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) |
|
|
|
1625 Broadway, Suite 2200, Denver, Colorado 80202 |
|
(Address of principal executive offices) (Zip code) |
|
|
|
Erin Douglas |
|
Clough Global Allocation Fund |
|
1625 Broadway, Suite 2200 |
|
Denver, Colorado 80202 |
|
(Name and address of agent for service) |
|
|
|
Registrant’s telephone number, including area code: (303) 623-2577 |
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|
|
Date of fiscal year end: May 31 |
|
|
|
Date of reporting period: August 31 |
Item 1 — Schedule of Investments.
CLOUGH GLOBAL ALLOCATION FUND
PORTFOLIO OF INVESTMENTS (Unaudited)
August 31, 2004
|
|
|
|
|
|
|
Shares |
|
Value |
|
|
|
COMMON STOCKS |
|
38.8 |
% |
|
|
|
|
|
|
|
|
Japan Markets |
|
5.4 |
% |
|
|
|
|
|
|
|
|
ACOM Co., Ltd. |
|
|
|
|
|
10,400 |
|
$ |
686,384 |
|
|
Aiful Corp. |
|
|
|
|
|
7,000 |
|
701,634 |
|
|
|
Airport Facilities Co., Ltd. |
|
|
|
|
|
59,000 |
|
302,439 |
|
|
|
Bank of Yokohama, Ltd. |
|
|
|
|
|
160,000 |
|
951,989 |
|
|
|
Daiwa Securities Group Inc. |
|
|
|
|
|
178,000 |
|
1,156,849 |
|
|
|
Kokuyo Co., Ltd. |
|
|
|
|
|
56,000 |
|
641,787 |
|
|
|
Lion Corp. |
|
|
|
|
|
116,000 |
|
683,821 |
|
|
|
Nikko Cordial Corp. |
|
|
|
|
|
148,000 |
|
665,184 |
|
|
|
Nippon Broadcasting System |
|
|
|
|
|
13,500 |
|
633,942 |
|
|
|
Nippon Yusen Kabushiki Kaisha |
|
|
|
|
|
146,000 |
|
757,765 |
|
|
|
Nisshinbo Industries, Inc. |
|
|
|
|
|
93,000 |
|
659,755 |
|
|
|
Toho Co., Ltd. |
|
|
|
|
|
46,000 |
|
661,083 |
|
|
|
Wacoal Corp. |
|
|
|
|
|
67,000 |
|
661,751 |
|
|
|
York-Benimaru Co., Ltd. |
|
|
|
|
|
26,000 |
|
650,922 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL JAPAN MARKETS |
|
|
|
|
|
|
|
9,815,305 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Energy |
|
10.9 |
% |
|
|
|
|
|
|
|
|
Apache Corp. |
|
|
|
|
|
20,000 |
|
893,800 |
|
|
|
Chesapeake Energy Corp. |
|
|
|
|
|
80,000 |
|
1,130,400 |
|
|
|
CONSOL Energy Inc. |
|
|
|
|
|
20,000 |
|
641,600 |
|
|
|
Cooper Cameron Corp.* |
|
|
|
|
|
30,000 |
|
1,527,900 |
|
|
|
Devon Energy Corp. |
|
|
|
|
|
12,000 |
|
777,720 |
|
|
|
Diamond Offshore Drilling, Inc. |
|
|
|
|
|
25,000 |
|
635,500 |
|
|
|
ENSCO International Inc. |
|
|
|
|
|
50,000 |
|
1,458,000 |
|
|
|
FMC Technologies, Inc.* |
|
|
|
|
|
50,000 |
|
1,536,000 |
|
|
|
Globalsantefe Corp. |
|
|
|
|
|
30,000 |
|
836,400 |
|
|
|
Halliburton Co. |
|
|
|
|
|
20,000 |
|
583,400 |
|
|
|
Massey Energy Co. |
|
|
|
|
|
25,000 |
|
688,000 |
|
|
|
National-Oilwell, Inc.* |
|
|
|
|
|
52,000 |
|
1,554,800 |
|
|
|
Noble Corp.* |
|
|
|
|
|
37,000 |
|
1,488,140 |
|
|
|
Patterson-UTI Energy, Inc. |
|
|
|
|
|
40,000 |
|
692,800 |
|
|
|
Precision Drilling Corp.* |
|
|
|
|
|
16,000 |
|
790,400 |
|
|
|
Rowan Companies, Inc.* |
|
|
|
|
|
55,000 |
|
1,337,600 |
|
|
|
Royal Dutch Petroleum Co.- ADR |
|
|
|
|
|
10,000 |
|
506,900 |
|
|
|
Schlumberger, Ltd. |
|
|
|
|
|
14,000 |
|
865,200 |
|
|
|
Tidewater Inc. |
|
|
|
|
|
10,000 |
|
291,800 |
|
|
|
Transocean Inc.* |
|
|
|
|
|
48,000 |
|
1,473,600 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL ENERGY |
|
|
|
|
|
|
|
19,709,960 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Finance |
|
7.9 |
% |
|
|
|
|
|
|
|
|
Astoria Financial Corp. |
|
|
|
|
|
20,000 |
|
726,800 |
|
|
|
Bank Mutual Corp. |
|
|
|
|
|
17,000 |
|
193,970 |
|
|
|
BankUnited Financial Corp.- Class A* |
|
|
|
|
|
14,400 |
|
407,232 |
|
|
|
Brookline Bancorp, Inc. |
|
|
|
|
|
65,500 |
|
991,670 |
|
|
|
Citigroup, Inc. |
|
|
|
|
|
20,000 |
|
931,600 |
|
|
1
|
Cohen & Steers, Inc. |
|
|
|
|
|
117,000 |
|
1,743,300 |
|
|
Fidelity Bankshares, Inc. |
|
|
|
|
|
30,000 |
|
1,083,300 |
|
|
First Niagara Financial Group, Inc. |
|
|
|
|
|
40,000 |
|
503,600 |
|
|
Independent Bank Corp. |
|
|
|
|
|
25,000 |
|
748,500 |
|
|
Merrill Lynch & Co., Inc. |
|
|
|
|
|
39,000 |
|
1,991,730 |
|
|
NewAlliance Bancshares, Inc. |
|
|
|
|
|
68,000 |
|
931,600 |
|
|
New York Community Bancorp, Inc. |
|
|
|
|
|
20,000 |
|
427,000 |
|
|
Provident Financial Services, Inc. |
|
|
|
|
|
30,000 |
|
535,800 |
|
|
Sovereign Bancorp, Inc. |
|
|
|
|
|
86,000 |
|
1,879,960 |
|
|
Webster Financial Corp. |
|
|
|
|
|
22,000 |
|
1,082,400 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL FINANCE |
|
|
|
|
|
|
|
14,178,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Healthcare |
|
0.5 |
% |
|
|
|
|
|
|
|
Sepracor Inc.* |
|
|
|
|
|
20,000 |
|
992,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HEALTHCARE |
|
|
|
|
|
|
|
992,200 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Housing |
|
2.0 |
% |
|
|
|
|
|
|
|
D.R. Horton, Inc. |
|
|
|
|
|
20,000 |
|
618,800 |
|
|
Hovnanian Enterprises, Inc.- Class A* |
|
|
|
|
|
15,176 |
|
522,358 |
|
|
KB Home |
|
|
|
|
|
13,000 |
|
894,010 |
|
|
Lennar Corp.- Class A |
|
|
|
|
|
20,000 |
|
916,000 |
|
|
Toll Brothers, Inc.* |
|
|
|
|
|
14,000 |
|
621,460 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL HOUSING |
|
|
|
|
|
|
|
3,572,628 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Industrial |
|
2.1 |
% |
|
|
|
|
|
|
|
General Electric Co. |
|
|
|
|
|
26,000 |
|
852,540 |
|
|
GOL Linhas Aereas Inteligentes S.A. - ADR* |
|
|
|
|
|
30,000 |
|
523,800 |
|
|
Methanex Corp. |
|
|
|
|
|
35,000 |
|
473,200 |
|
|
Smurfit - Stone Container Corp.* |
|
|
|
|
|
45,000 |
|
798,300 |
|
|
Trinity Industries, Inc. |
|
|
|
|
|
35,000 |
|
971,250 |
|
|
Willbros Group, Inc.* |
|
|
|
|
|
10,000 |
|
140,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INDUSTRIAL |
|
|
|
|
|
|
|
3,759,090 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Insurance |
|
0.9 |
% |
|
|
|
|
|
|
|
Selective Insurance Group, Inc. |
|
|
|
|
|
20,800 |
|
718,224 |
|
|
XL Capital, Ltd.- Class A |
|
|
|
|
|
12,200 |
|
856,440 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INSURANCE |
|
|
|
|
|
|
|
1,574,664 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Media |
|
0.3 |
% |
|
|
|
|
|
|
|
Marvel Enterprises, Inc.* |
|
|
|
|
|
35,000 |
|
513,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MEDIA |
|
|
|
|
|
|
|
513,450 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Metals |
|
1.1 |
% |
|
|
|
|
|
|
|
Freeport McMoRan Copper & Gold Inc. |
|
|
|
|
|
15,400 |
|
579,502 |
|
|
Newmont Mining Corp. |
|
|
|
|
|
5,000 |
|
221,950 |
|
|
POSCO - ADR |
|
|
|
|
|
5,000 |
|
180,900 |
|
|
Schnitzer Steel Industries, Inc. - Class A |
|
|
|
|
|
37,100 |
|
1,042,510 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL METALS |
|
|
|
|
|
|
|
2,024,862 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Retail |
|
0.5 |
% |
|
|
|
|
|
|
|
Albertson’s, Inc. |
|
|
|
|
|
18,500 |
|
454,730 |
|
|
Wolverine World Wide, Inc. |
|
|
|
|
|
15,000 |
|
361,800 |
|
|
TOTAL RETAIL |
|
|
|
|
|
|
|
816,530 |
|
2
|
Technology |
|
2.6 |
% |
|
|
|
|
|
|
|
Microsoft Corp. |
|
|
|
|
|
60,000 |
|
1,638,000 |
|
|
Nextel Communications, Inc. - Class A* |
|
|
|
|
|
79,700 |
|
1,848,243 |
|
|
Radvision, Ltd.* |
|
|
|
|
|
48,900 |
|
485,088 |
|
|
Sanmina - SCI Corp.* |
|
|
|
|
|
96,000 |
|
664,320 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL TECHNOLOGY |
|
|
|
|
|
|
|
4,635,651 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Transportation |
|
1.1 |
% |
|
|
|
|
|
|
|
General Maritime Corp.* |
|
|
|
|
|
16,000 |
|
436,480 |
|
|
Golar LNG, Ltd.* |
|
|
|
|
|
28,200 |
|
393,954 |
|
|
OMI Corp. |
|
|
|
|
|
32,000 |
|
407,040 |
|
|
Teekay Shipping Corp. |
|
|
|
|
|
12,000 |
|
420,600 |
|
|
Tsakos Energy Navigation, Ltd. |
|
|
|
|
|
14,000 |
|
380,800 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL TRANSPORTATION |
|
|
|
|
|
|
|
2,038,874 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Utilities |
|
3.5 |
% |
|
|
|
|
|
|
|
Dominion Resources, Inc. |
|
|
|
|
|
8,000 |
|
519,120 |
|
|
DTE Energy Co. |
|
|
|
|
|
13,000 |
|
537,160 |
|
|
Duke Energy Corp. |
|
|
|
|
|
23,000 |
|
509,220 |
|
|
Entergy Corp. |
|
|
|
|
|
39,000 |
|
2,351,700 |
|
|
Exelon Corp. |
|
|
|
|
|
14,000 |
|
515,900 |
|
|
FPL Group, Inc. |
|
|
|
|
|
7,000 |
|
484,400 |
|
|
Southern Co. |
|
|
|
|
|
17,000 |
|
515,950 |
|
|
Williams Cos., Inc. |
|
|
|
|
|
70,000 |
|
832,300 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL UTILITIES |
|
|
|
|
|
|
|
6,265,750 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL COMMON STOCKS |
|
|
|
|
|
|
|
69,897,426 |
|
|
|
|
|
|
|
|
|
|
|
|
|
EXCHANGE TRADED FUNDS |
|
2.4 |
% |
|
|
|
|
|
|
|
iShares |
|
|
|
|
|
|
|
|
|
|
MSCI Brazil |
|
|
|
|
|
99,000 |
|
1,684,980 |
|
|
MSCI Hong Kong |
|
|
|
|
|
50,000 |
|
547,000 |
|
|
MSCI Malaysia |
|
|
|
|
|
133,300 |
|
859,785 |
|
|
MSCI Pacific |
|
|
|
|
|
8,000 |
|
606,320 |
|
|
MSCI Taiwan |
|
|
|
|
|
52,000 |
|
553,280 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL EXCHANGE TRADED FUNDS |
|
|
|
|
|
|
|
4,251,365 |
|
|
|
|
|
|
|
|
|
|
|
|
|
MONEY MARKET MUTUAL FUNDS |
|
11.5 |
% |
|
|
|
|
|
|
|
J.P. Morgan Prime Money Market Fund |
|
|
|
|
|
20,729,498 |
|
20,729,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL MONEY MARKET MUTUAL FUNDS |
|
|
|
|
|
|
|
20,729,498 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Due Date |
|
|
|
Coupon |
|
Principal |
|
|
|
|
|
U.S. GOVERNMENT & AGENCY OBLIGATIONS |
|
50.9 |
% |
|
|
|
|
|
|
|
|
Federal National Mortgage Association |
|
41.5 |
% |
|
|
|
|
|
|
|
|
10/27/04 DN |
|
|
|
1.578 |
% |
$ |
25,000,000 |
|
24,938,633 |
|
|
10/27/04 DN |
|
|
|
1.578 |
% |
50,000,000 |
|
49,877,267 |
|
|
3
|
TOTAL FEDERAL NAT’L MORTAGE ASSOC. |
|
|
|
|
|
|
|
74,815,900 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
U.S. Treasury Bill |
|
9.4 |
% |
|
|
|
|
|
|
|
|
11/04/04 |
|
|
|
1.430 |
% |
17,000,000 |
|
16,955,902 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL U.S. GOVERNMENT & AGENCY
OBLIGATIONS |
|
|
|
|
|
|
|
91,771,802 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL INVESTMENTS |
|
|
|
103.6 |
% |
|
|
186,650,091 |
|
|
|
Liabilities in Excess of Other Assets |
|
|
|
-3.6 |
% |
|
|
(6,487,269 |
) |
|
|
NET ASSETS |
|
|
|
100.0 |
% |
|
|
$ |
180,162,822 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
*Non-income producing security |
|
|
|
|
|
|
|
|
|
|
|
ADR - American Depositary Receipt |
|
|
|
|
|
|
|
|
|
|
|
DN - Discount Note |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income Tax Information: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
As of August 31, 2004 |
|
|
|
|
|
|
|
|
|
|
|
Gross appreciation (excess of value over tax cost) |
|
|
|
|
|
|
|
$ |
1,934,561 |
|
|
Gross depreciation (excess of tax cost over value) |
|
|
|
|
|
|
|
(1,059,058 |
) |
|
|
Net unrealized appreciation |
|
|
|
|
|
|
|
$ |
875,503 |
|
|
Cost of investments for income tax purposes |
|
|
|
|
|
|
|
$ |
185,774,588 |
|
4
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 Ex99.CERT
2
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 |
|
|
|
|
|
|
|
|
|
|
|
Date: |
|
October 28, 2004 |
|
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 |
|
|
|
|
|
|
|
|
|
|
|
Date: |
|
October 28, 2004 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
By: |
|
/s/ Jeremy O. May |
|
|
|
|
|
|
Jeremy O. May |
|
|
|
|
|
|
Treasurer |
|
|
|
|
|
|
|
|
|
|
|
Date: |
|
October 28, 2004 |
|
3