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, 2010
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, 2010 (UNUADITED)
NUMBER OF SHARES VALUE
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LONG-TERM INVESTMENTS -- 160.1%
CONVERTIBLE PREFERRED STOCKS -- 44.3%
AGRICULTURE -- 1.1%
109,100 Archer-Daniels-Midland Co., 6.25%, 2011 $ 4,680,390
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BANKS -- 10.4%
169,000 Citigroup, Inc., 7.50%, 2012 17,667,260
36,350 Fifth Third Bancorp, Ser. G, 8.50%, 2049 4,975,770
72,176 Keycorp, Ser. A, 7.75%, 2049 6,773,717
6,000 Webster Financial Corp., Ser. A, 8.50%, 2049 5,025,000
8,602 Wells Fargo & Co., Ser. L, 7.50%, 2049 8,108,245
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42,549,992
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ELECTRIC -- 4.3%
191,504 FPL Group, Inc., 8.375%, 2012 9,766,704
123,400 Great Plains Energy, Inc., 12.00%, 2012 7,774,200
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17,540,904
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FOOD PRODUCTS -- 1.7%
623,200 Dole Food 2009 Automatic Common Exchange Security Trust, 7.00%, 2012 (a) 6,825,972
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HEALTHCARE SERVICES -- 3.0%
4,500 HealthSouth Corp., Ser. A, 6.50%, 2049 3,713,625
231,000 Omnicare Capital Trust II, Ser. B, 4.00%, 2033 8,806,875
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12,520,500
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INSURANCE -- 6.1%
88,000 Assured Guaranty Ltd., 8.50%, 2012 (Bermuda) 8,265,840
70,000 Reinsurance Group of America, Equity Security Unit, 5.75%, 2051 4,485,600
470,667 XL Capital Ltd., 10.75%, 2011 (Cayman Islands) 12,204,395
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24,955,835
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MINING -- 2.0%
164,450 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 (Brazil) 8,403,395
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OIL & GAS -- 1.4%
33,612 Whiting Petroleum Corp., 6.25%, 2049 5,781,264
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PHARMACEUTICALS -- 2.1%
8,685 Mylan, Inc., 6.50%, 2010 8,595,458
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PIPELINES -- 1.5%
6,600 El Paso Corp., 4.99%, 2049 6,205,650
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REAL ESTATE INVESTMENT TRUSTS -- 3.1%
288,307 Alexandria Real Estate Equities, Inc., Ser. D, 7.00%, 2049 6,198,600
106,000 Simon Property Group, Inc., Ser. I, 6.00%, 2049 6,537,020
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12,735,620
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SAVINGS & LOANS -- 2.2%
192,788 New York Community Capital Trust V, 6.00%, 2051 8,964,642
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TELECOMMUNICATIONS -- 4.3%
128,095 Crown Castle International Corp., 6.25%, 2012 7,365,463
13,155 Lucent Technologies Capital Trust I, 7.75%, 2017 (France) 10,310,231
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17,675,694
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TRANSPORTATION -- 1.1%
4,000 Kansas City Southern, 5.125%, 2049 4,383,328
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TOTAL CONVERTIBLE PREFERRED STOCKS - 44.3%
(Cost $159,050,069) 181,818,644
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PRINCIPAL AMOUNT VALUE
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CONVERTIBLE BONDS -- 89.1%
AEROSPACE & DEFENSE -- 1.3%
$ 5,275,000 Alliant Techsystems, Inc., BB-, 2.75%, 9/15/11 5,387,094
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AGRICULTURE-- 0.6%
2,500,000 Archer-Daniels-Midland Co., A, 0.875%, 2/15/14 2,550,000
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AIRLINES-- 2.6%
2,000,000 Continental Airlines, Inc., CCC+, 5.00%, 6/15/23 2,185,000
9,008,000 UAL Corp., CCC, 4.50%, 6/30/21 8,276,550
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10,461,550
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AUTO MANUFACTURERS-- 1.2%
3,700,000 Ford Motor Co., CCC, 4.25%, 11/15/16 4,971,875
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BIOTECHNOLOGY -- 7.4%
8,500,000 Amgen, Inc., A+, 0.375%, 2/01/13 8,606,250
6,250,000 Amylin Pharmaceuticals, Inc., NR, 3.00%, 6/15/14 5,101,562
5,000,000 Gilead Sciences, Inc., NR, 0.50%, 5/01/11 6,400,000
6,000,000 Life Technologies Corp., BB+, 3.25%, 6/15/25 6,855,000
3,500,000 Millipore Corp., BB-, 3.75%, 6/01/26 3,561,250
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30,524,062
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COAL -- 1.0%
4,500,000 Massey Energy Co., BB-, 3.25%, 8/01/15 3,976,875
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COMMERCIAL SERVICES -- 0.3%
1,050,000 Quanta Services, Inc., NR, 3.75%, 4/30/26 1,089,375
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COMPUTERS -- 5.4%
4,150,000 DST Systems, Inc., Ser. C, NR, 4.125%, 8/15/23 4,570,187
9,416,000 EMC Corp., A-, 1.75%, 12/01/11 10,993,180
2,000,000 EMC Corp., A-, 1.75%, 12/01/13 2,397,500
3,750,000 Maxtor Corp., B, 2.375%, 8/15/12 (Cayman Islands) 4,162,500
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22,123,367
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DISTRIBUTION/WHOLESALE -- 0.7%
2,160,000 WESCO International, Inc., B, 6.00%, 9/15/29 2,697,300
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DIVERSIFIED FINANCIAL SERVICES -- 3.8%
5,000,000 Affiliated Managers Group, Inc., BBB-, 3.95%, 8/15/38 4,893,750
3,800,000 AmeriCredit Corp., B-, 0.75%, 9/15/11 3,671,750
4,320,000 Jefferies Group, Inc., BBB, 3.875%, 11/01/29 4,347,000
2,681,000 Nasdaq OMX Group, Inc., BBB, 2.50%, 8/15/13 2,546,950
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15,459,450
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ELECTRICAL COMPONENTS & EQUIPMENT -- 1.3%
1,250,000 SunPower Corp., Ser. SPWR, NR, 1.25%, 2/15/27 1,087,500
4,250,000 Suntech Power Holdings Co. Ltd., NR, 0.25%, 2/15/12 (Cayman Islands) 4,265,938
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5,353,438
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ENERGY - ALTERNATE SOURCES -- 1.0%
3,500,000 Covanta Holding Corp., B, 3.25%, 6/01/14 (a) 3,955,000
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ENTERTAINMENT -- 2.0%
7,000,000 International Game Technology, BBB, 3.25%, 5/01/14 (a) 8,312,500
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HEALTHCARE PRODUCTS -- 8.9%
3,300,000 Beckman Coulter, Inc., BBB, 2.50%, 12/15/36 3,753,750
10,569,000 Hologic, Inc., BB-, 2.00%, 12/15/37 (e) 8,930,805
3,000,000 Integra LifeSciences Holdings Corp., NR, 2.375%, 6/01/12 (a) 2,868,750
15,600,000 Medtronic, Inc., AA-, 1.625%, 4/15/13 16,087,500
5,250,000 NuVasive, Inc., NR, 2.25%, 3/15/13 4,935,000
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36,575,805
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HEALTHCARE SERVICES -- 1.8%
8,265,000 LifePoint Hospitals, Inc., B, 3.50%, 5/15/14 7,531,481
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INSURANCE -- 1.9%
6,760,000 Old Republic International Corp., BBB+, 8.00%, 5/15/12 7,664,150
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INTERNET -- 1.5%
5,600,000 Symantec Corp., NR, 1.00%, 6/15/13 6,041,000
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IRON/STEEL -- 3.8%
3,600,000 ArcelorMittal, BBB, 5.00%, 5/15/14 (Luxembourg) 5,260,500
2,333,000 Steel Dynamics, Inc., BB+, 5.125%, 6/15/14 2,694,615
4,950,000 United States Steel Corp., BB, 4.00%, 5/15/14 7,808,625
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15,763,740
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MEDIA -- 0.4%
(euro) 1,250,000 UnitedGlobalCom, Inc., B-, 1.75%, 4/15/24 1,733,442
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MINING -- 0.9%
$ 3,250,000 Newmont Mining Corp., BBB+, 1.625%, 7/15/17 3,790,313
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MISCELLANEOUS MANUFACTURING -- 2.0%
4,250,000 Danaher Corp., A+, 0.00%, 1/22/21 4,478,437
4,850,000 Trinity Industries, Inc., BB-, 3.875%, 6/01/36 3,607,188
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8,085,625
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OIL & GAS-- 4.8%
4,850,000 Carrizo Oil & Gas, Inc., NR, 4.375%, 6/01/28 4,225,563
3,250,000 Chesapeake Energy Corp., BB, 2.75%, 11/15/35 3,120,000
4,850,000 Chesapeake Energy Corp., BB, 2.25%, 12/15/38 3,589,000
3,000,000 GMX Resources, Inc., NR, 5.00%, 2/01/13 2,609,100
2,750,000 Goodrich Petroleum Corp., NR, 3.25%, 12/01/26 2,550,625
3,500,000 SOCO Finance Jersey Ltd., Ser. SIA, NR, 4.50%, 5/16/13 (United Kingdom) 3,552,500
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19,646,788
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OIL & GAS SERVICES -- 3.4%
2,500,000 SESI LLC, BB+, 1.50%, 12/15/26 (b) 2,312,500
3,000,000 Transocean, Inc., Ser. B, BBB+, 1.50%, 12/15/37 (Cayman Islands) 2,891,250
9,049,000 Transocean, Inc., Ser. C, BBB+, 1.50%, 12/15/37 (Cayman Islands) 8,709,663
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13,913,413
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PHARMACEUTICALS -- 10.8%
7,500,000 Allergan, Inc., NR, 1.50%, 4/01/26 8,250,000
7,282,000 King Pharmaceuticals, Inc., BB, 1.25%, 4/01/26 6,626,620
4,000,000 Medicis Pharmaceutical Corp., NR, 2.50%, 6/04/32 4,040,000
3,000,000 Omnicare, Inc., Ser. OCR, B+, 3.25%, 12/15/35 2,460,000
4,000,000 Shire PLC, Ser. REGs, NR, 2.75%, 5/09/14 (Channel Islands) 4,000,144
15,150,000 Teva Pharmaceutical Industries Ltd., Ser. C, BBB+, 0.25%, 2/01/26 (Israel) 18,767,062
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44,143,826
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REAL ESTATE -- 1.0%
4,231,000 Forest City Enterprises, Inc., NR, 3.625%, 10/15/14 4,056,471
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REAL ESTATE INVESTMENT TRUSTS -- 6.6%
4,200,000 BRE Properties, Inc., BBB, 4.125%, 8/15/26 4,179,000
5,100,000 Digital Realty Trust LP, NR, 5.50%, 4/15/29 (a) 6,400,500
2,700,000 Home Properties LP, NR, 4.125%, 11/01/26 (a) 2,629,125
7,005,000 Host Hotels & Resorts LP, BB+, 2.625%, 4/15/27 (a) 6,751,069
4,465,000 Macerich Co., NR, 3.25%, 3/15/12 (a) 4,197,100
3,000,000 UDR, Inc., BBB, 4.00%, 12/15/35 3,000,000
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27,156,794
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RETAIL -- 0.3%
1,500,000 Asbury Automotive Group, Inc., B-, 3.00%, 9/15/12 1,344,375
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SEMICONDUCTORS -- 5.2%
10,000,000 Intel Corp., A-, 2.95%, 12/15/35 9,487,500
7,840,000 Linear Technology Corp., Ser. A, NR, 3.00%, 5/01/27 7,428,400
5,209,000 Micron Technology, Inc., B-, 1.875%, 6/01/14 4,564,386
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21,480,286
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TELECOMMUNICATIONS -- 7.2%
5,000,000 ADC Telecommunications, Inc., NR, 0.83075%, 6/15/13 (c) 4,150,000
3,000,000 ADC Telecommunications, Inc., NR, 3.50%, 7/15/15 2,287,500
6,200,000 Anixter International, Inc., BB-, 1.00%, 2/15/13 5,704,000
5,850,000 Ciena Corp., B, 0.25%, 5/01/13 4,760,438
8,600,000 NII Holdings, Inc., B-, 3.125%, 6/15/12 7,922,750
4,500,000 Virgin Media, Inc., B-, 6.50%, 11/15/16 (a) 4,905,000
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29,729,688
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TOTAL CONVERTIBLE BONDS - 89.1%
(Cost $322,408,451) 365,519,083
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CORPORATE BONDS -- 24.9%
COMMERCIAL SERVICES -- 0.9%
3,500,000 United Rentals North America, Inc., B, 9.25%, 12/15/19 3,631,250
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DISTRIBUTION/WHOLESALE -- 0.7%
3,000,000 McJunkin Red Man Corp., B, 9.50%, 12/15/16 (a) 3,007,500
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DIVERSIFIED FINANCIAL SERVICES -- 2.2%
5,400,000 Capital One Capital V, BB, 10.25%, 8/15/39 6,197,807
3,000,000 Icahn Enterprises LP, BBB-, 7.75%, 1/15/16 (a) 2,895,000
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9,092,807
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HEALTHCARE PRODUCTS -- 1.1%
4,100,000 Hanger Orthopedic Group, Inc., B-, 10.25%, 6/01/14 4,387,000
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HEALTHCARE SERVICES -- 2.8%
5,500,000 Apria Healthcare Group, Inc., BB+, 11.25%, 11/01/14 (a) 5,912,500
3,000,000 HCA, Inc., BB-, 9.25%, 11/15/16 3,172,500
2,500,000 HCA, Inc., BB, 8.50%, 4/15/19 (a) 2,656,250
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11,741,250
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HOLDING COMPANIES - DIVERSIFIED -- 1.7%
6,800,000 Leucadia National Corp., BB+, 8.125%, 9/15/15 6,987,000
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HOME BUILDERS -- 0.8%
3,000,000 K Hovnanian Enterprises, Inc., CCC+, 10.625%, 10/15/16 (a) 3,210,000
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HOUSEWARES -- 1.0%
3,094,000 Newell Rubbermaid, Inc., BBB-, 10.60%, 4/15/19 4,015,919
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INSURANCE -- 3.6%
7,200,000 Liberty Mutual Group, Inc., BB, 10.75%, 6/15/58 (a) (c) 7,992,000
5,500,000 MetLife, Inc., BBB, 10.75%, 8/01/39 6,892,154
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14,884,154
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MACHINERY - DIVERSIFIED -- 0.4%
1,500,000 Case New Holland, Inc., BB+, 7.75%, 9/01/13 (Netherlands) (a) 1,548,750
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MEDIA-- 2.4%
5,344,000 Clear Channel Worldwide Holdings, Inc., B, 9.25%, 12/15/17 (a) 5,531,040
2,500,000 Univision Communication, Inc., B-, 12.00%, 7/01/14 (a) 2,712,500
1,550,000 UPC Germany GmbH, BB-, 8.125%, 12/01/17 (Germany) (a) 1,573,250
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9,816,790
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OFFICE/BUSINESS EQUIPMENT -- 0.8%
3,500,000 Xerox Capital Trust I, BB+, 8.00%, 2/01/27 3,472,956
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PHARMACEUTICALS -- 1.3%
4,760,000 Axcan Intermediate Holdings, Inc., B, 12.75%, 3/01/16 5,319,300
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RETAIL -- 1.4%
5,550,000 Toys R Us Property Co. LLC, B+, 8.50%, 12/01/17 (a) 5,744,250
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TELECOMMUNICATIONS -- 3.8%
5,150,000 CC Holdings GS V LLC, BB, 7.75%, 5/01/17 (a) 5,574,875
7,272,000 iPCS, Inc., BB, 2.40563%, 5/01/13 (c) 6,799,320
3,000,000 Virgin Media Finance PLC, B, 8.375%, 10/15/19 (United Kingdom) 3,090,000
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15,464,195
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TOTAL CORPORATE BONDS - 24.9%
(Cost $94,250,753) 102,323,121
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NUMBER OF SHARES VALUE
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WARRANTS
BANKS -- 1.8%
558,300 JP Morgan Chase & Co., expiring 10/28/18 (d)
(Cost $6,340,068) 7,257,900
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TOTAL LONG-TERM INVESTMENTS - 160.1%
(Cost $582,049,341) 656,918,748
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NUMBER OF SHARES VALUE
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MONEY MARKET FUNDS - 0.7%
3,114,653 Goldman Sachs Financial Prime Obligations
(Cost $3,114,653) 3,114,653
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TOTAL INVESTMENTS -- 160.8%
(Cost $585,163,994) 660,033,401
Other assets in excess of liabilities -- 3.0% 12,331,282
Preferred Stock, at redemption value -- (-63.8% of Net Assets Applicable to
Common Shareholders or -39.7% of Total Investments) (262,000,000)
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NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS -- 100.0% $410,364,683
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GmbH - Limited Liability Company
LLC - Limited Liability Corp.
LP - Limited Partnership
PLC - Public Limited Company
(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,
2010, these securities amounted to 23.2% of net assets applicable to common
shareholders.
(b) Security is a "step down" bond where the coupon decreases or steps down at
a predetermined date.
(c) Floating rate security.The rate shown is as of January 31, 2010.
(d) Non-income producing security.
(e) Security becomes an accreting bond after December 15, 2013 with a 2.0%
principal accretion rate.
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, 2009.
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COUNTRY BREAKDOWN AS % OF TOTAL INVESTMENTS*
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United States 85.3%
Cayman Islands 4.9%
Israel 2.8%
France 1.6%
Brazil 1.3%
Bermuda 1.3%
United Kingdom 1.0%
Luxembourg 0.8%
Channel Islands 0.6%
Germany 0.2%
Netherlands 0.2%
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*Subject to change daily.
At January 31, 2010, the cost and related gross unrealized appreciation and
depreciation on investments for tax purposes are as follows:
Net Tax
Gross Tax Gross Tax Unrealized
Cost of Investments for Unrealized Unrealized Appreciation on
Tax Purposes Appreciation Depreciation Investments
---------------------------------- ---------------- ------------- --------------
$ 589,561,667 $ 77,515,169 $(7,043,435) $70,471,734
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The Fund adopted ASC 820 Fair Value Measurements and Disclosures ("ASC 820")
(formerly known as the Statement of Financial Accounting Standard ("FAS") No.
157). In accordance with ASC 820, fair value is defined as the price that the
Fund would receive to sell an investment or pay to transfer a liability in an
orderly transaction with an independent buyer in the principal market, or in the
absence of a principal market the most advantageous market for the investment or
liability. ASC 820 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). The following table represents the Fund's investments carried on the
Statement of Assets and Liabilities by caption and by level within the fair
value hierarchy as of January 31, 2010.
QUOTED PRICES IN SIGNIFICANT SIGNIFICANT
ACTIVE MARKETS FOR OTHER OBSERVABLE UNOBSERVABLE
IDENTICAL ASSETS INPUTS INPUTS
(VALUE IN $000S) (LEVEL 1) (LEVEL 2) (LEVEL 3) TOTAL
---------------- ------------- -------------- -------------
Description
Assets:
Convertible Preferred Stocks:
Agriculture $ 4,680 $ - $ - $ 4,680
Banks 37,525 5,025 - 42,550
Electric 7,774 9,767 - 17,541
Food Products - 6,826 - 6,826
Healthcare Services 8,807 3,714 - 12,521
Insurance 16,690 8,266 - 24,956
Mining 8,403 - - 8,403
Oil & Gas 5,781 - - 5,781
Pharmaceuticals 8,595 - - 8,595
Pipelines - 6,206 - 6,206
Real Estate Investment Trusts 12,736 - - 12,736
Savings & Loans 8,965 - - 8,965
Telecommunications - 17,676 - 17,676
Transportation - 4,383 - 4,383
Convertible Bonds - 365,519 365,519
Corporate Bonds - 102,323 - 102,323
Warrants 7,258 - - 7,258
Money Market Fund 3,114 - - 3,114
---------------- ------------- -------------- -------------
Total $ 130,328 $ 529,705 $ - $ 660,033
================ ============= ============== =============
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-30(c) under the Investment Company
Act of 1940, as amended (the "Investment Company Act")) as of a date
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
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By: /s/ Tracy V. Maitland
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Tracy V. Maitland
President and Chief Executive Officer
Date: March 26, 2010
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
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Tracy V. Maitland
President and Chief Executive Officer
Date: March 26, 2010
By: /s/ Robert White
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Robert White
Treasurer and Chief Financial Officer
Date: March 26, 2010