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: 811-21846
CLOUGH GLOBAL OPPORTUNITIES FUND
(Exact name of registrant as specified in charter)
1290 Broadway, Suite 1100, Denver, Colorado 80203
(Address of principal executive offices) (Zip code)
Erin Douglas
Clough Global Opportunities Fund
1290 Broadway, Suite 1100
Denver, Colorado 80203
(Name and address of agent for service)
Registrant’s telephone number, including area code: (303) 623-2577
Date of fiscal year end: March 31
Date of reporting period: June 30, 2011
Item 1 – Schedule of Investments.
Clough Global Opportunities Fund
STATEMENT OF INVESTMENTS
June 30, 2011 (Unaudited)
| Shares | Value | |||||||
| COMMON STOCKS 105.21% |
||||||||
| Consumer Discretionary 15.14% |
||||||||
| Anta Sports Products, Ltd. |
369,100 | $659,302 | ||||||
| Arezzo Industria e Comercio S.A.(a) |
115,295 | 1,614,197 | ||||||
| BHG S.A. - Brazil Hospitality Group(a) |
111,949 | 1,441,102 | ||||||
| Bosideng International Holdings, Ltd. |
8,454,000 | 2,607,348 | ||||||
| CBS Corp. - Class B(b)(c) |
228,822 | 6,519,139 | ||||||
| China Resources Enterprise, Ltd. |
586,600 | 2,397,147 | ||||||
| Cie Generale des Etablissements Michelin - Class B |
70,263 | 6,871,627 | ||||||
| Cooper Tire & Rubber Co.(b)(c) |
173,586 | 3,435,267 | ||||||
| Dongfeng Motor Group Co., Ltd. - Class H |
896,000 | 1,692,586 | ||||||
| The Gap, Inc.(b)(c) |
51,016 | 923,390 | ||||||
| The Goodyear Tire & Rubber Co.(a) (b)(c) |
1,619,559 | 27,160,004 | ||||||
| Great Wall Motor Co., Ltd. |
758,500 | 1,247,645 | ||||||
| Hanesbrands, Inc.(a) (b) |
43,600 | 1,244,780 | ||||||
| Liberty Media Corp. - Capital - Series A(a) (b)(c) |
33,546 | 2,876,570 | ||||||
| Liberty Media Corp. - Class A(a) (b)(c) |
348,900 | 5,851,053 | ||||||
| Liberty Media Corp. - Starz - Series A(a) (b)(c) |
6,036 | 454,149 | ||||||
| Man Wah Holdings, Ltd. |
3,753,700 | 3,912,064 | ||||||
| MGM Resorts International(a) (b)(c)(d) |
288,600 | 3,812,406 | ||||||
| NIKE, Inc. - Class B(b)(c) |
46,600 | 4,193,068 | ||||||
| Prada S.p.A.(a) |
371,600 | 2,242,006 | ||||||
| Santos Brasil Participacoes S.A. |
159,042 | 2,856,468 | ||||||
| Tenneco, Inc.(a) (b)(c) |
136,777 | 6,027,762 | ||||||
| Time Warner, Inc.(b)(c) |
325,200 | 11,827,524 | ||||||
| TRW Automotive Holdings Corp.(a) (b)(c) |
86,280 | 5,093,108 | ||||||
| Valassis Communications, Inc.(a) (b)(c) |
29,600 | 896,880 | ||||||
| Viacom, Inc. - Class B(b)(c) |
102,700 | 5,237,700 | ||||||
| Visteon Corp.(a) (b) |
47,697 | 3,262,952 | ||||||
| Xinyi Glass Holdings, Ltd. |
1,176,000 | 1,165,164 | ||||||
|
|
|
|||||||
| 117,522,408 | ||||||||
|
|
|
|||||||
| Consumer Staples 1.17% |
||||||||
| Brazil Pharma S.A.(a) |
141,487 | 1,541,203 | ||||||
| Cia de Bebidas das Americas - ADR(b)(c) |
109,900 | 3,706,927 | ||||||
| Julio Simoes Logistica S.A. |
339,786 | 2,503,790 | ||||||
| Raia S.A.(a) |
79,700 | 1,320,120 | ||||||
|
|
|
|||||||
| 9,072,040 | ||||||||
|
|
|
|||||||
| Energy 22.72% |
||||||||
| Natural Gas Leveraged E+P 1.67% |
||||||||
| El Paso Corp.(b) |
183,700 | 3,710,740 | ||||||
| Newfield Exploration Co.(a) (b)(c) |
42,800 | 2,911,256 | ||||||
| Petrohawk Energy Corp.(a) (b)(c) |
257,200 | 6,345,124 | ||||||
|
|
|
|||||||
| 12,967,120 | ||||||||
|
|
|
|||||||
| Non-North American Producers 1.33% |
||||||||
| InterOil Corp.(a) (b)(c) |
92,589 | 5,417,382 | ||||||
| Royal Dutch Shell PLC - ADR(b)(c) |
69,300 | 4,929,309 | ||||||
|
|
|
|||||||
| 10,346,691 | ||||||||
|
|
|
|||||||
| Oil & Gas & Consumable Fuels 1.49% |
||||||||
| Golar LNG, Ltd.(b)(c) |
284,483 | 9,925,612 | ||||||
| Suncor Energy, Inc.(b)(c) |
41,973 | 1,641,144 | ||||||
|
|
|
|||||||
| 11,566,756 | ||||||||
|
|
|
|||||||
| Oil Leveraged E+P 5.22% |
||||||||
| Anadarko Petroleum Corp.(b)(c) |
103,964 | 7,980,277 | ||||||
| Brigham Exploration Co.(a) (b)(c) |
112,115 | 3,355,602 | ||||||
| Canadian Natural Resources, Ltd.(b)(c) |
162,900 | 6,818,994 | ||||||
| Cenovus Energy, Inc.(b) |
115,500 | 4,349,730 | ||||||
| Exxon Mobil Corp.(b)(c) |
29,200 | 2,376,296 | ||||||
| Hess Corp.(c) |
38,900 | 2,908,164 | ||||||
| Marathon Oil Corp.(b)(c) |
162,962 | 8,584,838 | ||||||
| Occidental Petroleum Corp.(b) |
39,569 | 4,116,759 | ||||||
|
|
|
|||||||
| 40,490,660 | ||||||||
|
|
|
|||||||
| Oil Services & Drillers 12.79% |
||||||||
| Baker Hughes, Inc.(b)(c) |
274,300 | 19,903,208 | ||||||
| Calfrac Well Services, Ltd.(b) |
61,000 | 2,009,404 | ||||||
| Cameron International Corp.(a) |
37,428 | 1,882,254 | ||||||
| Complete Production Services, Inc.(a) (b) |
88,486 | 2,951,893 | ||||||
| Dresser-Rand Group, Inc.(a) (b)(c) |
122,800 | 6,600,500 | ||||||
| Ensco PLC - Sponsored ADR(b)(c) |
223,498 | 11,912,444 | ||||||
| Halliburton Co.(b)(c) |
180,200 | 9,190,200 | ||||||
| Helmerich & Payne, Inc.(b)(c) |
147,700 | 9,765,924 | ||||||
| Nabors Industries, Ltd.(a) (b)(c) |
200,600 | 4,942,784 | ||||||
| National Oilwell Varco, Inc.(b)(c) |
299,587 | 23,430,699 | ||||||
| Tenaris S.A. - ADR(b)(c) |
60,100 | 2,748,373 | ||||||
| Tidewater, Inc.(b)(c) |
74,000 | 3,981,940 | ||||||
|
|
|
|||||||
| 99,319,623 | ||||||||
|
|
|
|||||||
| Tankers 0.22% |
||||||||
| Golar LNG Partners LP(a) (b) |
59,844 | 1,705,554 | ||||||
|
|
|
|||||||
| TOTAL ENERGY |
176,396,404 | |||||||
|
|
|
|||||||
| Financial 25.68% | ||||||||
| Capital Markets 5.49% |
||||||||
| Ares Capital Corp.(b)(c) |
593,669 | 9,540,261 | ||||||
| Golub Capital BDC, Inc.(b)(c) |
226,900 | 3,387,617 | ||||||
| Indochina Capital Vietnam Holdings, Ltd.(a)(d)(e) |
54,585 | 200,873 | ||||||
| Knight Capital Group, Inc. - Class A(a) (b)(c) |
168,417 | 1,855,955 | ||||||
| Medley Capital Corp.(b)(c) |
146,188 | 1,716,247 | ||||||
| PennantPark Floating Rate Capital, Ltd.(b) |
92,500 | 1,173,825 | ||||||
| PennantPark Investment Corp.(b) |
707,590 | 7,932,084 | ||||||
| Solar Capital, Ltd.(b) |
559,577 | 13,815,956 | ||||||
| Solar Senior Capital, Ltd.(b) |
167,431 | 3,005,387 | ||||||
|
|
|
|||||||
| 42,628,205 | ||||||||
|
|
|
|||||||
| Commercial Banks 1.84% |
||||||||
| Agricultural Bank of China, Ltd. - Class H |
6,769,000 | 3,557,733 | ||||||
| Banco do Brasil S.A. |
66,954 | 1,193,516 | ||||||
| Banco Santander Brasil S.A. - ADR(b)(c) |
229,200 | 2,683,932 | ||||||
| Bank of China, Ltd. - Class H |
2,328,000 | 1,133,830 | ||||||
| Industrial & Commercial Bank of China - |
4,552,000 | 3,457,126 | ||||||
| Lloyds Banking Group PLC(a) |
1,633,400 | 1,284,552 | ||||||
| Standard Chartered PLC |
38,367 | 990,027 | ||||||
|
|
|
|||||||
| 14,300,716 | ||||||||
|
|
|
|||||||
| Diversified Financials 5.11% |
||||||||
| Bank of America Corp.(b)(c) |
1,335,521 | 14,637,310 | ||||||
| Citigroup, Inc.(b)(c) |
384,014 | 15,990,343 | ||||||
| First Niagara Financial Group, Inc.(b)(c) |
175,200 | 2,312,640 | ||||||
| New York Community Bancorp, Inc.(b)(c) |
132,535 | 1,986,699 | ||||||
| People’s United Financial, Inc.(b)(c) |
174,693 | 2,347,874 | ||||||
| Valley National Bancorp(b)(c) |
178,185 | 2,425,098 | ||||||
|
|
|
|||||||
| 39,699,964 | ||||||||
|
|
|
|||||||
| Insurance 1.50% |
||||||||
| Aflac, Inc.(b) |
37,991 | 1,773,420 | ||||||
| Hartford Financial Services Group, Inc.(b)(c) |
220,731 | 5,820,676 | ||||||
| Ping An Insurance Group Co., of China, Ltd. - Class H |
216,777 | 2,238,333 | ||||||
| Prudential Financial, Inc.(b)(c) |
28,361 | 1,803,476 | ||||||
|
|
|
|||||||
| 11,635,905 | ||||||||
|
|
|
|||||||
| Real Estate Investment Trusts 11.00% |
||||||||
| American Capital Agency Corp.(b) |
204,727 | 5,959,603 | ||||||
| Annaly Capital Management, Inc.(b)(c) |
622,700 | 11,233,508 | ||||||
| Apollo Commercial Real Estate Finance, Inc.(b) |
202,400 | 3,262,688 | ||||||
| Ascendas Real Estate Investment Trust |
3,597,000 | 5,974,013 | ||||||
| Ascott Residence Trust |
1,781,824 | 1,711,758 | ||||||
| CapitaCommercial Trust |
5,159,000 | 6,090,165 | ||||||
| Capstead Mortgage Corp.(b)(c) |
704,979 | 9,446,719 | ||||||
| Cypress Sharpridge Investments, |
372,200 | 4,767,882 | ||||||
| Dynex Capital, Inc.(b)(c) |
405,253 | 3,922,849 | ||||||
| Hatteras Financial Corp.(b)(c) |
556,847 | 15,719,791 | ||||||
| Host Hotels & Resorts, Inc.(b)(c) |
84,281 | 1,428,563 | ||||||
| Invesco Mortgage Capital, Inc.(b)(c) |
384,850 | 8,131,880 | ||||||
| MFA Financial, Inc.(b)(c) |
461,352 | 3,709,270 | ||||||
| Starwood Property Trust, Inc.(b) |
194,950 | 3,998,424 | ||||||
|
|
|
|||||||
| 85,357,113 | ||||||||
|
|
|
|||||||
| Real Estate Management & Development 0.37% |
|
|||||||
| Aliansce Shopping Centers S.A. |
67,600 | 606,414 | ||||||
| BR Malls Participacoes S.A. |
96,558 | 1,087,062 | ||||||
| Iguatemi Empresa de Shopping Centers S.A. |
23,796 | 583,827 | ||||||
| Sonae Sierra Brasil S.A. |
39,800 | 616,898 | ||||||
|
|
|
|||||||
| 2,894,201 | ||||||||
|
|
|
|||||||
| Thrifts & Mortgage Finance 0.37% |
||||||||
| MGIC Investment Corp.(a) (b)(c) |
370,607 | 2,205,112 | ||||||
| Radian Group, Inc.(b)(c) |
156,830 | 663,391 | ||||||
|
|
|
|||||||
| 2,868,503 | ||||||||
|
|
|
|||||||
| TOTAL FINANCIAL |
199,384,607 | |||||||
|
|
|
|||||||
| Health Care 2.38% | ||||||||
| Abbott Laboratories(b)(c) |
50,252 | 2,644,260 | ||||||
| Celltrion, Inc. |
32,136 | 1,330,409 | ||||||
| Health Management Associates, Inc. - Class A(a) (b) |
114,500 | 1,234,310 | ||||||
| LifePoint Hospitals, Inc.(a) (b)(c) |
30,000 | 1,172,400 | ||||||
| Sanofi - ADR(b) |
139,800 | 5,615,766 | ||||||
| Shanghai Pharmaceuticals Holding Co. Ltd.(a)(d) |
1,249,300 | 3,363,383 | ||||||
| Tenet Healthcare Corp.(a) (b)(c) |
165,200 | 1,030,848 | ||||||
| Thermo Fisher Scientific, Inc.(a) (b)(c) |
32,000 | 2,060,480 | ||||||
|
|
|
|||||||
| 18,451,856 | ||||||||
|
|
|
|||||||
| Industrials 9.51% | ||||||||
| Air China, Ltd. |
536,000 | 555,169 | ||||||
| The Boeing Co.(b) |
22,976 | 1,698,615 | ||||||
| Daelim Industrial Co., Ltd. |
9,980 | 1,201,171 | ||||||
| Delta Air Lines, Inc.(a) (b)(c) |
546,081 | 5,007,563 | ||||||
| Goodrich Corp.(b)(c) |
31,840 | 3,040,720 | ||||||
| GS Engineering & Construction Corp. |
9,593 | 1,168,070 | ||||||
| GZI Transport, Ltd. |
3,273,315 | 1,665,745 | ||||||
| ITOCHU Corp. |
112,800 | 1,167,162 | ||||||
| Jardine Strategic Holdings, Ltd. |
105,255 | 3,220,803 | ||||||
| Jiangsu Expressway Co., Ltd. - Class H |
5,713,076 | 5,278,669 | ||||||
| Marubeni Corp. |
175,000 | 1,156,450 | ||||||
| Mitsubishi Corp. |
46,800 | 1,162,661 | ||||||
| MSCI, Inc. - Class A(a) (b)(c) |
33,300 | 1,254,744 | ||||||
| Owens Corning(a) (b)(c) |
49,442 | 1,846,659 | ||||||
| Sensata Technologies Holding NV(a) (b) |
131,100 | 4,935,915 | ||||||
| TE Connectivity, Ltd.(b)(c) |
100,500 | 3,694,380 | ||||||
| TransDigm Group, Inc.(a) (b)(c) |
139,147 | 12,688,815 | ||||||
| United Continental Holdings, Inc.(a) (b)(c) |
260,168 | 5,887,602 | ||||||
| US Airways Group, Inc.(a) (b)(c) |
735,192 | 6,550,561 | ||||||
| Verisk Analytics, Inc. - Class A(a) (b) |
111,225 | 3,850,609 | ||||||
| Zhejiang Expressway Co., Ltd. - Class H |
9,044,000 | 6,810,573 | ||||||
|
|
|
|||||||
| 73,842,656 | ||||||||
|
|
|
|||||||
| Information Technology 12.52% | ||||||||
| Apple, Inc.(a) (b)(c) |
65,871 | 22,110,919 | ||||||
| Arrow Electronics, Inc.(a) (b)(c) |
193,600 | 8,034,400 | ||||||
| Avnet, Inc.(a) (b)(c) |
155,300 | 4,950,964 | ||||||
| Dell, Inc.(a) (b)(c) |
129,500 | 2,158,765 | ||||||
| Fidelity National Information Services, Inc.(b)(c) |
87,100 | 2,681,809 | ||||||
| Google, Inc. - Class A(a) (b)(c) |
16,951 | 8,583,647 | ||||||
| HTC Corp. |
19,784 | 665,356 | ||||||
| Ingram Micro, Inc. - Class A(a) (b)(c) |
179,300 | 3,252,502 | ||||||
| International Business Machines Corp.(b)(c) |
76,800 | 13,175,040 | ||||||
| Microsoft Corp.(b)(c) |
878,438 | 22,839,388 | ||||||
| Samsung Electronics Co., Ltd. |
1,834 | 1,418,896 | ||||||
| SanDisk Corp.(a) (b)(c) |
50,200 | 2,083,300 | ||||||
| Tencent Holdings, Ltd. |
64,300 | 1,745,140 | ||||||
| Xerox Corp.(b)(c) |
331,794 | 3,453,975 | ||||||
|
|
|
|||||||
| 97,154,101 | ||||||||
|
|
|
|||||||
| Materials 2.42% | ||||||||
| Anglo American PLC - Unsponsored ADR(b) |
31,180 | 774,823 | ||||||
| Gerdau S.A. - Sponsored ADR(b)(c) |
103,111 | 1,084,728 | ||||||
| Owens-Illinois, Inc.(a) (b)(c) |
541,827 | 13,984,555 | ||||||
| Silgan Holdings, Inc.(b)(c) |
72,200 | 2,958,034 | ||||||
|
|
|
|||||||
| 18,802,140 | ||||||||
|
|
|
|||||||
| Telecommunication Services 2.91% | ||||||||
| Chunghwa Telecom Co., Ltd. - ADR(b) |
147,418 | 5,093,292 | ||||||
| DiGi.Com Bhd |
145,000 | 1,394,536 | ||||||
| Maxis Bhd |
3,314,700 | 6,015,750 | ||||||
| Philippine Long Distance Telephone Co. |
38,690 | 2,064,181 | ||||||
| StarHub, Ltd. |
308,893 | 701,629 | ||||||
| Telekom Malaysia Bhd |
1,033,200 | 1,351,595 | ||||||
| Telstra Corp., Ltd. |
1,934,691 | 5,996,886 | ||||||
|
|
|
|||||||
| 22,617,869 | ||||||||
|
|
|
|||||||
| Utilities 10.76% | ||||||||
| Babcock & Wilcox Co.(a) (b)(c) |
33,771 | 935,794 | ||||||
| CenterPoint Energy, Inc.(b) |
259,600 | 5,023,260 | ||||||
| CMS Energy Corp.(b)(c) |
185,500 | 3,652,495 | ||||||
| Dominion Resources, Inc.(b) |
105,000 | 5,068,350 | ||||||
| DTE Energy Co.(b) |
100,700 | 5,037,014 | ||||||
| Edison International(b)(c) |
90,500 | 3,506,875 | ||||||
| National Grid PLC - Sponsored ADR(b)(c) |
585,400 | 28,936,322 | ||||||
| NiSource, Inc.(b) |
166,243 | 3,366,421 | ||||||
| Northeast Utilities(b) |
195,248 | 6,866,872 | ||||||
| Oneok, Inc.(b)(c) |
129,900 | 9,613,899 | ||||||
| Power Assets Holdings, Ltd. |
905,500 | 6,853,766 | ||||||
| PPL Corp.(b)(c) |
168,065 | 4,677,249 | ||||||
|
|
|
|||||||
| 83,538,317 | ||||||||
|
|
|
|||||||
| TOTAL COMMON STOCKS (Cost $749,706,706) |
816,782,398 | |||||||
|
|
|
|||||||
| EXCHANGE TRADED FUNDS 0.83% | ||||||||
| iShares iBoxx $ High Yield Corporate Bond Fund(b) |
70,841 | 6,468,491 | ||||||
|
|
|
|||||||
| TOTAL EXCHANGE TRADED FUNDS (Cost $5,033,273) |
6,468,491 | |||||||
|
|
|
|||||||
| PREFERRED STOCKS 0.48% | ||||||||
| The Goodyear Tire & Rubber Co., 5.875%(b) |
67,800 | 3,771,036 | ||||||
|
|
|
|||||||
| TOTAL PREFERRED STOCKS (Cost $3,394,237) |
3,771,036 | |||||||
|
|
|
|||||||
| Description and Maturity Date |
Principal Amount |
Value | ||||||
| CORPORATE BONDS 11.68% | ||||||||
| American Axle & Manufacturing, Inc. |
||||||||
| 03/01/2017, 7.875% (b)(c) |
$ | 3,145,000 | 3,160,725 | |||||
| Anheuser-Busch InBev Worldwide, Inc. |
||||||||
| 11/17/2015, 9.750% (b) |
6,710,000 | 4,568,209 | ||||||
| ArvinMeritor, Inc. |
||||||||
| 03/15/2018, 10.625% (b) |
1,805,000 | 2,035,137 | ||||||
| BE Aerospace, Inc. |
||||||||
| 07/01/2018, 8.500% (b) |
2,100,000 | 2,296,875 | ||||||
| Bombardier, Inc. |
||||||||
| 05/01/2034, 7.450% (b)(d) |
2,170,000 | 2,256,800 | ||||||
| CITIC Resources Holdings, Ltd. |
||||||||
| 05/15/2014, 6.750% (b)(f) |
1,900,000 | 1,966,500 | ||||||
| Citigroup, Inc. |
||||||||
| 03/05/2038, 6.875% (b) |
2,475,000 | 2,739,083 | ||||||
| Constellation Brands, Inc. |
||||||||
| 09/01/2016, 7.250% (b) |
3,050,000 | 3,347,375 | ||||||
| Crown Americas LLC / Crown Americas Capital Corp. III |
| |||||||
| 02/01/2021, 6.250% (b)(c)(d) |
2,435,000 | 2,471,525 | ||||||
| Dana Holding Corp. |
||||||||
| 02/15/2021, 6.750% (b) |
2,165,000 | 2,146,056 | ||||||
| Felcor Lodging LP |
||||||||
| 06/01/2019, 6.750% (b)(d) |
2,460,000 | 2,373,900 | ||||||
| Ford Motor Credit Co. LLC |
||||||||
| 02/01/2021, 5.750% (b) |
3,650,000 | 3,652,245 | ||||||
| Forest Oil Corp. |
||||||||
| 06/15/2019, 7.250% (b) |
2,400,000 | 2,460,000 | ||||||
| General Cable Corp. |
||||||||
| 04/01/2017, 7.125% (b)(c) |
2,900,000 | 2,979,750 | ||||||
| Gol Finance |
||||||||
| 07/20/2020, 9.250% (b)(d) |
2,310,000 | 2,460,150 | ||||||
| The Goldman Sachs Group, Inc. |
||||||||
| 02/01/2041, 6.250% (b) |
2,480,000 | 2,508,706 | ||||||
| Graphic Packaging International, Inc. |
||||||||
| 10/01/2018, 7.875% (b) |
1,300,000 | 1,384,500 | ||||||
| Hanesbrands, Inc. |
||||||||
| 12/15/2020, 6.375% (b) |
3,650,000 | 3,558,750 | ||||||
| Hidili Industry International Development, Ltd. |
||||||||
| 11/04/2015, 8.625% (b)(d) |
2,475,000 | 2,444,063 | ||||||
| Itau Unibanco Holding S.A. |
||||||||
| 11/23/2015, 10.500% (b)(d) |
6,120,000 | 4,186,140 | ||||||
| Lear Corp. |
||||||||
| 03/15/2018, 7.875% (b) |
2,450,000 | 2,646,000 | ||||||
| Levi Strauss & Co. |
||||||||
| 05/15/2020, 7.625% (b)(c) |
2,435,000 | 2,447,175 | ||||||
| Manufacturers & Traders Trust Co. |
||||||||
| 12/01/2021, 5.629% (b)(g) |
1,640,000 | 1,623,835 | ||||||
| MIE Holdings Corp. |
||||||||
| 05/12/2016, 9.750% (d) |
1,825,000 | 1,806,750 | ||||||
| Morgan Stanley |
||||||||
| 01/25/2021, 5.750% (b) |
1,860,000 | 1,884,200 | ||||||
| Newfield Exploration Co. |
||||||||
| 05/15/2018, 7.125% (b) |
1,900,000 | 2,023,500 | ||||||
| Petrohawk Energy Corp. |
||||||||
| 06/01/2015, 7.875% (b) |
2,370,000 | 2,494,425 | ||||||
| 06/01/2019, 6.250% (b)(d) |
1,825,000 | 1,786,219 | ||||||
| Pioneer Natural Resources Co. |
||||||||
| 03/15/2017, 6.650% (b) |
2,200,000 | 2,405,933 | ||||||
| Range Resources Corp. |
||||||||
| 05/15/2019, 8.000% (b) |
2,490,000 | 2,714,100 | ||||||
| Rearden G Holdings EINS GmbH |
||||||||
| 03/30/2020, 7.875% (b)(d) |
1,875,000 | 2,053,125 | ||||||
| Silgan Holdings, Inc. |
||||||||
| 08/15/2016, 7.250% (b) |
2,225,000 | 2,358,500 | ||||||
| TAM Capital 2, Inc. |
||||||||
| 01/29/2020, 9.500% (b)(f) |
2,205,000 | 2,403,450 | ||||||
| TAM Capital 3, Inc. |
||||||||
| 06/03/2021, 8.375% (d) |
910,000 | 925,925 | ||||||
| Tenneco, Inc. |
||||||||
| 08/15/2018, 7.750% (b)(d) |
1,250,000 | 1,315,625 | ||||||
| Terex Corp. |
||||||||
| 11/15/2017, 8.000% |
1,215,000 | 1,251,450 | ||||||
| Visteon Corp. |
||||||||
| 04/15/2019, 6.750% (b)(d) |
3,650,000 | 3,540,500 | ||||||
|
|
|
|||||||
| TOTAL CORPORATE BONDS (Cost $86,142,121) |
90,677,201 | |||||||
|
|
|
|||||||
| ASSET/MORTGAGE BACKED SECURITIES 0.09% |
| |||||||
| Government National Mortgage Association (GNMA) |
||||||||
| Series 2007-37, Class SA, 03/20/2037, 21.446%(b)(g) |
460,070 | 551,840 | ||||||
| Series 2007-37, Class SB, 03/20/2037, 21.446%(b)(g) |
109,293 | 127,904 | ||||||
|
|
|
|||||||
| TOTAL ASSET/MORTGAGE BACKED SECURITIES (Cost $531,985) |
679,744 | |||||||
|
|
|
|||||||
| FOREIGN GOVERNMENT BONDS 2.22% |
| |||||||
| Brazilian Government International Bonds |
||||||||
| 01/05/2016, 12.500% (b)(c) |
21,750,000 | 16,479,912 | ||||||
| 01/10/2028, 10.250% (b) |
1,099,000 | 771,092 | ||||||
|
|
|
|||||||
| TOTAL FOREIGN GOVERNMENT BONDS (Cost $14,704,942) |
17,251,004 | |||||||
|
|
|
|||||||
| GOVERNMENT & AGENCY OBLIGATIONS 15.50% |
| |||||||
| U.S. Treasury Bonds |
||||||||
| 11/15/2017, 4.250% (b) |
14,000,000 | 15,683,290 | ||||||
| 05/15/2040, 4.375% (b) |
11,850,000 | 11,844,502 | ||||||
| U.S. Treasury Notes |
||||||||
| 04/30/2016, 2.625% (b) |
33,000,000 | 34,466,949 | ||||||
| 08/15/2018, 4.000% (b) |
53,000,000 | 58,374,518 | ||||||
|
|
|
|||||||
| TOTAL GOVERNMENT & AGENCY OBLIGATIONS (Cost $115,745,707) |
|
120,369,259 | ||||||
|
|
|
|||||||
| |
Number of Contracts |
|
Value | |||||
| CALL OPTIONS PURCHASED 0.20% |
||||||||
| AMR Corp., Expires January, 2012, Exercise |
2,000 | 18,000 | ||||||
| Microsoft Corp., Expires January, 2012, Exercise Price $27.50 |
13,500 | 1,296,000 | ||||||
| Microsoft Corp., Expires January, 2013, Exercise Price $30.00 |
1,792 | 229,376 | ||||||
|
|
|
|||||||
| TOTAL CALL OPTIONS PURCHASED (Cost $5,178,401) |
1,543,376 | |||||||
|
|
|
|||||||
| Shares | Value | |||||||
| SHORT-TERM INVESTMENTS 10.88% |
||||||||
| Dreyfus Treasury Prime Money Market Fund (0.000% 7-day yield)(h) |
84,438,366 | 84,438,366 | ||||||
|
|
|
|||||||
| TOTAL SHORT-TERM INVESTMENTS (Cost $84,438,366) |
84,438,366 | |||||||
|
|
|
|||||||
| Total Investments - 147.09% (Cost $1,064,875,738) |
1,141,980,875 | |||||||
| Liabilities in Excess of Other Assets - (47.09%) |
(365,614,471) | |||||||
|
|
|
|||||||
| NET ASSETS - 100.00% |
$776,366,404 | |||||||
|
|
|
|||||||
| SCHEDULE OF SECURITIES SOLD SHORT (a) |
Shares | Value | ||||||
| COMMON STOCKS |
||||||||
| Aetna, Inc. |
(22,600 | ) | $(996,434 | ) | ||||
| Apollo Group, Inc. - Class A |
(20,106 | ) | (878,230 | ) | ||||
| Berkshire Hathaway, Inc. - Class B |
(49,800 | ) | (3,854,022 | ) | ||||
| Caterpillar, Inc. |
(41,600 | ) | (4,428,736 | ) | ||||
| Cie Generale d’Optique Essilor International S.A. |
(24,700 | ) | (2,003,351 | ) | ||||
| Cliffs Natural Resources, Inc. |
(35,988 | ) | (3,327,091 | ) | ||||
| Joy Global, Inc. |
(32,719 | ) | (3,116,157 | ) | ||||
| Kohl’s Corp. |
(20,900 | ) | (1,045,209 | ) | ||||
| Sunoco, Inc. |
(106,707 | ) | (4,450,749 | ) | ||||
| Tesoro Corp. |
(168,660 | ) | (3,864,001 | ) | ||||
| Toll Brothers, Inc. |
(11,401 | ) | (236,457 | ) | ||||
| United States Steel Corp. |
(25,200 | ) | (1,160,208 | ) | ||||
| Valero Energy Corp. |
(101,232 | ) | (2,588,502 | ) | ||||
| Western Refining, Inc. |
(109,148 | ) | (1,972,304 | ) | ||||
|
|
|
|||||||
| (33,921,451 | ) | |||||||
|
|
|
|||||||
| EXCHANGE TRADED FUNDS |
||||||||
| iShares Dow Jones U.S. Real |
||||||||
| Estate Index Fund |
(21,424 | ) | (1,291,867 | ) | ||||
| iShares MSCI Australia Index |
||||||||
| Fund |
(102,105 | ) | (2,659,835 | ) | ||||
| iShares Silver Trust |
(11,064 | ) | (374,516 | ) | ||||
| United States Oil Fund LP |
(495,971 | ) | (18,479,880 | ) | ||||
| Vanguard REIT ETF |
(444,597 | ) | (26,720,280 | ) | ||||
|
|
|
|||||||
| (49,526,378 | ) | |||||||
|
|
|
|||||||
| TOTAL SECURITIES SOLD SHORT (Proceeds $79,030,006) |
$(83,447,829 | ) | ||||||
|
|
|
|||||||
| (a) | Non-income producing security. |
| (b) | Pledged security;a portion or all of the security is pledged as collateral for securities sold short or borrowings as of June 30, 2011. (See Note 1 and Note 6) |
| (c) | Loaned security; a portion or all of the security is on loan at June 30, 2011. |
| (d) | Security 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. As of June 30, 2011, these securities had a total value of $34,997,384 or 4.51% of net assets. |
| (e) | Fair valued security; valued by management in accordance with procedures approved by the Fund’s Board of Trustees. As of June 30, 2011, these securities had a total value of $200,873 or 0.03% of total net assets. |
| (f) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under guidelines approved by the Fund’s Board of Trustees. As of June 30, 2011, the aggregate market value of those securities was $4,369,950, representing 0.56% of net assets. |
| (g) | Floating or variable rate security - rate disclosed as of June 30, 2011. |
| (h) | Less than 0.0005%. |
Abbreviations:
ADR - American Depositary Receipt
Bhd - Berhad (in Malaysia, a form of a public company)
ETF - Exchange Traded Fund
GmbH - a form of a limited liability corporation common in German-speaking countries
LLC - Limited Liability Corporation
LP - Limited Partnership
Ltd. - Limited
MSCI - Morgan Stanley Capital International
NV - Naamloze Vennootschap (Dutch: Limited Liability Company)
PLC - Public Limited Liability
REIT - Real Estate Investment Trust
S.A. - Generally designates corporations in various countries, mostly those employing the civil law
S.p.A. - Società Per Azioni is an Italian shared company.
For Fund compliance purposes, the Fund’s industry classifications refer to any one of the industry sub-classifications used by one or more widely recognized market indexes, and/or as defined by Fund management. This definition may not apply for purposes of this report, which may combine industry sub-classifications for reporting ease. Industries are shown as a percent of net assets. These industry classifications are unaudited.
See Notes to Quarterly Statement of Investments.
| Income Tax Information: |
||||
| Net unrealized appreciation/depreciation of investments based on federal tax costs were as follows: |
||||
| As of June 30, 2011 | ||||
| Gross appreciation (excess of value over tax cost) |
$103,024,005 | |||
| Gross depreciation (excess of tax cost over value) |
(31,981,242) | |||
| Net unrealized appreciation |
$71,042,763 | |||
|
|
|
|||
| Cost of investments for income tax purposes |
$1,070,938,112 | |||
|
|
|
CLOUGH GLOBAL OPPORTUNITIES FUND
NOTES TO QUARTERLY STATEMENT OF INVESTMENTS
JUNE 30, 2011 (UNAUDITED)
1. ORGANIZATION AND SIGNIFICANT ACCOUNTING AND OPERATING POLICIES
Clough Global Opportunities Fund (the “Fund”) is a closed-end management investment company that was organized under the laws of the state of Delaware by an Amended Agreement and Declaration of Trust dated January 16, 2006. The Fund is a non-diversified series with an investment objective to provide a high level of total return. Each Declaration of Trust provides that the Trustees may authorize separate classes of shares of beneficial interest.
The net asset value per share of the Fund is determined no less frequently than daily, on each day that the New York Stock Exchange (the “Exchange”) is open for trading, as of the close of regular trading on the Exchange (normally 4:00 p.m. New York time). Trading may take place in foreign issues held by the Fund at times when the Fund is not open for business. As a result, the Fund’s net asset value may change at times when it is not possible to purchase or sell shares of the Fund.
Investment Valuation: Securities held by the Fund for which exchange quotations are readily available are valued at the last sale price, or if no sale price or if traded on the over-the-counter market, at the mean of the bid and asked prices on such day. Most securities listed on a foreign exchange are valued at the last sale price at the close of the exchange on which the security is primarily traded. In certain countries market maker prices are used since they are the most representative of the daily trading activity. Market maker prices are usually the mean between the bid and ask prices. Certain markets are not closed at the time that the Fund prices its portfolio securities. In these situations, snapshot prices are provided by the individual pricing services or other alternate sources at the close of the NYSE as appropriate. Securities not traded on a particular day are valued at the mean between the last reported bid and the asked quotes, or the last sale price when appropriate; otherwise fair value will be determined by the board-appointed fair valuation committee. Debt securities for which the over-the-counter market is the primary market are normally valued on the basis of prices furnished by one or more pricing services or dealers at the mean between the latest available bid and asked prices. As authorized by the Trustees, debt securities (other than short-term obligations) may be valued on the basis of valuations furnished by a pricing service which determines valuations based upon market transactions for normal, institutional-size trading units of securities or a matrix method which considers yield or price of comparable bonds provided by a pricing service. Short-term obligations maturing within 60 days are valued at amortized cost, which approximates value, unless the Trustees determine that under particular circumstances such method does not result in fair value. Over-the-counter options are valued at the mean between bid and asked prices provided by dealers. Financial futures contracts listed on commodity exchanges and exchange-traded options are valued at closing settlement prices.
If the price of a security is unavailable in accordance with the aforementioned pricing procedures, or the price of a security is unreliable, e.g., due to the occurrence of a significant event, the security may be valued at its fair value determined by management pursuant to procedures adopted by the Board of Trustees. For this purpose, fair value is the price that the Fund reasonably expects to receive on a current sale of the security. Due to the number of variables affecting the price of a security, however; it is possible that the fair value of a security may not accurately reflect the price that a Fund could actually receive on a sale of the security. As of June 30, 2011, securities which have been fair valued represented 0.03% of net assets of the Fund.
A three-tier hierarchy has been established to classify fair value measurements for disclosure purposes. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.
Various inputs are used in determining the value of each Fund’s investments as of the reporting period end. These inputs are categorized in the following hierarchy under applicable financial accounting standards:
Level 1 – Unadjusted quoted prices in active markets for identical investments
Level 2 – Significant observable inputs (including quoted prices for similar investments, interest rates, prepayments speeds, credit risk, etc.)
Level 3 – Significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments)
The following is a summary of the inputs used as of June 30, 2011 in valuing the Fund’s investments carried at value. The Fund recognizes transfers between the levels as of the beginning of the annual period in which the transfer occurred. There were no significant transfers between Levels 1 and 2 during the period ended June 30, 2011:
Clough Global Opportunities Fund
| Investments in Securities at Value* |
Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Common Stocks |
||||||||||||||||
| Consumer Discretionary |
$ | 117,522,408 | $ | – | $ | – | $ | 117,522,408 | ||||||||
| Consumer Staples |
9,072,040 | – | – | 9,072,040 | ||||||||||||
| Energy |
176,396,404 | – | – | 176,396,404 | ||||||||||||
| Financials |
199,183,734 | – | 200,873 | 199,384,607 | ||||||||||||
| Health Care |
18,451,856 | – | – | 18,451,856 | ||||||||||||
| Industrials |
73,842,656 | – | – | 73,842,656 | ||||||||||||
| Information Technology |
97,154,101 | – | – | 97,154,101 | ||||||||||||
| Materials |
18,802,140 | – | – | 18,802,140 | ||||||||||||
| Telecommunication Services |
22,617,869 | – | – | 22,617,869 | ||||||||||||
| Utilities |
83,538,317 | – | – | 83,538,317 | ||||||||||||
| Exchange Traded Funds |
6,468,491 | – | – | 6,468,491 | ||||||||||||
| Preferred Stocks |
3,771,036 | – | – | 3,771,036 | ||||||||||||
| Corporate Bonds |
– | 90,677,201 | – | 90,677,201 | ||||||||||||
| Asset/Mortgage Backed Securities |
– | 679,744 | – | 679,744 | ||||||||||||
| Foreign Government Bonds |
– | 17,251,004 | – | 17,251,004 | ||||||||||||
| Government & Agency Obligations |
120,369,259 | – | – | 120,369,259 | ||||||||||||
| Call Options Purchased |
1,543,376 | – | – | 1,543,376 | ||||||||||||
| Short-Term Investments |
84,438,366 | – | – | 84,438,366 | ||||||||||||
| TOTAL |
$ | 1,033,172,053 | $ | 108,607,949 | $ | 200,873 | $ | 1,141,980,875 | ||||||||
|
Other Financial Instruments* |
||||||||||||||||
| Liabilities |
||||||||||||||||
| Securities Sold Short |
$ | (83,447,829) | $ | – | $ | – | $ | (83,447,829) | ||||||||
| TOTAL |
$ | (83,447,829) | $ | – | $ | – | $ | (83,447,829) | ||||||||
*For detailed Industry descriptions, see the accompanying Statement of Investments.
The following is a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value:
Clough Global Opportunities Fund
| Investments in Securities |
Balance as of 2011 |
Realized gain/ (loss) |
Change in unrealized appreciation/ (depreciation) |
Net purchases/ (sales) |
Transfers in and/or (out) of Level 3 |
Balance as of June 30, 2011 |
Net Change in unrealized appreciation/ (depreciation) included in the statement of operations attributable to level 3 investments still held at June 30, 2011 | |||||||
| Common Stocks |
$200,869 | $— | $4 | $— | $— | $200,873 | $4 | |||||||
| TOTAL |
$200,869 | $— | $4 | $— | $— | $200,873 | $4 | |||||||
Foreign Securities: The Fund may invest a portion of its assets in foreign securities. In the event that the Fund executes a foreign security transaction, the Fund will generally enter into a forward foreign currency contract to settle the foreign security transaction. Foreign securities may carry more risk than U.S. securities, such as political, market and currency risks.
The accounting records of the Fund are maintained in U.S. dollars. Prices of securities denominated in foreign currencies are translated into U.S. dollars at the closing rates of exchange at period end. Amounts related to the purchase and sale of foreign securities and investment income are translated at the rates of exchange prevailing on the respective dates of such transactions.
The effect of changes in foreign currency exchange rates on investments is reported with all other foreign currency realized and unrealized gains and losses in the Fund’s Statement of Operations.
A foreign currency contract is a commitment to purchase or sell a foreign currency at a future date, at a negotiated rate. The Fund may enter into foreign currency contracts to settle specific purchases or sales of securities denominated in a foreign currency and for protection from adverse exchange rate fluctuation. Risks to the Fund include the potential inability of the counterparty to meet the terms of the contract.
The net U.S. dollar value of foreign currency underlying all contractual commitments held by the Fund and the resulting unrealized appreciation or depreciation are determined using prevailing forward foreign currency exchange rates. Unrealized appreciation and depreciation on foreign currency contracts are reported in the Fund’s Statement of Assets and Liabilities as a receivable or a payable and in the Fund’s Statement of Operations with the
change in unrealized appreciation or depreciation on translation of assets and liabilities denominated in foreign currencies. There were no outstanding foreign currency contracts for the Fund as of June 30, 2011.
The Fund may realize a gain or loss upon the closing or settlement of the foreign transaction. Such realized gains and losses are reported with all other foreign currency gains and losses in the Statement of Operations.
Options: The Fund may purchase or write (sell) put and call options. One of the risks associated with purchasing an option among others, is that the Fund pays a premium whether or not the option is exercised. Additionally, the Fund bears the risk of loss of premium and change in market value should the counterparty not perform under the contract. The cost of securities acquired through the exercise of call options is increased by premiums paid. The proceeds from securities sold through the exercise of put options are decreased by the premiums paid. The Fund is obligated to pay interest to the broker for any debit balance of the margin account relating to options.
When the Fund writes an option, an amount equal to the premium received by the Fund is recorded as a liability and is subsequently adjusted to the current value of the option written. Premiums received from writing options that expire unexercised are treated by the Fund on the expiration date as realized gains. The difference between the premium received and the amount paid on effecting a closing purchase transaction, including brokerage commissions, is recorded as a realized gain or loss. If a call option is exercised, the premium is added to the proceeds from the sale of the underlying security or currency in determining whether the Fund has realized a gain or loss. If a put option is exercised, the premium reduces the cost basis of the securities purchased by the Fund. The Fund, as writer of an option, bears the market risk of an unfavorable change in the price of the security underlying the written option. The Fund did not hold written options during the three-month period ended June 30, 2011.
Short Sales: The Fund may sell a security it does not own in anticipation of a decline in the fair value of that security. When the Fund sells a security short, it must borrow the security sold short and deliver it to the broker-dealer through which it made the short sale. A gain, limited to the price at which the Fund sold the security short, or a loss, unlimited in size, will be recognized upon the termination of the short sale.
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) within 90 days of this filing and have concluded that the Registrant’s disclosure controls and procedures were effective, as of that date. |
| (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) during 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.
Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as EX-99.CERT.
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.
CLOUGH GLOBAL OPPORTUNITIES FUND
| By: | /s/ Edmund J. Burke | |||
| Edmund J. Burke | ||||
| President (principal executive officer) | ||||
| Date: | August 25, 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/ Edmund J. Burke | |||
| Edmund J. Burke | ||||
| President (principal executive officer) | ||||
| Date: | August 25, 2011 | |||
| By: | /s/ Jeremy O. May | |||
| Jeremy O. May | ||||
| Treasurer (principal financial officer) | ||||
| Date: | August 25, 2011 | |||