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 811-21309
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Advent Claymore Convertible Securities and Income Fund
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(Exact name of registrant as specified in charter)
1065 Avenue of the Americas, 31st Floor, New York, NY 10018
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(Address of principal executive offices) (Zip code)
Robert White, Treasurer
Advent Claymore Convertible Securities and Income Fund
1065 Avenue of the Americas, 31st Floor
New York, NY 10018
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(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 482-1600
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Date of fiscal year end: October 31
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Date of reporting period: January 31, 2009
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Form N-Q is to be used by management investment companies, other than small
business investment companies registered on Form N-5 (ss.ss. 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, 450 Fifth Street,
NW, Washington, DC 20549-0609. The OMB has reviewed this collection of
information under the clearance requirements of 44 U.S.C. ss. 3507.
ITEM 1. SCHEDULE OF INVESTMENTS.
Attached hereto.
ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2009 (UNAUDITED)
NUMBER OF SHARES VALUE
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LONG-TERM INVESTMENTS -- 153.3%
CONVERTIBLE PREFERRED STOCKS -- 43.5%
ADVERTISING -- 1.4%
360,985 Interpublic Group Cos., Elf Special Financing Ltd.,
2.346%, 2009 (Cayman Islands) (a)(b) $ 3,906,980
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BANKS -- 8.2%
8,610 Bank of America Corp., Ser. L, 7.25%, 2049 (c) 4,343,745
295,469 Citigroup, Inc., Ser. T, 6.50%, 2015 4,505,902
65,000 Fifth Third Bancorp, Ser. G, 8.50%, 2049 2,307,500
58,000 Keycorp, Ser. A, 7.75%, 2049 3,815,240
12,850 Wells Fargo & Co., Ser. L, 7.50%, 2049 (c) 8,185,450
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23,157,837
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DIVERSIFIED FINANCIAL SERVICES -- 4.3%
20,360 SLM Corp., Ser. C, 7.25%, 2010 (c) 12,149,830
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ELECTRIC -- 3.6%
100,660 Entergy Corp., 7.625%, 2009 (c) 4,893,083
24,000 NRG Energy, Inc., 5.75%, 2009 5,166,000
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10,059,083
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HEALTHCARE SERVICES -- 1.1%
7,000 HealthSouth Corp., 6.50%, 2049 (a) 3,055,500
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HOUSEHOLD PRODUCTS/HOUSEWARES -- 2.1%
201,379 Avery Dennison Corp., 7.875%, 2020 5,839,991
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INSURANCE -- 1.1%
70,000 Reinsurance Group of America, Equity Security Unit, 5.75%, 2051 3,163,125
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MINING -- 4.8%
1,500 Freeport-McMoRan Copper & Gold, Inc., Ser. B, 5.50%, 2049 (c) 988,500
70,000 Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010 (c) 3,262,000
300,000 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 (Brazil) (c) 9,345,000
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13,595,500
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PHARMACEUTICALS -- 8.3%
19,500 Mylan, Inc., 6.50%, 2010 (c) 13,072,215
58,000 Schering-Plough Corp., 6.00%, 2010 (c) 10,092,580
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23,164,795
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SAVINGS & LOANS -- 3.7%
302,200 New York Community Capital Trust V, 6.00%, 2051 10,501,450
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TELECOMMUNICATIONS -- 3.3%
128,095 Crown Castle International Corp., 6.25%, 2012 5,444,038
12,979 Lucent Technologies Capital Trust I, 7.75%, 2017 3,893,700
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9,337,738
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TRANSPORTATION -- 1.6%
125,000 Bristow Group, Inc. 5.50%, 2009 4,325,000
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TOTAL CONVERTIBLE PREFERRED STOCKS - 43.5%
(Cost $178,506,723) 122,256,829
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PRINCIPAL AMOUNT VALUE
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CONVERTIBLE BONDS -- 90.9%
ADVERTISING -- 0.3%
$ 1,170,000 Interpublic Group Cos., Inc., B+, 4.25%, 3/15/23 738,562
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AEROSPACE/DEFENSE -- 1.0%
2,500,000 Alliant Techsystems, Inc., BB-, 2.75%, 2/15/24 2,725,000
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AGRICULTURE-- 0.8%
2,500,000 Archer-Daniels-Midland Co., A, 0.875%, 2/15/14 2,325,000
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BANKS -- 4.5%
4,000,000 National City Corp., A, 4.00%, 2/01/11 3,695,000
7,000,000 PrivateBancorp, Inc., NR, 3.625%, 3/15/27 6,930,000
2,500,000 SVB Financial Group, NR, 3.875%, 4/15/11 (a) 2,000,000
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12,625,000
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BEVERAGES-- 0.5%
1,400,000 Molson Coors Brewing Co., BBB, 2.50%, 7/30/13 1,515,500
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BIOTECHNOLOGY -- 10.0%
8,750,000 Amgen, Inc., A+, 0.125%, 2/01/11 8,181,250
2,500,000 Charles River Laboratories International, Inc., BB+, 2.25%, 6/15/13 1,975,000
5,000,000 Gilead Sciences, Inc., NR, 0.50%, 5/01/11 6,718,750
8,000,000 Life Technologies Corp., BB+, 3.25%, 6/15/25 7,280,000
3,500,000 Millipore Corp., BB-, 3.75%, 6/01/26 3,202,500
930,000 OSI Pharmaceuticals, Inc., NR, 3.00%, 1/15/38 778,875
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28,136,375
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COAL -- 1.0%
4,500,000 Massey Energy Co., BB-, 3.25%, 8/01/15 2,801,250
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COMMERCIAL SERVICES -- 1.7%
4,600,000 Quanta Services, Inc., NR, 3.75%, 4/30/26 4,910,500
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COMPUTERS -- 3.8%
3,000,000 DST Systems, Inc., NR, 4.125%, 8/15/23 (d) 2,793,750
5,000,000 EMC Corp., A-, 1.75%, 12/01/11 (c) 4,875,000
2,000,000 EMC Corp., A-, 1.75%, 12/01/13 (c) 1,890,000
2,150,000 Maxtor Corp., B, 2.375%, 8/15/12 1,247,000
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10,805,750
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DISTRIBUTION/WHOLESALE -- 0.6%
2,250,000 WESCO International, Inc., B, 1.75%, 11/15/26 1,566,562
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DIVERSIFIED FINANCIAL SERVICES -- 8.3%
5,000,000 Affiliated Managers Group, Inc., BBB-, 3.95%, 8/15/38 (a) 3,468,750
11,850,000 Merrill Lynch & Co., Inc., NR, 0.00%, 3/13/32 (e) 12,923,610
9,000,000 Nasdaq OMX Group, BB+, 2.50%, 8/15/13 (a) 6,975,000
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23,367,360
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ELECTRONICS -- 0.8%
2,449,000 Flextronics International Ltd., BB-, 1.00%, 8/01/10 (Singapore) 2,109,201
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HEALTHCARE PRODUCTS -- 8.9%
2,500,000 Beckman Coulter, Inc., BBB, 2.50%, 12/15/36 2,390,625
3,000,000 Fisher Scientific International, Inc., BBB+, 3.25%, 3/01/24 3,423,750
10,069,000 Hologic, Inc., B+, 2.00%, 12/15/37 (d) 6,481,919
2,500,000 Integra LifeSciences Holdings Corp., NR, 2.75%, 6/01/10 (a) 2,162,500
12,000,000 Medtronic, Inc., AA-, 1.625%, 4/15/13 10,635,000
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25,093,794
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HEALTHCARE SERVICES -- 0.5%
1,550,000 Laboratory Corp. of America Holdings, BBB-, 0.00%, 9/11/21 (e) 1,315,563
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INSURANCE -- 2.4%
7,000,000 Prudential Financial, Inc., A+, 0.366%, 12/15/37 (b) (c) 6,755,000
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LEISURE TIME -- 2.8%
9,000,000 Carnival Corp., A-, 2.00%, 4/15/21 (Panama) 7,998,750
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MISCELLANEOUS MANUFACTURING -- 3.3%
1,750,000 Danaher Corp., A+, 0.00%, 1/22/21 (e) 1,533,437
9,000,000 Eastman Kodak Co., B-, 3.375%, 10/15/33 7,256,250
1,000,000 Trinity Industries, Inc., BB-, 3.875%, 6/01/36 506,250
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9,295,937
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OIL & GAS-- 8.3%
1,710,000 Carrizo Oil & Gas, Inc., NR, 4.375%, 6/01/28 874,238
1,000,000 Chesapeake Energy Corp., BB, 2.75%, 11/15/35 688,750
5,000,000 Nabors Industries, Inc., BBB+, 0.94%, 5/15/11 4,337,500
5,000,000 Petroplus Finance Ltd., Ser. PPHN, BB-, 3.375%, 3/26/13 (Switzerland) 3,562,185
3,500,000 SOCO Finance Jersey Ltd., Ser. SIA, NR, 4.50%, 5/16/13 (United Kingdom) 2,761,542
12,500,000 Transocean, Inc., Ser. A, BBB+, 1.625%, 12/15/37
(Cayman Islands) (c) (f) 11,125,000
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23,349,215
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PACKAGING & CONTAINERS -- 0.3%
1,100,000 Sealed Air Corp., BB+, 3.00%, 6/30/33 (a) 954,250
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PHARMACEUTICALS -- 9.7%
2,500,000 Allergan, Inc., NR, 1.50%, 4/01/26 2,440,625
7,000,000 Medicis Pharmaceutical Corp., NR, 2.50%, 6/04/32 5,486,250
7,400,000 Shire PLC, Ser. REGs, NR, 2.75%, 5/09/14 (Channel Islands) 6,031,355
13,250,000 Teva Pharmaceutical Finance LLC, Ser. C, BBB+, 0.25%, 2/01/26
(Israel) (f) 13,200,313
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27,158,543
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REAL ESTATE INVESTMENT TRUSTS -- 8.3%
3,000,000 Boston Properties LP, A-, 2.875%, 2/15/37 2,355,000
1,200,000 BRE Properties, Inc., BBB, 4.125%, 8/15/26 990,000
2,700,000 Home Properties, Inc., NR, 4.125%, 11/01/26 (a) 2,138,130
4,408,000 Hospitality Properties Trust, BBB, 3.80%, 3/15/27 2,771,530
7,005,000 Host Hotels & Resorts LP, BBB-, 2.625%, 4/15/27 (a) 5,201,212
1,750,000 Host Hotels & Resorts LP, BBB-, 3.25%, 4/15/24 (a) 1,590,313
3,935,000 Reckson Operating Partnership LP, BB+, 4.00%, 6/15/25 3,551,337
2,798,000 UDR, Inc., BBB, 4.00%, 12/15/35 2,385,295
2,921,000 Vomado Realty Trust, BBB, 3.625%, 11/15/26 2,387,918
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23,370,735
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SEMICONDUCTORS -- 5.1%
10,000,000 Intel Corp., A-, 2.95%, 12/15/35 7,712,500
3,300,000 Linear Technology Corp., Ser. A, NR, 3.00%, 5/01/27 2,602,875
2,500,000 ON Semiconductor Corp., Ser. B, B+, 0.00%, 4/15/24 (e) 2,171,875
2,000,000 Skyworks Solutions, Inc., NR, 1.25%, 3/01/10 1,857,500
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14,344,750
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SOFTWARE -- 2.3%
3,500,000 Informatica Corp., NR, 3.00%, 3/15/26 3,276,875
3,369,000 Novell, Inc., NR, 0.50%, 7/15/24 3,284,775
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6,561,650
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TELECOMMUNICATIONS -- 5.7%
4,750,000 Lucent Technologies, Inc., Ser. A, BB-, 2.875%, 6/15/23 3,871,250
8,600,000 NII Holdings, Inc., NR, 3.125%, 6/15/12 5,772,750
6,000,000 Qwest Communications International, Inc., B+, 3.50%, 11/15/25 5,152,500
2,500,000 Virgin Media, Inc., B-, 6.50%, 11/15/16 (a) 1,140,625
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15,937,125
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TOTAL CONVERTIBLE BONDS - 90.9%
(Cost $272,481,067) 255,761,372
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CORPORATE BONDS -- 17.7%
AGRICULTURE -- 0.6%
2,000,000 Vector Group Ltd., NR, 11.00%, 8/15/15 1,530,000
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COMMUNICATIONS, MEDIA & ENTERTAINMENT -- 1.1%
3,000,000 Rainbow National Services LLC, BB, 8.75%, 9/01/12 (a) 3,007,500
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HEALTHCARE PRODUCTS -- 1.4%
4,100,000 Hanger Orthopedic Group, Inc., CCC+, 10.25%, 6/01/14 4,018,000
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HEALTHCARE SERVICES -- 1.0%
3,000,000 HCA, Inc., BB-, 9.25%, 11/15/16 2,872,500
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HOLDING COMPANIES - DIVERSIFIED -- 1.7%
6,000,000 Leucadia National Corp., BB+, 8.125%, 9/15/15 4,890,000
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OFFICE/BUSINESS EQUIPMENT -- 0.9%
3,500,000 Xerox Capital Trust I, BB+, 8.00%, 2/01/27 2,570,358
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OIL & GAS SERVICES -- 1.2%
4,500,000 CCS, Inc., B-, 11.00%, 11/15/15 (Canada) (a) 3,172,500
250,000 Forbes Energy Services Ltd., B, 11.00%, 2/15/15 (Bermuda) 151,250
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3,323,750
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PHARMACEUTICALS -- 1.5%
4,760,000 Axcan Intermediate Holdings, Inc., B-, 12.75%, 3/01/16 4,307,800
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PIPELINES -- 1.1%
3,000,000 Williams Cos., Inc., BB+, 8.125%, 3/15/12 2,985,000
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SEMICONDUCTORS -- 1.2%
5,900,000 Amkor Technology, Inc., B+, 9.25%, 6/01/16 3,304,000
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TELECOMMUNICATIONS -- 6.0%
4,500,000 Broadview Networks Holdings, Inc., CCC+, 11.375%, 9/01/12 2,025,000
6,173,000 Centennial Cellular Co., B, 10.125%, 6/15/13 6,404,487
2,750,000 Fairpoint Communications, Inc., B+, 13.125%, 4/01/18 (a) 1,553,750
5,500,000 Intelsat Jackson Holdings Ltd., CCC+, 11.25%, 6/15/16 (Bermuda) 5,286,875
890,000 Sprint Capital Corp., BB, 7.625%, 1/30/11 741,243
1,110,000 Sprint Capital Corp., BB, 8.375%, 3/15/12 888,566
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16,899,921
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TOTAL CORPORATE BONDS - 17.7%
(Cost $59,795,603) 49,708,829
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PRINCIPAL AMOUNT VALUE
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TERM LOANS (FUNDED) - 1.2%
HEALTHCARE SEVICES- 1.2%
$ 3,920,000 HCA, Inc., Term Loan B, NR, 3.709%, 11/16/13 (b)
(Cost $3,958,334) 3,252,263
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TOTAL LONG-TERM INVESTMENTS - 153.3%
(Cost $514,741,727) 430,979,293
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NUMBER OF SHARES VALUE
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MONEY MARKET FUND - 32.8%
88,346,406 Dreyfus Treasury & Agency Cash Management - Investor Shares 88,346,406
4,000,000 Goldman Sachs Financial Prime Obligations 4,000,000
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TOTAL SHORT-TERM INVESTMENTS - 32.8%
(Cost $92,346,406) 92,346,406
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TOTAL INVESTMENTS -- 186.1%
(Cost $607,088,133) 523,325,699
Total Value of Options Written
(Premiums received $104,578) - (0.0%) (81,473)
Other assets in excess of liabilities -- 7.1% 19,983,730
Preferred Stock, at redemption value -- (-93.2% of Net Assets
Applicable to Common Shareholders or -50.1% of Total Investments) (262,000,000)
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NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS -- 100.0% $281,227,956
============
CONTRACTS
(100 SHARES EXPIRATION EXERCISE
PER CONTRACT) OPTIONS WRITTEN (G) DATE PRICE VALUE
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CALL OPTIONS WRITTEN
548 Bank of America Corp. February 2009 $ 9.00 $ 14,248
150 Vale Capital Ltd. March 2009 15.00 17,250
75 EMC Corp. March 2009 12.00 3,300
75 Entergy Corp. February 2009 85.00 2,325
125 Freeport-McMoRan Copper & Gold, Inc. February 2009 30.00 5,750
100 Mylan, Inc. March 2009 12.50 5,000
100 Prudential Financial, Inc. February 2009 35.00 7,000
200 Schering-Plough Corp. March 2009 20.00 8,000
75 SLM Corp. March 2009 15.00 2,250
100 SLM Corp. April 2009 15.00 6,000
50 Transocean, Inc. March 2009 65.00 7,250
100 Wells Fargo & Co. February 2009 24.00 3,100
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Total Options Written
(Premiums received $104,578) $ 81,473
========
LP - Limited Partnership
(a) Securities are exempt from registration under Rule 144A of the Securities
Act of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At January 31,
2009, these securities amounted to 14.3% of net assets.
(b) Floating rate security. The rate shown is as of January 31, 2009.
(c) All or a portion of this security position represents cover (directly or
through conversion rights) for outstanding options written.
(d) Security is a "step up" bond where the coupon increases or steps up at a
predetermined date.
(e) Zero-coupon bond.
(f) All or a portion of these securities have been physically segregated in
connection with swap agreements.
(g) Non-income producing security.
Ratings shown are per Standard & Poor's. Securities classified as NR are not
rated by Standard & Poor's.
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, 2008.
COUNTRY BREAKDOWN AS % OF TOTAL INVESTMENTS*
United States 86.9%
Cayman Islands 2.9%
Israel 2.5%
Brazil 1.8%
Panama 1.5%
Channel Islands 1.2%
Bermuda 1.0%
Switzerland 0.7%
Canada 0.6%
United Kingdom 0.5%
Singapore 0.4%
*Subject to change daily.
SWAP AGREEMENTS
NOTIONAL PAYING UNREALIZED
TERMINATION AMOUNT FLOATING APPRECIATION/
COUNTERPARTY UNDERLYING TERM LOANS DATE (000) RATE (DEPRECIATION)
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TOTAL RETURN SWAP AGREEMENTS:
JPMorgan Chase & Co. CCS Corp., US LIBOR + 3.00%, due 11/14/14 05/01/2009 3,722 1.07% $(1,446,144)
JPMorgan Chase & Co. Fairpoint Communications, Inc., 05/01/2009 1,164 1.07% (602,811)
US LIBOR + 2.75%, due 03/08/15
JPMorgan Chase & Co. Mac Gen LLC, US LIBOR + 2.00%, due 02/22/12 05/01/2009 494 1.07% (140,504)
JPMorgan Chase & Co. Virgin Media Investment Holding, 05/01/2009 1,860 2.36% (300,282)
GBP LIBOR + 2.125%, due 10/04/13
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(2,489,741)
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NOTIONAL PAYING UNREALIZED
BUY/SELL TERMINATION AMOUNT FIXED APPRECIATION/
COUNTERPARTY REFERENCE ENTITY PROTECTION DATE (000) RATE (DEPRECIATION)
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CREDIT DEFAULT SWAP AGREEMENTS:
JPMorgan Chase & Co. LVMH Moet Hennessy Louis Vuitton, 145 bps Buy 03/20/2014 (3,000) 1.45% 22,962
JPMorgan Chase & Co. Renault, 372 bps Buy 03/20/2014 (3,000) 3.72% 12,768
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35,730
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$(2,454,011)
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For each total return swap noted, the Fund pays a floating rate and receives the
total return of the underlying asset.
For each credit default swap noted, the Fund pays a fixed rate.
The market value of the swaps outstanding reflects the current receivable and
payable for the floating rate and fixed rate, which may have different payment
dates.
In September, 2006, the Financial Accounting Standards Board issued Statement of
Financial Accounting Standards No. 157, "Fair Valuation Measurements" ("FAS
157"). This standard clarifies the definition of fair value for financial
reporting, establishes a framework for measuring fair value and requires
additional disclosures about the use of fair value measurements. FAS 157
establishes three different categories for valuations. Level 1 valuations are
those based upon quoted prices in active markets. Level 2 valuations are those
based upon quoted prices in inactive markets or based upon significant
observable inputs (e.g. yield curves; benchmark interest rates; indices). Level
3 valuations are those based upon unobservable inputs (e.g. discounted cash flow
analysis; non-market based methods used to determine fair valuation).
Valuations at January 31, 2009
Description Securities Derivatives Total
---------- ----------- ---------
(value in $000s)
Assets:
Level 1 $ 214,603 $ - $ 214,603
Level 2 308,723 35 308,758
Level 3 - - -
--------- --------- ---------
Total $ 523,326 $ 35 $ 523,361
========= ========= =========
Liabilities:
Level 1 $ - $ 81 $ 81
Level 2 - 2,489 2,489
Level 3 - - -
--------- --------- ---------
Total $ - $ 2,570 $ 2,570
========= ========= =========
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 within 90 days of this filing 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 in 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) The registrant's principal executive officer and principal financial
officer are aware of no changes in the registrant's internal controls
over financial reporting (as defined in Rule 30a-3(d) under the
Investment Company Act) 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 (17 CFR 270.30a-2(a)), exactly as set forth below:
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 Convertible Securities and Income Fund
--------------------------------------------------------------------------------
By: /s/ Tracy V. Maitland
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Tracy V. Maitland
President and Chief Executive Officer
Date: March 27, 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/ Tracy V. Maitland
------------------------------------------------------------------------
Tracy V. Maitland
President and Chief Executive Officer
Date: March 27, 2009
By: /s/ Robert White
------------------------------------------------------------------------
Robert White
Treasurer and Chief Financial Officer
Date: March 27, 2009