UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM N-Q
QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED
MANAGEMENT INVESTMENT COMPANY
Investment Company Act file number 811-22022
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Advent/Claymore Global Convertible Securities & Income Fund
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(Exact name of registrant as specified in charter)
1065 Avenue of the Americas, New York, NY 10018
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(Address of principal executive offices) (Zip code)
Robert White, Treasurer
Advent/Claymore Global Convertible Securities & Income Fund
1065 Avenue of the Americas
New York, NY 10018
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(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 479-0675
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Date of fiscal year end: October 31
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Date of reporting period: July 31, 2009
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 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 the 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. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
Attached hereto.
AGC | ADVENT/CLAYMORE GLOBAL CONVERTIBLE SECURITIES & INCOME FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 2009 (UNAUDITED)
PRINCIPAL AMOUNT VALUE
---------------------------------------------------------------------------------------------------------------
LONG-TERM INVESTMENTS -- 159.8%
CONVERTIBLE BONDS -- 113.2%
AEROSPACE & DEFENSE - 1.4%
$ 3,475,000 Alliant Techsystems, Inc., BB-
2.75%, 9/15/11 $ 3,574,906
------------------
AGRICULTURE - 2.2%
CNY 40,000,000 China Green Holdings Ltd., Ser. CGHL, NR
0.00%, 10/29/10 (Bermuda) (a) 5,693,708
------------------
AUTO PARTS & EQUIPMENT - 0.6%
$ 1,200,000 BorgWarner, Inc., BBB
3.50%, 4/15/12 (b) 1,528,500
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BANKS - 3.2%
(euro) 4,500,000 Kreditanstalt fuer Wiederaufbau, Ser. DTE, AAA
3.25%, 6/27/13 (Germany) 6,586,793
$ 1,500,000 SVB Financial Group, NR
3.875%, 4/15/11 (c) 1,466,250
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8,053,043
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BIOTECHNOLOGY - 2.8%
$ 4,000,000 Amgen, Inc., A+
0.375%, 2/1/13 4,040,000
$ 750,000 Amylin Pharmaceuticals, Inc., NR
3.00%, 6/15/14 543,750
$ 1,950,000 United Therapeutics Corp., NR
0.50%, 10/15/11 2,552,062
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7,135,812
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CHEMICALS - 0.9%
HK$ 13,330,000 Sinofert Holdings Ltd., NR
0.00%, 8/7/11 (Bermuda) 2,218,786
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COAL - 0.6%
$ 2,000,000 Massey Energy Co., BB-
3.25%, 8/1/15 1,520,000
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COMPUTERS - 7.0%
(euro) 11,250,000 Cap Gemini SA, BBB-
3.50%, 1/1/14 (France) 6,685,311
$ 3,500,000 EMC Corp., A-
1.75%, 12/1/11 (b) 3,963,750
$ 7,200,000 Maxtor Corp., B
2.375%, 8/15/12 6,894,000
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17,543,061
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DIVERSIFIED FINANCIAL SERVICES - 13.9%
CHF 3,500,000 Actelion Finance SCA, NR
0.00%, 11/22/11 (Luxembourg) 3,758,481
$ 4,050,000 AngloGold Ashanti Holdings Finance PLC, NR
3.50%, 5/22/14 (Isle of Man) (b) (c) 4,330,260
$ 3,100,000 China Overseas Finance Investment Cayman Ltd., Ser. COLI, NR
0.00%, 5/14/14 (Cayman Islands) 4,124,460
(euro) 2,500,000 Heidelberg International Finance BV, Ser. HDD, NR
0.875%, 2/9/12 (Netherlands) 3,720,658
(euro) 4,500,000 International Power Ltd., BB-
3.25%, 7/20/13 (Jersey) 5,665,329
(euro) 5,000,000 Kloeckner & Co. Finance International SA, Ser. KCO, B+
1.50%, 7/27/12 (Luxembourg) 5,353,424
(euro) 2,100,000 MTU Aero Engines Finance BV, Ser. MTU, BB+
2.75%, 2/1/12 (Netherlands) 2,733,820
$ 4,000,000 Petroplus Finance Ltd., Ser. PPHN, BB-
3.375%, 3/26/13 (Bermuda) 3,576,052
HK$ 10,400,000 Power Regal Group Ltd., NR
2.25%, 6/2/14 (British Virgin Islands) 1,674,859
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34,937,343
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ELECTRICAL COMPONENTS & EQUIPMENT - 5.4%
CNY 39,200,000 China High Speed Transmission Equipment Group Co. Ltd., Ser. CHIS, NR
0.00%, 5/14/11 (Cayman Islands) (a) 6,870,801
$ 750,000 SunPower Corp., Ser SPWR, NR
1.25%, 2/15/27 (b) 655,313
$ 5,250,000 Suntech Power Holdings Co. Ltd., NR
0.25%, 2/15/12 (Cayman Islands) 5,099,062
$ 1,000,000 Yingli Green Energy Holding Co. Ltd., NR
0.00%, 12/15/12 (Cayman Islands) 990,000
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13,615,176
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ENERGY - ALTERNATE SOURCES - 1.0%
$ 2,200,000 Covanta Holding Corp., B
3.25%, 6/1/14 (c) 2,436,500
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ENGINEERING & CONSTRUCTION - 1.2%
$ 2,725,000 Jaiprakash Associates Ltd., NR
0.00%, 9/12/12 (India) 2,963,437
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ENTERTAINMENT - 2.1%
$ 4,245,000 International Game Technology, BBB
3.25%, 5/1/14 (b) (c) 5,253,188
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HEALTHCARE PRODUCTS - 5.6%
$ 2,200,000 Beckman Coulter, Inc., BBB
2.50%, 12/15/36 (b) 2,365,000
$ 7,167,000 Hologic, Inc., BB-
2.00%, 12/15/37 (d) 5,536,507
$ 5,625,000 LifePoint Hospitals, Inc., B
3.50%, 5/15/14 4,816,406
$ 1,250,000 NuVasive, Inc., NR
2.25%, 3/15/13 (c) 1,353,125
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14,071,038
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HOLDING COMPANIES - DIVERSIFIED - 2.5%
(euro) 4,500,000 Sagerpar, NR
2.95%, 4/27/12 (Belgium) 6,217,303
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INSURANCE - 1.3%
$ 3,000,000 Old Republic International Corp., BBB+
8.00%, 5/15/12 3,288,750
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INTERNET - 1.8%
$ 2,700,000 Symantec Corp., NR
1.00%, 6/15/13 2,727,000
$ 2,500,000 VeriSign, Inc., NR
3.25%, 8/15/37 1,912,500
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4,639,500
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IRON/STEEL - 4.1%
$ 3,650,000 ArcelorMittal, BBB
5.00%, 5/15/14 (Luxembourg) 5,064,375
$ 1,667,000 Steel Dynamics, Inc., BB+
5.125%, 6/15/14 (b) 2,012,903
$ 2,250,000 United States Steel Corp., BB
4.00%, 5/15/14 (b) 3,265,312
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10,342,590
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LEISURE TIME - 2.2%
$ 5,545,000 Carnival Corp., BBB+
2.00%, 4/15/21 (Panama) 5,510,344
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MEDIA - 0.7%
(pound) 1,000,000 WPP PLC, Ser. WPP, BBB
5.75%, 5/9/14 (Jersey) 1,881,162
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MINING - 5.6%
$ 3,000,000 Alumina Finance Ltd., Ser. AWC, BBB-
2.00%, 5/16/13 (Australia) 2,748,750
$ 1,900,000 Goldcorp, Inc., BBB+
2.00%, 8/1/14 (Canada) (c) 2,012,100
$ 3,500,000 Kinross Gold Corp., NR
1.75%, 3/15/28 (Canada) 3,412,500
$ 2,250,000 Newmont Mining Corp., BBB+
1.625%, 7/15/17 2,483,437
$ 2,900,000 Xstrata Capital Corp AVV, Ser. XTA, BBB
4.00%, 8/14/17 (Aruba) 3,370,090
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14,026,877
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MISCELLANEOUS MANUFACTURING - 1.9%
$ 2,750,000 Danaher Corp., A+
0.00%, 1/22/21 (b) 2,499,063
$ 1,800,000 Textron, Inc., Ser. TXT, BBB-
4.50%, 5/1/13 2,250,000
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4,749,063
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OIL & GAS - 12.0%
$ 2,600,000 Addax Petroleum Corp., Ser. AXC, NR
3.75%, 5/31/12 (Canada) 2,906,491
$ 2,000,000 Chesapeake Energy Corp., BB
2.50%, 5/15/37 1,537,500
HK$ 40,000,000 China Petroleum & Chemical Corp., Ser. SINO, NR
0.00%, 4/24/14 (China) 5,646,415
$ 3,800,000 Seadrill Ltd., NR
3.625%, 11/8/12 (Bermuda) 3,155,702
$ 5,000,000 SOCO Finance Ltd., Ser. SIA, NR
4.50%, 5/16/13 (Jersey) 4,975,710
$ 13,203,000 Transocean, Inc., Ser. C, BBB+
1.50%, 12/15/37 (Cayman Islands) (b) 12,130,256
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30,352,074
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OIL & GAS SERVICES - 3.0%
$ 5,250,000 Core Laboratories LP, NR
0.25%, 10/31/11 (b) 5,492,812
$ 2,500,000 Subsea 7, Inc., Ser. SUB, NR
2.80%, 6/6/11 (Cayman Islands) 2,221,875
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7,714,687
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PHARMACEUTICALS - 13.0%
$ 3,150,000 Biovail Corp., NR
5.375%, 8/1/14 (Canada) (c) 3,551,625
$ 2,500,000 Cephalon, Inc., NR
2.50%, 5/1/14 2,612,500
$ 4,575,000 King Pharmaceuticals, Inc., BB
1.25%, 4/1/26 3,711,469
$ 2,000,000 Omnicare, Inc., Ser. OCR, B+
3.25%, 12/15/35 1,492,500
$ 10,000,000 Shire PLC, Ser. REGs, NR
2.75%, 5/9/14 (Jersey) 8,972,060
$ 7,500,000 Teva Pharmaceutical Finance Co. BV, Ser. D, BBB+
1.75%, 2/1/26 (Netherlands Antilles) 9,056,250
$ 2,750,000 Teva Pharmaceutical Finance LLC, Ser. C, BBB+
0.25%, 2/1/26 (b) 3,234,687
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32,631,091
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REAL ESTATE INVESTMENT TRUSTS - 6.5%
CNY 30,000,000 Country Garden Holdings Co., BB
2.50%, 2/22/13 (Cayman Islands) (a) 4,162,439
$ 3,599,000 Digital Realty Trust LP, NR
5.50%, 4/15/29 (c) 3,945,404
$ 1,800,000 Home Properties LP, NR
4.125%, 11/1/26 (c) 1,680,750
$ 3,752,000 Host Hotels & Resorts LP, BB+
2.625%, 4/15/27 (c) 3,268,930
$ 1,675,000 Macerich Co. (The), NR
3.25%, 3/15/12 (c) 1,348,375
$ 2,000,000 UDR, Inc., BBB
4.00%, 12/15/35 1,902,500
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16,308,398
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SEMICONDUCTORS - 1.5%
$ 4,000,000 Linear Technology Corp., Ser. A, NR
3.00%, 5/1/27 3,680,000
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TELECOMMUNICATIONS - 9.2%
$ 3,679,000 Alcatel-Lucent USA, Inc., Ser. A, B+
2.875%, 6/15/23 3,527,241
$ 3,950,000 Ciena Corp., B+
0.25%, 5/1/13 2,784,750
$ 3,500,000 Inmarsat PLC, Ser. ISAT, NR
1.75%, 11/16/17 (United Kingdom) 3,692,325
$ 2,200,000 NII Holdings, Inc., NR
3.125%, 6/15/12 1,845,250
$ 3,000,000 Qwest Communications International, Inc., B+
3.50%, 11/15/25 2,996,250
JPY 372,000,000 Softbank Corp., BB
1.75%, 3/31/14 (Japan) 4,700,897
$ 2,500,000 Virgin Media, Inc., B-
6.50%, 11/15/16 (c) 2,184,375
(euro) 1,000,000 Weather Capital Finance SA, Ser. ORAS, NR
4.75%, 2/27/13 (Luxembourg) 1,365,917
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23,097,005
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TOTAL CONVERTIBLE BONDS -- 113.2%
(Cost $258,114,715) 284,983,342
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NUMBER OF SHARES VALUE
----------------------------------------------------------------------------------------------------------------
CONVERTIBLE PREFERRED STOCKS --30.6%
AGRICULTURE - 2.7%
74,050 Archer-Daniels-Midland Co., 6.25%, 2011 2,921,272
5,810 Bunge Ltd., 5.125%, 2010 (Bermuda) (b) 3,776,500
------------------
6,697,772
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BANKS - 4.6%
49,350 Fifth Third Bancorp, Ser. G, 8.50%, 2049 (b) 5,290,814
44,805 KeyCorp, Ser. A, 7.75%, 2049 3,620,244
3,282 Wells Fargo & Co., Ser. L, 7.50%, 2049 2,756,749
------------------
11,667,807
------------------
CHEMICALS - 1.0%
74,550 Celanese Corp., 4.25%, 2049 2,460,150
------------------
DIVERSIFIED FINANCIAL SERVICES - 0.8%
4,150 SLM Corp., Ser. C, 7.25%, 2010 2,095,750
------------------
ELECTRIC - 4.0%
120,057 FPL Group, Inc., 8.375%, 2012 6,197,943
66,250 Great Plains Energy, Inc., 12.00%, 2012 3,870,987
------------------
10,068,930
------------------
INSURANCE - 2.2%
233,850 XL Capital Ltd., 10.75%, 8/15/11 (Cayman Islands) 5,415,966
------------------
LEISURE TIME - 0.4%
9,352 Callaway Golf Co., Ser. B, 7.50%, 2012 (c) 1,033,396
------------------
MINING - 5.0%
Freeport-McMoRan Copper & Gold, Inc.
40,000 6.75%, 2010 (b) 3,689,600
2,050 5.50%, 2049 2,675,271
150,000 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 (Brazil) (b) (e) 6,201,000
------------------
12,565,871
------------------
OIL & GAS - 1.5%
30,800 Whiting Petroleum Corp., 6.25%, 2049 (b) 3,766,224
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PHARMACEUTICALS - 5.2%
7,155 Mylan, Inc., 6.50%, 2010 6,310,710
28,750 Schering-Plough Corp., 6.00%, 2010 6,705,650
------------------
13,016,360
------------------
PIPELINES - 1.5%
4,450 El Paso Corp., 4.99%, 2049 3,905,988
------------------
REAL ESTATE INVESTMENT TRUSTS - 0.9%
45,000 Simon Property Group, Inc., Ser. I, 6.00%, 2049 (b) 2,196,000
------------------
TELECOMMUNICATIONS - 0.8%
2,869 Lucent Technologies Capital Trust I, 7.75%, 2017 (e) 2,036,990
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TOTAL CONVERTIBLE PREFERRED STOCKS - 30.6%
(Cost $75,394,316) 76,927,204
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PRINCIPAL AMOUNT VALUE
----------------------------------------------------------------------------------------------------------------
CORPORATE BONDS -- 14.0%
BEVERAGES - 1.3%
$ 3,000,000 Anheuser-Busch InBev Worldwide, Inc., BBB+
6.875%, 11/15/19 (c) 3,338,937
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DIVERSIFIED FINANCIAL SERVICES - 1.4%
3,325,000 Axcan Intermediate Holdings, Inc., B
12.75%, 3/1/16 3,499,563
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HEALTHCARE SERVICES - 2.6%
2,500,000 Apria Healthcare Group, Inc., BB+
11.25%, 11/1/14 (c) 2,556,250
HCA , Inc.
1,000,000 9.25%, 11/15/16, BB- 1,045,000
2,750,000 8.50%, 4/15/19, BB (c) 2,832,500
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6,433,750
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HOLDING COMPANIES - DIVERSIFIED - 1.9%
5,000,000 Leucadia National Corp., BB+
8.125%, 9/15/15 (e) 4,837,500
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INSURANCE - 3.3%
6,500,000 AXA SA, BBB+
6.38%, 12/14/36 (France) (c) (f) 4,561,785
3,500,000 MetLife, Inc., BBB
10.75%, 8/1/39 3,753,488
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8,315,273
------------------
MEDIA - 1.1%
1,500,000 Univision Communications, Inc., B-
12.00%, 7/1/14 (c) 1,605,000
1,100,000 UPC Holding BV, B-
9.875%, 4/15/18 (Netherlands) (c) 1,100,000
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2,705,000
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MISCELLANEOUS MANUFACTURING - 0.4%
875,000 Ingersoll-Rand Global Holding Co. Ltd., BBB+
9.50%, 4/15/14 (Bermuda) 1,016,554
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TELECOMMUNICATIONS - 2.0%
3,500,000 CC Holdings GS V LLC/Crown Castle GS III Corp., BB
7.75%, 5/1/17 (c) 3,587,500
1,368,000 Intelsat Jackson Holdings Ltd., CCC+
11.25%, 6/15/16 (Bermuda) 1,463,760
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5,051,260
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TOTAL CORPORATE BONDS -- 14.0%
(Cost $33,664,624) 35,197,837
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NUMBER OF SHARES VALUE
----------------------------------------------------------------------------------------------------------------
COMMON STOCKS - 2.0%
CHEMICALS - 1.1%
27,544 Lonza Group AG (Switzerland) 2,710,253
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RETAIL - 0.9%
1,859,682 Golden Eagle Retail Group Ltd. (Cayman Islands) 2,428,369
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TOTAL COMMON STOCKS -- 2.0%
(Cost $4,017,257) 5,138,622
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TOTAL LONG-TERM INVESTMENTS -- 159.8%
(Cost $371,190,912) 402,247,005
------------------
MONEY MARKET FUNDS -- 4.7%
11,819,936 Goldman Sachs Financial Prime Obligations
(Cost $11,819,936) 11,819,936
------------------
TOTAL INVESTMENTS -- 164.5%
(Cost $383,010,848) 414,066,941
Total Options Written -- (0.1%) (263,025)
Other Assets in excess of Liabilities -- 3.1% 7,931,598
Preferred Stock, at redemption value - (-67.5% of Net Assets
Applicable to Common Shareholders or -41.1% of Total Investments) (170,000,000)
------------------
NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS-- 100.0% $ 251,735,514
==================
AG - Stock Corporation
AVV - Aruba Exempt Company
BV - Limited Liability Company
LLC - Limited Liability Corp.
LP - Limited Partnership
Ltd. - Limited
PLC - Public Limited Company
SA - Corporation
SCA - Limited Partnership
(a) The reference entity is denominated in Chinese Yuan, but traded in U.S.
dollars.
(b) All or a portion of this security position represents cover (directly or
through conversion rights) for outstanding options written.
(c) Securities are exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At July 31, 2009,
these securities amounted to 21.2% of net assets.
(d) Security is a "step-up" bond where the coupon increases or steps up at a
predetermined date.
(e) All or a portion of these securities have been physically segregated in
connection with swap agreements, options and foreign currency contracts.
(f) Floating rate security. The rate shown is as of July 31, 2009.
Ratings shown are per Standard & Poor's. Securities classified as NR are not
rated by Standard & Poor's.
All percentages shown in the Portfolio of Investments are based on Net Assets
Applicable to Common Shareholders unless otherwise noted.
See previously submitted notes to financial statements for the period ended
April 30, 2009.
COUNTRY BREAKDOWN AS % OF TOTAL INVESTMENTS*
--------------------------------------------------------------------------------
United States 52.3%
Cayman Islands 10.5%
Jersey 5.2%
Bermuda 5.0%
Luxembourg 3.8%
Canada 2.9%
France 2.7%
Netherlands Antilles 2.2%
Netherlands 1.8%
Germany 1.6%
Belgium 1.5%
Brazil 1.5%
China 1.4%
Panama 1.3%
Japan 1.1%
Isle of Man 1.0%
United Kingdom 0.9%
Aruba 0.8%
India 0.7%
Australia 0.7%
Switzerland 0.7%
British Virgin Islands 0.4%
--------------------------------------------------------------------------------
*Subject to change daily.
AGC | ADVENT/CLAYMORE GLOBAL CONVERTIBLE SECURITIES & INCOME FUND
PORTFOLIO OF INVESTMENTS
JULY 31, 2009 (UNAUDITED)
CONTRACTS
(100 SHARES EXPIRATION EXERCISE MARKET
PER CONTRACT) CALL OPTIONS WRITTEN(F) DATE PRICE VALUE
---------------------------------------------------------------------------------------------------------------------------------
100 AngloGold Ashanti Holdings Finance PLC, NR, 3.50%, 5/22/14 August 2009 $ 45.00 $ 1,700
75 Beckman Coulter, Inc., BBB, 2.50%, 12/15/36 August 2009 $ 60.00 26,250
50 BorgWarner, Inc., BBB, 3.50%, 4/15/12 August 2009 $ 35.00 2,500
100 Bunge Ltd., 5.125%, 2010 August 2009 $ 75.00 6,000
50 Core Laboratories LP, NR, 0.25%, 10/31/11 August 2009 $ 89.25 5,250
100 Danaher Corp., A+, 0.00%, 1/22/21 August 2009 $ 65.00 4,000
125 EMC Corp., A-, 1.75%, 12/1/11 August 2009 $ 14.00 15,250
75 Fifth Third Bancorp, Ser. G, 8.50%, 2049 August 2009 $ 7.50 15,000
75 Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010 August 2009 $ 65.00 8,775
150 International Game Technology, BBB, 3.25%, 5/1/14 September 2009 $ 20.00 19,500
100 Simon Property Group, Inc., Ser. I, 6.00%, 2049 August 2009 $ 55.00 25,000
100 Steel Dynamics, Inc., BB+, 5.125%, 6/15/14 August 2009 $ 19.00 1,700
50 SunPower Corp., Ser SPWR, NR, 1.25%, 2/15/27 August 2009 $ 32.00 9,750
50 Teva Pharmaceutical Finance LLC, Ser. C, BBB+, 0.25%, 2/1/26 August 2009 $ 50.00 15,550
50 Transocean, Inc., Ser. C, BBB+, 1.50%, 12/15/37 August 2009 $ 80.00 14,000
75 Transocean, Inc., Ser. C, BBB+, 1.50%, 12/15/37 August 2009 $ 85.00 7,875
25 United States Steel Corp., BB, 4.00%, 5/15/14 August 2009 $ 38.00 7,375
50 United States Steel Corp., BB, 4.00%, 5/15/14 August 2009 $ 39.00 12,250
20 United States Steel Corp., BB, 4.00%, 5/15/14 August 2009 $ 40.00 3,800
150 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 August 2009 $ 20.00 10,050
150 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 August 2009 $ 21.00 4,950
75 Whiting Petroleum Corp., 6.25%, 2049 August 2009 $ 40.00 46,500
---------
TOTAL CALL OPTIONS WRITTEN
(Premiums received $143,109) $ 263,025
---------
(f) Non-income producing security.
CREDIT DEFAULT SWAPS AGREEMENTS*
NOTIONAL IMPLIED CREDIT UNREALIZED
BUY/SELL TERMINATION AMOUNT SPREAD AT PAYING APPRECIATION/
COUNTERPARTY REFERENCE ENTITY PROTECTION DATE (000) JULY 31, 2009 (1) FIXED RATE (DEPRECIATION)
------------------------------------------------------------------------------------------------------------------------------------
Citibank NA Home Depot, Inc. Buy 6/20/2014 2,050 58.00% 1.00% $ (93,386)
JPMorgan Chase & Co. LVMH Moet Hennessy
Louis Vuitton Buy 3/20/2014 3,000 60.47% 1.45% (129,474)
------------------------------------------------------------------------------------------------------------------------------------
$ 5,050 $ (222,860)
====================================================================================================================================
-----------
TOTAL UNREALIZED APPRECIATION/(DEPRECIATION) FOR SWAP AGREEMENTS $ (222,860)
===========
* For each swap noted, the Fund pays the fixed rate. The market value of the
swaps outstanding reflects the current payable for the underlying asset.
(1) Implied credit spreads, represented in absolute terms, utilized in
determining the market value of credit default swap agreements on corporate
issues or sovereign issues of an emerging country as of period end serve as
an indicator of the current status of the payment/performance risk and
represent the likelihood or risk of default for the credit derivative. The
implied credit spread of a particular referenced entity reflects the cost
of buying/selling protection and may include upfront payments required to
be made to enter into the agreement. Wider credit spreads represent a
deterioration of the referenced entity's credit soundness and a greater
likelihood or risk of default or other credit event occuring as defined
under the terms of the agreement. A credit spread identified as "Defaulted"
indicates a credit event has occurred for the referenced entity or
obligation.
Forward exchange currency contracts
Unrealized
Appreciation/
Short Contracts Current Value (Depreciation)
------------------------------------------------------------------------------------------------------------
Euro, 22,000,000 expiring 9/16/09 31,192,017 (946,417)
Hong Kong Dollar, 2,431,513 expiring 8/03/09 313,742 (18)
Swiss Franc, 4,720,000 expiring 9/16/09 4,387,741 (69,352)
-------------
Total unrealized appreciation/(depreciation) for forward exchange currency contracts $ (1,015,787)
-------------
In September, 2006, the Financial Accounting Standards Board ("FASB") issued
Statement of Financial Accounting Standards No. 157, "Fair Valuation
Measurements" ("FAS 157"). The Fund adopted FAS 157 effective on November 1,
2008. This standard clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value and requires
additional disclosures about the use of fair value measurements. FAS 157
establishes three different categories for valuations. Level 1 valuations are
those based upon quoted prices in active markets. Level 2 valuations are those
based upon quoted prices in inactive markets or based upon significant
observable inputs (e.g. yield curves; benchmark interest rates; indices). Level
3 valuations are those based upon unobservable inputs (e.g. discounted cash flow
analysis; non-market based methods used to determine fair valuation). In April
2009, the FASB issued FSP FAS 157-4, "Determining Fair Value When Volume and
Level of Activity for the Asset or Liability Have Significantly Decreased and
Identifying Transactions That Are Not Orderly" (FSP 157-4). FSP 157-4 provides
guidance on how to determine the fair value of assets and liabilities when the
volume and level of activity for the asset/liability has significantly
decreased. The Fund adopted FAS 157-4 effective on July 31, 2009. The following
table represents the Fund's investments carried on the Statement of Assets and
Liabilities by caption and by level within the fair value hierarchy as of July
31, 2009.
Description LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
-----------------------------------------------------------------
(value in $000s)
Assets:
Convertible Bonds:
Aerospace & Defense $ - $ 3,575 $ - $ 3,575
Agriculture - 5,694 - 5,694
Auto Parts & Equipment - 1,529 - 1,529
Banks - 8,053 - 8,053
Biotechnology - 7,136 - 7,136
Chemicals - 2,219 - 2,219
Coal - 1,520 - 1,520
Computers - 17,543 - 17,543
Diversified Financial Services - 34,937 - 34,937
Electrical Components & Equipment - 13,615 - 13,615
Energy - Alternate Sources - 2,437 - 2,437
Engineering & Construction - 2,963 - 2,963
Entertainment - 5,253 - 5,253
Healthcare Products - 14,071 - 14,071
Holding Companies - Diversified - 6,217 - 6,217
Insurance - 3,289 - 3,289
Internet - 4,639 - 4,639
Iron/Steel - 10,343 - 10,343
Leisure Time - 5,510 - 5,510
Media - 1,881 - 1,881
Mining - 14,027 - 14,027
Miscellaneous Manufacturing - 4,749 - 4,749
Oil & Gas - 30,352 - 30,352
Oil & Gas Services - 7,715 - 7,715
Pharmaceuticals - 32,631 - 32,631
Real Estate Investment Trusts - 16,308 - 16,308
Semiconductors - 3,680 - 3,680
Telecommunications - 23,097 - 23,097
Convertible Preferred Stocks:
Agriculture 6,698 - - 6,698
Banks 11,668 - - 11,668
Chemicals 2,460 - - 2,460
Diversified Financial Services 2,096 - - 2,096
Electric 10,069 - - 10,069
Insurance 5,416 - - 5,416
Leisure Time 1,033 - - 1,033
Mining 12,566 - - 12,566
Oil & Gas 3,766 - - 3,766
Pharmaceuticals 13,016 - - 13,016
Pipelines 3,906 - - 3,906
Real Estate Investment Trusts 2,196 - - 2,196
Telecommunications 2,037 - - 2,037
Common stocks:
Chemicals 2,710 - - 2,710
Retail 2,429 - - 2,429
Corporate Bonds:
Beverages - 3,339 - 3,339
Diversified Financial Services - 3,500 - 3,500
Healthcare Services - 6,434 - 6,434
Holding Companies - Diversified - 4,837 - 4,837
Insurance - 8,315 - 8,315
Media - 2,705 - 2,705
Miscellaneous Manufacturing - 1,017 - 1,017
Telecommunications - 5,051 - 5,051
Money Market Fund 11,820 - - 11,820
------------------------------------------------------------------
Total $ 93,886 $ 320,181 $ - $ 414,067
==================================================================
Liabilities:
Options Written $ 263 $ - $ - $ 263
Credit Default Swaps - 223 - 223
Forward Exchange Currency Contracts - 1,016 - 1,016
------------------------------------------------------------------
Total $ 263 $ 1,239 $ - $ 1,502
==================================================================
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have evaluated the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) as of a date within 90 days of the filing date
of this report and have concluded, based on such evaluation, that the
registrant's disclosure controls and procedures were effective, as of
that date, in ensuring that information required to be disclosed by the
registrant on this Form N-Q was recorded, processed, summarized and
reported within the time periods specified in the Securities and
Exchange Commission's rules and forms.
(b) There was no change in the registrant's internal control over financial
reporting (as defined in Rule 30a-3(d) under the Investment Company Act
of 1940, as amended) that occurred during the registrant's last fiscal
quarter that has materially affected or is reasonably likely to
materially affect the registrant's internal control over financial
reporting.
ITEM 3. EXHIBITS.
A separate certification for each principal executive officer and principal
financial officer of the registrant as required by Rule 30a-2(a) under the
Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)), is 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.
Advent/Claymore Global Convertible Securities & Income Fund
--------------------------------------------------------------------------------
By: /s/ Tracy V. Maitland
---------------------------------------------------------------------------
Tracy V. Maitland
President and Chief Executive Officer
Date: September 28, 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: /s/ Tracy V. Maitland
---------------------------------------------------------------------------
Tracy V. Maitland
President and Chief Executive Officer
Date: September 28, 2009
By: /s/ Robert White
---------------------------------------------------------------------------
Robert White
Treasurer and Chief Financial Officer
Date: September 28, 2009