQUEFIED NATURAL GAS COMPANY LIMITED III++ 6.33 09/30/2027 228,123 60,000 ROGERS CABLE INCORPORATED 5.50 03/15/2014 56,624 295,000 ROGERS WIRELESS INCORPORATED 6.38 03/01/2014 292,481 360,000 TELEFONICA EMISIONES SAU 5.98 06/20/2011 370,710 215,000 TRANSOCEAN INCORPORATED 6.00 03/15/2018 221,154 240,000 TYCO INTERNATIONAL GROUP SA 6.38 10/15/2011 239,157 52,000 TYCO INTERNATIONAL GROUP SA 6.88 01/15/2029 50,841 75,000 WEATHERFORD INTERNATIONAL LIMITED 7.00 03/15/2038 76,136 136,000 WESTFIELD GROUP ++ 5.40 10/01/2012 132,316 TOTAL FOREIGN CORPORATE BONDS (COST $4,474,221) 4,411,777 ---------------- FOREIGN GOVERNMENT BONDS@: 1.52% 300,000 EMIRATE OF ABU DHABI ++ 5.50 08/02/2012 323,675 355,000 EXPORT-IMPORT BANK OF KOREA EIBKOR 5.50 10/17/2012 364,030 89,000 ITALY GOVERNMENT INTERNATIONAL BOND 5.38 06/15/2033 93,312
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. 8 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FOREIGN GOVERNMENT BONDS (continued) $ 140,000 MEXICO GOVERNMENT INTERNATIONAL BOND 6.05% 01/11/2040 $ 139,650 325,000 QUEBEC PROVINCE 5.13 11/14/2016 351,407 335,000 REPUBLIC OF BRAZIL << 6.00 01/17/2017 341,533 113,000 UNITED MEXICAN STATES 5.63 01/15/2017 118,763 100,000 UNITED MEXICAN STATES SERIES MTNA 5.88 01/15/2014 107,000 TOTAL FOREIGN GOVERNMENT BONDS (COST $1,758,365) 1,839,370 ---------------- AGENCY SECURITIES: 49.17% FEDERAL HOME LOAN MORTGAGE CORPORATION: 9.77% 127,931 FHLMC # 1G2254 +/- 6.41 10/01/2037 131,750 222,634 FHLMC #1B3391 +/-<< 5.74 05/01/2037 226,718 61,856 FHLMC #1B7339 +/- 6.23 05/01/2037 63,563 10,649 FHLMC #1B7562 +/- 6.40 11/01/2037 10,892 521,659 FHLMC #1G2263 +/-<< 5.99 10/01/2037 534,503 361,556 FHLMC #1H1402 +/-<< 5.53 06/01/2037 368,131 162,012 FHLMC #1J0426 +/- 5.93 06/01/2037 164,989 325,295 FHLMC #1J1389 +/-<< 6.67 11/01/2036 335,983 161,477 FHLMC #1J1409 +/- 5.85 12/01/2036 164,726 278,874 FHLMC #1J1465 +/-<< 5.89 01/01/2037 283,642 351,216 FHLMC #1J1578 +/-<< 6.01 04/01/2037 358,776 422,202 FHLMC #1J1581 +/-<< 5.92 04/01/2037 429,701 121,517 FHLMC #1J1614 +/- 5.87 05/01/2037 123,158 99,146 FHLMC #1J1630 +/- 5.91 04/01/2037 100,864 334,726 FHLMC #1J2842 +/-<< 6.15 09/01/2037 344,421 241,895 FHLMC #1N0148 +/-<< 5.84 04/01/2036 247,516 49,770 FHLMC #1N0166 +/- 6.40 06/01/2036 51,386 276,532 FHLMC #1N0287 +/-<< 6.57 11/01/2036 286,085 57,367 FHLMC #1N1424 +/- 6.41 04/01/2037 59,365 173,621 FHLMC #1Q0251 +/- 6.30 04/01/2037 179,158 143,202 FHLMC #E01279 5.50 01/01/2018 146,876 176,558 FHLMC #E01497 << 5.50 11/01/2018 181,029 135,543 FHLMC #E01539 5.50 12/01/2018 138,971 151,858 FHLMC #E96462 4.50 05/01/2018 151,659 396,611 FHLMC #G02455 << 5.50 10/01/2030 402,457 126,310 FHLMC #G11594 5.50 08/01/2019 129,498 116,425 FHLMC #G11653 5.50 12/01/2019 119,364 481,883 FHLMC #G11658 << 5.50 01/01/2020 493,326 183,008 FHLMC #G11720 << 4.50 08/01/2020 182,536 236,224 FHLMC #G11786 << 5.00 10/01/2014 242,735 238,998 FHLMC #G11850 << 5.50 07/01/2020 244,674 292,138 FHLMC #G11940 << 5.50 05/01/2020 299,075 223,200 FHLMC #G11944 << 5.50 07/01/2020 228,500 276,374 FHLMC #G11983 << 5.50 01/01/2020 282,937 101,739 FHLMC #G12258 6.00 08/01/2016 104,942 201,376 FHLMC #G12474 << 5.50 01/01/2017 206,575 379,062 FHLMC #G12791 << 4.50 01/01/2020 378,564 291,182 FHLMC #G12827 << 5.50 02/01/2021 298,645 175,315 FHLMC #G12888 << 5.50 07/01/2018 179,808 823,022 FHLMC #G12900 << 4.50 11/01/2019 821,941 81,773 FHLMC #J02372 5.50 05/01/2020 83,837 80,560 FHLMC #J02373 5.50 05/01/2020 82,593 96,532 FHLMC #J02376 6.00 05/01/2020 99,406 97,510 FHLMC #J04514 5.50 03/01/2017 100,009 234,319 FHLMC #M30033 << 4.50 04/01/2020 235,070 1,492,000 FHLMC TBA%% 6.00 04/01/2021 1,534,430 11,834,784 ---------------- FEDERAL NATIONAL MORTGAGE ASSOCIATION: 35.68% 181,568 FNMA #190129 << 6.00 11/01/2023 187,248 341,337 FNMA #190337 << 5.00 07/01/2033 338,786
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. 9 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 263,905 FNMA #254758 << 4.50% 06/01/2013 $ 268,128 699,788 FNMA #254949 << 5.00 11/01/2033 694,557 95,247 FNMA #256559 5.50 01/01/2017 97,670 87,833 FNMA #256646 5.50 03/01/2017 90,067 307,077 FNMA #256682 << 5.50 04/01/2017 314,889 349,533 FNMA #256719 << 5.50 05/01/2017 358,424 284,289 FNMA #357440 << 4.50 10/01/2018 284,138 1,091,795 FNMA #555592 << 5.50 07/01/2033 1,105,718 429,061 FNMA #688017 << 5.50 03/01/2033 434,532 352,668 FNMA #694406 << 5.50 03/01/2033 357,166 76,001 FNMA #699613 5.50 06/01/2033 76,970 698,709 FNMA #702005 << 5.50 05/01/2033 707,619 891,773 FNMA #725610 << 5.50 07/01/2034 902,491 357,591 FNMA #725611 << 5.50 06/01/2034 362,151 85,563 FNMA #728720 << 5.00 07/01/2033 84,923 484,018 FNMA #728877 << 5.00 08/01/2033 480,400 523,184 FNMA #745121 << 5.50 12/01/2018 537,006 421,191 FNMA #745271 << 4.50 09/01/2018 420,967 745,569 FNMA #745314 << 4.00 05/01/2034 703,990 221,972 FNMA #745526 << 6.00 05/01/2021 228,686 307,883 FNMA #745667 +/- 6.11 07/01/2036 315,131 349,809 FNMA #745899 +/-<< 5.94 10/01/2036 357,261 192,496 FNMA #745998 << 6.08 09/01/2036 197,304 141,173 FNMA #868444 +/- 5.74 04/01/2036 142,601 893,247 FNMA #888091 << 5.50 12/01/2030 906,104 376,400 FNMA #888202 << 5.50 02/01/2017 385,974 571,036 FNMA #888307 +/- 5.92 04/01/2037 580,965 538,334 FNMA #888443 +/- 5.90 06/01/2037 547,004 721,815 FNMA #888828 << 5.00 12/25/2049 732,581 36,857 FNMA #888911 +/-<< 6.11 11/01/2037 37,435 292,027 FNMA #888964 << 7.00 11/01/2037 306,747 824,331 FNMA #889012 << 6.50 12/01/2037 846,797 3,056,771 FNMA #889069 << 5.50 01/01/2021 3,137,527 274,525 FNMA #889115 << 5.50 12/01/2019 281,683 145,609 FNMA #889131 5.68 09/01/2037 150,841 524,256 FNMA #889213 5.50 10/01/2020 537,841 1,189,000 FNMA #889318 5.50 03/01/2038 1,219,840 1,613,000 FNMA #889319 5.00 04/01/2023 1,636,187 158,287 FNMA #905618 +/- 6.10 12/01/2036 160,837 85,514 FNMA #905629 +/- 6.13 12/01/2036 86,958 309,676 FNMA #906216 +/- 5.95 01/01/2037 315,641 100,526 FNMA #906403 +/- 6.03 01/01/2037 101,938 128,571 FNMA #906404 +/- 5.95 01/01/2037 130,278 86,902 FNMA #909569 +/- 5.88 02/01/2037 87,881 105,796 FNMA #914819 +/- 5.98 04/01/2037 107,226 73,565 FNMA #914820 +/- 6.02 04/01/2037 74,668 176,259 FNMA #917894 +/- 5.78 05/01/2037 179,385 426,934 FNMA #922164 +/-<< 5.70 05/01/2037 435,855 216,502 FNMA #928939 << 7.00 12/01/2037 227,415 203,458 FNMA #937925 +/- 5.93 07/01/2037 207,049 259,726 FNMA #938180 +/- 5.81 06/01/2037 263,482 378,440 FNMA #942691 +/- 6.05 08/01/2037 388,270 101,092 FNMA #944357 6.00 06/01/2022 104,123 239,943 FNMA #945032 +/- 5.77 08/01/2037 243,916 97,989 FNMA #945657 +/- 6.28 09/01/2037 100,361 127,158 FNMA #946607 +/-<< 6.09 09/01/2037 130,635 176,061 FNMA #949593 << 6.00 08/01/2022 181,340 445,860 FNMA #965628 << 6.50 01/01/2038 458,011 2,460,784 FNMA #889182 << 5.00 01/01/2021 2,495,659 1,176,000 FNMA TBA%% 5.50 04/01/2020 1,200,255 3,451,000 FNMA TBA%% 5.50 05/01/2020 3,514,630 92,000 FNMA TBA%% 6.00 04/01/2021 94,674 949,000 FNMA TBA%% 4.50 04/01/2023 943,662
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. 10 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE FEDERAL NATIONAL MORTGAGE ASSOCIATION (continued) $ 3,680,000 FNMA TBA%% 5.00% 04/01/2023 $ 3,714,500 1,345,000 FNMA TBA%% 5.00 04/01/2034 1,331,130 2,329,000 FNMA TBA%% 5.50 04/01/2034 2,350,834 1,500,000 FNMA TBA%% 6.50 05/01/2036 1,550,157 665,000 FNMA TBA%% 6.50 04/01/2038 688,691 43,225,810 ------------ GOVERNMENT NATIONAL MORTGAGE ASSOCIATION: 6.07% 509,145 GNMA #781545 5.00 01/15/2018 517,851 472,426 GNMA #781583 5.00 03/15/2018 480,492 409,880 GNMA #781658 << 6.00 10/15/2033 424,724 363,762 GNMA #781793 5.00 09/15/2019 369,892 781,244 GNMA #781864 5.00 01/15/2020 793,794 804,002 GNMA #781866 5.00 01/15/2020 816,918 708,849 GNMA #782044 << 6.50 12/15/2032 739,635 3,093,000 GNMA TBA%% 6.50 04/19/2030 3,214,796 7,358,102 ------------ TOTAL AGENCY SECURITIES (COST $61,777,414) 62,418,696 ------------ US TREASURY SECURITIES: 8.79% US TREASURY BONDS: 4.53% 2,050,000 US TREASURY BOND << 7.13 02/15/2023 2,716,410 329,000 US TREASURY BOND << 6.25 05/15/2030 420,554 384,000 US TREASURY BOND << 5.38 02/15/2031 444,120 316,000 US TREASURY BOND << 4.50 02/15/2036 326,443 1,263,000 US TREASURY BOND << 4.75 02/15/2037 1,358,416 198,000 US TREASURY BOND << 5.00 05/15/2037 221,497 5,487,440 ------------ US TREASURY NOTES: 4.26% 120,000 US TREASURY NOTE 2.00 02/28/2010 120,834 123,000 US TREASURY NOTE << 4.50 05/15/2010 130,515 220,000 US TREASURY NOTE << 4.63 10/31/2011 239,645 82,000 US TREASURY NOTE 3.63 05/15/2013 86,606 1,235,000 US TREASURY NOTE << 4.75 08/15/2017 1,366,411 2,413,000 US TREASURY NOTE << 4.25 11/15/2017 2,574,558 325,000 US TREASURY NOTE << 3.50 02/15/2018 326,879 760,000 US TREASURY NOTE < 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. 11 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 1,806,303 BANK OF AMERICA REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,806,459) 3.10% 04/01/2008 $ 1,806,303 821,047 BASF FINANCE EUROPE NV +/-++ 3.89 10/17/2008 820,264 492,628 BNP PARIBAS +/- 3.13 08/07/2008 492,227 1,149,466 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,149,564) 3.08 04/01/2008 1,149,466 903,152 BNP PARIBAS REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $903,228) 3.04 04/01/2008 903,152 998,721 BRYANT BANK FUNDING 2.98 04/09/2008 998,060 272,013 CAFCO LLC 2.70 04/18/2008 271,666 1,216,791 CHARIOT FUNDING LLC 2.97 04/14/2008 1,215,486 410,523 CHARTA LLC 3.08 04/09/2008 410,242 467,997 CHEYNE FINANCE LLC +/-++/\/\(A)(I) 5.12 02/25/2008 421,197 748,795 CIESCO LLC 3.08 04/08/2008 748,346 1,231,570 CLIPPER RECEIVABLES CORPORATION 3.32 04/01/2008 1,231,570 1,970,512 CREDIT SUISSE FIRST BOSTON REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,970,682) 3.10 04/01/2008 1,970,512 410,523 CULLINAN FINANCE CORPORATION +/-++ 3.08 08/04/2008 409,292 821,047 EBBETS FUNDING LLC 3.65 04/01/2008 821,047 804,626 ERASMUS CAPITAL CORPORATION 3.00 04/17/2008 803,553 589,512 ERASMUS CAPITAL CORPORATION 3.09 04/10/2008 589,056 410,523 EUREKA SECURITIZATION INCORPORATED 2.90 04/15/2008 410,060 311,998 FAIRWAY FINANCE CORPORATION 2.80 04/15/2008 311,658 410,523 FAIRWAY FINANCE CORPORATION 2.90 04/07/2008 410,325 1,203,655 GALLEON CAPITAL LLC 2.88 04/16/2008 1,202,210 164,209 GALLEON CAPITAL LLC 3.10 04/18/2008 163,969 886,731 GEMINI SECURITIZATION INCORPORATED 2.85 04/23/2008 885,186 492,628 GEMINI SECURITIZATION INCORPORATED 3.32 04/02/2008 492,583 262,735 GENERAL ELECTRIC CAPITAL ASSURANCE COMPANY +/- 2.90 06/16/2008 262,735 2,052,617 GREENWICH CAPITAL HOLDINGS INCORPORATED REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $2,052,797) 3.15 04/01/2008 2,052,617 574,733 ING (USA) ANNUITY & LIFE INSURANCE COMPANY +/- 2.90 10/16/2008 574,733 1,970,512 JPMORGAN CHASE REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,970,682) 3.10 04/01/2008 1,970,512 443,365 KITTY HAWK FUNDING CORPORATION 3.13 04/04/2008 443,250 821,047 LIBERTY STREET FUNDING CORPORATION 3.00 04/07/2008 820,636 410,523 METLIFE GLOBAL FUNDING I +/-++ 2.59 10/21/2008 410,442 1,231,570 MONT BLANC CAPITAL CORPORATION 2.86 04/24/2008 1,229,328 102,089 MONT BLANC CAPITAL CORPORATION 3.25 04/04/2008 102,061 252,472 MORGAN STANLEY +/- 2.94 10/15/2008 252,344 246,314 MORGAN STANLEY +/- 3.07 04/07/2008 246,314 1,231,570 MORGAN STANLEY REPURCHASE AGREEMENT - 102% COLLATERALIZED (MATURITY VALUE $1,231,675) 3.08 04/01/2008 1,231,570 410,523 NATEXIS BANQUES POPULAIRES +/-++ 4.91 09/08/2008 408,969 1,379,359 OLD LINE FUNDING CORPORATION 2.79 04/22/2008 1,377,114 410,523 PARK AVENUE RECEIVABLES CORPORATION 3.15 04/03/2008 410,452 320,208 PICAROS FUNDING LLC 2.60 04/11/2008 319,977 292,293 PREMIUM ASSET TRUST +/-++ 4.41 07/15/2008 292,102 837,468 RANGER FUNDING CORPORATION 2.71 04/18/2008 836,396 903,152 SCALDIS CAPITAL LIMITED 2.82 04/17/2008 902,020 328,419 SLM CORPORATION +/-++ 2.94 05/12/2008 327,827 656,837 STANFIELD VICTORIA FUNDING LLC +/-++/\/\(A)(I) 5.27 04/03/2008 585,636 960,625 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 2.85 04/15/2008 959,560 443,365 THAMES ASSET GLOBAL SECURITIZATION #1 INCORPORATED 3.10 04/15/2008 442,831 492,628 THUNDER BAY FUNDING INCORPORATED 2.75 04/15/2008 492,101 821,047 THUNDER BAY FUNDING INCORPORATED 2.80 04/04/2008 820,855 1,642,094 TRANSAMERICA OCCIDENTAL LIFE INSURANCE +/- 3.20 10/03/2008 1,642,094 344,840 TULIP FUNDING CORPORATION 2.88 04/21/2008 344,288 410,523 UNICREDITO ITALIANO BANK (IRELAND) SERIES LIB +/-++ 3.09 10/08/2008 410,290 246,314 VARIABLE FUNDING CAPITAL CORPORATION 3.02 04/04/2008 246,252 821,047 VERSAILLES CDS LLC 3.00 04/11/2008 820,363 261,093 VERSAILLES CDS LLC 3.45 04/08/2008 260,918 410,523 VICTORIA FINANCE LLC +/-++/\/\(A)(I) 3.47 08/07/2008 366,023
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. 12 WELLS FARGO ADVANTAGE VARIABLE TRUST FUNDS PORTFOLIO OF INVESTMENTS - MARCH 31, 2008 (UNAUDITED)
VT TOTAL RETURN BOND FUND
PRINCIPAL SECURITY NAME INTEREST RATE MATURITY DATE VALUE COLLATERAL INVESTED IN OTHER ASSETS (continued) $ 410,523 VICTORIA FINANCE LLC+/-++/\/\(A)(I) 5.11% 05/02/2008 $ 366,023 1,321,885 YORKTOWN CAPITAL LLC 2.72 04/03/2008 1,321,685 44,980,255 -------------- TOTAL COLLATERAL FOR SECURITIES LENDING (COST $47,057,813) 46,880,145 -------------- SHARES SHORT-TERM INVESTMENTS: 2.92% 3,536,265 WELLS FARGO ADVANTAGE MONEY MARKET TRUST~+++ 3,536,265 -------------- TOTAL SHORT-TERM INVESTMENTS (COST $3,536,265) 3,536,265 -------------- TOTAL INVESTMENTS IN SECURITIES (COST $189,911,387)* 157.69% $ 191,025,755 OTHER ASSETS AND LIABILITIES, NET (57.69) (69,883,477) -------------- TOTAL NET ASSETS 100.00% $ 121,142,278 --------------
- ---------- +/- VARIABLE RATE INVESTMENTS. (0)(0) STEPPED COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. ++ SECURITIES THAT MAY BE RESOLD TO "QUALIFIED INSTITUTIONAL BUYERS" UNDER RULE 144A OR SECURITIES OFFERED PURSUANT TO ss. 4(2) OF THE SECURITIES ACT OF 1933, AS AMENDED. << ALL OR A PORTION OF THIS SECURITY IS ON LOAN. @ FOREIGN BOND PRINCIPAL IS DENOMINATED IN US DOLLARS. %% SECURITIES ISSUED ON A WHEN-ISSUED (TBA) BASIS. /\/\ THIS SECURITY IS CURRENTLY IN DEFAULT WITH REGARDS TO SCHEDULED INTEREST AND/OR PRINCIPAL PAYMENTS. (A) SECURITY FAIR VALUED IN ACCORDANCE WITH THE PROCEDURES APPROVED BY THE BOARD OF TRUSTEES. (I) ILLIQUID SECURITY. ~ THIS WELLS FARGO ADVANTAGE FUND INVESTS CASH BALANCES THAT IT RETAINS FOR LIQUIDITY PURPOSES IN A WELLS FARGO ADVANTAGE MONEY MARKET FUND. THE FUND DOES NOT PAY AN INVESTMENT ADVISORY FEE FOR SUCH INVESTMENTS. +++ SHORT-TERM SECURITY OF AN AFFILIATE OF THE FUND WITH A COST OF $3,536,265. /\ ZERO COUPON BOND. INTEREST RATE PRESENTED IS YIELD TO MATURITY. * COST FOR FEDERAL INCOME TAX PURPOSES IS SUBSTANTIALLY THE SAME AS FOR FINANCIAL REPORTING PURPOSES.
PRINCIPAL SCHEDULE OF TBA SALE COMMITMENTS: (6.54%) $ (949,000) FNMA TBA%% 4.50% 04/01/2023 $ (943,662) (1,778,000) FNMA TBA%% 5.00 04/01/2023 (1,794,669) (1,444,000) FNMA TBA%% 5.00 04/01/2034 (1,429,109) (1,176,000) FNMA TBA%% 5.50 04/01/2020 (1,200,255) (2,529,000) FNMA TBA%% 5.50 04/01/2034 (2,552,709) TOTAL SCHEDULE OF TBA SALE COMMITMENTS (COST $(7,919,366)) (7,920,404) --------------
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. 13 VARIABLE TRUST NOTES NOTES TO PORTFOLIO OF INVESTMENT 1. SECURITY 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. Certain fixed income securities with maturities exceeding 60 days are valued by using a pricing service approved by the Trust's Board of Trustees. The service uses market prices as quoted by an independent pricing service or by dealers in these securities when, in the service's judgment, these prices are readily available and are representative of the securities' market values. For some securities, such prices are not readily available. These securities will generally be fair valued using methods which may include consideration of yields or prices of securities of comparable quality, coupon rate, maturity and type of issue, indications as to values from dealers in securities, trading characteristics, and general market conditions. 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. Debt securities maturing in 60 days or less generally are valued at amortized cost. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Money Market Fund invests only in securities with remaining maturities not exceeding 397 days (13 months). Certain floating- and variable-rate instruments in the portfolio may have maturities in excess of 397 days, but carry a demand feature that permits the holder to tender the instruments back to the issuer at par value prior to maturity. The Money Market Fund uses the amortized cost method to value portfolio securities. The amortized cost method involves valuing a security at its cost, plus accretion of discount or minus amortization of premium over the period until maturity, which approximates market value. The Money Market Fund seeks to maintain a constant net asset value of $1.00 per share, although there is no assurance that it will be able to do so. 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. SECURITY TRANSACTIONS AND INCOME RECOGNITION Securities transactions are recorded on a trade date basis. Realized gains or losses are reported on the basis of identified cost of securities delivered. Interest income is accrued daily and bond discounts are accreted and premiums are amortized daily. Debt obligations may be placed on non-accrual status and related investment income may be reduced by ceasing current accruals and writing off receivables when the collection of all or a portion of income has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectibility of interest is reasonably assured. Dividend income is recognized on the ex-dividend date, except for certain dividends from foreign securities, which are recorded as soon as the Fund is informed of the ex-dividend date. Dividend income from foreign securities is recorded net of foreign taxes withheld where recovery of such taxes is not assured. As of March 31, 2008, the following Fund held futures contracts:
NET UNREALIZED APPRECIATION/ CONTRACTS TYPE EXPIRATION DATE (DEPRECIATION) VT Asset Allocation Fund 176 Long S&P 500 Future June 2008 $ 66,348) 19 Long U.S. Long Bond June 2008 (1,672) 482 Short U.S. Long Bond June 2008 (1,892,243)
As of March 31, 2008, The following Fund held written options:
NET UNREALIZED EXPIRATION PREMIUMS APPRECIATION/ CONTRACTS TYPE DATE RECEIVED VALUE (DEPRECIATION) VT Opportunity Fund 120 Praxair Incorporated (Call) 4/19/2008 (47,540) (40,250) $ 7,290
As of March 31, 2008, the following Fund held equity swap contracts:
NET UNREALIZED APPRECIATION/ COUNTER PARTY NOTIONAL PRINCIPAL MATURITY DATE (DEPRECIATION) VT Opportunity Fund Lehman Brothers 36,791,013 11/14/2008 $ (239,444)
2. FAIR VALUATION MEASUREMENTS The Funds adopted Statement of Financial Accounting Standards No. 157, Fair Value Measurements ("FAS 157"), effective January 1, 2008. In accordance with FAS 157, fair value is defined as the price that a Fund would receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. FAS 157 established a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions regarding the assumptions market participants would use in pricing the asset or liability, based on the best information available in the circumstances. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below. - Level 1 - quoted prices in active markets for identical investments - Level 2 - other significant observable inputs (including quoted prices for similar investments, 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 following is a summary of the inputs used as of March 31, 2008 in valuing the Funds' investments in securities:
TOTAL FAIR VALUE AS VARIABLE TRUST FUNDS LEVEL 1 LEVEL 2 LEVEL 3 OF 3/31/08 Asset Allocation Fund $ 128,349,982 $ 177,913,088 $ 9,059,403 $ 315,322,473 C&B Large Cap Value Fund 25,275,363 1,673,719 50,724 26,999,806 Discovery Fund 187,258,948 46,568,775 3,763,361 237,591,084 Equity Income Fund 78,187,460 3,013,991 256,655 81,458,106 International Core Fund 37,916,852 78,516 2,075 37,997,443 Large Company Core Fund 17,338,721 1,166,065 87,647 18,592,433 Large Company Growth Fund 81,100,220 4,118,903 309,380 85,528,503 Money Market Fund 0 55,578,809 0 55,578,809 Opportunity Fund 563,666,064 228,951,150 17,343,692 809,960,906 Small Cap Growth Fund 186,208,485 85,353,502 7,813,594 279,375,581 Small/Mid Cap Value Fund 14,779,704 409,940 0 15,189,644 Total Return Bond Fund 0 182,079,333 8,946,422 191,025,755
The following is a summary of the inputs used as of March 31, 2008 in valuing the Funds' investments in other financial instruments:*
TOTAL UNREALIZED APPRECIATION/ VARIABLE TRUST FUNDS LEVEL 1 LEVEL 2 LEVEL 3 (DEPRECIATION) Asset Allocation Fund $ (1,960,263) $ 0 $ 0 $ (1,960,263) C&B Large Cap Value Fund 0 0 0 0 Discovery Fund 0 0 0 0 Equity Income Fund 0 0 0 0 International Core Fund 0 0 0 0 Large Company Core Fund 0 0 0 0 Large Company Growth Fund 0 0 0 0 Money Market Fund 0 0 0 0 Opportunity Fund 7,290 (239,444) 0 (232,154) Small Cap Growth Fund 0 0 0 0 Small/Mid Cap Value Fund 0 0 0 0 Total Return Bond Fund 0 (1,038) 0 (1,038)
- ---------- * Other financial instruments include: futures, options, sale commitments, and swaps. The following is a reconciliation of investments in which significant unobservable inputs (Level 3) were used in determining value:
ASSET C&B LARGE INTERNATIONAL LARGE ALLOCATION CAP VALUE DISCOVERY EQUITY INCOME CORE COMPANY CORE Balance as of 12/31/2007 $ 14,300,664 $ 153,181 $ 4,156,534 $ 526,907 $ 3,043 $ 38,051 Accrued discounts/premiums 0 0 0 0 0 0 Realized gain (loss) 0 0 0 0 0 0 Unrealized appreciation/(depreciation) (415,763) (4,384) (325,274) (22,183) (179) (7,576) Net purchases (sales) (4,825,498) (98,073) (67,899) (248,069) (789) 57,172 Balance as of 03/31/2008 $ 9,059,403 $ 50,724 $ 3,763,361 $ 256,655 $ 2,075 $ 87,647
LARGE COMPANY SMALL CAP SMALL/MID CAP TOTAL RETURN GROWTH MONEY MARKET OPPORTUNITY GROWTH VALUE BOND Balance as of 12/31/2007 $ 174,267 $ 0 $ 12,434,175 $ 7,228,637 $ 0 $ 4,833,957 Accrued discounts/premiums 0 0 0 0 0 (263) Realized gain (loss) 0 0 0 0 0 2,660 Unrealiz appreciation/(depreciation) (26,740) 0 (1,052,242) (675,343) 0 (207,002) Net purchases (sales) 161,853 0 5,961,759 1,260,300 0 4,317,070 Balance as of 03/31/2008 $ 309,380 $ 0 $ 17,343,692 $ 7,813,594 $ 0 $ 8,946,422
ITEM 2. CONTROLS AND PROCEDURES (a) The President and Treasurer have concluded that the Wells Fargo Variable Trust (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 or in other factors that could significantly affect these controls subsequent to the date of the evaluation referenced in (a) above. CERTIFICATION I, Karla M. Rabusch, certify that: 1. I have reviewed this report on Form N-Q of the Wells Fargo Advantage VT Asset Allocation Fund, Wells Fargo Advantage VT C&B Large Cap Value Fund, Wells Fargo Advantage VT Discovery Fund, Wells Fargo Advantage VT Equity Income Fund, Wells Fargo VT International Core Fund, Wells Fargo Advantage VT Large Company Core Fund, Wells Fargo Advantage VT Large Company Growth Fund, Wells Fargo Advantage VT Money Market Fund, Wells Fargo Advantage VT Opportunity Fund, Wells Fargo Advantage VT Small Cap Growth Fund, Wells Fargo Advantage VT Small/Mid Cap Value Fund, and Wells Fargo Advantage VT Total Return Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 22, 2008 /s/ Karla M. Rabusch Karla M. Rabusch President Wells Fargo Variable Trust CERTIFICATION I, Stephen W. Leonhardt, certify that: 1. I have reviewed this report on Form N-Q of the Wells Fargo Advantage VT Asset Allocation Fund, Wells Fargo Advantage VT C&B Large Cap Value Fund, Wells Fargo Advantage VT Discovery Fund, Wells Fargo Advantage VT Equity Income Fund, Wells Fargo VT International Core Fund, Wells Fargo Advantage VT Large Company Core Fund, Wells Fargo Advantage VT Large Company Growth Fund, Wells Fargo Advantage VT Money Market Fund, Wells Fargo Advantage VT Opportunity Fund, Wells Fargo Advantage VT Small Cap Growth Fund, Wells Fargo Advantage VT Small/Mid Cap Value Fund, and Wells Fargo Advantage VT Total Return Bond Fund; 2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report; 3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed; 4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have: (a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared; (b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles; (c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and (d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and 5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions): (a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and (b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting. Date: May 22, 2008 /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Wells Fargo Variable Trust 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 Variable Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: May 22, 2008 By: /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Date: May 22, 2008 SIGNATURES 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 Variable Trust By: /s/ Karla M. Rabusch Karla M. Rabusch President Date: May 22, 2008 By: /s/ Stephen W. Leonhardt Stephen W. Leonhardt Treasurer Date: May 22, 2008 -----END PRIVACY-ENHANCED MESSAGE-----