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 811-21455
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Claymore Dividend & Income Fund
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(Exact name of registrant as specified in charter)
2455 Corporate West Drive, Lisle, IL 60532
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(Address of principal executive offices) (Zip code)
J. Thomas Futrell
2455 Corporate West Drive, Lisle, IL 60532
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(Name and address of agent for service)
Registrant's telephone number, including area code: (630) 505-3700
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Date of fiscal year end: October 31
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Date of reporting period: January 31, 2010
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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.
DCS|CLAYMORE DIVIDEND & INCOME FUND
PORTFOLIO OF INVESTMENTS
JANUARY 31, 2010 (UNAUDITED)
NUMBER OF SHARES VALUE
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TOTAL LONG-TERM INVESTMENTS - 137.6%
COMMON STOCKS - 110.1%
CONSUMER DISCRETIONARY - 8.6%
4,180 Fortune Brands, Inc. $ 173,763
4,519 Genuine Parts Co. 170,276
52,719 Home Depot, Inc. (e) 1,476,659
3,964 JC Penney Co., Inc. 98,426
10,461 Johnson Controls, Inc. (e) 291,130
4,791 Leggett & Platt, Inc. 87,484
10,255 Limited Brands, Inc. 195,050
10,385 Mattel, Inc. 204,792
37,318 McDonald's Corp. (e) 2,329,763
9,404 McGraw-Hill Cos., Inc. (The) (e) 333,372
3,829 Nordstrom, Inc. 132,254
11,726 Pearson PLC, ADR (United Kingdom) 166,392
18,667 Thomson Reuters Corp. (Canada) (e) 623,104
3,437 VF Corp. (e) 247,567
1,318 Whirlpool Corp. 99,087
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6,629,119
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CONSUMER STAPLES - 19.6%
57,392 Altria Group, Inc. (e) 1,139,805
6,993 Avon Products, Inc. (e) 210,769
8,390 Campbell Soup Co. 277,793
65,908 Coca-Cola Co. (The) (e) 3,575,509
17,578 Diageo PLC, ADR (United Kingdom) (e) 1,181,066
7,229 General Mills, Inc. (e) 515,500
6,772 Hershey Co. (The) (e) 246,704
8,667 HJ Heinz Co. (e) 378,141
2,179 JM Smucker Co. (The) 130,893
9,088 Kellogg Co. (e) 494,569
11,885 Kimberly-Clark Corp. (e) 705,850
23,748 Kraft Foods, Inc. - Class A (e) 656,870
2,654 Lorillard, Inc. 200,908
2,895 McCormick & Co., Inc. 105,089
51,018 PepsiCo, Inc. (e) 3,041,693
32,424 Philip Morris International, Inc. (e) 1,475,616
23,837 Sara Lee Corp. (e) 289,381
18,030 Sysco Corp. (e) 504,660
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15,130,816
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ENERGY - 23.4%
62,502 BP PLC, ADR (United Kingdom) (e) 3,507,612
12,588 Cenovus Energy, Inc. (Canada) (e) 291,412
46,078 Chevron Corp. (e) 3,323,145
39,626 ConocoPhillips (e) 1,902,048
12,588 EnCana Corp. (Canada) (e) 385,067
11,634 Marathon Oil Corp. (e) 346,810
27,241 Repsol YPF SA, ADR (Spain) (e) 642,615
54,410 Royal Dutch Shell PLC, ADR (United Kingdom) (e) 3,013,770
10,873 Sasol Ltd., ADR (South Africa) (e) 397,952
2,015 Sunoco, Inc. 50,556
10,192 Tenaris SA, ADR (Luxembourg) (e) 448,448
55,767 Total SA, ADR (France) (e) 3,211,622
25,496 Williams Cos., Inc. (The) (e) 531,337
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18,052,394
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FINANCIALS - 0.9%
3,047 Federated Investors, Inc. - Class B 77,333
6,394 Invesco Ltd. (Bermuda) 123,404
12,948 Marsh & McLennan Cos., Inc. (e) 279,159
3,939 Plum Creek Timber Co., Inc. - REIT 142,474
1,861 Waddell & Reed Financial, Inc. - Class A 58,305
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680,675
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HEALTH CARE - 23.3%
34,490 Abbott Laboratories (e) 1,825,901
45,511 AstraZeneca PLC, ADR (United Kingdom) (e) 2,115,806
2,630 Biovail Corp. (Canada) 38,188
55,760 Bristol-Myers Squibb Co. (e) 1,358,314
32,221 Eli Lilly & Co. (e) 1,134,179
69,830 GlaxoSmithKline PLC, ADR (United Kingdom) (e) 2,724,068
50,358 Johnson & Johnson (e) 3,165,504
63,144 Merck & Co., Inc. (e) 2,410,838
167,820 Pfizer, Inc. (e) 3,131,521
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17,904,319
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INDUSTRIALS - 13.1%
21,170 3M Co. (e) 1,703,973
2,765 Avery Dennison Corp. 89,890
10,179 Caterpillar, Inc. (e) 531,751
5,551 Cooper Industries PLC (Ireland) 238,138
2,997 Dover Corp. 128,511
4,604 Eaton Corp. (e) 281,949
23,547 Emerson Electric Co. (e) 978,142
2,995 Empresa Brasileira de Aeronautica SA, ADR (Brazil) 63,584
1,320 Harsco Corp. 39,283
12,015 Honeywell International, Inc. (e) 464,260
1,434 Hubbell, Inc. - Class B 61,748
15,128 Illinois Tool Works, Inc. (e) 659,430
5,120 Ingersoll-Rand PLC (Ireland) 166,195
13,653 Koninklijke Philips Electronics NV (Netherlands) (e) 412,867
11,825 Masco Corp. 160,347
5,863 Norfolk Southern Corp. (e) 275,913
5,463 Northrop Grumman Corp. (e) 309,206
2,227 Pentair, Inc. 68,013
6,779 Pitney Bowes, Inc. 141,817
2,443 Rockwell Automation, Inc. 117,850
5,835 RR Donnelley & Sons Co. 115,650
1,386 Snap-On, Inc. 56,660
2,400 Stanley Works (The) 123,000
6,788 Tyco International Ltd. (Switzerland) 240,499
31,055 United Parcel Service, Inc. - Class B (e) 1,794,047
27,801 Waste Management, Inc. (e) 891,022
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10,113,745
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INFORMATION TECHNOLOGY - 8.6%
8,419 Analog Devices, Inc. (e) 226,976
14,211 AU Optronics Corp., ADR (Taiwan) 155,468
15,147 Automatic Data Processing, Inc. (e) 617,846
167,794 Intel Corp. (e) 3,255,204
6,542 Linear Technology Corp. 170,746
4,629 Maxim Integrated Products, Inc. 80,915
5,373 Microchip Technology, Inc. 138,677
10,788 Paychex, Inc. (e) 312,744
147,115 Taiwan Semiconductor Manufacturing Co. Ltd., ADR
(Taiwan) (e) 1,494,688
7,242 Tyco Electronics Ltd. (Switzerland) (e) 180,181
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6,633,445
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MATERIALS - 9.6%
2,757 Bemis Co., Inc. 77,361
40,838 BHP Billiton Ltd., ADR (Australia) (e) 2,832,932
12,895 Cia Siderurgica Nacional SA, ADR (Brazil) (e) 375,502
7,228 CRH PLC, ADR (Ireland) (e) 177,736
30,242 Dow Chemical Co. (The) (e) 819,256
2,212 Eastman Chemical Co. 125,044
27,670 EI Du Pont de Nemours & Co. (e) 902,319
683 Greif, Inc. - Class A 33,030
1,934 International Flavors & Fragrances, Inc. 76,915
1,934 Lubrizol Corp. 142,516
5,463 Nucor Corp. (e) 222,890
5,144 PPG Industries, Inc. (e) 301,850
5,722 Rio Tinto PLC, ADR (United Kingdom) (e) 1,110,182
1,934 RPM International, Inc. 36,166
3,059 Sonoco Products Co. 84,918
2,793 Steel Dynamics, Inc. 42,398
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7,361,015
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TELECOMMUNICATION SERVICES - 1.8%
5,595 Brasil Telecom SA, ADR (Brazil) (a) 116,991
1,524 Cellcom Israel Ltd. (Israel) 48,875
1,648 CenturyTel, Inc. 56,048
12,827 Chunghwa Telecom Co. Ltd., ADR (Taiwan) 243,456
28,269 Hellenic Telecommunications Organization SA, ADR (Greece) 194,491
6,255 Magyar Telekom Telecommunications PLC, ADR (Hungary) 110,213
4,378 Partner Communications Co. Ltd., ADR (Israel) 90,800
3,098 Philippine Long Distance Telephone Co., ADR (Philippines) 173,395
11,443 Telecom Corp. of New Zealand Ltd., ADR (New Zealand) 95,778
14,812 Telefonos de Mexico SAB de CV, ADR (Mexico) 239,214
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1,369,261
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UTILITIES - 1.2%
3,344 Cia de Saneamento Basico do Estado de Sao Paulo,
ADR (Brazil) 113,863
1,827 DPL, Inc. 49,037
5,780 Cia Energetica de Minas Gerais, ADR (Brazil) 96,353
4,828 MDU Resources Group, Inc. 106,313
2,406 National Fuel Gas Co. 112,890
15,174 Public Service Enterprise Group, Inc. (e) 464,173
795 WGL Holdings, Inc. 25,225
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967,854
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TOTAL COMMON STOCKS - 110.1%
(Cost $72,696,824) 84,842,643
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PREFERRED STOCKS - 1.5%
FINANCIALS - 1.5%
209,754 Scottish Re Group Ltd., 7.250% (Cayman Islands) (c) 1,111,696
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(Cost $5,418,975)
CONVERTIBLE PREFERRED STOCKS - 1.4%
FINANCIALS - 1.4%
342 Fannie Mae, 5.375%
(Cost $33,154,000) 1,094,400
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OPTIONAL
PRINCIPAL AMOUNT CALL PROVISIONS
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CORPORATE BONDS - 24.1%
CONSUMER DISCRETIONARY - 4.9%
$ 400,000 British Sky Broadcasting Group PLC, BBB+, 9.500%, 11/15/18
(United Kingdom) (b) N/A 523,834
394,000 Comcast Corp., BBB+, 6.550%, 7/1/39 N/A 415,671
410,000 Fortune Brands, Inc., BBB-, 6.625%, 7/15/28 N/A 393,982
394,000 Home Depot, Inc., BBB+, 5.875%, 12/16/36 N/A 383,085
404,000 International Game Technology, BBB, 7.500%, 6/15/19 N/A 455,081
399,000 Kohl's Corp., BBB+, 6.875%, 12/15/37 N/A 452,750
401,000 Pinnacle Entertainment, Inc., B, 7.500%, 6/15/15 6/15/11 @ 103.75 372,930
265,000 Time Warner, Inc., BBB, 7.700%, 5/1/32 N/A 315,007
397,000 Walt Disney Co. (The), A, 7.000%, 3/1/32 N/A 473,376
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3,785,716
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ENERGY - 1.3%
405,000 Anadarko Petroleum Corp., BBB-, 8.700%, 3/15/19 N/A 504,002
411,000 Weatherford International Ltd., BBB+, 9.625%,
3/1/19 (Switzerland) N/A 522,550
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1,026,552
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FINANCIALS - 9.7%
137,000 American Express Co., BB, 6.800%, 9/1/66 (c) 9/1/16 @ 100.00 128,095
399,000 American Express Co., BBB+, 8.125%, 5/20/19 N/A 483,368
398,000 American International Group, Inc., A-, 5.375%, 10/18/11 N/A 393,041
301,000 AvalonBay Communities, Inc., BBB+, 6.100%, 3/15/20 N/A 319,709
198,000 Bank of America Corp., BB, 8.000%, 12/31/49 (c) 1/30/18 @ 100.00 188,261
301,000 Boston Properties LP, A-, 5.875%, 10/15/19 N/A 313,993
301,000 Camden Property Trust, BBB, 5.700%, 5/15/17 N/A 296,195
260,000 Caterpillar Financial Services Corp., A, 7.150%, 2/15/19 N/A 307,647
401,000 Citigroup, Inc., A, 8.500%, 5/22/19 N/A 468,316
199,000 General Electric Capital Corp., A+, 6.375%, 11/15/67 (c) 11/15/17 @ 100.00 176,115
397,000 General Electric Capital Corp., AA+, 6.750%, 3/15/32 N/A 406,873
200,000 Goldman Sachs Capital II, BBB, 5.793%, 12/29/49 (c) 6/1/12 @ 100.00 157,500
404,000 Goldman Sachs Group, Inc. (The), A-, 6.750%, 10/1/2037 N/A 400,700
301,000 HCP, Inc., BBB, 6.700%, 1/30/18 N/A 304,982
269,000 Hughes Network Systems LLC/HNS Finance Corp., B,
9.500%, 4/15/14 4/15/10 @ 104.75 276,397
202,000 JPMorgan Chase & Co., BBB+, 7.900%, 4/29/49 (c) 4/30/18 @ 100.00 207,583
396,000 JPMorgan Chase & Co., A+, 6.300%, 4/23/19 N/A 438,649
405,000 Manufacturers & Traders Trust Co., A-, 6.625%, 12/4/17 N/A 426,241
400,000 Merrill Lynch & Co., Inc., A-, 6.110%, 1/29/37 N/A 365,397
400,000 Morgan Stanley, A, 5.550%, 4/27/17 N/A 411,222
405,000 PNC Bank NA, A, 5.250%, 1/15/17 N/A 418,997
298,000 Simon Property Group LP, A-, 10.350%, 4/1/19 N/A 388,667
202,000 Wells Fargo & Co., A-, 7.980%, 3/15/49 (c) 3/15/18 @ 100.00 205,030
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7,482,978
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HEALTH CARE - 2.2%
399,000 Aetna, Inc., A-, 6.750%, 12/15/37 N/A 449,752
404,000 Inverness Medical Innovations, Inc., B-, 9.000%, 5/15/16 5/15/13 @ 104.50 414,100
399,000 UnitedHealth Group, Inc., A-, 6.500%, 6/15/37 N/A 425,899
397,000 WellPoint, Inc., A-, 5.950%, 12/15/34 N/A 400,315
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1,690,066
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INDUSTRIALS - 3.3%
399,000 CSX Corp., BBB-, 6.000%, 10/1/36 N/A 407,810
400,000 Delta Air Lines, Inc., BB-, 9.500%, 9/15/14 (b) 9/15/11 @ 107.125 419,000
408,000 FedEx Corp., BBB, 8.000%, 1/15/19 N/A 504,254
407,000 Southwest Airlines Co., BBB, 5.125%, 3/1/17 N/A 404,786
274,000 Textron, Inc., BBB-, 7.250%, 10/1/19 N/A 299,602
405,000 Waste Management, Inc., BBB, 7.375%, 3/11/19 N/A 474,803
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2,510,255
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INFORMATION TECHNOLOGY - 0.7%
262,000 Corning, Inc., BBB+, 6.625%, 5/15/19 N/A 293,597
264,000 Oracle Corp., A, 6.125%, 7/8/39 N/A 281,282
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574,879
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MATERIALS - 1.0%
275,000 Alcoa, Inc., BBB-, 6.750%, 7/15/18 N/A 277,537
411,000 International Paper Co., BBB, 7.500%, 8/15/21 N/A 467,479
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745,016
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UTILITIES - 1.0%
401,000 Exelon Generation Co. LLC, BBB, 6.200%, 10/1/17 N/A 442,438
264,000 Southwestern Electric Power Co., BBB, 6.450%, 1/15/19 N/A 291,662
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734,100
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TOTAL CORPORATE BONDS - 24.1%
(Cost $17,340,837) 18,549,562
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NUMBER OF SHARES
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LIMITED PARTNERSHIP - 0.2%
REAL ESTATE - 0.2%
400,000 Kodiak Funding, LP (d)
(Cost $3,518,000) 184,000
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INCOME TRUSTS - 0.3%
ENERGY - 0.3%
2,791 Enerplus Resources Fund (Canada) 59,420
7,845 Penn West Energy Trust (Canada) 128,893
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(Cost $155,657) 188,313
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TOTAL LONG-TERM INVESTMENTS - 137.6% 105,970,614
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(Cost $132,284,293)
SHORT-TERM INVESTMENTS - 8.1%
6,253,037 Dreyfus Money Market Bond Fund
(Cost $6,253,037) 6,253,037
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TOTAL INVESTMENTS - 145.7%
(Cost $138,537,330) 112,223,651
Cash - 13.0% (f) 10,000,000
Liabilities in excess of other Assets - (2.9%) (2,225,456)
Preferred Shares, at Liquidation Value - (-38.9% of
Net Assets Applicable to Common Shares or -26.7% of
Total Investments) (30,000,000)
Borrowings - (16.9%) (13,000,000)
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NET ASSETS APPLICABLE TO COMMON SHARES - 100.0% $ 76,998,195
===================
ADR - American Depositary Receipt
LLC - Limited Liability Company
LP - Limited Partnership
NV - Publicly Limited Liability Corporation
PLC - Public Limited Company
REIT - Real Estate Investment Trust
SA - Corporation
SAB de CV - Variable Capital Company
(a) Non-income producing security.
(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,
2010, these securities amounted to 1.2% of net assets applicable to Common
shares.
(c) Floating or variable rate security.
(d) Security is valued in accordance with Fair Valuation procedures established
in good faith by the Board of Trustees. The total market value of such
securities is $184,000 which represents 0.2% of Net Assets Applicable to
Common Shares.
(e) All or a portion of these securities were segregated as collateral for the
borrowings. As of January 31, 2010, the total amount segregated was
$77,461,895.
(f) This $10 million has been physically segregated in connection with the
redemption of $10 million of Series F-7 preferred shares on February 1,
2010.
Ratings (unaudited) shown are per Standard & Poor's; securities classified NR
are not rated by Standard & Poor's.
All percentages shown in the Portfolio of Investments are based on Net Assets
Applicable to Common Shares unless otherwise noted.
See previously submitted notes to financial statements for the period ended
October 31, 2009.
% of Total
Country Breakdown* Investments
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United States 73.1%
United Kingdom 12.8%
France 2.9%
Australia 2.5%
Taiwan 1.7%
Canada 1.4%
Cayman Islands 1.0%
China 0.8%
Brazil 0.7%
Spain 0.6%
Ireland 0.5%
Luxembourg 0.4%
Netherlands 0.4%
South Africa 0.3%
Mexico 0.2%
Greece 0.2%
Philipines 0.1%
Israel 0.1%
Bermuda 0.1%
Hungary 0.1%
New Zealand 0.1%
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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:
Gross Tax Gross Tax Net Tax Unrealized
Unrealized Unrealized Depreciation on
Cost of Investments for Tax Purposes Appreciation Depreciation Investments
--------------------------------------------- --------------------- -------------------- ----------------------
$ 138,581,731 $ 13,301,851 $ (39,659,931) $ (26,358,080)
--------------------------------------------- --------------------- -------------------- ----------------------
The Fund adopted the Financial Accounting Standards Board ("FASB") Accounting
Standards Codification ("ASC") 820, Fair Value Measurements and Disclosures
("ASC820") (formerly known as the Statement of Financial Accounting Standard
("FAS") No. 157). In accordance with ASC820, 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. ASC820 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.
Description LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
(value in $000s) ---------------------------------------------------------------
Assets:
Common stocks $ 84,843 $ - $ - $ 84,843
Preferred Stocks 1,112 - - 1,112
Convertible Preferred Stocks 1,094 - - 1,094
Corporate Bonds - 18,550 - 18,550
Income Trusts 188 - - 188
Limited Partnerships - - 184 184
Money Market Fund 6,253 - - 6,253
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Total $ 93,490 $ 18,550 $ 184 $112,224
=================================================================
Liabilities: - - - -
-----------------------------------------------------------------
Total $ - $ - $ - $ -
=================================================================
For fair valuations using unobservable inputs, FAS 157 requires a reconciliation
of the beginning to ending balances for reported market values that presents
changes attributable to total realized and unrealized gains or losses, purchases
and sales, and transfers in/out of the Level 3 category during the period. The
following table presents the reconciliation of the Fund's investments measured
at fair value using significant unobservable inputs (Level 3 valuations) for the
period ended January 31, 2010
LEVEL 3 HOLDINGS SECURITIES DERIVATIVES TOTAL
----------------------------------------------------------
Beginning Balance at 10/31/09 $ 184 $ - $ 184
Total Realized Gain/Loss - - -
Change in Unrealized Gain/Loss - - -
Net Purchases and Sales - - -
Net Transfers In/Out - - -
----------------------------------------------------------
Ending Balance at 1/31/10 $ 184 $ - $ 184
==========================================================
ITEM 2. CONTROLS AND PROCEDURES.
(a) The registrant's principal executive officer and principal financial
officer have evaluated the registrant's disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company
Act of 1940, as amended) as of a date within 90 days of the filing
date of this report 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 on 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) There was no change in the registrant's internal control over
financial reporting (as defined in Rule 30a-3(d) under the Investment
Company Act of 1940, as amended) 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.
Separate certifications for each principal executive officer and
principal financial officer of the registrant as required by Rule 30a-2(a) under
the Investment Company Act of 1940, as amended (17 CFR 270.30a-2(a)) are
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.
Claymore Dividend & Income Fund
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By: /s/ J. Thomas Futrell
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J. Thomas Futrell
Chief Executive Officer
Date: March 23, 2010
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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/ J. Thomas Futrell
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J. Thomas Futrell
Chief Executive Officer
Date: March 23, 2010
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By: /s/ Steven M. Hill
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Steven M. Hill
Treasurer and Chief Financial Officer
Date: March 23, 2010
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