- Quarterly Schedule of Portfolio Holdings of Registered Management Investment Company (N-Q)
March 02 2009 - 2:33PM
Edgar (US Regulatory)
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
|
811-21583
|
|
|
CLOUGH
GLOBAL ALLOCATION 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 Allocation 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:
|
December 31,
2008
|
|
|
|
|
|
|
|
|
Item 1
Schedule of Investments.
Clough Global Allocation Fund
STATEMENT OF INVESTMENTS
December 31, 2008
(Unaudited)
|
|
Shares
|
|
Value
|
|
COMMON STOCKS 89.01%
|
|
|
|
|
|
Consumer/Retail 4.67%
|
|
|
|
|
|
Anta Sports Products, Ltd.
|
|
436,300
|
|
$
|
198,722
|
|
ASKUL Corp.
|
|
21,700
|
|
457,459
|
|
Belle International Holdings, Ltd.
|
|
593,000
|
|
260,148
|
|
China Dongxiang Group Co.
|
|
885,000
|
|
214,678
|
|
China Mengniu Dairy Co., Ltd.
|
|
191,000
|
|
248,417
|
|
Ctrip.com International, Ltd.-ADR
|
|
13,804
|
|
328,535
|
|
DSW, Inc.
(a)
|
|
5,392
|
|
67,184
|
|
eBay, Inc.
(a)
|
|
40,000
|
|
558,400
|
|
GOME Electrical Appliances Holdings, Ltd.
(b)
|
|
1,754,700
|
|
253,576
|
|
Home Inns & Hotels
Management, Inc. - ADR
(a)
|
|
7,500
|
|
64,350
|
|
Jardine Matheson Holdings, Ltd.
|
|
32,650
|
|
604,025
|
|
Jardine Strategic Holdings, Ltd.
|
|
25,921
|
|
269,578
|
|
Kraft Foods, Inc.
|
|
32,700
|
|
877,995
|
|
Li Ning Co., Ltd.
|
|
76,000
|
|
118,655
|
|
Little Sheep Group, Ltd.
(a)
(c)
|
|
59,000
|
|
15,682
|
|
Parkson Retail Group, Ltd.
|
|
447,500
|
|
508,116
|
|
Ports Design, Ltd.
|
|
425,000
|
|
515,471
|
|
Pou Sheng International Holdings, Ltd.
(a)
(c)
|
|
818,000
|
|
87,603
|
|
Regal Hotels International Holdings, Ltd.
|
|
374,390
|
|
103,860
|
|
Shanghai Industrial Holdings, Ltd.
|
|
60,300
|
|
137,714
|
|
Swire Pacific, Ltd.
|
|
60,000
|
|
413,022
|
|
|
|
|
|
6,303,190
|
|
Energy 9.14%
|
|
|
|
|
|
Coal 0.98%
|
|
|
|
|
|
Arch Coal, Inc.
|
|
18,691
|
|
304,476
|
|
CONSOL Energy, Inc.
|
|
22,615
|
|
646,337
|
|
Massey Energy Co.
|
|
5,900
|
|
81,361
|
|
Peabody Energy Corp.
|
|
12,739
|
|
289,812
|
|
|
|
|
|
1,321,986
|
|
Exploration & Production 5.27%
|
|
|
|
|
|
Anadarko Petroleum Corp.
|
|
22,300
|
|
859,665
|
|
Chesapeake Energy Corp.
|
|
15,500
|
|
250,635
|
|
Devon Energy Corp.
|
|
8,783
|
|
577,131
|
|
InterOil Corp.
(a)
|
|
33,037
|
|
454,259
|
|
Noble Energy, Inc.
|
|
32,925
|
|
1,620,569
|
|
OAO Gazprom - ADR
|
|
24,100
|
|
343,425
|
|
Occidental Petroleum Corp.
|
|
6,900
|
|
413,931
|
|
PetroHawk Energy Corp.
(a)
|
|
55,058
|
|
860,557
|
|
Petroleo
Brasileiro S.A. - ADR
|
|
10,900
|
|
266,941
|
|
Pioneer Natural Resources Co.
|
|
5,300
|
|
85,754
|
|
Range Resources Corp.
|
|
30,700
|
|
1,055,773
|
|
Southwestern Energy Co.
(a)
|
|
10,700
|
|
309,979
|
|
|
|
|
|
7,098,619
|
|
Oil Services & Drillers 2.84%
|
|
|
|
|
|
Diamond Offshore Drilling, Inc.
|
|
19,587
|
|
1,154,458
|
|
Hercules Offshore, Inc.
(a)
|
|
11,920
|
|
56,620
|
|
Noble Corp.
|
|
10,000
|
|
220,600
|
|
Seadrill, Ltd.
|
|
21,000
|
|
165,250
|
|
Suncor Energy, Inc.
|
|
9,800
|
|
191,100
|
|
Transocean, Inc.
(a)
|
|
38,181
|
|
1,804,052
|
|
Weatherford International, Ltd.
(a)
|
|
12,083
|
|
130,738
|
|
Willbros Group, Inc.
(a)
|
|
12,694
|
|
107,518
|
|
|
|
|
|
3,830,336
|
|
Tankers 0.05%
|
|
|
|
|
|
Golar LNG, Ltd.
|
|
10,500
|
|
70,980
|
|
|
|
|
|
|
|
TOTAL ENERGY
|
|
|
|
12,321,921
|
|
|
|
|
|
|
|
Finance 11.32%
|
|
|
|
|
|
Banks 8.19%
|
|
|
|
|
|
Banco
Bradesco S.A. - ADR
|
|
65,035
|
|
641,895
|
|
Banco Itau
Holding Financeira S.A. - ADR
|
|
85,834
|
|
995,675
|
|
Bank Mandiri Persero Tbk PT
|
|
3,816,000
|
|
708,936
|
|
Bank of America Corp.
|
|
121,434
|
|
1,709,791
|
|
BlackRock Kelso Capital Corp.
|
|
105,700
|
|
1,042,202
|
|
Daishin Securities Co., Ltd.-GDR
|
|
77,200
|
|
197,362
|
|
Goldman Sachs Group, Inc.
|
|
7,600
|
|
641,364
|
|
Indochina Capital Vietnam Holdings, Ltd.
(a)
|
|
200,000
|
|
495,000
|
|
Malayan Banking BHD
|
|
51,025
|
|
75,210
|
|
Morgan Stanley
|
|
70,400
|
|
1,129,216
|
|
Nomura Holdings, Inc. - ADR
|
|
20,752
|
|
173,279
|
|
|
|
|
|
|
|
|
PennantPark Investment Corp.
|
|
160,030
|
|
577,708
|
|
Public Bank
BHD
|
|
307,700
|
|
787,037
|
|
Siam
Commercial Bank PCL
|
|
460,000
|
|
638,154
|
|
Standard
Chartered PLC
|
|
20,000
|
|
237,671
|
|
Unibanco - Uniao de Bancos Brasileiros -
GDR
|
|
15,400
|
|
995,148
|
|
|
|
|
|
11,045,648
|
|
Non-Bank
3.13%
|
|
|
|
|
|
Apollo
Investment Corp.
|
|
298,489
|
|
2,778,933
|
|
Ares Capital
Corp.
|
|
89,483
|
|
566,427
|
|
Broadridge
Financial Solutions, Inc.
|
|
3,600
|
|
45,144
|
|
CME
Group, Inc.
|
|
2,900
|
|
603,519
|
|
Hong Kong
Exchanges & Clearing, Ltd.
|
|
15,600
|
|
148,146
|
|
Maiden
Holdings, Ltd.
(c)
|
|
23,900
|
|
74,807
|
|
|
|
|
|
4,216,976
|
|
TOTAL
FINANCE
|
|
|
|
15,262,624
|
|
|
|
|
|
|
|
Gold/Metals
2.66%
|
|
|
|
|
|
Agnico-Eagle
Mines, Ltd.
|
|
26,900
|
|
1,380,777
|
|
Anglo
American PLC - ADR
|
|
18,134
|
|
210,717
|
|
Freeport-McMoRan
Copper & Gold, Inc.
|
|
29,800
|
|
728,312
|
|
Goldcorp, Inc.
|
|
40,178
|
|
1,266,812
|
|
|
|
|
|
3,586,618
|
|
Health
Care 2.52%
|
|
|
|
|
|
BioSphere
Medical, Inc.
(a) (d)
|
|
50,000
|
|
96,500
|
|
BioSphere
Medical, Inc.
(a)
|
|
182,703
|
|
352,617
|
|
Molecular
Insight Pharmaceuticals, Inc.
(a)
|
|
80,200
|
|
344,860
|
|
Pfizer, Inc.
|
|
146,600
|
|
2,596,286
|
|
|
|
|
|
3,390,263
|
|
Industrial
6.55%
|
|
|
|
|
|
Aegean
Marine Petroleum Network, Inc.
|
|
46,800
|
|
793,728
|
|
Bakrie
Sumatera Plantations Tbk PT
|
|
1,527,000
|
|
36,424
|
|
Chicago
Bridge & Iron Co.
|
|
113,641
|
|
1,142,092
|
|
China South
Locomotive and Rolling Stock Corp.
(a)
(c)
|
|
1,382,500
|
|
750,990
|
|
Crown
Holdings, Inc.
(a)
|
|
43,300
|
|
831,360
|
|
Foster
Wheeler, Ltd.
(a)
|
|
94,700
|
|
2,214,086
|
|
Jacobs
Engineering Group, Inc.
(a)
|
|
22,000
|
|
1,058,200
|
|
McDermott
International, Inc.
(a)
|
|
81,300
|
|
803,244
|
|
PT Astra
International Tbk
|
|
735,000
|
|
711,399
|
|
Sinopec
Shanghai Petrochemical Co., Ltd.
|
|
990,000
|
|
254,200
|
|
Textron, Inc.
|
|
7,400
|
|
102,638
|
|
Weichai
Power Co., Ltd.
|
|
73,000
|
|
137,519
|
|
|
|
|
|
8,835,880
|
|
Insurance
11.56%
|
|
|
|
|
|
ACE, Ltd.
|
|
16,400
|
|
867,888
|
|
Allstate
Corp.
|
|
81,123
|
|
2,657,589
|
|
Aon Corp.
|
|
16,700
|
|
762,856
|
|
Arch Capital
Group, Ltd.
(a)
|
|
4,900
|
|
343,490
|
|
Everest Re
Group, Ltd.
|
|
8,900
|
|
677,646
|
|
Fidelity
National Financial, Inc.
|
|
225,900
|
|
4,009,725
|
|
Metlife, Inc.
|
|
27,778
|
|
968,341
|
|
Montpelier
Re Holdings, Ltd.
|
|
62,800
|
|
1,054,412
|
|
PartnerRe,
Ltd.
|
|
9,900
|
|
705,573
|
|
RenaissanceRe
Holdings, Ltd.
|
|
13,500
|
|
696,060
|
|
The
Travelers Cos, Inc.
|
|
62,900
|
|
2,843,080
|
|
|
|
|
|
15,586,660
|
|
Metals &
Mining 0.03%
|
|
|
|
|
|
First
Uranium Corp.
(a)
|
|
8,000
|
|
11,859
|
|
Uex Corp.
(a)
|
|
2,700
|
|
1,444
|
|
Uranium
One, Inc.
(a)
|
|
3,700
|
|
5,365
|
|
Ur-Energy, Inc.
(a)
|
|
27,200
|
|
15,203
|
|
|
|
|
|
33,871
|
|
Real
Estate 5.23%
|
|
|
|
|
|
Cheung Kong
Holdings, Ltd.
|
|
251,800
|
|
2,381,478
|
|
Great Eagle
Holdings, Ltd.
|
|
235,080
|
|
261,160
|
|
Hang Lung
Group, Ltd.
|
|
38,000
|
|
114,978
|
|
Hang Lung
Properties, Ltd.
|
|
117,000
|
|
254,223
|
|
Henderson
Land Development Co., Ltd.
|
|
148,000
|
|
548,063
|
|
Hopewell
Holdings, Ltd.
|
|
95,000
|
|
312,573
|
|
Hysan
Development Co., Ltd.
|
|
406,875
|
|
657,283
|
|
Italian-Thai
Development PLC
|
|
2,088,000
|
|
134,477
|
|
Kerry
Properties, Ltd.
|
|
129,072
|
|
343,906
|
|
Sun Hung Kai
Properties, Ltd.
|
|
167,900
|
|
1,399,492
|
|
Wharf
Holdings, Ltd.
|
|
192,250
|
|
527,123
|
|
YNH Property
BHD
|
|
361,770
|
|
118,150
|
|
|
|
|
|
7,052,906
|
|
Real
Estate Investment Trusts (REITS) 7.88%
|
|
|
|
|
|
Annaly
Capital Management, Inc.
|
|
293,200
|
|
4,653,085
|
|
Anworth
Mortgage Asset Corp.
|
|
127,114
|
|
817,343
|
|
Capstead
Mortgage Corp.
|
|
34,700
|
|
373,719
|
|
Chimera
Investment Corp.
|
|
130,500
|
|
450,225
|
|
Hatteras
Financial Corp.
(c)
|
|
50,300
|
|
1,337,980
|
|
Hatteras
Financial Corp.
|
|
98,400
|
|
2,617,440
|
|
MFA Mortgage
Investments, Inc.
|
|
63,000
|
|
371,070
|
|
Regal Real
Estate Investment Trust
|
|
37,439
|
|
4,686
|
|
|
|
|
|
10,625,548
|
|
Technology &
Communications 18.10%
|
|
|
|
|
|
Applied
Materials, Inc.
|
|
33,500
|
|
339,355
|
|
Cablevision
Systems Corp.
|
|
18,900
|
|
318,276
|
|
Centron
Telecom International Holdings, Ltd.
|
|
238,000
|
|
26,410
|
|
China
Telecom Corp., Ltd.
|
|
688,000
|
|
256,551
|
|
Chunghwa
Telecom Co., Ltd.-ADR
|
|
133,058
|
|
2,075,705
|
|
Cisco
Systems, Inc.
(a)
|
|
214,900
|
|
3,502,870
|
|
Comcast
Corp.
|
|
91,200
|
|
1,472,880
|
|
EMC Corp.
(a)
|
|
60,000
|
|
628,200
|
|
Honeywell
International, Inc.
|
|
97,600
|
|
3,204,208
|
|
Intel Corp.
|
|
147,209
|
|
2,158,084
|
|
Magal
Security Systems, Ltd.
(a)
|
|
76,443
|
|
447,192
|
|
Microsoft
Corp.
|
|
84,478
|
|
1,642,252
|
|
Net Servicos de Comunicacao S.A. - ADR
|
|
57,000
|
|
331,740
|
|
Nokia Corp.
- ADR
|
|
103,514
|
|
1,614,818
|
|
Oracle Corp.
(a)
|
|
128,500
|
|
2,278,305
|
|
Qualcomm, Inc.
|
|
53,400
|
|
1,913,322
|
|
Radvision,
Ltd.
(a)
|
|
157,945
|
|
851,323
|
|
Sohu.com, Inc.
(a)
|
|
11,000
|
|
520,740
|
|
Yahoo! Inc.
(a)
|
|
67,100
|
|
818,620
|
|
|
|
|
|
24,400,851
|
|
Transportation
1.69%
|
|
|
|
|
|
Babcock &
Brown Air, Ltd. - ADR
|
|
62,800
|
|
425,156
|
|
Burlington
Northern Santa Fe Corp.
|
|
15,700
|
|
1,188,647
|
|
Seaspan
Corp.
|
|
75,000
|
|
666,750
|
|
|
|
|
|
2,280,553
|
|
Utilities
7.66%
|
|
|
|
|
|
AES Corp.
(a)
|
|
78,000
|
|
642,720
|
|
DPL, Inc.
|
|
28,900
|
|
660,076
|
|
Dynegy Inc.
- Class A
(a)
|
|
12,900
|
|
25,800
|
|
Enbridge, Inc.
|
|
14,400
|
|
461,453
|
|
Equitable
Resources, Inc.
|
|
15,490
|
|
519,690
|
|
FirstEnergy
Corp.
|
|
7,000
|
|
340,060
|
|
General
Cable Corp.
(a)
|
|
107,833
|
|
1,907,566
|
|
KBR, Inc.
|
|
104,070
|
|
1,581,864
|
|
National Fuel
Gas Co.
|
|
4,771
|
|
149,475
|
|
Quanta
Services, Inc.
(a)
|
|
189,013
|
|
3,742,457
|
|
Williams
Cos., Inc.
|
|
20,600
|
|
298,288
|
|
|
|
|
|
10,329,449
|
|
TOTAL COMMON STOCKS
(Cost $151,150,068)
|
|
|
|
120,010,334
|
|
|
|
|
|
|
|
EXCHANGE
TRADED FUNDS 7.42%
|
|
|
|
|
|
iShares
FTSE/Xinhua China 25 Index Fund
|
|
24,800
|
|
723,664
|
|
iShares MSCI
Brazil
|
|
24,226
|
|
845,487
|
|
iShares MSCI
Taiwan
|
|
48,323
|
|
366,772
|
|
Oil Service
HOLDRs Trust
|
|
80,000
|
|
5,900,000
|
|
Semiconductor
HOLDRs Trust
|
|
55,400
|
|
980,580
|
|
SPDR Gold
Shares
(a)
|
|
13,800
|
|
1,194,390
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS
(Cost $14,711,215)
|
|
|
|
10,010,893
|
|
|
|
|
|
|
|
PREFERRED
STOCKS 0.29%
|
|
|
|
|
|
Arch Capital
Group, Ltd., 7.875%
|
|
19,500
|
|
390,390
|
|
|
|
|
|
|
|
TOTAL PREFERRED STOCKS
(Cost $482,625)
|
|
|
|
390,390
|
|
|
|
|
|
|
|
CLOSED-END
FUNDS 0.19%
|
|
|
|
|
|
The Ottoman
Fund
(a) (c)
|
|
515,340
|
|
251,917
|
|
|
|
|
|
|
|
TOTAL CLOSED-END FUNDS
(Cost $896,434)
|
|
|
|
251,917
|
|
|
|
Principal
Amount
|
|
|
|
PARTICIPATION NOTES 0.17%
|
|
|
|
|
|
Cathay Financial Holding Co., Ltd.
(a)
|
|
$
|
206,000
|
|
229,112
|
|
|
|
|
|
|
|
TOTAL
PARTICIPATION NOTES
(Cost $232,471)
|
|
|
|
229,112
|
|
|
|
|
|
|
|
|
|
|
Coupon
Rate
|
|
|
|
|
|
CORPORATE BONDS 8.46%
|
|
|
|
|
|
|
|
ACE INA Holdings, Inc.
|
|
|
|
|
|
|
|
03/15/2018
|
|
5.800
|
%
|
375,000
|
|
338,063
|
|
Allstate Life Global Funding Trusts
|
|
|
|
|
|
|
|
04/30/2013
|
|
5.375
|
%
|
525,000
|
|
517,300
|
|
Anadarko Petroleum Corp.
|
|
|
|
|
|
|
|
09/15/2016
|
|
5.950
|
%
|
375,000
|
|
331,733
|
|
Aon Corp.
|
|
|
|
|
|
|
|
12/14/2012
|
|
7.375
|
%
|
215,000
|
|
212,541
|
|
Apache Corp.
|
|
|
|
|
|
|
|
09/15/2013
|
|
6.000
|
%
|
600,000
|
|
622,876
|
|
Burlington Northern Santa Fe Corp.
|
|
|
|
|
|
|
|
05/01/2017
|
|
5.650
|
%
|
725,000
|
|
697,265
|
|
Chubb Corp.
|
|
|
|
|
|
|
|
11/15/2011
|
|
6.000
|
%
|
550,000
|
|
551,415
|
|
Comcast Cable Communications LLC
|
|
|
|
|
|
|
|
06/15/2013
|
|
7.125
|
%
|
680,000
|
|
668,667
|
|
Comcast Corp.
|
|
|
|
|
|
|
|
03/15/2016
|
|
5.900
|
%
|
200,000
|
|
191,237
|
|
CSX Transportation, Inc.
|
|
|
|
|
|
|
|
10/15/2014
|
|
8.375
|
%
|
350,000
|
|
363,801
|
|
Devon Financing Corp. ULC
|
|
|
|
|
|
|
|
09/30/2011
|
|
6.875
|
%
|
630,000
|
|
636,163
|
|
Eaton Vance Corp.
|
|
|
|
|
|
|
|
10/02/2017
|
|
6.500
|
%
|
575,000
|
|
510,320
|
|
Enbridge Energy Partners LP
|
|
|
|
|
|
|
|
03/01/2019
|
|
9.875
|
%
|
375,000
|
|
378,005
|
|
Freeport-McMoRan Copper &
Gold, Inc.
|
|
|
|
|
|
|
|
04/01/2015
|
|
8.250
|
%
|
365,000
|
|
310,608
|
|
General Dynamics Corp.
|
|
|
|
|
|
|
|
02/01/2014
|
|
5.250
|
%
|
590,000
|
|
605,314
|
|
Hewlett-Packard Co.
|
|
|
|
|
|
|
|
03/01/2014
|
|
6.125
|
%
|
350,000
|
|
372,462
|
|
Kraft Foods, Inc.
|
|
|
|
|
|
|
|
08/11/2017
|
|
6.500
|
%
|
400,000
|
|
402,713
|
|
The Kroger Co.
|
|
|
|
|
|
|
|
02/01/2010
|
|
8.050
|
%
|
500,000
|
|
508,323
|
|
Sara Lee Corp.
|
|
|
|
|
|
|
|
09/15/2011
|
|
6.250
|
%
|
400,000
|
|
396,218
|
|
TEPPCO Partners LP
|
|
|
|
|
|
|
|
02/01/2013
|
|
6.125
|
%
|
560,000
|
|
498,667
|
|
The Travelers Cos, Inc.
|
|
|
|
|
|
|
|
06/15/2012
|
|
5.375
|
%
|
510,000
|
|
509,283
|
|
05/15/2018
|
|
5.800
|
%
|
275,000
|
|
265,388
|
|
Union Pacific Corp.
|
|
|
|
|
|
|
|
01/31/2013
|
|
5.450
|
%
|
500,000
|
|
485,415
|
|
Wal-Mart Stores, Inc.
|
|
|
|
|
|
|
|
02/15/2018
|
|
5.800
|
%
|
250,000
|
|
277,133
|
|
XTO Energy, Inc.
|
|
|
|
|
|
|
|
12/15/2013
|
|
5.750
|
%
|
775,000
|
|
753,111
|
|
|
|
|
|
|
|
|
|
TOTAL
CORPORATE BONDS
(Cost $11,184,649)
|
|
|
|
|
|
11,404,021
|
|
|
|
|
|
|
|
|
|
ASSET/MORTGAGE BACKED SECURITIES 11.70%
|
|
|
|
|
|
|
|
Freddie Mac REMICS
|
|
|
|
|
|
|
|
Series 2006-3155, Class SA,
11/15/2035
(e)
|
|
30.930
|
%
|
1,600,214
|
|
1,733,175
|
|
Ginnie Mae I pool
|
|
|
|
|
|
|
|
Series 2008-675480, 06/15/2038
|
|
5.500
|
%
|
3,559,623
|
|
3,675,015
|
|
Series 2008-675488, 06/15/2038
|
|
5.500
|
%
|
1,474,936
|
|
1,522,749
|
|
Series 2008-696604, 08/15/2038
|
|
5.500
|
%
|
1,295,929
|
|
1,337,939
|
|
Ginnie Mae II pool
|
|
|
|
|
|
|
|
Series 2008-686743, 05/20/2038
|
|
5.500
|
%
|
992,142
|
|
1,021,365
|
|
Series 2008-4183, 07/20/2038
|
|
6.000
|
%
|
1,475,734
|
|
1,520,006
|
|
Series 2008-4194, 07/20/2038
|
|
5.500
|
%
|
1,733,521
|
|
1,784,580
|
|
Government National Mortgage Association
(GNMA)
|
|
|
|
|
|
|
|
Series 2003-16, Class A,
04/16/2016
|
|
3.130
|
%
|
1,343,204
|
|
1,350,494
|
|
Series 2007-37, Class SA,
03/20/2037
(e)
|
|
20.403
|
%
|
502,752
|
|
493,119
|
|
Series 2007-37, Class SB,
03/20/2037
(e)
|
|
20.403
|
%
|
451,989
|
|
427,737
|
|
Series 2007-37, Class SY,
06/16/2037
(e)
|
|
20.662
|
%
|
291,526
|
|
281,509
|
|
Small Business Administration Participation
Certificates
|
|
|
|
|
|
|
|
Series 2008-20L, Class 1,
12/01/2028
|
|
6.220
|
%
|
590,000
|
|
626,065
|
|
|
|
|
|
|
|
|
|
TOTAL
ASSET/MORTGAGE BACKED SECURITIES
(Cost $15,139,453)
|
|
|
|
|
|
15,773,753
|
|
GOVERNMENT &
AGENCY OBLIGATIONS 14.79%
|
|
|
|
|
|
|
|
|
|
U.S.
Government Obligations 14.79%
|
|
|
|
|
|
|
|
|
|
U.S.
Treasury Bond
|
|
|
|
|
|
|
|
|
|
06/30/2012
|
|
|
|
4.875
|
%
|
600,000
|
|
674,578
|
|
02/15/2014
|
|
|
|
4.000
|
%
|
2,000,000
|
|
2,267,502
|
|
08/15/2016
|
|
|
|
4.875
|
%
|
3,900,000
|
|
4,661,416
|
|
05/15/2017
|
|
|
|
4.500
|
%
|
3,000,000
|
|
3,521,253
|
|
08/15/2017
|
|
|
|
4.750
|
%
|
2,500,000
|
|
2,989,845
|
|
08/15/2018
|
|
|
|
4.000
|
%
|
2,000,000
|
|
2,310,158
|
|
05/15/2038
|
|
|
|
4.500
|
%
|
1,750,000
|
|
2,389,025
|
|
U.S.
Treasury Note
|
|
|
|
|
|
|
|
|
|
07/31/2012
|
|
|
|
4.625
|
%
|
1,000,000
|
|
1,121,329
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL GOVERNMENT & AGENCY
OBLIGATIONS
(Cost $17,393,291)
|
|
|
|
|
|
|
|
19,935,106
|
|
|
|
|
|
|
|
|
|
|
|
STRUCTURED
NOTES 1.54%
|
|
|
|
|
|
|
|
|
|
Merrill
Lynch & Co., Inc.
|
|
|
|
|
|
|
|
|
|
01/29/2022
(b)
(c) (e)
|
|
|
|
9.580
|
%
|
4,000,000
|
|
2,080,000
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL STRUCTURED NOTES
(Cost $4,000,000)
|
|
|
|
|
|
|
|
2,080,000
|
|
|
|
Expiration
|
|
Exercise
|
|
Number
of
|
|
|
|
|
|
Date
|
|
Price
|
|
Contracts
|
|
Value
|
|
PURCHASED
OPTIONS 7.52%
|
|
|
|
|
|
|
|
|
|
Purchased
Call Options 0.00%(f)
|
|
|
|
|
|
|
|
|
|
Petroleo
Brasileiro S.A.
|
|
January, 2009
|
|
$
|
60.00
|
|
500
|
|
1,250
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PURCHASED CALL OPTIONS
(Cost $511,528)
|
|
|
|
|
|
|
|
1,250
|
|
|
|
|
|
|
|
|
|
|
|
Purchased
Put Options 7.52%
|
|
|
|
|
|
|
|
|
|
Oil Service
HOLDRs Trust
|
|
January, 2009
|
|
160.00
|
|
800
|
|
6,892,000
|
|
S&P 500
Index
|
|
January, 2009
|
|
800.00
|
|
300
|
|
139,500
|
|
S&P 500
Index
|
|
January, 2009
|
|
830.00
|
|
300
|
|
252,000
|
|
S&P 500
Index
|
|
January, 2009
|
|
860.00
|
|
500
|
|
740,000
|
|
S&P 500
Index
|
|
February, 2009
|
|
875.00
|
|
500
|
|
2,110,000
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PURCHASED PUT OPTIONS
(Cost $14,732,135)
|
|
|
|
|
|
|
|
10,133,500
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL PURCHASED OPTIONS
(Cost $15,243,663)
|
|
|
|
|
|
|
|
10,134,750
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 Day
Yield
|
|
Shares
|
|
Value
|
|
SHORT
TERM INVESTMENTS 11.29%
|
|
|
|
|
|
|
|
|
|
Dreyfus
Treasury Prime Money Market Fund
(g)
|
|
|
|
0.011
|
%
|
15,220,696
|
|
15,220,696
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL SHORT TERM INVESTMENTS
(Cost $15,220,696)
|
|
|
|
|
|
|
|
15,220,696
|
|
|
|
|
|
|
|
|
|
|
|
Total Investments* - 152.38%
(Cost $245,654,565)
|
|
|
|
|
|
|
|
205,440,972
|
|
|
|
|
|
|
|
|
|
|
|
Liabilities
in Excess of Other Assets - (52.38%)
|
|
|
|
|
|
|
|
(70,614,743
|
)
|
|
|
|
|
|
|
|
|
|
|
NET
ASSETS - 100.00%
|
|
|
|
|
|
|
|
$
|
134,826,229
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expiration
|
|
Exercise
|
|
Number
of
|
|
|
|
|
|
Date
|
|
Price
|
|
Contracts
|
|
Value
|
|
SCHEDULE
OF OPTIONS WRITTEN
|
|
|
|
|
|
|
|
|
|
Call
Options Written
|
|
|
|
|
|
|
|
|
|
General
Cable Corp.
|
|
January, 2009
|
|
$
|
17.50
|
|
30
|
|
$
|
(4,425
|
)
|
Petroleo
Brasileiro S.A.
|
|
January, 2009
|
|
75.00
|
|
500
|
|
(1,250
|
)
|
|
|
|
|
|
|
|
|
|
|
TOTAL CALL
OPTIONS WRITTEN
(Premiums
received $240,706)
|
|
|
|
|
|
|
|
(5,675
|
)
|
|
|
|
|
|
|
|
|
|
|
Put
Options Written
|
|
|
|
|
|
|
|
|
|
S&P 500
Index
|
|
January, 2009
|
|
700.00
|
|
300
|
|
(27,000
|
)
|
S&P 500
Index
|
|
January, 2009
|
|
750.00
|
|
300
|
|
(57,000
|
)
|
S&P 500
Index
|
|
January, 2009
|
|
775.00
|
|
500
|
|
(147,500
|
)
|
S&P 500
Index
|
|
February, 2009
|
|
750.00
|
|
500
|
|
(602,500
|
)
|
|
|
|
|
|
|
|
|
|
|
TOTAL PUT
OPTIONS WRITTEN
(Premiums received $7,603,621)
|
|
|
|
|
|
|
|
(834,000
|
)
|
|
|
|
|
|
|
|
|
|
|
TOTAL
OPTIONS WRITTEN
(Premiums
received $7,844,327)
|
|
|
|
|
|
|
|
$
|
(839,675
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
SCHEDULE
OF SECURITIES SOLD SHORT
|
Name
|
|
Shares
|
|
Value
|
|
3M Co.
|
|
(37,200
|
)
|
$
|
(2,140,488
|
)
|
Amazon.com, Inc.
|
|
(14,600
|
)
|
(748,688
|
)
|
Ashland, Inc.
|
|
(3,700
|
)
|
(38,887
|
)
|
Autozone, Inc.
|
|
(16,700
|
)
|
(2,329,149
|
)
|
Bill Barrett Corp.
|
|
(25,089
|
)
|
(530,131
|
)
|
Cie Generale dOptique Essilor
International S.A.
|
|
(5,600
|
)
|
(261,318
|
)
|
Cimarex Energy Co.
|
|
(16,133
|
)
|
(432,042
|
)
|
Citigroup, Inc.
|
|
(249,600
|
)
|
(1,674,816
|
)
|
Consolidated Edison, Inc.
|
|
(7,000
|
)
|
(272,510
|
)
|
Costco Wholesale Corp.
|
|
(30,800
|
)
|
(1,617,000
|
)
|
DaVita, Inc.
|
|
(200
|
)
|
(9,914
|
)
|
Dawson Geophysical Co.
|
|
(1,400
|
)
|
(24,934
|
)
|
Euro Currency Trust
|
|
(1,700
|
)
|
(237,813
|
)
|
Financial Select Sector SPDR
|
|
(81,400
|
)
|
(1,027,268
|
)
|
General Electric Co.
|
|
(249,621
|
)
|
(4,043,859
|
)
|
Genuine Parts Co.
|
|
(14,394
|
)
|
(544,957
|
)
|
iShares Dow Jones U.S. Real Estate Index
Fund
|
|
(65,986
|
)
|
(2,456,659
|
)
|
iShares S&P 500 Index Fund
|
|
(4,900
|
)
|
(443,156
|
)
|
Li & Fung, Ltd.
|
|
(103,000
|
)
|
(176,491
|
)
|
Nippon Steel Corp.
|
|
(210,000
|
)
|
(671,814
|
)
|
POSCO-ADR
|
|
(3,910
|
)
|
(294,228
|
)
|
Public Storage
|
|
(12,200
|
)
|
(969,900
|
)
|
Quest Diagnostics, Inc.
|
|
(5,300
|
)
|
(275,123
|
)
|
Simon Property Group, Inc.
|
|
(10,600
|
)
|
(563,178
|
)
|
Softbank Corp.
|
|
(18,900
|
)
|
(334,216
|
)
|
Sunoco, Inc.
|
|
(22,900
|
)
|
(995,234
|
)
|
Swift Energy Co.
|
|
(12,676
|
)
|
(213,084
|
)
|
Vertex Pharmaceuticals, Inc.
|
|
(4,700
|
)
|
(142,786
|
)
|
|
|
|
|
|
|
TOTAL SECURITIES SOLD SHORT
(Proceeds $27,613,651)
|
|
|
|
$
|
(23,469,643
|
)
|
|
|
|
|
|
|
|
|
ADR - American Depositary Receipt
|
BHD - Berhad (in Malaysia; equivalent to
Public Limited Company)
|
GDR - Global Depositary Receipt
|
LLC - Limited Liability Company
|
LP - Limited Partnership PCL-Public Company
Limited
|
PLC - Public Limited Company
|
PT - equivalent to Public Limited Company
in Indonesia
|
REMICS - Real Estate Mortgage Investment
Conduits
|
S.A. - Generally designates corporations in
various countries, mostly those employing the civil law.
|
SPDR - Standard & Poors
Depositary Receipt
|
Tbk - Terbuka (stock symbol in Indonesian)
|
ULC - Unlimited Liability Company
|
* All securities are being held as collateral
for borrowings, written options and/or short sales as of December 31,
2008.
(a)
Non-Income Producing Security.
(b)
Fair valued security; valued in accordance
with procedures approved by the Funds Board of Trustees. As of December 31,
2008, these securities had a total value of $2,333,576 or 1.73% of net assets.
(c)
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 December 31, 2008, these securities had a total value of
$4,598,979 or 3.41% of net assets.
(d)
Private Placement; these securities may only
be resold in transactions exempt from registration under the Securities Act of
1933. As of December 31, 2008, these securities had a total value of $96,500
or 0.07% of net assets.
(e)
Floating or variable rate security - rate
disclosed as of December 31, 2008.
(f)
Amount
represents less than 0.005% of net assets.
(g)
Investments in other funds are calculated at
their respective net asset values as determined by those funds, in accordance
with the Investment Company Act of 1940.
For Fund
compliance purposes, the Funds 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.
Income Tax Information:
|
|
|
|
Net unrealized appreciation/depreciation of
investments based on federal tax costs were as follows:
|
|
|
|
As of December 31, 2008
|
|
|
|
Gross appreciation (excess of value over
tax cost)
|
|
$
|
8,813,028
|
|
Gross depreciation (excess of tax cost over
value)
|
|
(55,074,748
|
)
|
Net unrealized depreciation
|
|
$
|
(46,261,720
|
)
|
Cost of investments for income tax purposes
|
|
$
|
251,702,692
|
|
See
Notes to Quarterly Statement of Investments.
Notes to Quarterly Statement of Investments
December 31, 2008 (Unaudited)
1. Significant Accounting and Operating Policies
Clough Global Allocation
Fund is a closed-end management investment company (the Fund) that was
organized under the laws of the state of Delaware by an Agreement and
Declaration of Trust dated April 27, 2004. The Fund is a non-diversified series with an
investment objective to provide a high level of total return. The Declaration
of Trust provides that the Trustees may authorize separate classes of shares of
beneficial interest.
The following summarizes
the significant accounting policies of the Fund.
Security Valuation
The net asset value per Share of the Fund is determined no less frequently than
daily, on each day that the American 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 Funds net asset
value may change at times when it is not possible to purchase or sell shares of
the Fund. 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. 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 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. 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. Securities for which there is no such quotation or valuation and all
other assets are valued at fair value in good faith by or at the direction of
the Trustees.
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.
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.
There were no outstanding
foreign currency contracts for the Fund as of December 31, 2008.
Fair Valuation
:
If the price of a security is unavailable in accordance with the Funds pricing
procedures, or the price of a security is suspect, e.g., due to the occurrence
of a significant event, the security may be valued at its fair value determined
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 the Fund could actually receive on a sale of
the security. As of December 31, 2008, securities which have been fair
valued represented 1.73% of the Funds net assets.
The Fund adopted the
provisions of Financial Accounting Standards Board Statement of Financial
Accounting Standards No. 157 (FAS 157), Fair Value Measurements, on April 1,
2008. FAS 157 established a three-tier hierarchy to establish classification of
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 entitys 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 Funds investments as of the reporting period
end. These inputs are categorized in the following hierarchy under applicable
financial accounting standards:
Level 1 Quoted prices
in active markets for identical investments
Level 2 Other
significant observable inputs (including quoted prices for similar investments,
interest rates, prepayment speeds, credit risk, etc.)
Level 3 Significant
unobservable inputs (including the Funds own assumptions in determining the
fair value of investments)
The following is a
summary of the inputs used to value the Funds investments as of December 31,
2008.
Valuation Inputs
|
|
Investments in Securities
at Value
|
|
Other Financial Instruments*
Unrealized Appreciation
(Depreciation)
|
|
Level 1 - Quoted
Prices
|
|
$
|
175,700,510
|
|
$
|
(24,309,318
|
)
|
Level 2 - Other
Significant Observable Inputs
|
|
29,740,462
|
|
|
|
Level 3 -
Significant Unobservable Inputs
|
|
|
|
|
|
Total
|
|
$
|
205,440,972
|
|
$
|
(24,309,318
|
)
|
*
Other
financial instruments are derivative instruments not reflected in the Statement
of Investments, such as written options, short sales, currency contracts,
futures, forward contracts and swap contracts.
The following is a reconciliation of assets in which
significant unobservable inputs (Level 3) were used in determining fair value:
|
|
Investments in Securities
|
|
Other Financial
Instruments (OFI)
|
|
OFI Market Value
|
|
Balance as of
3/31/08
|
|
$
|
562,500
|
|
|
|
|
|
Realized
gain/(loss)
|
|
(487,500
|
)
|
|
|
|
|
Change in
unrealized appreciation/(depreciation)
|
|
|
|
|
|
|
|
Net
purchases/(sales)
|
|
(75,000
|
)
|
|
|
|
|
Transfers in
and/or out of level 3
|
|
|
|
|
|
|
|
Balance as of
12/31/08
|
|
$
|
|
|
|
|
|
|
Options
: In order to hedge against adverse market
shifts, the Fund may utilize up to 10% of its total assets to purchase put and
call options on securities. The Fund may
also utilize an additional 10% of its total assets to purchase put and call options
on domestic stock indices to hedge against risks of market-wide price movements
affecting its assets. When a Fund
purchases a call or put option, an amount equal to the premium paid is included
in the Funds Statement of Assets and Liabilities, which is included in the
Annual and Semi-Annual reports to shareholders, as an investment, and is
subsequently marked-to-market to reflect
the current market value
of the option. If an option expires on the stipulated expiration date or if the
Fund enters into a closing sale transaction, a gain or loss is realized. If the
Fund exercises a call, the cost of the security acquired is increased by the
premium paid for the call. If the Fund exercises a put option, a gain or loss
is realized from the sale of the underlying security, and the proceeds from
such a sale are decreased by the premium originally paid.
The Fund may also write
covered put and call options on securities and stock indices. When a Fund writes a put or call option, an
amount equal to the premium received is included in the Statement of Assets and
Liabilities, which is included in the Annual and Semi-Annual reports to
shareholders, as a liability. The amount of the liability is subsequently
marked-to-market to reflect the current market value of the option. If an
option expires on its stipulated expiration date or if the Fund enters into a
closing purchase transaction, a gain or loss is realized. If a written call
option is exercised, a gain or loss is realized for the sale of the underlying
security and the proceeds from the sale are increased by the premium originally
received. If a written put option is exercised, the cost of the security
acquired is decreased by the premium originally received. As a writer of an
option, a Fund has no control over whether the underlying securities are
subsequently sold (call) or purchased (put) and, as a result, bears the market
risk of an unfavorable change in the price of the security underlying the
written option. Written and purchased options are non-income producing
securities.
Written option activity
as of December 31, 2008 was as follows:
CALL OPTIONS
WRITTEN
|
|
Number of
|
|
Amount of
|
|
|
|
Contracts
|
|
Premiums
|
|
Options
outstanding as of March 31, 2008
|
|
|
|
$
|
|
|
Positions opened
|
|
1,663
|
|
1,058,506
|
|
Options expired
|
|
|
|
|
|
Options closed
|
|
(1,133
|
)
|
(817,800
|
)
|
|
|
|
|
|
|
Outstanding,
December 31, 2008
|
|
530
|
|
$
|
240,706
|
|
Market Value,
December 31, 2008
|
|
|
|
$
|
(5,675
|
)
|
PUT OPTIONS
WRITTEN
|
|
Number of
|
|
Amount of
|
|
|
|
Contracts
|
|
Premiums
|
|
Options
outstanding as of March 31, 2008
|
|
7,490
|
|
$
|
3,332,650
|
|
Positions opened
|
|
7,650
|
|
10,659,035
|
|
Options
exercised
|
|
(6,550
|
)
|
(3,405,861
|
)
|
Options expired
|
|
(6,990
|
)
|
(2,982,203
|
)
|
|
|
|
|
|
|
Outstanding,
December 31, 2008
|
|
1,600
|
|
$
|
7,603,621
|
|
Market Value,
December 31, 2008
|
|
|
|
$
|
(834,000
|
)
|
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.
Securities Transactions and
Investment Income:
Investment security transactions are accounted for as of trade
date. Dividend income is recorded on the
ex-dividend date. Interest income, which
includes amortization of premium and accretion of discount, is accrued as
earned. Realized gains and losses from
securities transactions
and unrealized appreciation and depreciation of securities are determined using
the highest cost basis for both financial reporting and income tax purposes.
2. Recent Accounting Pronouncements:
In
March 2008 the FASB issued FASB Statement No. 161, Disclosures about
Derivative Instruments and Hedging Activities (SFAS No. 161), which is
intended to improve financial reporting about derivative instruments and
hedging activities. It is effective for financial statements issued for fiscal
years and interim periods beginning after November 15, 2008. The Fund is
currently evaluating the potential impact, if any, the adoption of SFAS No. 161
will have on the Funds financial statements.
Item 2 -
Controls and Procedures.
(a)
The
Registrants Principal Executive Officer and Principal Financial Officer have
evaluated the Registrants 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 Registrants disclosure controls and procedures were
effective, as of that date.
(b)
There
was no change in the Registrants internal control over financial reporting (as
defined in Rule 30a-3(d) under the Investment Company Act of 1940)
during Registrants last fiscal quarter that has materially affected, or is
reasonably likely to materially affect, the Registrants internal control over
financial reporting.
Item 3
Exhibits.
Separate certifications
for the Registrants 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 Ex99.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 ALLOCATION FUND
|
|
|
|
|
|
|
By:
|
/s/
Edmund J. Burke
|
|
|
|
Edmund J. Burke
|
|
|
|
President
(principal executive
officer)
|
|
|
|
|
|
|
Date:
|
March 2,
2009
|
Pursuant
to the requirements of the Securities Exchange Act of 1934 and the Investment
Company Act of 1940, this report has been signed below by the following persons
on behalf of the registrant and in the capacities and on the dates indicated.
|
By:
|
/s/
Edmund J. Burke
|
|
|
Edmund J. Burke
|
|
|
President
(principal executive
officer)
|
|
|
|
|
Date:
|
March 2,
2009
|
|
|
|
|
|
|
|
By:
|
/s/
Jeremy O. May
|
|
|
Jeremy O. May
|
|
|
Treasurer
(principal financial
officer)
|
|
|
|
|
Date:
|
March 2,
2009
|
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