gug51026-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: November 1, 2010 – January 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
  
January 31, 2011 (unaudited)
  
       
       
 Principal Amount
    
 Value
   
Long-Term Investments - 151.9%
  
   
Convertible Bonds - 89.7%
  
   
Advertising - 1.6%
  
 £                2,800,000
  
Aegis Group Capital, NR
  
   
2.50%, 4/20/15 (United Kingdom)
 $    4,995,059
       
   
Aerospace/Defense - 1.2%
  
 €                2,300,000
  
MTU Aero Engines Finance BV, Ser. MTU, NR
  
   
2.75%, 2/1/12 (Germany)
       3,602,643
       
   
Agriculture - 3.1%
  
 CNY         15,000,000
  
China Green Holdings Ltd., Ser. CGHL, NR
  
   
3.00%, 4/12/13 (Bermuda) (a)
       2,117,306
 HK$          51,900,000
  
Glory River Holdings Ltd., NR
  
   
1.00%, 7/29/15 (Hong Kong)
       7,318,894
     
       9,436,200
   
Apparel - 1.5%
  
 HK$          32,000,000
  
Yue Yuen Industrial Holdings Ltd., NR
  
   
0.00%, 11/17/11 (Bermuda)
       4,803,306
       
   
Banks - 3.1%
  
 €                6,000,000
  
Kreditanstalt fuer Wiederaufbau, Ser. DPW, AAA
  
   
1.50%, 7/30/14 (Germany)
       9,490,742
       
   
Biotechnology - 3.5%
  
 $                4,000,000
  
Amylin Pharmaceuticals, Inc., NR
  
   
3.00%, 6/15/14
       3,615,000
 $                6,625,000
  
Gilead Sciences, Inc., NR
  
   
1.00%, 5/01/14 (b)
       7,080,469
     
     10,695,469
   
Building Materials - 3.2%
  
 JPY        365,000,000
  
Asahi Glass Co. Ltd., NR
  
   
0.00%, 11/14/12 (Japan)
       4,825,132
 $                4,909,000
  
Cemex SAB de CV, NR
  
   
4.875%, 3/15/15 (Mexico) (b)
       5,154,450
     
       9,979,582
   
Chemicals - 2.0%
  
 CNY         18,900,000
  
Fufeng Group Ltd., NR
  
   
4.50%, 4/01/15 (Cayman Islands) (a)
       3,223,385
 $                2,840,000
  
ShengdaTech, Inc., NR
  
   
6.50%, 12/15/15 (b)
       2,804,500
     
       6,027,885
   
Coal - 1.8%
  
 $                5,836,000
  
Patriot Coal Corp., NR
  
   
3.25%, 5/31/13
       5,675,510
       
   
Computers - 4.7%
  
 $                5,300,000
  
Acer, Inc., Ser. B, NR
  
   
0.00%, 8/10/17 (Taiwan)
       5,961,085
 €              10,300,000
  
Cap Gemini SA, BBB-
  
   
3.50%, 1/01/14 (France)
       6,000,490
 $                1,500,000
  
EMC Corp., Ser. B, A-
  
   
1.75%, 12/1/13
       2,437,500
     
     14,399,075
   
Diversified Financial Services - 4.1%
  
 £                2,500,000
  
Aberdeen Asset Management PLC, Ser. ADN, NR
  
   
3.50%, 12/17/14 (United Kingdom)
       5,160,640
 €                3,200,000
  
International Power Finance Jersey II Ltd., BB
  
   
3.25%, 7/20/13 (United Kingdom)
       4,771,078
 $                2,800,000
  
Petroplus Finance Ltd., B
  
   
4.00%, 10/16/15 (Bermuda)
       2,635,500
     
     12,567,218
   
Electrical Components & Equipment - 4.0%
  
 JPY        445,000,000
  
Nidec Corp., NR
  
   
0.00%, 9/18/15 (Japan)
       5,764,165
 $                7,000,000
  
Suntech Power Holdings Co. Ltd., NR
  
   
3.00%, 3/15/13 (Cayman Islands)
       6,457,500
     
     12,221,665
   
Electronics - 1.1%
  
 $                3,400,000
  
AU Optronics Corp., NR
  
   
0.00%, 10/13/15 (Taiwan)
       3,491,800
       
   
Engineering & Construction - 1.9%
  
 $                2,725,000
  
Jaiprakash Associates Ltd., NR
  
   
0.00%, 9/12/12 (India)
       3,542,500
 $                2,000,000
  
Larsen & Toubro Ltd., NR
  
   
3.50%, 10/22/14 (India)
       2,350,000
     
       5,892,500
   
Environmental Control - 1.0%
  
 CNY         17,000,000
  
Sound Global Ltd., NR
  
   
6.00%, 9/15/15 (Singapore) (a)
       2,935,846
       
   
Forest Products & Paper - 1.6%
  
 $                3,875,000
  
Sino-Forest Corp., BB
  
   
4.25%, 12/15/16 (Canada) (b)
       4,945,469
       
   
Health Care Products - 1.7%
  
 $                5,093,000
  
NuVasive, Inc., NR
  
   
2.25%, 3/15/13
       5,112,099
       
   
Health Care Services - 2.0%
  
 $                3,000,000
  
AMERIGROUP Corp., BB
  
   
2.00%, 5/15/12
       3,930,000
 $                2,040,000
  
Lincare Holdings, Inc., Ser. A, NR
  
   
2.75%, 11/1/37
       2,274,600
     
       6,204,600
   
Holding Companies - Diversified - 1.3%
  
 €                2,350,000
  
Industrivarden AB, Ser. INDU, A
  
   
2.50%, 2/27/15 (Sweden)
       3,918,734
       
   
Internet - 2.7%
  
 $                3,500,000
  
Equinix, Inc., B-
  
   
3.00%, 10/15/14
       3,696,875
 $                4,000,000
  
Symantec Corp., Ser. B, BBB
  
   
1.00%, 6/15/13
       4,650,000
     
       8,346,875
   
Investment Companies - 1.6%
  
 $                4,600,000
  
Billion Express Investments Ltd., NR
  
   
0.75%, 10/18/15 (Hong Kong)
       4,910,500
       
   
Leisure Time - 3.3%
  
 £                6,100,000
  
TUI Travel PLC, NR
  
   
6.00%, 10/05/14 (United Kingdom)
     10,234,785
       
   
Lodging - 1.8%
  
 $                1,595,000
  
Home Inns & Hotels Management, Inc., NR
  
   
2.00%, 12/15/15 (Cayman Islands) (b)
       1,511,262
 $                3,651,000
  
MGM Resorts International, CCC+
  
   
4.25%, 4/15/15 (b)
       4,057,173
     
       5,568,435
   
Media - 1.9%
  
 $                4,000,000
  
Central European Media Enterprises Ltd., B-
  
   
3.50%, 3/15/13 (Bermuda) (b)
       3,660,000
 $                1,700,000
  
XM Satellite Radio, Inc., BB-
  
   
7.00%, 12/01/14 (b)
       2,161,125
     
       5,821,125
   
Mining - 7.6%
  
 $                1,750,000
  
AngloGold Ashanti Holdings Finance PLC, NR
  
   
3.50%, 5/22/14 (South Africa) (b)
       2,040,937
 $                4,000,000
  
Goldcorp, Inc., BBB+
  
   
2.00%, 8/01/14 (Canada)
       4,700,000
 $                3,500,000
  
Kinross Gold Corp., NR
  
   
1.75%, 3/15/28 (Canada)
       3,570,000
 $                3,550,000
  
Northgate Minerals Corp., NR
  
   
3.50%, 10/01/16 (Canada)
       3,505,625
 $                2,000,000
  
Paladin Energy Ltd., Ser. PALA, NR
  
   
5.00%, 3/11/13 (Australia)
       2,145,000
 $                7,200,000
  
Vedanta Resources Jersey II Ltd., BB
  
   
4.00%, 3/30/17 (United Kingdom)
7,371,360
     
     23,332,922
   
Miscellaneous Manufacturing - 0.8%
  
 $                2,625,000
  
Trinity Industries, Inc., BB-
  
   
3.875%, 6/01/36
       2,621,719
       
   
Oil & Gas - 7.7%
  
 $                6,400,000
  
Lukoil International Finance BV, BBB-
  
   
2.625%, 6/16/15 (Russian Federation)
       7,108,800
 $                4,800,000
  
PetroBakken Energy Ltd., Ser. REGS, NR
  
   
3.125%, 2/08/16 (Canada)
       4,650,000
 HK$          36,900,000
  
Power Regal Group Ltd., NR
  
   
2.25%, 6/02/14 (Hong Kong)
       5,751,018
 $                2,200,000
  
Salamander Energy PLC, NR
  
   
5.00%, 3/30/15 (United Kingdom)
       2,447,500
 $                3,000,000
  
Seadrill Ltd., NR
  
   
3.625%, 11/08/12 (Bermuda)
       3,678,750
     
     23,636,068
   
Pharmaceuticals - 6.9%
  
 CHF           4,180,000
  
Actelion Finance SCA, NR
  
   
0.00%, 11/22/11 (Switzerland)
       4,737,615
 $                3,000,000
  
Allergan, Inc., A+
  
   
1.50%, 4/1/26
       3,435,000
 $                5,570,000
  
Shire PLC, Ser. SHP, NR
  
   
2.75%, 5/09/14 (Jersey)
       5,911,163
 $                4,228,000
  
Teva Pharmaceutical Finance Co. BV, Ser. D, A-
  
   
1.75%, 2/01/26 (Israel)
       4,566,240
 $                2,000,000
  
Teva Pharmaceutical Finance Co. LLC, Ser. C, A-
  
   
0.25%, 2/01/26 (Israel)
       2,477,499
     
     21,127,517
   
Real Estate - 0.8%
  
 €                1,500,000
  
Conwert Immobilien Invest SE, Ser. CWI, NR
  
   
5.25%, 2/1/16 (Austria)
       2,385,539
       
   
Real Estate Investment Trusts - 1.6%
  
 AUD           5,000,000
  
Commonwealth Property Office Fund, A-
  
   
5.25%, 12/11/16 (Australia)
4,827,340
       
   
Retail - 0.4%
  
 HK$            8,000,000
  
Hengdeli Holdings Ltd., NR
  
   
2.50%, 10/20/15 (Cayman Islands)
1,187,827
       
   
Semiconductors - 2.3%
  
 $                5,750,000
  
Intel Corp., A-
  
   
3.25%, 8/01/39
7,007,812
       
   
Telecommunications - 5.9%
  
 £                5,300,000
  
Cable & Wireless Worldwide PLC, NR
  
   
5.75%, 11/24/14 (United Kingdom)
8,881,906
 $                3,900,000
  
Inmarsat PLC, Ser. ISAT, NR
  
   
1.75%, 11/16/17 (United Kingdom)
       4,822,350
 JPY        240,000,000
  
Softbank Corp., BB+
  
   
1.75%, 3/31/14 (Japan)
4,293,276
     
     17,997,532
   
Total Convertible Bonds - 89.7%
  
   
(Cost $258,544,717)
   275,401,398
       
 Number of Shares
      
   
Convertible Preferred Stocks - 35.7%
  
   
Auto Manufacturers - 4.5%
  
                      105,000
  
Ford Motor Co. Capital Trust II, 6.50%, 2032
5,489,400
                      156,150
  
General Motors Co., Ser. B, 4.75%, 2013
       8,480,506
     
     13,969,906
   
Banks - 11.0%
  
4,770
  
Bank of America Corp., Ser. L, 7.25% (c)
4,724,685
57,451
  
Citigroup, Inc., 7.50%, 2012
7,906,407
44,805
  
KeyCorp, Ser. A, 7.75% (c)
4,955,433
192,162
  
Synovus Financial Corp., Ser. tMED, 8.25%, 2013
4,748,323
120,000
  
UBS AG, 9.375%, 2012 (Switzerland)
3,336,804
7,647
  
Wells Fargo & Co., Ser. L, 7.50% (c) (g)
       7,971,998
     
     33,643,650
   
Diversified Financial Services - 1.0%
  
                      212,800
  
Swift 2010 Mandatory Common Exchange Security Trust, 6.00%, 2013 (b)
       2,929,447
       
   
Electric - 4.0%
  
45,000
  
Great Plains Energy, Inc., 12.00%, 2012
2,916,000
95,000
  
NextEra Energy, Inc., 8.375%, 2012
4,778,500
85,000
  
PPL Corp., 9.50%, 2013
       4,615,500
     
     12,310,000
   
Hand/Machine Tools - 1.6%
  
42,016
  
Stanley Black & Decker, Inc., 4.75%, 2015
       4,904,528
       
   
Insurance - 3.3%
  
180,000
  
Hartford Financial Services Group, Inc., Ser. F, 7.25%, 2013
4,743,000
174,558
  
XL Group PLC, 10.75%, 2011 (Ireland)
       5,519,524
     
     10,262,524
   
Media - 0.5%
  
30,000
  
Nielsen Holdings NV, 6.25%, 2013 (Netherlands)
       1,629,375
       
   
Mining - 0.8%
  
                       45,000
  
AngloGold Ashanti Holdings Finance PLC, 6.00%, 2013 (South Africa)
       2,308,500
       
   
Oil & Gas - 3.7%
  
                      100,000
  
Apache Corp., Ser. D, 6.00%, 2013
6,544,000
20,000
  
Chesapeake Energy Corp., 5.00% (c)
1,990,000
62,500
  
Goodrich Petroleum Corp., Ser. B, 5.375% (c)
       2,768,750
     
     11,302,750
   
Pharmaceuticals - 1.7%
  
130,000
  
Omnicare Capital Trust II, Ser. B, 4.00%, 2033
       5,158,400
       
   
Private Equity - 1.8%
  
71,375
  
Eurazeo, Ser. DANO, 6.25%, 2014 (France)
5,627,949
       
   
Real Estate Investment Trusts - 1.8%
  
                      220,000
  
Alexandria Real Estate Equities, Inc., Ser. D, 7.00% (c)
       5,500,000
       
   
Total Convertible Preferred Stocks - 35.7%
   109,547,029
   
(Cost $94,439,420)
  
       
 Principal Amount
      
   
Corporate Bonds - 20.5%
  
   
Chemicals - 1.7%
  
 $                4,564,000
  
Lyondell Chemical Co., B
  
   
11.00%, 5/01/18
5,225,780
       
   
Diversified Financial Services - 3.0%
  
 $                3,750,000
  
Capital One Capital V, BB
  
   
10.25%, 8/15/39
4,078,125
 $                2,000,000
  
Ford Motor Credit Co. LLC, BB-
  
   
12.00%, 5/15/15
2,538,026
 $                3,000,000
  
Textron Financial Corp., B
  
   
6.00%, 2/15/67 (b) (d)
2,568,750
     
       9,184,901
   
Health Care Services - 1.6%
  
 $                4,500,000
  
Apria Healthcare Group, Inc., BB+
  
   
11.25%, 11/01/14
4,989,375
       
   
Holding Companies - Diversified - 1.4%
  
 $                4,000,000
  
Leucadia National Corp., BB+
  
   
8.125%, 9/15/15 (g)
4,420,000
       
   
Insurance - 1.5%
  
 $                2,500,000
  
AXA SA, BBB
  
   
6.379% (France) (b) (c) (d)
2,256,250
 $                1,700,000
  
MetLife, Inc., BBB
  
   
10.75%, 8/01/39
2,364,919
     
       4,621,169
   
Internet - 0.9%
  
 $                2,500,000
  
UPC Holding BV, B-
  
   
9.875%, 4/15/18 (Netherlands) (b)
2,781,250
       
   
Iron/Steel - 0.7%
  
 $                2,000,000
  
Steel Dynamics, Inc., BB+
  
   
7.375%, 11/01/12
2,125,000
       
   
Media - 1.8%
  
 $                3,406,000
  
Clear Channel Worldwide Holdings, Inc., Ser. B, B
  
   
9.25%, 12/15/17
3,789,175
 $                1,500,000
  
Univision Communications, Inc., B
  
   
12.00%, 7/01/14 (b)
1,644,375
     
       5,433,550
   
Mining - 0.8%
  
 $                2,500,000
  
FMG Resources August 2006 Pty Ltd., B
  
   
7.00%, 11/1/15 (Australia) (b)
2,593,750
       
   
Oil & Gas - 0.6%
  
 $                1,800,000
  
Alta Mesa Holdings/Alta Mesa Finance Services Corp., B
  
   
9.625%, 10/15/18 (b)
1,791,000
       
   
Pharmaceuticals - 1.2%
  
 $                3,325,000
  
Axcan Intermediate Holdings, Inc., B
  
   
12.75%, 3/01/16
3,574,375
       
   
Retail - 1.3%
  
 $                3,750,000
  
Toys R Us Property Co. LLC, B+
  
   
8.50%, 12/01/17
4,106,250
       
   
Telecommunications - 4.0%
  
 €                8,800,000
  
Alcatel-Lucent, B
  
   
8.50%, 1/15/16 (France)
12,155,279
       
   
Total Corporate Bonds - 20.5%
  
   
(Cost $58,110,609)
     63,001,679
       
 Number of Shares
      
   
Warrants - 2.9%
  
   
Banks — 2.9%
  
1,006,179
  
Bank of America Corp., expiring 10/28/18 (f)
2,616,065
750,000
  
Citigroup, Inc., expiring 1/04/19 (f)
742,500
285,569
  
JP Morgan Chase & Co., expiring 10/28/18 (f)
4,169,307
123,000
  
Wells Fargo & Co., expiring 10/28/18 (f)
       1,307,490
   
(Cost $7,772,243)
       8,835,362
       
   
Preferred Stocks - 1.1%
  
   
Diversified Financial Services - 1.1%
  
                      125,000
  
Citigroup Capital XIII, 7.875%, 2040 (e)
       3,341,250
   
(Cost $3,260,024)
  
       
   
Common Stocks - 1.6%
  
   
Banks - 0.8%
  
100,000
  
Zions Bancorporation
2,358,000
       
   
Pharmaceuticals - 0.8%
  
100,000
  
Mylan, Inc. (f)
       2,316,000
       
   
Total Common Stocks - 1.6%
  
   
(Cost $4,739,342)
       4,674,000
       
   
Exchange-Traded Funds - 0.4%
  
                       75,000
  
SPDR S&P Homebuilders ETF
1,326,750
   
(Cost $1,352,828)
  
       
   
Total Long-Term Investments - 151.9%
   466,127,468
   
(Cost $428,219,183)
  
       
   
Short-Term Investments - 2.8%
  
   
Money Market Funds - 2.8%
  
8,710,315
  
Goldman Sachs Financial Prime Obligations
8,710,315
   
(Cost $8,710,315)
  
       
   
Total Investments - 154.7%
  
   
(Cost $436,929,498)
   474,837,783
   
Other Assets in excess of Liabilities - 0.7%
       2,224,482
   
Preferred Stock, at redemption value - (-55.4% of Net Assets
  
   
Applicable to Common Shareholders or -35.8% of Total Investments)
  (170,000,000)
       
   
Net Assets Applicable to Common Shareholders — 100.0%
 $307,062,265
 
AB - Stock Company
BV - Limited Liability Company
LLC - Limited Liability Corporation
PLC - Public Limited Company
Pty - Proprietary Limited Company
SA - Corporation
SAB de CV - Public Traded Company
SCA - Limited Partnership
SE - Public Limited Liability Company

 (a)   The reference entity is denominated in Chinese Yuan, but traded in U.S. dollars.
 (b)   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 January 31, 2011, these securities amounted to 16.3% of net assets.
 (c)   Perpetual maturity.
 (d)   Security has a fixed rate coupon which will convert to a floating or variable rate coupon on a future date.
 (e)   Floating or variable rate coupon. The rate shown is as of January 31, 2011.
 (f)    Non-income producing security.
 (g)   All or a portion of this security has been physically segregated in connection with forward exchange currency contracts and unfunded loan commitments.

 Ratings shown are per Standard & Poor's.  Securities classified as NR are not rated by Standard & Poor's.   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.

 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 October 31, 2010.
 
 Country Breakdown as % of Long-Term Investments
 United States
45.7%
 United Kingdom
10.4%
 France
5.6%
 Canada
4.6%
 Hong Kong
3.9%
 Bermuda
3.6%
 Japan
3.2%
 Germany
2.8%
 Cayman Islands
2.7%
 Australia
2.1%
 Taiwan
2.0%
 Switzerland
1.7%
 Russian Federation
1.5%
 Israel
1.5%
 Jersey
1.3%
 India
1.3%
 Ireland
1.2%
 Mexico
1.1%
 Netherlands
1.0%
 South Africa
0.9%
 Sweden
0.8%
 Singapore
0.6%
 Austria
0.5%
 
 
 
 
 
 
AGC | Advent/Claymore Global Convertible Securities & Income Fund
                
Portfolio of Investments
                    
January 31, 2011 (unaudited)
                    
                         
Forward exchange currency contracts
                
                         
   
Contracts
to Buy
  
Counterparty
  
Settlement Date
  
Settlement Value
  
Value at 1/31/11
  
Net Unrealized
Depreciation
HKD
  
        10,950,556
                    
for USD
  
          1,405,828
  
The Bank of New York Mellon
  
2/1/2011
  
                         1,405,828
  
         1,404,683
  
                               (1,145)
                         
                         
   
Contracts
to Sell
  
Counterparty
  
Settlement Date
  
Settlement Value
  
Value at 1/31/11
  
Net Unrealized
Depreciation
EUR
  
        35,000,000
                    
for USD
  
        46,790,450
  
The Bank of New York Mellon
  
3/16/2011
  
                       46,790,450
  
       47,958,329
  
                         (1,167,879)
                         
GBP
  
        16,000,000
                    
for USD
  
        25,195,200
  
The Bank of New York Mellon
  
3/16/2011
  
                       25,195,200
  
       25,619,449
  
                            (424,249)
                         
JPY
  
   1,250,000,000
                    
for USD
  
        14,959,311
  
The Bank of New York Mellon
  
3/16/2011
  
                       14,959,311
  
       15,261,636
  
                            (302,325)
                       
                         (1,894,453)
                         
              Total unrealized depreciation for forward currency contracts 
                         (1,895,598)
                         
 
At January 31, 2011, the Fund had the following unfunded loan commitment which
    
could be extended at the option of the borrower:
        
       
Borrower
  
Principal Amount
  
Unrealized Depreciation
       
Harrah's Las Vegas Propco LLC
  
 $              2,000,000
  
 $                          (32,500)
 
 
 
 
 
 
At January 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
 $                             437,483,275
  
 $      40,884,973
 $        (3,530,465)
 $        37,354,508
 $           (1,928,098)
           
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 effective date of the amendment is for interim
  
and annual periods beginning after December 15, 2009, however, the requirement to provide the
  
Level 3 activity for purchases, sales, issuances and settlements on a gross basis will be effective for
  
interim and annual periods beginning after December 15, 2010. The Fund has adopted the
    
disclosures required by this amendment, which did not have a material impact on the financial
    
statements.
          
 
          
The Funds value Level 1 securities using readily available market quotations in active markets. The
  
Funds 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 Funds value Level 2 equity securities using various observable
    
market inputs in accordance with procedures approved by the Board of Trustees as described above.
  
The Funds did not have any Level 3 securities at January 31, 2011.
      
           
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 January 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
 $ -     $ 275,402     $ -     $ 275,402  
Convertible Preferred Stocks:
                              
Auto Manufacturers
   13,970       -       -       13,970  
Banks
   30,307       3,337       -       33,644  
Diversified Financial Services
   -       2,929       -       2,929  
Electric
   7,531       4,779       -       12,310  
Hand and Machine Tools
   4,905               -       4,905  
Insurance
   10,263       -       -       10,263  
Media
   -       1,629       -       1,629  
Mining
   2,308       -       -       2,308  
Oil & Gas
   6,544       4,759       -       11,303  
Pharmaceuticals
   5,158       -       -       5,158  
Private Equity
   5,628       -       -       5,628  
Real Estate Investment Trusts
   -       5,500       -       5,500  
Corporate Bonds
   -       63,002       -       63,002  
Warrants
   8,835       -       -       8,835  
Preferred Stocks
   3,341       -       -       3,341  
Common Stocks
   4,674       -       -       4,674  
Exchange-Traded Funds
   1,327       -       -       1,327  
Money Market Fund
   8,710       -       -       8,710  
Total
 $ 113,501     $ 361,337     $ -     $ 474,838  
                               
Liabilities:
                              
Forward Exchange Currency Contracts
   -       1,896       -       1,896  
Unfunded Commitments
   -       33       -       33  
Total
 $ -     $ 1,929     $ -     $ 1,929  
                               
                               
There were no transfers between Level 1 and Level 2. There were no Level 3 transfers.
                  
 
 
 
 
 
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 controls 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:     March 24, 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:     March 24, 2011

 
By:
 /s/ Robert White
Robert White
Treasurer and Chief Financial Officer
 
Date:     March 24, 2011