-----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, Vsa7ssWA/zYRZzJrvbrGLD0Dv/P2gWg6kaxXkey7nHsZ3REa+4JzNV6TrRY980M0 /fNCS9h8nqVEDg+OI8aSQg== 0001111830-09-001128.txt : 20091103 0001111830-09-001128.hdr.sgml : 20091103 20091103104719 ACCESSION NUMBER: 0001111830-09-001128 CONFORMED SUBMISSION TYPE: N-Q PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20090930 FILED AS OF DATE: 20091103 DATE AS OF CHANGE: 20091103 EFFECTIVENESS DATE: 20091103 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WELLS FAMILY OF REAL ESTATE FUNDS CENTRAL INDEX KEY: 0001040623 IRS NUMBER: 061487571 STATE OF INCORPORATION: OH FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: N-Q SEC ACT: 1940 Act SEC FILE NUMBER: 811-08355 FILM NUMBER: 091153232 BUSINESS ADDRESS: STREET 1: 6200 THE CORNERS PARKWAY STREET 2: SUITE 250 CITY: NORCROSS STATE: GA ZIP: 30092 BUSINESS PHONE: 513-587-3400 MAIL ADDRESS: STREET 1: C/O ULTIMUS FUND SOLUTIONS, LLC STREET 2: 225 PICTORIA DRIVE, SUITE 450 CITY: CINCINNATI STATE: OH ZIP: 45246 0001040623 S000001556 WELLS DOW JONES U.S. REIT INDEX FUND C000004212 Class A WSPAX C000004213 Class B WSPBX C000004214 Class C WSPCX C000004215 Class I WSPIX 0001040623 S000014704 WELLS DOW JONES GLOBAL RESI INDEX FUND C000040223 Class A WDGAX C000040224 Class C WDGCX C000040225 Class I WDGIX N-Q 1 fp0001081_nq.htm WELLS FAMILY OF REAL ESTATE FUNDS - FORM N-Q fp0001081_nq.htm
 
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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 ___811-08355________________________
 
 
Wells Family of Real Estate Funds 
(Exact name of registrant as specified in charter)
 
 
6200 The Corners Parkway               Norcross, Georgia
30092
(Address of principal executive offices)
(Zip code)
 
 
Jill W. Maggiore
 
 
Wells Asset Management, Inc.      6200 The Corners Parkway       Norcross, Georgia 30092 
(Name and address of agent for service)
 
 
Registrant's telephone number, including area code:  (770) 449-7800      
 
Date of fiscal year end:         December 31, 2009      
 
Date of reporting period:        September 30, 2009      
 
Form N-Q is to be used by management investment companies other than small business investment companies registered on Form N-5 (§§ 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to Rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.
 
A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.
 
 
 
 
 
Item 1.
Schedule of Investments.
 
WELLS DOW JONES U.S. REIT INDEX FUND
  
SCHEDULE OF INVESTMENTS
  
September 30, 2009 (Unaudited)
  
   
COMMON STOCKS - 99.7%
  
Shares
    
Value
  
DIVERSIFIED - 9.7%
  
Colonial Properties Trust
     34,825     $ 338,847  
Cousins Properties, Inc.
     57,515       476,224  
Liberty Property Trust
     77,900       2,534,087  
PS Business Parks, Inc.
     13,083       671,420  
Vornado Realty Trust
     125,229       8,065,987  
Washington Real Estate Investment Trust
     40,626       1,170,029  
              13,256,594  
INDUSTRIAL - 6.0%
  
AMB Property Corp.
     102,009       2,341,107  
DCT Industrial Trust, Inc.
     142,500       728,175  
DuPont Fabros Technology, Inc. (a)
     29,144       388,489  
EastGroup Properties, Inc.
     18,128       692,852  
First Industrial Realty Trust, Inc.
     27,845       146,186  
First Potomac Realty Trust
     20,046       231,732  
ProLogis
     308,786       3,680,729  
              8,209,270  
OFFICE - 17.9%
  
Alexandria Real Estate Equities, Inc.
     27,499       1,494,571  
BioMed Realty Trust, Inc.
     67,209       927,484  
Boston Properties, Inc.
     96,717       6,339,799  
Brandywine Realty Trust
     89,675       990,012  
Corporate Office Properties Trust
     40,462       1,492,238  
Digital Realty Trust, Inc.
     48,873       2,233,985  
Douglas Emmett, Inc.
     84,731       1,040,497  
Duke Realty Corp.
     156,145       1,875,301  
Highwoods Properties, Inc.
     49,460       1,555,517  
HRPT Properties Trust
     157,239       1,182,437  
Kilroy Realty Corp.
     30,132       835,862  
Mack-Cali Realty Corp.
     54,629       1,766,156  
Parkway Properties, Inc.
     14,987       295,244  
SL Green Realty Corp.
     53,589       2,349,878  
              24,378,981  
RESIDENTIAL - 16.1%
  
American Campus Communities, Inc.
     36,746       986,630  
Apartment Investment & Management Co. - Class A
     81,482       1,201,859  
AvalonBay Communities, Inc.
     55,379       4,027,715  
BRE Properties, Inc.
     36,847       1,153,311  
Camden Property Trust
     44,769       1,804,191  
Education Realty Trust, Inc.
     37,116       220,098  
Equity Lifestyle Properties, Inc.
     19,245       823,493  
Equity Residential
     191,003       5,863,792  
Essex Property Trust, Inc.
     19,122       1,521,729  
Home Properties, Inc.
     22,947       988,786  
Mid-America Apartment Communities, Inc.
     19,705       889,287  
Post Properties, Inc.
     30,811       554,598  
Sun Communities, Inc.
     11,930       256,734  
UDR, Inc.
     103,994       1,636,865  
              21,929,088  
 
 
 
 
 
WELLS DOW JONES U.S. REIT INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.7% (Continued)
  
Shares
    
Value
  
RETAIL - 23.6%
  
Acadia Realty Trust
     27,674     $ 417,047  
Alexander's, Inc. (a)
     1,837       543,532  
CBL & Associates Properties, Inc.
     96,184       932,985  
Cedar Shopping Centers, Inc.
     31,505       203,207  
Developers Diversified Realty Corp.
     88,806       820,567  
Equity One, Inc.
     27,245       426,929  
Federal Realty Investment Trust
     42,464       2,606,016  
Inland Real Estate Corp.
     51,084       447,496  
Kimco Realty Corp.
     262,560       3,423,782  
Kite Realty Group Trust
     44,059       183,726  
Macerich Co. (The)
     55,569       1,685,408  
Pennsylvania Real Estate Investment Trust
     28,100       213,841  
Ramco-Gershenson Properties Trust
     20,240       180,541  
Regency Centers Corp.
     55,853       2,069,354  
Saul Centers, Inc.
     5,153       165,411  
Simon Property Group, Inc.
     197,466       13,710,060  
Tanger Factory Outlet Centers, Inc.
     27,727       1,035,326  
Taubman Centers, Inc.
     36,685       1,323,595  
Weingarten Realty Investors
     83,385       1,661,029  
              32,049,852  
SPECIALIZED - 26.4%
  
Ashford Hospitality Trust, Inc. (a)
     66,760       230,990  
DiamondRock Hospitality Co. (a)
     75,243       609,468  
Extra Space Storage, Inc.
     60,345       636,640  
FelCor Lodging Trust, Inc.
     45,261       205,032  
HCP, Inc.
     202,884       5,830,886  
Health Care REIT, Inc.
     83,569       3,478,142  
Healthcare Realty Trust, Inc.
     41,060       867,598  
Hersha Hospitality Trust
     33,620       104,222  
Hospitality Properties Trust
     85,228       1,736,094  
Host Hotels & Resorts, Inc.
     416,188       4,898,533  
LaSalle Hotel Properties
     44,258       870,112  
Nationwide Health Properties, Inc.
     74,465       2,307,670  
Public Storage, Inc.
     89,716       6,750,232  
Senior Housing Properties Trust
     88,550       1,692,190  
Sovran Self Storage, Inc.
     16,373       498,230  
Sunstone Hotel Investors, Inc. (a)
     52,406       372,083  
Universal Health Realty Income Trust
     7,661       249,366  
U-Store-It Trust
     54,649       341,556  
Ventas, Inc.
     109,217       4,204,855  
              35,883,899  
                 
TOTAL COMMON STOCKS (Cost $177,649,219)
     $ 135,707,684  
 
 
 
 
 
WELLS DOW JONES U.S. REIT INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
CASH EQUIVALENTS - 0.1%
  
Shares
    
Value
  
First American Treasury Obligations Fund - Class Y, 0.00% (b)
   (Cost $183,749)
     183,749     $ 183,749  
                 
TOTAL INVESTMENTS AT VALUE - 99.8% (Cost $177,832,968)
     $ 135,891,433  
                 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
       194,121  
                 
NET ASSETS - 100.0%
     $ 136,085,554  
 
(a)
Non-income producing security.
(b)
Variable rate security.  The rate shown is the 7-day effective yield as of September 30, 2009.

See accompanying notes to schedules of investments.
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS
  
September 30, 2009 (Unaudited)
  
   
COMMON STOCKS - 99.8%
  
Shares
    
Value
  
AUSTRALIA - 10.3%
  
Abacus Property Group (a)
     73,575     $ 28,531  
Ardent Leisure Group (a)
     1,118       1,410  
Astro Japan Property Trust (a)
     30,676       12,376  
Bunnings Warehouse Property Trust (a)
     18,897       29,063  
Centro Properties Group (a) (b)
     701       197  
CFS Retail Property Trust (a)
     78,584       138,807  
Commonwealth Property Office Fund (a)
     107,971       89,995  
Dexus Property Group (a)
     272,375       201,900  
Goodman Group (a)
     294,754       171,743  
GPT Group (a)
     540,617       325,250  
GPT Group - In Specie (a) (b)
     541,033       –  
ING Industrial Fund (a)
     66,799       37,008  
ING Office Fund (a)
     158,750       77,871  
Macquarie CountryWide Trust (a)
     85,377       48,010  
Macquarie Office Trust (a)
     262,825       69,174  
Westfield Group (a)
     124,218       1,516,792  
              2,748,127  
AUSTRIA - 1.5%
  
Atrium European Real Estate Ltd. (a) (b)
     13,369       96,106  
CA Immobilien Anlagen AG (a) (b)
     4,678       60,673  
IMMOEAST AG (a) (b)
     21,887       135,526  
Immofinanz Immobilien Anlagen AG (a) (b)
     23,532       98,632  
              390,937  
BELGIUM - 0.6%
  
Befimmo S.C.A. (a)
     787       71,423  
Cofinimmo (a)
     639       89,322  
              160,745  
BRAZIL - 0.9%
  
BR Malls Participacoes SA (b)
     8,852       103,843  
Cyrela Brazil Realty SA Empreendimentos e Participacoes
     10,000       129,378  
              233,221  
CANADA - 4.2%
  
Artis Real Estate Investment Trust
     1,100       9,378  
Boardwalk Real Estate Investment Trust
     1,338       48,057  
Brookfield Asset Management, Inc. - Class A
     29,603       672,156  
Calloway Real Estate Investment Trust
     2,207       39,069  
Canadian Apartment Properties Real Estate Investment Trust
     2,046       28,118  
Canadian Real Estate Investment Trust
     1,888       45,384  
Chartwell Seniors Housing Real Estate Investment Trust
     2,800       17,348  
Extendicare Real Estate Investment Trust
     2,100       16,435  
First Capital Realty, Inc.
     2,026       36,337  
Gazit America, Inc. (a) (b)
     203       –  
H&R Real Estate Investment Trust
     4,225       54,796  
Primaris Retail Real Estate Investment Trust
     1,800       25,491  
RioCan Real Estate Investment Trust
     6,574       110,251  
              1,102,820  
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.8% (Continued)
  
Shares
    
Value
  
FRANCE - 6.1%
  
Fonciere des Regions (a)
     1,292     $ 150,533  
Gecina SA (a)
     1,197       143,035  
Klepierre (a)
     5,089       202,156  
Societe Immobiliere de Location pour l'Industrie et le Commerce (Silic) (a)
     504       65,089  
Unibail-Rodamco (a)
     5,110       1,062,984  
              1,623,797  
GERMANY - 0.2%
  
IVG Immobilien AG (a) (b)
     3,974       44,017  
                 
HONG KONG - 6.4%
  
Champion Real Estate Investment Trust (a)
     98,525       40,952  
Chinese Estates Holdings Ltd. (a)
     349       588  
GZI Real Estate Investment Trust (a)
     41,000       15,058  
Hang Lung Group Ltd. (a)
     48,201       240,269  
Hang Lung Properties Ltd. (a)
     105,972       387,985  
Henderson Land Development Co. Ltd. (a)
     11       72  
Hongkong Land Holdings Ltd.
     71,000       308,850  
Hysan Development Co. Ltd. (a)
     35,083       87,529  
Kerry Properties Ltd. (a)
     35,438       188,644  
Link REIT (The) (a)
     125,718       276,297  
Prosperity REIT (a)
     62,000       10,609  
Wheelock and Co. Ltd. (a)
     47,439       155,018  
              1,711,871  
ITALY - 0.1%
  
Beni Stabili S.p.A. (a)
     23,979       20,705  
                 
JAPAN - 10.3%
  
AEON Mall Co. Ltd. (a)
     4,640       96,405  
DA Office Investment Corp. (a)
     14       45,976  
DAIBIRU CORP. (a)
     3,300       28,692  
Frontier Real Estate Investment Corp. (a)
     8       61,952  
Fukuoka REIT Corp. (a)
     5       29,150  
Global One Real Estate Investment Co. Ltd. (a)
     6       44,303  
Hankyu REIT, Inc. (a)
     5       23,397  
HEIWA REAL ESTATE CO. LTD. (a)
     9,000       30,812  
Japan Excellent, Inc. (a)
     8       43,622  
Japan Hotel and Resort, Inc. (a)
     4       5,760  
JAPAN OFFICE Investment Corp. (a)
     9       10,386  
Japan Prime Realty Investment Corp. (a)
     36       87,421  
Japan Real Estate Investment Corp. (a)
     25       204,606  
Japan Retail Fund Investment Corp. (a)
     22       119,227  
Kenedix Realty Investment Corp. (a)
     12       45,029  
Mitsui Fudosan Co. Ltd. (a)
     51,337       866,655  
MORI HILLS REIT INVESTMENT CORP. (a)
     6       21,394  
MORI TRUST Sogo Reit, Inc. (a)
     6       48,492  
Nippon Building Fund, Inc. (a)
     31       276,678  
Nippon Commercial Investment Corp. (a)
     15       28,037  
Nippon Residential Investment Corp. (a)
     15       38,593  
Nomura Real Estate Office Fund, Inc. (a)
     17       112,992  
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.8% (Continued)
  
Shares
    
Value
  
JAPAN - 10.3% (Continued)
  
NTT URBAN DEVELOPMENT CORP. (a)
     61     $ 56,021  
ORIX JREIT, Inc. (a)
     14       72,501  
Premier Investment Co. (a)
     8       33,243  
Shoei Co. Ltd. (a)
     2,100       16,844  
SURUGA CORP. (a) (b)
     1,300       –  
TOC Co. Ltd. (a)
     5,800       25,485  
TOKYU LAND CORP. (a)
     26,000       103,687  
TOKYU REIT, Inc. (a)
     10       49,938  
Top Reit, Inc. (a)
     9       43,325  
United Urban Investment Corp. (a)
     12       70,171  
              2,740,794  
MALAYSIA - 0.2%
  
KLCC Property Holdings Berhad (a)
     19,800       18,965  
SP Setia Berhad (a)
     31,100       36,118  
Starhill Real Estate Investment Trust
     27,900       7,215  
              62,298  
NETHERLANDS - 1.7%
  
Corio NV (a)
     4,429       305,782  
Eurocommercial Properties NV (a)
     1,802       71,366  
VastNed Retail NV (a)
     975       62,755  
              439,903  
NEW ZEALAND - 0.4%
  
AMP NZ Office Trust (a)
     43,196       26,502  
Goodman Property Trust (a)
     37,538       27,114  
ING Property Trust (a)
     30,537       17,438  
Kiwi Income Property Trust (a)
     44,404       34,015  
              105,069  
PHILIPPINES - 0.5%
  
Ayala Land, Inc. (a)
     291,177       70,392  
Robinsons Land Corp. (a)
     51,650       11,397  
SM Prime Holdings, Inc. (a)
     269,521       59,564  
              141,353  
POLAND - 0.3%
  
Echo Investment SA (a) (b)
     12,737       18,506  
Globe Trade Centre SA (a) (b)
     6,617       55,294  
              73,800  
SINGAPORE - 3.5%
  
Ascendas Real Estate Investment Trust (A-REIT) (a)
     74,000       100,966  
Cambridge Industrial Trust (a)
     33,000       10,608  
CapitaCommercial Trust (a)
     93,000       68,190  
CapitaLand Ltd. (a)
     145,500       381,405  
CapitaMall Trust (a)
     117,000       152,870  
Frasers Commercial Trust (a)
     146,400       16,565  
Guocoland Ltd. (a)
     14,000       21,592  
Mapletree Logistics Trust (a)
     59,000       32,108  
Singapore Land Ltd. (a)
     7,000       26,822  
Starhill Global REIT (a)
     59,000       25,071  
Suntec Real Estate Investment Trust (a)
     91,000       68,095  
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.8% (Continued)
  
Shares
    
Value
  
SINGAPORE - 3.5% (Continued)
  
United Industrial Corp. Ltd. (a)
     23,000     $ 29,935  
              934,227  
SOUTH AFRICA - 0.3%
  
Capital Property Fund (a)
     16,432       14,543  
Fountainhead Property Trust (a)
     57,863       47,704  
Hosken Consolidated Investments Ltd. (a) (b)
     214       1,733  
SA Corporate Real Estate Fund (a)
     43,914       14,108  
Sycom Property Fund (a)
     5,014       12,578  
              90,666  
SPAIN - 0.0%
  
Martinsa-Fadesa SA (b)
     49       523  
                 
SWEDEN - 0.7%
  
Castellum AB (a)
     9,300       90,038  
Fabege AB (a)
     7,400       43,573  
Kungsleden AB (a)
     8,032       53,368  
              186,979  
SWITZERLAND - 0.8%
  
PSP Swiss Property AG (a) (b)
     2,443       141,331  
Swiss Prime Site AG (a) (b)
     1,364       71,948  
              213,279  
TURKEY - 0.0%
  
Is Gayrimenkul Yatirim Ortakligi AS (a)
     11,223       12,405  
                 
UNITED KINGDOM - 7.4%
  
Big Yellow Group plc (a) (b)
     5,542       33,325  
British Land Co. plc (a)
     50,389       383,921  
Capital & Regional plc (a)
     13,221       6,928  
Derwent London plc (a)
     5,832       113,936  
Grainger plc (a)
     8,121       38,830  
Great Portland Estates plc (a)
     18,458       78,291  
Hammerson plc (a)
     40,423       255,355  
Land Securities Group plc (a)
     44,294       443,827  
Liberty International plc (a)
     30,324       233,515  
Minerva plc (a) (b)
     11,125       6,727  
Quintain Estates & Development plc (a) (b)
     9,547       32,288  
Segro Plc (a)
     42,795       252,268  
Shaftesbury plc (a)
     13,198       75,634  
Workspace Group plc (a)
     48,594       17,119  
              1,971,964  
UNITED STATES - 43.4%
  
Acadia Realty Trust
     2,310       34,812  
Alexander's, Inc. (b)
     151       44,678  
Alexandria Real Estate Equities, Inc.
     2,300       125,005  
AMB Property Corp.
     8,459       194,134  
American Campus Communities, Inc.
     3,126       83,933  
Apartment Investment & Management Co. - Class A
     6,904       101,834  
Ashford Hospitality Trust, Inc. (b)
     5,991       20,729  
AvalonBay Communities, Inc.
     4,598       334,413  
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.8% (Continued)
  
Shares
    
Value
  
UNITED STATES - 43.4% (Continued)
  
BioMed Realty Trust, Inc.
     5,656     $ 78,053  
Boston Properties, Inc.
     8,055       528,005  
Brandywine Realty Trust
     7,300       80,592  
BRE Properties, Inc.
     3,000       93,900  
Brookfield Properties Corp.
     14,864       167,369  
Camden Property Trust
     3,668       147,820  
CBL & Associates Properties, Inc.
     8,078       78,357  
Cedar Shopping Centers, Inc.
     2,840       18,318  
Colonial Properties Trust
     2,887       28,090  
Corporate Office Properties Trust
     3,365       124,101  
Cousins Properties, Inc.
     4,780       39,578  
DCT Industrial Trust, Inc.
     11,575       59,148  
Developers Diversified Realty Corp.
     7,281       67,277  
DiamondRock Hospitality Co. (b)
     6,300       51,030  
Digital Realty Trust, Inc.
     4,010       183,297  
Douglas Emmett, Inc.
     7,004       86,009  
Duke Realty Corp.
     12,957       155,614  
DuPont Fabros Technology, Inc. (b)
     2,300       30,659  
EastGroup Properties, Inc.
     1,500       57,330  
Education Realty Trust, Inc.
     3,100       18,383  
Equity Lifestyle Properties, Inc.
     1,600       68,464  
Equity One, Inc.
     2,321       36,370  
Equity Residential
     15,863       486,994  
Essex Property Trust, Inc.
     1,590       126,532  
Extra Space Storage, Inc.
     5,075       53,541  
Federal Realty Investment Trust
     3,484       213,813  
FelCor Lodging Trust, Inc.
     3,720       16,852  
First Industrial Realty Trust, Inc.
     2,216       11,634  
First Potomac Realty Trust
     1,547       17,883  
Forest City Enterprises, Inc. - Class A
     7,100       94,927  
HCP, Inc.
     16,833       483,780  
Health Care REIT, Inc.
     6,951       289,301  
Healthcare Realty Trust, Inc.
     3,400       71,842  
Hersha Hospitality Trust
     2,600       8,060  
Highwoods Properties, Inc.
     4,054       127,498  
Home Properties, Inc.
     1,900       81,871  
Hospitality Properties Trust
     7,085       144,322  
Host Hotels & Resorts, Inc.
     34,568       406,865  
HRPT Properties Trust
     13,300       100,016  
Inland Real Estate Corp.
     4,200       36,792  
Kilroy Realty Corp.
     2,500       69,350  
Kimco Realty Corp.
     21,862       285,081  
Kite Realty Group Trust
     3,600       15,012  
LaSalle Hotel Properties
     3,691       72,565  
Liberty Property Trust
     6,486       210,990  
Macerich Co. (The)
     4,668       141,580  
Mack-Cali Realty Corp.
     4,571       147,780  
Mid-America Apartment Communities, Inc.
     1,600       72,208  
Nationwide Health Properties, Inc.
     6,180       191,518  
Parkway Properties, Inc.
     1,200       23,640  
 
 
 
 
 
WELLS DOW JONES GLOBAL RESI INDEX FUND
  
SCHEDULE OF INVESTMENTS (Continued)
  
   
COMMON STOCKS - 99.8% (Continued)
  
Shares
    
Value
  
UNITED STATES - 43.4% (Continued)
  
Pennsylvania Real Estate Investment Trust
     2,300     $ 17,503  
Post Properties, Inc.
     2,604       46,872  
ProLogis
     25,657       305,831  
PS Business Parks, Inc.
     1,040       53,373  
Public Storage, Inc.
     7,453       560,764  
Ramco-Gershenson Properties Trust
     1,100       9,812  
Regency Centers Corp.
     4,640       171,912  
Saul Centers, Inc.
     424       13,610  
Senior Housing Properties Trust
     7,262       138,777  
Simon Property Group, Inc.
     16,385       1,137,592  
SL Green Realty Corp.
     4,437       194,563  
Sovran Self Storage, Inc.
     1,300       39,559  
Sun Communities, Inc.
     1,000       21,520  
Sunstone Hotel Investors, Inc. (b)
     4,270       30,317  
Tanger Factory Outlet Centers, Inc.
     2,277       85,023  
Taubman Centers, Inc.
     3,100       111,848  
TravelCenters of America LLC (b)
     30       168  
UDR, Inc.
     8,664       136,371  
Universal Health Realty Income Trust
     600       19,530  
U-Store-It Trust
     4,500       28,125  
Ventas, Inc.
     9,052       348,502  
Vornado Realty Trust
     10,364       667,568  
Washington Real Estate Investment Trust
     3,427       98,698  
Weingarten Realty Investors
     6,973       138,902  
              11,516,289  
                 
TOTAL COMMON STOCKS (Cost $33,791,595)
     $ 26,525,789  
                 
                 
TOTAL INVESTMENTS AT VALUE - 99.8% (Cost $33,791,595)
     $ 26,525,789  
                 
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.2%
       40,563  
                 
NET ASSETS - 100.0%
     $ 26,566,352  

(a)
Fair value priced (Note 1).  Fair valued securities totaled $13,356,871 at September 30, 2009, representing 50.3% of net assets.
(b)
Non-income producing security.

See accompanying notes to schedules of investments.
 
 
 
 
 
WELLS FAMILY OF REAL ESTATE FUNDS
 
NOTES TO SCHEDULES OF INVESTMENTS
 
September 30, 2009 (Unaudited) 
 
1.  
Securities valuation
 
The portfolio securities of the Wells Dow Jones U.S. REIT Index Fund (the “REIT Index Fund”) and the Wells Dow Jones Global RESI Index Fund (the “Global Index Fund”) are valued as of the close of the regular session of trading on the New York Stock Exchange (“NYSE”) (normally 4:00 p.m., Eastern time) as follows:  (1) securities which are traded on stock exchanges are valued at their last reported sale price as of the regular session of trading on the NYSE on the day the securities are being valued, or, if not traded on a particular day, at the closing bid price, (2) securities quoted by NASDAQ are valued at the NASDAQ Official Closing Price, (3) securities traded in the over-the-counter market are valued at their last sale price (or, if the last sale price is not readily available, at the last bid price as quoted by brokers that make markets in the securities) as of the close of the regular session of trading on the NYSE on the day the securities are being valued, (4) securities which are traded both in the over-the-counter market and on a stock exchange are valued according to the broadest and most representative market, and (5) securities and other assets for which market quotations are not readily available or are considered to be unreliable due to significant market or other events are valued at their fair value as determined in good faith in accordance with consistently applied procedures established by and under the general supervision of the Board of Trustees.  Because the value of foreign securities may be materially affected by events occurring before the Global Index Fund’s pricing time but after the close of the primary markets or exchanges on which such securities are traded, its portfolio securities may be priced at their fair value as determined by an independent pricing service approved by the Board of Trustees.  As a result, the prices of securities used to calculate the Global Index Fund’s net asset value per share may differ from quoted or published prices for the same securities.  Foreign securities are translated from the local currency into U. S. dollars using currency exchange rates supplied by a quotation service.  Short-term instruments (those with remaining maturities of 60 days or less) may be valued at amortized cost, which approximates market value.
 
Accounting principles generally accepted in the United States (“GAAP”) establish a single authoritative definition of fair value, set out a framework for measuring fair value and require additional disclosures about fair value measurements.
 
Various inputs are used in determining the value of each of the Fund’s investments.  These inputs are summarized in the three broad levels listed below:
 
·  
Level 1 – quoted prices in active markets for identical securities
·  
Level 2 – other significant observable inputs
·  
Level 3 – significant unobservable inputs

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.
 
The following is a summary of the inputs used to value the Funds’ investments as of September 30, 2009:
 
Valuation Inputs
  
Wells Dow Jones U.S. REIT Index Fund
    
Wells Dow Jones Global RESI Index Fund
  
             
Level 1 - Quoted Prices
   $ 135,891,433     $ 13,168,918  
Level 2 - Other Significant Observable Inputs
     -       13,356,871  
Level 3 - Significant Unobservable Inputs
     -       -  
                 
Total
   $ 135,891,433     $ 26,525,789  
 
 
 
 
 
WELLS FAMILY OF REAL ESTATE FUNDS
 
NOTES TO SCHEDULES OF INVESTMENTS (Continued) 
 
As of September 30, 2009, all of the securities held by the REIT Index Fund were valued using Level 1 inputs.  See the REIT Index Fund’s Schedule of Investments for a listing of the securities valued using Level 1 inputs by industry type, as required by GAAP.
 
The following is a summary of the inputs used to value the Global Index Fund’s investments as of September 30, 2009 by security type, as required by GAAP:
                         
   
Level 1
    
Level 2
    
Level 3
    
Total
  
                         
Common stocks:
                        
Australia
   $ -     $ 2,748,127     $ -     $ 2,748,127  
Austria
     -       390,937       -       390,937  
Belgium
     -       160,745       -       160,745  
Brazil
     233,221       -       -       233,221  
Canada
     1,102,820       -       -       1,102,820  
France
     -       1,623,797       -       1,623,797  
Hong Kong
     308,850       1,403,021       -       1,711,871  
Japan
     -       2,740,794       -       2,740,794  
Netherlands
     -       439,903       -       439,903  
Philippines
     -       141,353       -       141,353  
Singapore
     -       934,227       -       934,227  
Sweden
     -       186,979       -       186,979  
Switzerland
     -       213,279       -       213,279  
United Kingdom
     -       1,971,964       -       1,971,964  
United States
     11,516,289       -       -       11,516,289  
Other countries
     7,738       401,745       -       409,483  
Total
   $ 13,168,918     $ 13,356,871     $ -     $ 26,525,789  

 
2.  
Security transactions
 
Security transactions are accounted for on trade date.  Gains and losses on securities sold are determined on a specific identification basis.
 
 
 
 
 
WELLS FAMILY OF REAL ESTATE FUNDS
 
NOTES TO SCHEDULES OF INVESTMENTS (Continued) 
 
3.  
Federal income tax
 
The following information is computed on a tax basis for each item as of September 30, 2009:
 
             
   
Wells Dow Jones
    
Wells Dow Jones
  
   
U.S. REIT
    
Global RESI
  
   
Index Fund
    
Index Fund
  
Tax cost of portfolio investments
   $ 197,026,023     $ 37,534,985  
                 
Gross unrealized appreciation
   $ 9,277,721     $ 1,374,486  
Gross unrealized depreciation
     (70,412,311 )     (12,383,682 )
                 
Net unrealized depreciation
   $ (61,134,590 )   $ (11,009,196 )
                 
 
The difference between the federal income tax cost of portfolio investments and the cost as stated on the Schedules of Investments for the Funds is due to certain timing differences in the recognition of capital gains or losses under income tax regulations and GAAP.  These “book/tax” differences are temporary in nature and are due to the tax deferral of losses on wash sales.
 
 
 
 
 
Item 2.
Controls and Procedures.
 
(a)  Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this report, the registrant’s principal executive officer and principal financial officer have concluded that such disclosure controls and procedures are reasonably designed and are operating effectively to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to them by others within those entities, particularly during the period in which this report is being prepared, and that such information is recorded, processed, summarized, and reported on a timely basis.
 
(b)  There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
 
Item 3.
Exhibits.
 
File as exhibits as part of this Form a separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)):  Attached hereto
 
 
 
 
 
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.
 
 
(Registrant)   Wells Family of Real Estate Funds            

 
By (Signature and Title)*
/s/ Leo F. Wells III         
 
Leo F. Wells III, President
 
Date          November 2, 2009      
 
 
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.
 
 
By (Signature and Title)*
/s/ Leo F. Wells III         
 
Leo F. Wells III, President
 
Date          November 2, 2009      
 
 
By (Signature and Title)*
/s/ Mark J. Seger            
 
Mark J. Seger, Treasurer
 
Date _        November 2, 2009      
 
 
* Print the name and title of each signing officer under his or her signature.
 
 EX-99.CERT 2 fp0001081_ex99cert.htm CERTIFICATIONS AS REQUIRED BY RULE 30A-2(A) fp0001081_ex99cert.htm
 
EX-99.CERT
 
CERTIFICATIONS
 
I, Leo F. Wells III, certify that:
 
1.      I have reviewed this report on Form N-Q of Wells Family of Real Estate Funds;
 
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: November 2, 2009
   
/s/ Leo F. Wells III                                                       
Leo F. Wells III, President
 
 
 
 
 
 
CERTIFICATIONS
 
I, Mark J. Seger, certify that:
 
1.      I have reviewed this report on Form N-Q of Wells Family of Real Estate Funds;
 
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 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: November 2, 2009
   
/s/ Mark J. Seger                                                  
Mark J. Seger, Treasurer
 
 
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