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, 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
New York, NY 10018
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(Name and address of agent for service)
Registrant's telephone number, including area code: (212) 479-0675
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Date of fiscal year end: October 31
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Date of reporting period: January 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.
ADVENT CLAYMORE CONVERTIBLE SECURITIES AND INCOME FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2008 (UNAUDITED)
NUMBER OF SHARES VALUE
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LONG-TERM INVESTMENTS -- 142.9%
CONVERTIBLE PREFERRED STOCKS -- 62.7%
AEROSPACE AND DEFENSE -- 1.3%
52,500 Northrop Grumman Corp., Ser. B, 7.00%, 2021 $ 7,617,750
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AIRLINES -- 2.1%
374,800 Continental Airlines Finance Trust II, 6.00%, 2030 12,368,400
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ALUMINUM, STEEL AND OTHER METALS -- 4.8%
3,500 Freeport-McMoRan Copper & Gold, Inc., Ser. B, 5.50% 6,867,875
70,000 Freeport-McMoRan Copper & Gold, Inc., 6.75%, 2010 9,296,000
200,000 Vale Capital Ltd., Ser RIO, 5.50%, 2010 (Brazil) (a) 12,100,000
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28,263,875
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AUTOMOTIVE -- 1.1%
200,000 Ford Motor Co. Capital Trust II, 6.50%, 2032 6,784,000
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BANKING AND FINANCE -- 3.7%
1,750 Bank of America Corp., Ser. L, 7.25%, 2049 1,963,500
402,200 New York Community Capital Trust V, 6.00%, 2051 19,908,900
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21,872,400
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CHEMICALS -- 3.4%
400,000 Huntsman Corp., 5.00%, 2008 20,150,000
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COMMUNICATIONS EQUIPMENT -- 2.7%
19,900 Lucent Technologies Capital Trust I, 7.75%, 2017 16,039,400
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ELECTRONIC EQUIPMENT AND COMPONENTS-- 1.6%
445,820 Wachovia Bank NA, Ser. INTC, 8.00%, 2008 (a)(b) 9,540,682
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FINANCIAL SERVICES -- 9.2%
60,000 AMG Capital Trust II, 5.15%, 2037 (b) 2,415,000
65,000 Affiliated Managers Group, Inc., 5.10%, 2036 3,038,750
250,000 Affiliated Managers Group, Inc., 5.10%, 2036 (b) 11,687,500
667,900 CIT Group, Inc., 7.75%, 2010 13,999,184
61,000 Citigroup, Inc., Ser. T, 6.50%, 2015 3,297,050
199 Fannie Mae, 5.375%, 2008 (c) 16,484,689
100,000 Lazard Ltd., 6.625%, 2008 (Bermuda) 3,349,000
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54,271,173
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HEALTH CARE PRODUCTS AND SERVICES -- 1.9%
7,000 HealthSouth Corp, 6.50% (b) 5,531,750
108,865 Lehman Brothers Holdings, Inc., Ser. UNH, 3.00%, 2008 (a) 5,567,356
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11,099,106
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INSURANCE -- 9.0%
12,000 Alleghany Corp., 5.75%, 2009 4,150,500
50,000 Aspen Insurance Holdings, Ltd., Ser. AHL, 5.625% (Bermuda) 2,650,000
136,000 Citigroup Funding, Inc., Ser. GNW, 4.583%, 2008 (a)(d) 3,238,160
410,000 IPC Holdings, Ltd., 7.25%, 2008 (Bermuda) 10,096,250
437,003 MetLife, Inc., Ser. B, 6.375%, 2008 (e) 12,729,897
100,000 Platinum Underwriters Holdings, Ltd., 6.00%, 2009 (Bermuda) 3,084,000
70,000 Reinsurance Group of America, Equity Security Unit, 5.75%, 2051 5,153,750
700,000 XL Capital Ltd., 7.00%, 2009 (Cayman Islands) (e) 11,998,000
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53,100,557
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METALS AND MINING -- 1.4%
50,000 Hecla Mining Co., 6.50%, 2011 4,904,500
31,500 Royal Gold, Inc., 7.25%, 2010 3,304,350
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8,208,850
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OFFICE SUPPLIES-- 1.2%
136,379 Avery Dennison Corp., 7.875%, 2010 6,843,498
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OIL AND GAS -- 3.3%
49,375 Chesapeake Energy Corp., 4.50%, 2049 5,172,031
32,000 Chesapeake Energy Corp., 5.00%, 2049 3,577,696
99,703 McMoRan Exploration Co., 6.75%, 2010 10,868,624
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19,618,351
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OIL SERVICES -- 2.6%
150,000 Citigroup Funding, Inc., Ser. RIG, 6.50%, 2008 (a) 15,289,500
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PHARMACEUTICALS -- 4.3%
10,000 Mylan, Inc., 6.50%, 2010 10,572,500
78,291 Schering-Plough Corp., 6.00%, 2010 14,999,773
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25,572,273
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REAL ESTATE INVESTMENT TRUSTS -- 1.5%
450,000 HRPT Properties Trust, Ser. D, 6.50%, 2049 8,757,000
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TELECOMMUNICATIONS -- 0.7%
78,095 Crown Castle International Corp., 6.25%, 2012 4,412,367
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TRANSPORTATION -- 2.3%
160,000 Bristow Group, Inc. 5.50%, 2009 10,384,000
2,500 Kansas City Southern, 5.125%, 2049 3,435,313
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13,819,313
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UTILITIES - GAS AND ELECTRIC -- 4.6%
83,082 AES Trust VII, 6.00%, 2008 4,154,100
250,660 Entergy Corp., 7.625%, 2009 16,042,240
20,000 NRG Energy, Inc., 5.75%, 2009 6,765,000
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26,961,340
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TOTAL CONVERTIBLE PREFERRED STOCKS - 62.7%
(Cost $365,196,316) 370,589,835
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PREFERRED STOCKS -- 1.4%
FINANCIAL SERVICES -- 1.4%
300,000 Freddie Mac, Ser. Z, 8.375%
(Cost $7,734,694) 8,055,000
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PRINCIPAL AMOUNT VALUE
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CONVERTIBLE BONDS -- 61.2%
ADVERTISING -- 0.7%
$ 4,000,000 Elf Special Financing Ltd., B
5.341%, 6/15/09 (Cayman Islands) (b)(d) 4,006,000
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AUTOMOTIVE -- 3.3%
15,000,000 General Motors Corp., Ser. B, B-
5.25%, 3/06/32, Convertible Senior Debentures 11,964,000
7,500,000 General Motors Corp., Ser. D, B-
1.50%, 6/01/09, Convertible Senior Debentures 7,575,000
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19,539,000
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BANKING AND FINANCE -- 2.0%
7,000,000 PrivateBancorp, Inc., NR
3.625%, 3/15/27, Senior Convertible Notes 6,895,000
5,000,000 U.S. Bancorp, AA
3.115%, 2/06/37, Unsecured Convertible Debentures (d) 5,002,000
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11,897,000
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BIOTECHNOLOGY -- 1.0%
5,000,000 Genzyme Corp., BBB+
1.25%, 12/01/23, Senior Unsecured Convertible Notes (c) 5,943,750
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COMMERCIAL SERVICES -- 1.0%
3,000,000 Quanta Services, Inc., B+
4.50%, 10/01/23, Subordinated Convertible Debentures 6,007,500
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COMMUNICATIONS EQUIPMENT-- 1.3%
9,148,066 Liberty Media Corp. (MOT), BB+
3.50%, 1/15/31, Convertible Notes 7,707,246
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COMPUTER SERVICES -- 1.5%
9,000,000 Electronic Data Systems Corp., BBB-
3.875%, 7/15/23, Senior Convertible Notes 8,988,750
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COMPUTERS - SOFTWARE AND PERIPHERALS -- 4.5%
12,000,000 Novell, Inc., NR
0.50%, 7/15/24, Senior Convertible Debentures 11,280,000
15,000,000 Red Hat, Inc., B+
0.50%, 1/15/24, Senior Unsecured Convertible Debentures 15,150,000
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26,430,000
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DIVERSIFIED METALS AND MINING -- 2.9%
14,250,000 Peabody Energy Corp., B
4.75%, 12/15/41, Senior Unsecured Convertible Debentures 16,921,875
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ELECTRONIC EQUIPMENT AND COMPONENTS -- 5.8%
8,000,000 Fairchild Semiconductor International, Inc., B
5.00%, 11/01/08, Company Guarantee Notes 8,010,000
10,000,000 Intel Corp., A-
2.95%, 12/15/35, Subordinated Convertible Debentures 10,000,000
6,330,000 LSI Corp., B+
4.00%, 5/15/10, Subordinated Convertible Notes 6,084,712
10,000,000 Vishay Intertechnology, Inc., B+
3.625%, 8/01/23, Subordinated Convertible Notes 10,012,500
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34,107,212
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FINANCIAL SERVICES -- 0.5%
5,743,000 CompuCredit Corp., NR
3.625%, 5/30/25, Senior Convertible Notes 3,151,471
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HEALTH CARE PRODUCTS AND SERVICES -- 9.3%
12,500,000 Allergan, Inc., A
1.50%, 4/01/26, Senior Notes 15,203,125
13,000,000 Gilead Sciences, Inc., NR
0.50%, 5/01/11, Senior Convertible Notes 17,257,500
Medtronic, Inc., AA-
3,000,000 1.50%, 4/15/11, Senior Unsecured Convertible Notes 3,165,000
12,000,000 1.625%, 4/15/13, Senior Unsecured Convertible Notes 12,645,000
10,000,000 Omnicare, Inc., B+
3.25%, 12/15/35, Senior Convertible Notes 7,037,500
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55,308,125
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INSURANCE -- 0.8%
5,000,000 Prudential Financial, Inc., A+
2.733%, 12/12/36, Senior Convertible Notes (d) 4,916,000
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INTERNET -- 0.9%
5,000,000 Amazon.com, Inc., B+
4.75%, 2/01/09, Subordinated Convertible Notes 5,637,500
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LEISURE AND ENTERTAINMENT -- 4.8%
Carnival Corp., A-
3,000,000 2.00%, 4/15/21, Senior Unsecured Convertible Debentures (Panama) 3,510,000
5,000,000 1.132%, 4/29/33, Senior Unsecured Convertible Debentures (Panama) (f) 3,281,250
21,000,000 International Game Technology, BBB
2.60%, 12/15/36, Senior Unsecured Convertible Notes (c) 21,420,000
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28,211,250
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OIL AND GAS-- 1.6%
8,000,000 Chesapeake Energy Corp., BB
2.75%, 11/15/35, Senior Convertible Notes 9,190,000
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PHARMACEUTICALS -- 8.2%
10,000,000 Cubist Pharmaceuticals, Inc., NR
2.25%, 6/15/13, Subordinated Convertible Notes (e) 9,037,500
4,000,000 Invitrogen Corp., NR
3.25%, 6/15/25, Senior Convertible Notes 4,480,000
12,000,000 Teva Pharmaceutical Finance Co. BV, Ser. D, BBB
1.75%, 2/01/26, Company Guarantee Notes (Israel) 13,860,000
22,000,000 Watson Pharmaceuticals, Inc., BB+
1.75%, 3/15/23, Senior Convertible Debentures 20,982,500
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48,360,000
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PHOTO EQUIPMENT & SUPPLIES -- 3.5%
21,000,000 Eastman Kodak Co., B
3.375%, 10/15/33, Senior Unsecured Convertible Notes 20,790,000
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REAL ESTATE INVESTMENT TRUSTS -- 0.4%
3,000,000 iStar Financial, Inc., BBB
5.229%, 10/01/12, Senior Convertible Notes (c)(d) 2,650,800
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TELECOMMUNICATIONS -- 4.2%
5,000,000 Amdocs Ltd., BBB-
0.50%, 3/15/24, Convertible Notes (Guernsey) 5,056,250
Level 3 Communications, Inc., CCC
4,000,000 6.00%, 9/15/09, Subordinated Convertible Notes 3,740,000
2,000,000 6.00%, 3/15/10, Subordinated Convertible Notes (c) 1,760,000
NII Holdings, Inc., NR
10,000,000 3.125%, 6/15/12, Senior Unsecured Convertible Notes (b) 8,637,500
6,500,000 3.125%, 6/15/12, Senior Unsecured Convertible Notes 5,614,375
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24,808,125
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TRANSPORTATION -- 0.9%
2,000,000 Excel Maritime Carriers Ltd., NR
1.875%, 10/15/27, Senior Unsecured Convertible Notes (Liberia) (b) 1,587,500
3,789,000 YRC Worldwide, Inc., BB+
5.00%, 8/08/23, Senior Unsecured Convertible Notes 3,575,869
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5,163,369
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UTILITIES--GAS AND ELECTRIC -- 0.8%
5,000,000 Nabors Industries, Inc., A-
0.94%, 5/15/11, Senior Company Unsecured Notes 4,818,750
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WASTE MANAGEMENT -- 1.3%
8,400,000 Allied Waste Industries, Inc., B+
4.25%, 4/15/34, Convertible Notes 7,654,500
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TOTAL CONVERTIBLE BONDS - 61.2%
(Cost $351,122,104) 362,208,223
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CORPORATE BONDS -- 15.0%
AUTO PARTS AND EQUIPMENT -- 0.4%
2,500,000 Tenneco, Inc., B+
8.125%, 11/15/15, Senior Unsecured Notes (b) 2,500,000
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BUILDING PRODUCTS -- 0.6%
4,175,000 U.S. Concrete, Inc., B-
8.375%, 4/01/14, Senior Subordinated Notes (c) 3,486,125
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COMMUNICATIONS EQUIPMENT -- 0.8%
5,166,000 Superior Essex Communications LLC/Essex Group, Inc., B+
9.00%, 4/15/12, Senior Notes 4,881,870
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COMMUNICATIONS, MEDIA AND ENTERTAINMENT -- 1.8%
2,000,000 Cablevision Systems Corp., B+
8.00%, 4/15/12, Senior Notes 1,925,000
2,900,000 EchoStar DBS Corp., BB-
6.625%, 10/01/14, Company Guarantee Notes 2,838,375
3,000,000 Mediacom LLC, B-
9.50%, 1/15/13, Senior Unsecured Notes (c) 2,692,500
3,000,000 Rainbow National Services LLC, B+
8.75%, 9/01/12, Senior Notes (b) 3,048,750
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10,504,625
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COMPUTERS - SOFTWARE AND PERIPHERALS -- 1.0%
6,000,000 SunGard Data Systems, Inc., B-
10.25%, 8/15/15, Senior Subordinated Notes (c) 6,030,000
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ELECTRONIC EQUIPMENT AND COMPONENTS -- 1.6%
7,684,000 Freescale Semiconductor, Inc., B-
8.875%, 12/15/14, Company Guarantee Notes (c) 6,281,670
4,000,000 Spansion, LLC, B
11.25%, 1/15/16, Senior Notes (b)(c) 2,820,000
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9,101,670
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HEALTH CARE PRODUCTS AND SERVICES -- 1.7%
6,000,000 Bausch & Lomb, Inc., B-
9.875%, 11/01/15, Senior Notes (b)(c) 6,105,000
4,000,000 Hanger Orthopedic Group, Inc., CCC+
10.25%, 6/01/14, Senior Notes 4,100,000
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10,205,000
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LEISURE AND ENTERTAINMENT -- 0.7%
4,500,000 Travelport LLC, CCC+
9.875%, 9/01/14, Senior Notes 4,342,500
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OFFICE EQUIPMENT -- 0.6%
3,500,000 Xerox Capital Trust I, BB
8.00%, 2/01/27, Company Guarantee Notes 3,514,556
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OIL AND GAS -- 0.6%
3,000,000 Williams Cos., Inc., BB+
8.125%, 3/15/12, Senior Notes 3,292,500
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PUBLISHING -- 0.5%
2,940,000 Dex Media West, B
9.875%, 8/15/13, Senior Subordinated Notes 3,006,150
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RETAIL - SPECIALTY STORES -- 0.7%
5,000,000 Simmons Bedding Co., CCC+
7.875%, 1/15/14, Senior Subordinated Notes 4,200,000
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TELECOMMUNICATIONS -- 3.5%
3,000,000 Alamosa Delaware, Inc., BBB-
8.50%, 1/31/12, Senior Notes 3,048,126
2,500,000 Broadview Networks Holdings, Inc., CCC+
11.375%, 9/01/12, Senior Secured Notes 2,487,500
7,673,000 Centennial Cellular Co., CCC+
10.125%, 6/15/13, Company Guarantee Notes 7,884,008
5,000,000 Level 3 Financing, Inc., CCC+
12.25%, 3/15/13, Senior Unsubordinated Notes (c) 4,881,250
2,240,000 PanAmSat Corp., B-
9.00%, 8/15/14, Company Guarantee Notes 2,234,400
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20,535,284
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UTILITIES- GAS AND ELECTRIC-- 0.5%
3,000,000 Texas Competitive Electric Holdings Co., LLC, CCC
10.25%, 11/01/15, Company Guarantee Notes (b) 2,962,500
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TOTAL CORPORATE BONDS - 15.0%
(Cost $92,786,315) 88,562,780
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NUMBER OF SHARES VALUE
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COMMON STOCKS -- 2.0%
OIL AND GAS -- 2.0%
329,938 Crescent Point Energy Trust (Canada) 8,017,735
164,968 Harvest Energy Trust (Canada) 3,697,954
(Cost $8,765,996) ------------------
11,715,689
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PRINCIPAL AMOUNT VALUE
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TERM LOANS (FUNDED) - 0.6%
$ 3,960,000 HCA, Inc., Term Loan B, 7.45%, 11/16/13, NR (d)
(Cost $4,006,820) 3,668,877
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TOTAL LONG-TERM INVESTMENTS - 142.9%
(Cost $829,612,245) 844,800,404
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NUMBER OF SHARES VALUE
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SHORT-TERM INVESTMENTS -- 1.0%
MONEY MARKET FUND - 1.0%
6,185,083 Goldman Sachs Financial Prime Obligations
(Cost $6,185,083) $ 6,185,083
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TOTAL INVESTMENTS -- 143.9%
(Cost $835,797,328) 850,985,487
Other assets in excess of liabilities -- 2.6% 15,418,211
Preferred Stock, at redemption value -- (-46.5% of Net Assets Applicable to
Common Shareholders or -32.3% of Total Investments) (275,000,000)
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NET ASSETS APPLICABLE TO COMMON SHAREHOLDERS -- 100.0% $ 591,403,698
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LLC - Limited Liability Corp.
(a) 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.
(b) 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,
2008, these securities amounted to 10.3% of net assets.
(c) Pursuant to a securities lending agreement, the Fund loaned all or a
portion of these securities having an aggregate fair value of approximately
$42.8 million and received as collateral readily marketable securities with
an aggregate fair value of approximately $43.3 million.
(d) Floating rate security. The rate shown is as of January 31, 2008.
(e) All or portion of these securities have been physically segregated in
connection with swap agreements.
(f) Security is a "step up" bond where the coupon changes at a predetermined
date. The rate shown is as of January 31, 2008.
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 89.9%
Bermuda 2.2%
Cayman Islands 1.9%
Israel 1.6%
Brazil 1.4%
Canada 1.4%
Panama 0.8%
Guernsey 0.6%
Liberia 0.2%
*Subject to change daily.
TOTAL RETURN SWAP AGREEMENTS
NOTIONAL
ERMINATION AMOUNT PAYING UNREALIZED
COUNTERPARTY UNDERLYING TERM LOANS DATE (000) FLOATING RATE DEPRECIATION
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JPMorgan Chase & Co. CVC Holdings, Inc., US LIBOR+1.75%, due 11/11/14 07/01/2008 $ 3,685 3.70% $ (241,726)
JPMorgan Chase & Co. Celanese Holdings LLC, US LIBOR+1.75%, due 04/06/11 07/01/2008 3,726 3.70% (245,602)
JPMorgan Chase & Co. Community Health Systems, Inc., US LIBOR+2.25%, 07/01/2008 3,566 3.70% (282,676)
due 07/25/14
JPMorgan Chase & Co. General Motors Corp., US LIBOR+2.75%, due 11/29/13 07/01/2008 3,632 3.70% (317,809)
JPMorgan Chase & Co. Energy Future Holdings, US LIBOR+3.50%, due 10/10/14 07/01/2008 5,157(a) (293,447)
JPMorgan Chase & Co. Hertz Corp., US LIBOR+1.75%, due 12/21/12 07/01/2008 3,838 3.70% (153,427)
JPMorgan Chase & Co. Idearc, Inc., US LIBOR+2.00%, due 11/17/14 07/01/2008 3,675 3.70% (293,466)
JPMorgan Chase & Co. Windstream Corp., US LIBOR+1.50%, due 07/17/13 07/01/2008 4,326 3.70% (144,636)
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$ (1,972,789)
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For each swap noted, the Fund pays a floating rate and receives a floating rate.
(a) Not settled as of January 31, 2008.
CREDIT DEFAULT SWAP AGREEMENT
NOTIONAL
TERMINATION AMOUNT PAYING UNREALIZED
COUNTERPARTY UNDERLYING TERM LOANS DATE (000) FLOATING RATE DEPRECIATION
------------------------------------------------------------------------------------------------------------------------------------
JPMorgan Chase & Co. AMR Corp. 03/20/2013 $ 3,500 8.80% $ (85,050)
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$ (2,057,839)
=============
See previously submitted notes to financial statements for the period ended
October 31, 2007.
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 may have 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 28, 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: March 28, 2008
By: /s/ Robert White
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Robert White
Treasurer and Chief Financial Officer
Date: March 28, 2008