gug52417-nq.htm
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
 
Advent/Claymore Global Convertible Securities & Income Fund
(Exact name of registrant as specified in charter)

1271 Avenue of the Americas, 45th Floor, New York, NY 10020
(Address of principal executive offices)
(Zip code)
Robert White
1271 Avenue of the Americas, 45th Floor
New York, NY 10020
(Name and address of agent for service)

Registrant’s telephone number, including area code:  (212) 482-1600                                                                                                                     

Date of fiscal year end: October 31                                                                

Date of reporting period: May 1, 2011 - July 31, 2011

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 the Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549-1090.  The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.


 
 
 

Item 1.    Schedule of Investments.
Attached hereto.
 
AGC Advent/Claymore Global Convertible Securities & Income Fund
          
Portfolio of Investments
          
July 31, 2011 (unaudited)
            
               
Principal
          
Optional Call
  
Amount
  
Description
Rating (S&P)*
Coupon
Maturity
Provisions**
Value
   
Long-Term Investments - 157.8%
          
   
Convertible Bonds - 98.9%
          
   
Advertising - 2.1%
          
GBP 2,800,000
  
Aegis Group Capital (United Kingdom)
NR
2.50%
04/20/2015
N/A
$    5,823,384
               
   
Aerospace & Defense - 0.8%
          
$2,000,000
  
AAR Corp.
BB
1.75%
02/01/2026
02/06/13 @ 100
2,317,500
               
   
Agriculture - 2.2%
          
CNY 13,500,000
  
China Green Holdings Ltd., Series CGHL (Bermuda)
NR
3.00%
04/12/2013
N/A
1,551,684
HKD 33,900,000
  
Glory River Holdings Ltd. (Hong Kong)
NR
1.00%
07/29/2015
N/A
4,599,301
             
6,150,985
               
   
Airlines - 0.7%
          
SEK 15,000,000
  
SAS AB, Series SAS (Sweden)
NR
7.50%
04/01/2015
N/A
2,074,861
               
   
Apparel - 1.2%
          
$3,217,000
  
Iconix Brand Group, Inc.(a)
NR
2.50%
06/01/2016
N/A
3,353,723
               
   
Banks - 3.6%
          
$2,300,000
  
BES Finance Ltd., Series EMTN (Portugal)
BBB-
1.63%
04/15/2013
N/A
2,085,318
EUR 5,000,000
  
Kreditanstalt fuer Wiederaufbau, Series DPW (Germany)
AAA
1.50%
07/30/2014
N/A
7,917,873
             
10,003,191
               
   
Biotechnology - 3.3%
          
$8,150,000
  
Gilead Sciences, Inc.(a)
A-
1.00%
05/01/2014
N/A
9,168,750
               
   
Building Materials - 2.8%
          
JPY 260,000,000
  
Asahi Glass Co. Ltd. (Japan)(b)
NR
0.00%
11/14/2012
N/A
3,452,240
$4,900,000
  
Cemex SAB de CV (Mexico)
NR
4.88%
03/15/2015
N/A
4,367,125
             
7,819,365
               
   
Chemicals - 0.1%
          
$2,840,000
  
ShengdaTech, Inc.(a) (c)
NR
6.50%
12/15/2015
N/A
427,704
               
   
Coal - 3.6%
          
$6,000,000
  
Alpha Appalachia Holdings, Inc.
BB-
3.25%
08/01/2015
N/A
6,292,500
$4,000,000
  
Patriot Coal Corp.
NR
3.25%
05/31/2013
N/A
3,920,000
             
10,212,500
               
   
Computers - 5.7%
          
EUR 7,300,000
  
Atos, Series ATO (France)
NR
2.50%
01/01/2016
N/A
5,550,880
EUR 5,492,000
  
Cap Gemini SA, Series CAP (France)
BBB-
3.50%
01/01/2014
N/A
3,280,115
$1,600,000
  
EMC Corp., Series B
A-
1.75%
12/01/2013
N/A
2,674,000
EUR 3,600,000
  
Ingenico, Series ING (France)
NR
2.75%
01/01/2017
N/A
2,168,441
$1,425,000
  
NetApp, Inc.
NR
1.75%
06/01/2013
N/A
2,212,313
             
15,885,749
               
   
Diversified Financial Services - 4.4%
          
GBP 2,500,000
  
Aberdeen Asset Management PLC, Series ADN (United Kingdom)
NR
3.50%
12/17/2014
N/A
5,150,205
$4,700,000
  
Newford Capital Ltd. (Bermuda)(b)
NR
0.00%
05/12/2016
N/A
4,612,195
$2,800,000
  
Petroplus Finance Ltd. (Bermuda)
B
4.00%
10/16/2015
N/A
2,490,600
             
12,253,000
               
   
Electrical Components & Equipment - 2.9%
          
JPY 290,000,000
  
Nidec Corp. (Japan)(b)
NR
0.00%
09/18/2015
N/A
3,926,027
$5,000,000
  
Suntech Power Holdings Co. Ltd. (Cayman Islands)
NR
3.00%
03/15/2013
N/A
4,125,000
             
8,051,027
               
   
Engineering & Construction - 2.5%
          
$2,725,000
  
Jaiprakash Associates Ltd. (India)(b)
NR
0.00%
09/12/2012
N/A
3,637,875
$3,000,000
  
Larsen & Toubro Ltd. (India)
NR
3.50%
10/22/2014
N/A
3,520,500
             
7,158,375
               
   
Health Care Products - 2.6%
          
$5,093,000
  
NuVasive, Inc.
NR
2.25%
03/15/2013
N/A
5,169,395
$2,158,000
  
NuVasive, Inc.
NR
2.75%
07/01/2017
N/A
2,104,050
             
7,273,445
               
   
Health Care Services - 1.4%
          
$3,825,000
  
Lincare Holdings, Inc., Series A
NR
2.75%
11/01/2037
11/01/12 @ 100
4,021,031
               
   
Holding Companies-Diversified - 2.1%
          
EUR 3,450,000
  
Industrivarden AB, Series INDU (Sweden)
A
2.50%
02/27/2015
N/A
5,770,459
               
   
Home Builders - 0.8%
          
$2,000,000
  
Lennar Corp.(a)
B+
2.75%
12/15/2020
12/20/15 @ 100
2,132,500
               
   
Internet - 3.6%
          
$4,000,000
  
Symantec Corp., Series B
BBB
1.00%
06/15/2013
N/A
4,785,000
$3,975,000
  
WebMD Health Corp.(a) (d)
NR
2.25%
03/31/2016
N/A
3,632,156
$2,000,000
  
WebMD Health Corp.(a)
NR
2.50%
01/31/2018
N/A
1,780,000
             
10,197,156
               
   
Investment Companies - 2.6%
          
EUR 2,000,000
  
Aabar Investments PJSC, Series REGS (United Arab Emirates)
NR
4.00%
05/27/2016
N/A
2,773,411
$4,000,000
  
Billion Express Investments Ltd. (Hong Kong)
NR
0.75%
10/18/2015
N/A
4,588,000
             
7,361,411
               
   
Iron & Steel - 2.0%
          
EUR 3,000,000
  
Kloeckner & Co. Financial Services SA, Series KCO (Germany)
B+
6.00%
06/09/2014
N/A
5,577,358
               
   
Leisure Time - 3.3%
          
GBP 5,800,000
  
TUI Travel PLC (United Kingdom)
NR
6.00%
10/05/2014
N/A
9,263,640
               
   
Lodging - 2.0%
          
$5,000,000
  
MGM Resorts International
CCC+
4.25%
04/15/2015
N/A
5,693,750
               
   
Media - 2.1%
          
$4,000,000
  
Central European Media Enterprises Ltd. (Bermuda)
NR
5.00%
11/15/2015
N/A
3,550,000
$1,700,000
  
XM Satellite Radio, Inc.(a)
BB-
7.00%
12/01/2014
N/A
2,435,250
             
5,985,250
               
   
Mining - 6.5%
          
$1,750,000
  
AngloGold Ashanti Holdings Finance PLC (South Africa)(a)
NR
3.50%
05/22/2014
N/A
2,021,250
$3,600,000
  
Goldcorp, Inc. (Canada)
BBB+
2.00%
08/01/2014
N/A
4,513,500
$2,000,000
  
Newmont Mining Corp.
BBB+
3.00%
02/15/2012
N/A
2,487,500
$3,600,000
  
Paladin Energy Ltd., Series PALA (Australia)
NR
5.00%
03/11/2013
N/A
3,362,400
$6,000,000
  
Vedanta Resources Jersey II Ltd. (United Kingdom)
BB
4.00%
03/30/2017
N/A
5,895,000
             
18,279,650
               
   
Miscellaneous Manufacturing - 0.9%
          
$2,625,000
  
Trinity Industries, Inc.
BB-
3.88%
06/01/2036
06/01/18 @ 100
2,611,875
               
   
Oil & Gas - 8.0%
          
$8,100,000
  
Lukoil International Finance BV (Russia)
BBB-
2.63%
06/16/2015
N/A
9,517,500
$4,000,000
  
PetroBakken Energy Ltd., Series REGS (Canada)
NR
3.13%
02/08/2016
N/A
3,785,000
HKD 36,900,000
  
Power Regal Group Ltd. (Hong Kong)
NR
2.25%
06/02/2014
N/A
5,477,362
$3,200,000
  
Salamander Energy PLC (United Kingdom)
NR
5.00%
03/30/2015
N/A
3,604,800
             
22,384,662
               
   
Oil & Gas Services - 3.5%
          
$3,700,000
  
Subsea 7 SA, Series ACY (Luxembourg)
NR
2.25%
10/11/2013
N/A
4,617,604
EUR 3,700,000
  
Technip SA, Series TEC (France)
BBB+
0.50%
01/01/2016
N/A
5,094,006
             
9,711,610
               
   
Pharmaceuticals - 4.7%
          
$2,500,000
  
Salix Pharmaceuticals Ltd.
NR
2.75%
05/15/2015
N/A
2,840,625
JPY 360,000,000
  
Sawai Pharmaceutical Co. Ltd. (Japan)(b)
NR
0.00%
09/17/2015
N/A
5,026,428
$4,500,000
  
Shire PLC, Series SHP (Channel Islands)
NR
2.75%
05/09/2014
N/A
5,485,500
             
13,352,553
               
   
Private Equity - 2.1%
          
EUR 7,137,500
  
Eurazeo, Series DANO (France)
NR
6.25%
06/10/2014
N/A
5,960,423
               
   
Real Estate - 2.7%
          
EUR 1,500,000
  
Conwert Immobilien Invest SE, Series CWI (Austria)
NR
5.25%
02/01/2016
N/A
2,509,003
EUR 900,000
  
IMMOFINANZ AG (Austria)
NR
4.25%
03/08/2018
N/A
5,008,952
             
7,517,955
               
   
Real Estate Investment Trusts - 3.2%
          
AUD 5,000,000
  
Commonwealth Property Office Fund (Australia)
A-
5.25%
12/11/2016
N/A
5,477,408
$2,500,000
  
Northstar Realty Finance LP(a)
NR
7.50%
03/15/2031
03/15/16 @ 100
2,287,500
$1,500,000
  
RAIT Financial Trust
NR
7.00%
04/01/2031
04/05/16 @ 100
1,366,875
             
9,131,783
               
   
Retail - 2.4%
          
HKD 47,000,000
  
Hengdeli Holdings Ltd. (Cayman Islands)
NR
2.50%
10/20/2015
N/A
6,750,465
               
   
Semiconductors - 1.3%
          
$3,000,000
  
Intel Corp.
A-
3.25%
08/01/2039
N/A
3,570,000
               
   
Telecommunications - 5.2%
          
GBP 5,900,000
  
Cable & Wireless Worldwide PLC (United Kingdom)
NR
5.75%
11/24/2014
N/A
9,558,946
JPY 264,000,000
  
Softbank Corp. (Japan)
BBB-
1.50%
03/31/2013
N/A
4,951,065
             
14,510,011
               
   
Total Convertible Bonds - 98.9%
          
   
(Cost $272,192,384)
        
277,757,101
               
   
Corporate Bonds - 19.4%
          
   
Banks - 1.9%
          
EUR 1,300,000
  
Banco Espirito Santo SA, Series EMTN (Portugal)
BBB-
6.88%
07/15/2016
N/A
1,325,193
$3,750,000
  
Capital One Capital V(d)
BB
10.25%
08/15/2039
N/A
3,990,938
             
5,316,131
               
   
Chemicals - 0.9%
          
$2,300,000
  
Lyondell Chemical Co.
BB-
11.00%
05/01/2018
05/01/13 @ 100
2,616,250
               
   
Diversified Financial Services - 1.8%
          
$2,000,000
  
Ford Motor Credit Co., LLC
BB-
12.00%
05/15/2015
N/A
2,513,090
$3,000,000
  
Textron Financial Corp.(a) (e)
B
6.00%
02/15/2067
02/15/17 @ 100
2,610,000
             
5,123,090
               
   
Health Care Services - 1.7%
          
$4,500,000
  
Apria Healthcare Group, Inc.
BB+
11.25%
11/01/2014
11/01/11 @ 106
4,635,000
               
   
Holding Companies-Diversified - 0.6%
          
$1,500,000
  
Leucadia National Corp.(d)
BB+
8.13%
09/15/2015
N/A
1,657,500
               
   
Insurance - 2.7%
          
$2,500,000
  
AXA SA (France)(a) (e) (f)
BBB
6.38%
-
12/14/36 @ 100
2,125,000
$4,100,000
  
Liberty Mutual Group, Inc.(a) (e)
BB
10.75%
06/15/2088
06/15/38 @ 100
5,463,250
             
7,588,250
               
   
Machinery-Diversified - 0.6%
          
EUR 1,250,000
  
Heidelberger Druckmaschinen AG (Germany)(a)
B-
9.25%
04/15/2018
04/15/14 @ 107
1,549,266
               
   
Media - 0.8%
          
$2,000,000
  
Clear Channel Worldwide Holdings, Inc., Series B
B
9.25%
12/15/2017
12/15/12 @ 107
2,195,000
               
   
Mining - 0.9%
          
$2,500,000
  
FMG Resources August 2006 Pty Ltd. (Australia)(a)
B+
7.00%
11/01/2015
11/01/12 @ 105
2,603,125
               
   
Oil & Gas - 0.6%
          
$1,800,000
  
Alta Mesa Holdings/Alta Mesa Finance Services Corp.(a)
B
9.63%
10/15/2018
10/15/14 @ 105
1,818,000
               
   
Pharmaceuticals - 1.3%
          
$3,325,000
  
Axcan Intermediate Holdings, Inc.
B
12.75%
03/01/2016
03/01/12 @ 106
3,611,781
               
   
Telecommunications - 5.6%
          
EUR 7,000,000
  
Alcatel-Lucent (France)
B
8.50%
01/15/2016
N/A
10,662,544
EUR 1,000,000
  
OTE PLC, Series EMTN (Greece)
BB-
5.00%
08/05/2013
N/A
1,297,236
EUR 1,000,000
  
OTE PLC, Series GMTN (Greece)
BB-
4.63%
05/20/2016
N/A
1,129,603
$2,500,000
  
UPC Holding BV (Netherlands)(a)
B-
9.88%
04/15/2018
04/15/14 @ 105
2,781,250
             
15,870,633
               
   
Total Corporate Bonds - 19.4%
          
   
(Cost $49,500,332)
        
54,584,026
               
Number
              
of Shares
  
Description
        
Value
   
Convertible Preferred Stocks - 35.6%
          
   
Advertising - 1.1%
          
2,950
  
Interpublic Group of Cos., Inc., Series B(f)
B+
5.25%
-
  
3,171,987
               
   
Auto Manufacturers - 1.9%
          
113,022
  
General Motors Co., Series B
B-
4.75%
12/01/2013
  
5,222,747
               
   
Auto Parts & Equipment - 1.0%
          
54,003
  
Goodyear Tire & Rubber Co.
NR
5.88%
04/01/2014
  
2,915,082
               
   
Banks - 10.9%
          
4,770
  
Bank of America Corp., Series L (f)
BB+
7.25%
-
  
4,649,462
57,451
  
Citigroup, Inc.
Ba3
7.50%
12/15/2012
  
6,443,129
34,805
  
KeyCorp, Series A(f)
BB
7.75%
-
  
3,876,233
247,162
  
Synovus Financial Corp., Series tMED
B-
8.25%
05/15/2013
  
4,619,458
140,000
  
UBS AG (Stillwater Mining Co.) (Switzerland)(g)
NR
9.38%
06/15/2012
  
2,886,450
7,647
  
Wells Fargo & Co., Series L(d) (f)
A-
7.50%
-
  
8,118,820
             
30,593,552
               
   
Diversified Financial Services - 1.1%
          
253,800
  
Swift 2010 Mandatory Common Exchange Security Trust(a)
NR
6.00%
12/31/2013
  
2,963,420
               
   
Electric - 4.6%
          
45,000
  
Great Plains Energy, Inc.
Ba1
12.00%
06/15/2012
  
2,869,650
56,842
  
NextEra Energy, Inc.
A-
8.38%
06/01/2012
  
2,901,784
85,000
  
PPL Corp.
NR
9.50%
07/01/2013
  
4,767,650
45,000
  
PPL Corp.
NR
8.75%
05/01/2014
  
2,413,800
             
12,952,884
               
   
Hand & Machine Tools - 1.7%
          
42,016
  
Stanley Black & Decker, Inc.
BBB+
4.75%
11/17/2015
  
4,738,985
               
   
Insurance - 4.4%
          
193,000
  
Hartford Financial Services Group, Inc., Series F
BB+
7.25%
04/01/2013
  
4,593,400
57,475
  
MetLife, Inc.
BBB-
5.00%
09/11/2013
  
4,479,602
119,558
  
XL Group PLC (Ireland)
BBB-
10.75%
08/15/2011
  
3,249,586
             
12,322,588
               
   
Mining - 0.5%
          
28,000
  
AngloGold Ashanti Holdings Finance PLC (Isle of Man)
NR
6.00%
09/15/2013
  
1,383,760
               
   
Oil & Gas - 4.4%
          
100,000
  
Apache Corp., Series D
BBB+
6.00%
08/01/2013
  
6,514,000
20,000
  
Chesapeake Energy Corp.(f)
B+
5.00%
-
  
2,100,000
86,250
  
Goodrich Petroleum Corp., Series B(f)
NR
5.38%
-
  
3,816,562
             
12,430,562
               
   
Pharmaceuticals - 0.8%
          
50,000
  
Omnicare Capital Trust II, Series B
B
4.00%
06/15/2033
  
2,326,000
               
   
Real Estate Investment Trusts - 3.2%
          
220,000
  
Alexandria Real Estate Equities, Series D (f)
NR
7.00%
-
  
5,940,000
60,000
  
Health Care REIT, Inc., Series I(f)
BB
6.50%
-
  
3,111,000
             
9,051,000
               
   
Total Convertible Preferred Stocks - 35.6%
          
   
(Cost $92,879,281)
        
100,072,567
               
   
Common Stocks - 2.4%
          
   
Banks - 0.6%
          
75,000
  
Zions Bancorporation(d)
        
1,642,500
               
   
Health Care Services - 0.5%
          
230,000
  
Tenet Healthcare Corp.(h)
        
1,278,800
               
   
Pharmaceuticals - 0.6%
          
75,000
  
Mylan, Inc.(h)
        
1,708,500
               
   
Telecommunications - 0.7%
          
3,000,000
  
Cable & Wireless Worldwide (United Kingdom)
        
2,061,888
               
   
Total Common Stocks - 2.4%
          
   
(Cost $7,446,366)
        
6,691,688
               
   
Warrants - 1.5%
          
   
Banks - 1.1%
          
507,248
  
Bank of America Corp. (h)
    
10/28/2018
  
786,234
165,000
  
JPMorgan Chase & Co.(h)
    
10/28/2018
  
2,204,400
             
2,990,634
               
   
Diversified Financial Services - 0.4%
          
325,000
  
Ford Motor Co.(h)
    
01/01/2013
  
1,251,250
               
   
Total Warrants - 1.5%
          
   
(Cost $5,509,717)
        
4,241,884
               
   
Total Long-Term Investments - 157.8%
          
   
(Cost $427,528,080)
        
443,347,266
               
               
   
Short-Term Investments - 2.0%
          
Number
              
of Shares
  
Description
        
Value
   
Money Market - 2.0%
          
5,604,767
  
Goldman Sachs Financial Prime Obligations
        
$                 5,604,767
   
(Cost $5,604,767)
          
               
   
Total Investments - 159.8%
          
   
(Cost $433,132,847)
        
448,952,033
   
Other Assets in excess of Liabilities - 0.7%
        
2,033,339
   
Preferred Shares, at redemption value - (-60.5% of Net Assets
          
   
Applicable to Common Shareholders or -37.9% of Total Investments)
        
(170,000,000)
   
Net Assets Applicable to Common Shareholders - 100.0%
        
$              280,985,372
               
               
AB - Stock Company
          
AG - Stock Corporation
          
BV - Limited Liability Company
          
LLC - Limited Liability Company
          
LP - Limited Partnership
          
N/A- Not Available
          
PJSC - Public Joint Stock Company
          
PLC - Public Limited Company
          
REIT - Real Estate Investment Trust
          
SA - Corporation
            
SE - Stock Corporation
          
SAB de CV - Publicly Traded Company
          
 
               
*
Ratings shown are per Standard & Poor's, Moody's or Fitch.  Securities classified as NR are not rated. (For securities not rated by Standard & Poor's Rating Group, the rating by Moody's Investor Services, Inc. is provided.  Likewise, for securities not rated by Standard & Poor's Rating Group and Moody's Investor Services, Inc., the rating by Fitch Ratings is provided.)  All ratings are unaudited.  The ratings apply to the credit worthiness of the issuers of the underlying securities and not to the Fund or its shares.
               
**
Date and price of the earliest optional call or put provision. There may be other call provisions at varying prices at later dates.
               
All percentages shown in the Portfolio of Investments are based on Net Assets Applicable to Common Shareholders, unless otherwise noted.
               
(a)
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, 2011 these securities amounted to $49,152,144, which represents 17.5% of net assets applicable to common shares.
(b)
Zero coupon bond.
        
(c)
Non-income producing as security is in default.
        
(d)
All or a portion of these securities have been physically segregated in connection with futures.  As of July 31, 2011, the total amount segregated was $11,661,356.
(e)
Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
(f)
Perpetual maturity.
        
(g)
Security is exchangeable into security of another entity that is different than the issuer.  The entity is listed in a parenthetical.
(h)
Non-income producing security.
        
               
See previously submitted notes to financial statements for the period ended April 30, 2011.
 
               
   
Country Breakdown as % of Long-Term Investments
      
United States
    
48.0%
      
United Kingdom
  
9.2%
      
France
      
7.8%
      
Japan
      
3.9%
      
Germany
      
3.4%
      
Hong Kong
      
3.3%
      
Bermuda
      
2.7%
      
Australia
      
2.6%
      
Cayman Islands
  
2.4%
      
Russia
      
2.1%
      
Canada
      
1.8%
      
Sweden
      
1.7%
      
Austria
      
1.7%
      
India
      
1.6%
      
Channel Islands
  
1.2%
      
Luxembourg
      
1.0%
      
Mexico
      
1.0%
      
Portugal
      
0.8%
      
South Africa
      
0.8%
      
Ireland
      
0.7%
      
Switzerland
      
0.6%
      
Netherlands
      
0.6%
      
United Arab Emirates
  
0.6%
      
Greece
      
0.5%
      
               
 
 
 
 
 
 
AGC | Advent/Claymore Global Convertible Securities & Income Fund
        
Portfolio of Investments
                    
July 31, 2011 (unaudited)
                    
                         
Forward exchange currency contracts
                
                       
Net Unrealized
   
Contracts to Buy
  
Counterparty
  
Settlement Date
  
Settlement Value
  
Value at 7/31/11
Appreciation/(Depreciation)
EUR
  
                     2,602,705
                    
for USD
  
                     3,716,923
  
The Bank of New York Mellon
8/2/2011
  
          3,716,923
  
                  3,740,088
  
 $                            23,165
                         
                         
                       
Net Unrealized
   
Contracts to Sell
  
Counterparty
  
Settlement Date
  
Settlement Value
  
Value at 7/31/11
Appreciation/(Depreciation)
EUR
  
                     2,993,003
                    
for USD
  
                     4,274,308
  
The Bank of New York Mellon
8/2/2011
  
          4,274,308
  
                  4,300,947
  
 $                           (26,639)
                         
EUR
  
                   40,000,000
                    
for USD
  
                   57,524,000
  
The Bank of New York Mellon
9/16/2011
  
        57,524,000
  
                 57,415,807
  
                             108,193
                         
GBP
  
                   23,000,000
                    
for USD
  
                   37,652,380
  
The Bank of New York Mellon
9/16/2011
  
        37,652,380
  
                 37,734,806
  
                             (82,426)
                         
                       
                                  (872)
                         
              Total unrealized appreciation for forward currency contracts  
 $                            22,293
                         
                         
                         
 
Future Contracts
                                
   
Number of Contracts
  
Notional Value
  
Expiration Date
  
Basis Value
  
Market Value
    
Unrealized Gain/(Loss)
  
Contracts to Sell:
                                
   U.S. Treasury 5-Year Note
     90     $ 121,445  
30-Sep
   $ 10,756,213     $ 10,930,078     $ (173,865 )
                                           
 
 
 
 
 
At July 31, 2011, the cost and related gross unrealized appreciation and depreciation on
    
investments for tax purposes are as follows:
            
 
Cost of Investments for Tax Purposes
    
Gross Tax
Unrealized
Appreciation
    
Gross Tax
Unrealized
Depreciation
    
Net Tax Unrealized
Appreciation on
Investments
    
Net tax Unrealized
Depreciation on
Derivatives and
Foreign Currency
  
$ 433,686,624     $ 31,036,379     $ (15,770,970 )   $ 15,265,409     $ (151,572 )
                                     
 
GAAP requires disclosure of fair valuation measurements as of each measurement date.  In compliance
with GAAP, the Fund follows a fair value hierarchy that distinguishes between market data obtained from
independent sources (observable inputs) and the Fund's own market assumptions (unobservable inputs).
These inputs are used in determining the value of the Fund's investments and summarized in the following
fair value hierarchy:
                
 
                
Level 1 - quoted prices in active markets for identical securities.
        
 
                
Level 2 - quoted prices in inactive markets or other significant observable inputs (e.g. quoted prices for
similar securities; interest rates; prepayment speed; credit risk; yield curves)
    
 
                
Level 3 - significant unobservable inputs (e.g. discounted cash flow analysis; non-market based methods used
to determine fair value)
                
                 
Observable inputs are those based upon market data obtained from independent sources, and unobservable
inputs reflect the Fund's own assumptions based on the best information available.  A financial
instrument's level within the fair value hierarchy is based on the lowest level of any input both individually and
in aggregate that is significant to the fair value measurement.  The inputs or methodology used for valuing securities
are not necessarily an indication of the risk associated with investing in those securities.
    
                 
The Fund has adopted the Accounting Standard Update, Fair Value Measurements and Disclosures
(Topic 820): Improving Disclosures about Fair Value Measurements which provides guidance on
how investment assets and liabilities are to be valued and disclosed. Specifically, the amendment
requires reporting entities to disclose i) the input and valuation techniques used to measure fair value
for both recurring and nonrecurring fair value measurements, for Level 2 or Level 3 positions, ii)
transfers between all levels (including Level 1 and Level 2) are required to be disclosed on a gross
basis (i.e. transfers out must be disclosed separately from transfers in) as well as the reason(s) for the
transfer, and iii) purchases, sales, issuances and settlements must be shown on a gross basis in the
Level 3 rollforward rather than as one net number.
            
 
                
The Fund value Level 1 securities using readily available market quotations in active markets. The
Fund value Level 2 fixed income securities using independent pricing providers who employ matrix
pricing models utilizing market prices, broker quotes and prices of securities with comparable
  
maturities and qualities. The Fund value Level 2 equity securities using various observable
    
market inputs in accordance with procedures established in good faith by management and
    
approved by the Board of Trustees.  Level 3 valuations are based upon unobservable inputs
    
(discounted flow analysis; non-market based methods used to determine fair value).
    
                 
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, 2011:
        
 
                         
   
Quoted Prices in Active Markets for Identical Assets
    
Significant Other Observable inputs
        
Significant
Unobservable Inputs
      
Description
  
(Level 1)
    
(Level 2)
    
(Level 3)
    
Total
  
(value in $000s)
                        
Assets:
                        
Convertible Bonds
   $ -     $ 277,757     $ -     $ 277,757  
Corporate Bonds
     -       54,156       428       54,584  
Convertible Preferred Stocks:
                                
Advertising
     -       3,172       -       3,172  
Auto Manufacturers
     5,223       -       -       5,223  
Auto Parts & Equipment
     2,915       -       -       2,915  
Banks
     27,707       2,886       -       30,593  
Diversified Financial Services
     -       2,963       -       2,963  
Electric
     10,051       2,902       -       12,953  
Hand and Machine Tools
     4,739               -       4,739  
Insurance
     12,323       -       -       12,323  
Mining
     1,384       -       -       1,384  
Oil & Gas
     6,514       5,916       -       12,430  
Pharmaceuticals
     2,326       -       -       2,326  
Real Estate Investment Trusts
     3,111       5,940       -       9,051  
Common Stocks
     6,692       -       -       6,692  
Warrants
     4,242       -       -       4,242  
Money Market Fund
     5,605       -       -       5,605  
Forward Exchange Currency Contracts
     -       22       -       22  
Total
   $ 92,832     $ 355,714     $ 428     $ 448,974  
                                 
Liabilities:
                                
Futures Contracts
   $ 174       -       -     $ 174  
Total
   $ 174     $ -     $ -     $ 174  
                                 
 
                 
The fair value estimates for ShengdaTech, Inc. was determined in good faith by the
    
Management pursuant to the Valuation Procedures established by Management and approved
  
by the Board of Trustees.  There were various factors considered in reaching a fair value
    
determination including, but not limited to, the type of security, and public information obtained
from the issuer, broker and the stock exchanges on which the issuers trades.
    
                 
The following table presents the activity of the Fund's investments measured at fair value using
significant unobservable inputs (Level 3 valuation) for the period ended July 31, 2011.
    
                 
 
Level 3 Holdings
  
Corporate Bonds
          
Beginning Balance at 10/31/10
 $
                    -
        
Net Realized Gain/Loss
  
                         -
        
Change in Unrealized Gain/Loss
  
                         -
        
Purchases
  
                       428
        
Sales
  
                         -
        
Transfers In
  
                         -
        
Transfers Out
  
                         -
        
Ending Balanced at 7/31/11
 $
                   428
        
             
 
 
 
 

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 26, 2011
 
 
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 26, 2011
 
By:          /s/ Robert White                           
   Robert White
   Treasurer and Chief Financial Officer
 
Date:       September 26, 2011