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: July 31, 2008
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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
JULY 31, 2008 (UNAUDITED)
NUMBER OF SHARES VALUE
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LONG-TERM INVESTMENTS -- 147.7%
CONVERTIBLE PREFERRED STOCKS -- 55.5%
ADVERTISING -- 0.8%
335,800 Interpublic Group Cos., Elf Special Financing Ltd.,
3.13%, 2009 (Cayman Islands) (a)(b) $ 4,004,840
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AUTO MANUFACTURERS -- 1.0%
230,876 Ford Motor Co. Capital Trust II, 6.50%, 2032 5,441,747
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BANKS -- 3.2%
9,950 Bank of America Corp., Ser. L, 7.25%, 2049 9,283,350
80,500 Keycorp, Ser. A, 7.75%, 2049 7,516,285
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16,799,635
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COMPUTERS -- 1.0%
260,010 Merrill Lynch & Co., Inc., Ser. Dell, Inc., 14.85%, 2008 (a)(c) 5,093,596
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DIVERSIFIED FINANCIAL SERVICES -- 8.2%
60,000 AMG Capital Trust II, 5.15%, 2037 (a) 2,006,250
65,000 Affiliated Managers Group, Inc., 5.10%, 2036 2,681,250
250,000 Affiliated Managers Group, Inc., 5.10%, 2036 (a) 10,312,500
136,000 Citigroup Funding, Inc., Ser. Genworth Financial, Inc., 5.834%, 2008 (b)(c) 2,239,920
224,800 Citigroup, Inc., Ser. T, 6.50%, 2015 9,945,152
216,300 Legg Mason, Inc., 7.00%, 2011 8,571,969
7,750 SLM Corp., Ser. C, 7.25%, 2010 6,877,156
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42,634,197
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ELECTRIC -- 4.7%
250,660 Entergy Corp., 7.625%, 2009 15,666,250
29,000 NRG Energy, Inc., 5.75%, 2009 9,060,687
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24,726,937
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HEALTHCARE SERVICES -- 1.0%
7,000 HealthSouth Corp., 6.50%, 2049 (a) 5,120,500
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HOUSEHOLD PRODUCTS / HOUSEWARES -- 1.7%
196,379 Avery Dennison Corp., 7.875%, 2010 8,640,676
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INSURANCE -- 6.0%
12,000 Alleghany Corp., 5.75%, 2009 3,547,318
70,000 Aspen Insurance Holdings, Ltd., 5.625%, 2049 (Bermuda) 3,395,000
640,903 MetLife, Inc., Ser. B, 6.375%, 2008 (d) 16,137,938
70,000 Reinsurance Group of America, Equity Security Unit, 5.75%, 2051 4,720,625
476,000 XL Capital Ltd., 7.00%, 2009 (Cayman Islands) (d) 3,636,640
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31,437,521
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MINING -- 7.9%
186,000 Credit Suisse, Ser. Barrick Gold Corp., 9.00%, 2009 (Switzerland) (c) 7,665,060
3,500 Freeport-McMoRan Copper & Gold, Inc., Ser. B, 5.50%, 2049 7,294,000
70,000 Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010 9,816,100
55,200 Hecla Mining Co., 6.50%, 2011 5,108,760
200,000 Vale Capital Ltd., Ser. RIO, 5.50%, 2010 (Brazil) (c) 11,625,000
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41,508,920
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OIL & GAS SERVICES -- 1.3%
149,250 Merrill Lynch & Co., Inc., Ser. Halliburton Co., 8.00%, 2009 (a)(c) 6,871,470
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PHARMACEUTICALS -- 6.0%
18,000 Mylan, Inc., 6.50%, 2010 16,093,800
78,291 Schering-Plough Corp., 6.00%, 2010 15,356,780
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31,450,580
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REAL ESTATE INVESTMENT TRUSTS -- 1.5%
450,000 HRPT Properties Trust, Ser. D, 6.50%, 2049 7,650,000
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SAVINGS & LOANS -- 3.4%
402,200 New York Community Capital Trust V, 6.00%, 2051 17,897,900
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TELECOMMUNICATIONS -- 5.1%
128,095 Crown Castle International Corp., 6.25%, 2012 7,109,272
19,900 Lucent Technologies Capital Trust I, 7.75%, 2017 15,223,500
437,767 Merrill Lynch & Co., Inc., Ser. Motorola, 18.70%, 2008 (a)(c) 4,351,404
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26,684,176
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TRANSPORTATION -- 2.7%
160,000 Bristow Group, Inc. 5.50%, 2009 9,112,000
2,500 Kansas City Southern, 5.125%, 2049 4,856,250
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13,968,250
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TOTAL CONVERTIBLE PREFERRED STOCKS - 55.5%
(Cost $312,009,065) 289,930,945
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PRINCIPAL AMOUNT VALUE
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CONVERTIBLE BONDS -- 68.6%
AUTO MANUFACTURERS -- 2.9%
General Motors Corp., B-
$ 6,773,750 Ser. D, 1.50%, 6/01/09 5,859,294
18,750,000 Ser. B, 5.25%, 3/06/32 9,232,500
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15,091,794
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BANKS -- 5.3%
10,000,000 BES Finance Ltd., Ser. EMTN, A, 1.25%, 2/26/11 (Portugal) 10,283,000
2,900,000 Boston Private Financial Holdings, Inc., NR, 3.00%, 7/15/27 2,664,375
7,000,000 PrivateBancorp, Inc., NR, 3.625%, 3/15/27 6,790,000
8,000,000 US Bancorp, AA, 1.0525%, 9/20/36 (b) 7,990,400
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27,727,775
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BIOTECHNOLOGY -- 5.1%
9,500,000 Genzyme Corp., BBB+, 1.25%, 12/01/23 (e) 10,794,375
5,000,000 Gilead Sciences, Inc., NR, 0.50%, 5/01/11 7,300,000
8,000,000 Invitrogen Corp., BB+, 3.25%, 6/15/25 8,790,000
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26,884,375
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COAL -- 1.6%
6,250,000 Peabody Energy Corp., B, 4.75%, 12/15/41 8,429,688
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COMMERCIAL SERVICES -- 2.2%
7,600,000 Quanta Services, Inc., BB, 3.75%, 4/30/26 11,381,000
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DIVERSIFIED FINANCIAL SERVICES -- 0.4%
2,000,000 Merrill Lynch & Co. Inc., NR, 0.00%, 3/13/32 (f) 1,936,600
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ELECTRONICS -- 1.6%
6,000,000 Flextronics International Ltd., BB-, 1.00%, 8/01/10 (Singapore) 5,617,500
2,500,000 Vishay Intertechnology, Inc., B+, 3.625%, 8/01/23 2,509,375
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8,126,875
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ENERGY - ALTERNATE SOURCES -- 0.6%
3,000,000 Suntech Power Holdings Co. Ltd., NR, 0.25%, 2/15/12 (China) 2,951,250
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ENTERTAINMENT -- 0.6%
3,500,000 International Game Technology, BBB, 2.60%, 12/15/36 3,360,000
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ENVIRONMENTAL CONTROL -- 1.3%
6,900,000 Allied Waste Industries, Inc., B+, 4.25%, 4/15/34 6,606,750
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HEALTHCARE PRODUCTS -- 5.7%
16,000,000 Hologic, Inc., B+, 2.00%, 12/15/37 (g) 12,400,000
16,000,000 Medtronic, Inc., AA-, 1.625%, 4/15/13 17,320,000
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29,720,000
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INSURANCE -- 1.9%
10,000,000 Prudential Financial, Inc., A+, 0.38625%, 12/12/36 (b) 9,830,000
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LEISURE TIME -- 1.8%
9,000,000 Carnival Corp., A-, 2.00%, 4/15/21 (Panama) 9,641,250
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MISCELLANEOUS MANUFACTURING -- 3.1%
9,000,000 Eastman Kodak Co., B, 3.375%, 10/15/33 8,437,500
8,000,000 Trinity Industries, Inc., BB-, 3.875%, 6/01/36 7,970,000
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16,407,500
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OIL & GAS-- 8.6%
2,000,000 Carrizo Oil & Gas, Inc., NR, 4.375%, 6/01/28 1,810,000
4,000,000 Chesapeake Energy Corp., BB, 2.25%, 12/15/38 3,835,000
6,000,000 Chesapeake Energy Corp., BB, 2.75%, 11/15/35 8,692,500
5,000,000 Nabors Industries, Inc., BBB+, 0.94%, 5/15/11 5,262,500
5,000,000 Petroplus Finance Ltd., Ser. PPHN, BB-, 3.375%, 3/26/13 (Switzerland) 4,505,705
12,500,000 Transocean, Inc., Ser. A, BBB+, 1.625%, 12/15/37 (Cayman Islands) 13,421,875
7,000,000 Transocean, Inc., Ser. B, BBB+, 1.50%, 12/15/37 (Cayman Islands) 7,498,750
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45,026,330
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PHARMACEUTICALS -- 11.3%
12,500,000 Allergan, Inc., NR, 1.50%, 4/01/26 13,359,375
3,500,000 Cubist Pharmaceuticals, Inc., NR, 2.25%, 6/15/13 (d) 3,434,375
4,000,000 Medicis Pharmaceutical Corp., NR, 2.50%, 6/04/32 3,530,000
3,000,000 Teva Pharmaceutical Finance LLC, Ser. C, BBB+, 0.25%, 2/01/26 (Israel) 3,105,000
13,000,000 Teva Pharmaceutical Finance Co. BV, Ser. D, BBB+, 1.75%, 2/01/26 (Israel) (e) 14,381,250
22,000,000 Watson Pharmaceuticals, Inc., BB+, 1.75%, 3/15/23 21,202,500
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59,012,500
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REAL ESTATE INVESTMENT TRUSTS -- 0.7%
4,300,000 Host Hotels & Resorts LP, BB, 2.625%, 4/15/27 (a) 3,434,625
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SEMICONDUCTORS -- 2.8%
15,000,000 Intel Corp., A-, 2.95%, 12/15/35 14,606,250
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SOFTWARE -- 5.1%
4,000,000 CSG Systems International, Inc., NR, 2.50%, 6/15/24 3,730,000
8,000,000 Novell, Inc., NR, 0.50%, 7/15/24 7,650,000
15,000,000 Red Hat, Inc., BB-, 0.50%, 1/15/24 15,262,500
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26,642,500
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TELECOMMUNICATIONS -- 5.4%
Level 3 Communications, Inc., CCC
4,000,000 6.00%, 9/15/09 3,860,000
2,000,000 6.00%, 3/15/10 1,870,000
NII Holdings, Inc., NR
10,000,000 3.125%, 6/15/12 (a) 8,625,000
10,500,000 3.125%, 6/15/12 9,056,250
5,000,000 Qwest Communications International, Inc., B+, 3.50%, 11/15/25 4,812,500
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28,223,750
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TRANSPORTATION -- 0.6%
3,789,000 YRC Worldwide, Inc., B+, 5.00%, 8/08/23 3,358,001
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TOTAL CONVERTIBLE BONDS - 68.6%
(Cost $354,355,338) 358,398,813
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CORPORATE BONDS -- 20.2%
AGRICULTURE -- 0.4%
2,000,000 Vector Group Ltd., NR, 11.00%, 8/15/15 2,020,000
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AUTO PARTS & EQUIPMENT -- 0.4%
2,500,000 Tenneco, Inc., BB-, 8.125%, 11/15/15 2,237,500
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BUILDING MATERIALS -- 0.7%
4,175,000 U.S. Concrete, Inc., B, 8.375%, 4/01/14 3,486,125
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COMMUNICATIONS, MEDIA & ENTERTAINMENT -- 0.6%
3,000,000 Rainbow National Services LLC, BB, 8.75%, 9/01/12 (a) 3,048,750
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COMPUTERS -- 1.2%
6,000,000 SunGard Data Systems, Inc., B-, 10.25%, 8/15/15 6,120,000
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DIVERSIFIED FINANCIAL SERVICES -- 0.9%
5,000,000 JPMorgan Chase & Co., A, 7.90%, 04/29/49 4,638,680
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ELECTRIC-- 1.9%
10,000,000 Texas Competitive Electric Holdings Co., LLC, CCC, 10.25%, 11/01/15 (a) 10,050,000
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ELECTRONIC COMPONENTS & EQUIPMENT -- 1.0%
6,184,000 Freescale Semiconductor, Inc., B-, 8.875%, 12/15/14 5,271,860
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HEALTHCARE PRODUCTS -- 1.2%
6,100,000 Hanger Orthopedic Group, Inc., CCC+, 10.25%, 6/01/14 6,397,375
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HOLDING COMPANIES - DIVERSIFIED -- 1.2%
6,000,000 Leucadia National Corp., BB+, 8.125%, 9/15/15 6,007,500
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LEISURE TIME -- 0.6%
3,500,000 Travelport LLC, B, 9.875%, 9/01/14 2,957,500
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MEDIA -- 0.6%
2,000,000 CSC Holdings, Inc., BB, 8.50%, 6/15/15 (a) 1,980,000
1,440,000 Dex Media West, Ser. B, B+, 9.875%, 8/15/13 1,134,000
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3,114,000
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OFFICE/BUSINESS EQUIPMENT -- 0.6%
3,500,000 Xerox Capital Trust I, BB+, 8.00%, 2/01/27 3,344,173
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OIL & GAS SERVICES -- 1.2%
4,500,000 CCS, Inc., B-, 11.00%, 11/15/15 (Canada) (a) 3,937,500
2,250,000 Forbes Energy Services Ltd., B, 11.00%, 2/15/15 (Bermuda) (a) 2,261,250
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6,198,750
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PACKAGING & CONTAINERS -- 1.0%
2,000,000 Jefferson Smurfit Corp., B-, 8.25%, 10/01/12 1,765,000
4,000,000 Smurfit-Stone Container Enterprises, Inc., B-, 8.375%, 7/01/12 3,550,000
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5,315,000
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PHARMACEUTICALS -- 0.7%
3,760,000 Axcan Intermediate Holdings, Inc., B-, 12.75%, 3/01/16 (a) 3,760,000
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PIPELINES -- 0.6%
3,000,000 Williams Cos., Inc., BB+, 8.125%, 3/15/12 3,225,000
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SEMICONDUCTORS -- 1.0%
5,166,000 Superior Essex Communications LLC/Essex Group, Inc., BB-, 9.00%, 4/15/12 5,295,150
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TELECOMMUNICATIONS -- 3.8%
3,000,000 Alamosa Delaware, Inc., BB, 8.50%, 1/31/12 2,940,339
4,500,000 Broadview Networks Holdings, Inc., CCC+, 11.375%, 9/01/12 4,027,500
7,673,000 Centennial Cellular Co., B, 10.125%, 6/15/13 8,018,285
5,000,000 Level 3 Financing, Inc., CCC+, 12.25%, 3/15/13 5,050,000
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20,036,124
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TRANSPORTATION -- 0.6%
3,500,000 USF Corp., B+, 8.50%, 4/15/10 (e) 3,185,000
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TOTAL CORPORATE BONDS - 20.2%
(Cost $107,940,868) 105,708,487
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NUMBER OF SHARES VALUE
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COMMON STOCKS -- 2.7%
DIVERSIFIED FINANCIAL SERVICES -- 0.7%
83,330 Lazard Ltd. - Class A (Bermuda) 3,400,697
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OIL & GAS -- 2.0%
50,000 Baytex Energy Trust - Income Trust (Canada) (e) 1,535,274
121,300 Enerplus Resources Fund - Income Trust (Canada) (e) 4,966,493
141,468 Harvest Energy Trust - Income Trust (Canada) (e) 2,763,009
30,000 Vermillion Energy Trust - Income Trust (Canada) 1,157,818
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10,422,594
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TOTAL COMMON STOCKS - 2.7%
(Cost $14,177,232) 13,823,291
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PRINCIPAL AMOUNT VALUE
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TERM LOANS (FUNDED) - 0.7%
HEALTHCARE - 0.7%
$ 3,940,000 HCA, Inc., Term Loan B, 5.06%, 11/16/13, NR (b)
(Cost $3,982,579) 3,710,440
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TOTAL LONG-TERM INVESTMENTS - 147.7%
(Cost $792,465,082) 771,571,976
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NUMBER OF SHARES VALUE
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SHORT-TERM INVESTMENTS -- 0.1%
MONEY MARKET FUND - 0.1%
363,012 Goldman Sachs Financial Prime Obligations
(Cost $363,012) 363,012
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TOTAL INVESTMENTS -- 147.8%
(Cost $792,828,094) 771,934,988
Other assets in excess of liabilities -- 4.9% 25,309,501
Preferred Stock, at redemption value -- (-52.7% of Net Assets Applicable to
Common Shareholders or -35.6% of Total Investments) (275,000,000)
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NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS -- 100.0% $ 522,244,489
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LLC - Limited Liability Corp.
(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 July 31, 2008,
these securities amounted to 14.3% of net assets.
(b) Floating rate security. The rate shown is as of July 31, 2008.
(c) Synthetic Convertible - A synthetic convertible security is either a bond
or preferred security structured by an investment bank that provides
exposure to a specific company's common stock.
(d) All or a portion of these securities have been physically segregated in
connection with swap agreements.
(e) Pursuant to a securities lending agreement, the Fund loaned all or a
portion of these securities having an aggregate fair value of approximately
$36.5 million and received as collateral readily marketable securities with
an aggregate fair value of approximately $36.6 million.
(f) Zero-coupon bond.
(g) Security is a "step up" bond where the coupon increases or steps up at a
predetermined date.
Ratings shown are per Standard & Poor's. Securities classified as NR are not
rated by Standard & Poor's.
All percentages shown in the Portfolio of Investments are based on Net Assets
Applicable to Common Shareholders unless otherwise noted.
COUNTRY BREAKDOWN AS % OF TOTAL INVESTMENTS*
United States 84.2%
Cayman Islands 3.7%
Israel 2.3%
Canada 1.9%
Switzerland 1.6%
Brazil 1.5%
Portugal 1.3%
Panama 1.2%
Bermuda 1.2%
Singapore 0.7%
China 0.4%
* Subject to change daily.
TOTAL RETURN SWAP AGREEMENTS
NOTIONAL UNREALIZED
TERMINATION AMOUNT PAYING APPRECIATION/
COUNTERPARTY UNDERLYING TERM LOANS DATE (000) FLOATING RATE (DEPRECIATION)
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JPMorgan Chase & Co. Bausch & Lomb, US LIBOR + 3.25%, due 04/26/15 05/01/2009 4,890 3.19% (53,245)
JPMorgan Chase & Co. CCS Corp., US LIBOR + 3.00%, due 11/14/14 05/01/2009 5,237 3.19% 44,013
JPMorgan Chase & Co. CVC Holdings, Inc., US LIBOR+1.75%, due 11/11/14 05/01/2009 2,309 3.19% (138,346)
JPMorgan Chase & Co. Celanese Holdings LLC, US LIBOR+1.75%, due 04/06/11 05/01/2009 1,856 3.19% (116,729)
JPMorgan Chase & Co. Community Health Systems, Inc., US LIBOR+2.25%,
due 07/25/14 05/01/2009 2,197 3.19% (135,867)
JPMorgan Chase & Co. Energy Future Holdings, US LIBOR+3.50%, due 10/10/14 05/01/2009 5,063 3.19% (381,283)
JPMorgan Chase & Co. Lyondell Chemical Co., US LIBOR + 3.25%,
due 12/20/14 05/01/2009 6,250 3.19% (540,736)
JPMorgan Chase & Co. Mac Gen LLC, US LIBOR + 2.25%, due 02/22/12 05/01/2009 6,395 3.19% (11,718)
JPMorgan Chase & Co. Mediacom Broadband LLC, US LIBOR + 3.50%,
due 11/30/15 05/01/2009 2,469 3.19% (31,250)
JPMorgan Chase & Co. Virgin Media Investment Holding, GP LIBOR+2.125%,
due 10/04/13 05/01/2009 3,926 5.84% (101,072)
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$ (1,466,233)
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For each swap noted, the Fund pays a floating rate and receives the total return
of the underlying asset.
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.
See previously submitted notes to financial statements for the period ended
April 30, 2008.
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
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By: /s/ Tracy V. Maitland
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Tracy V. Maitland
President and Chief Executive Officer
Date: September 25, 2008
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: September 25, 2008
By: /s/ Robert White
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Robert White
Treasurer and Chief Financial Officer
Date: September 25, 2008