Edgar Filing: TCW CONVERTIBLE SECURITIES FUND INC

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-4980

TCW CONVERTIBLE SECURITIES FUND, INC.
(Exact name of registrant as specified in charter)

865 SOUTH FIGUEROA STREET, SUITE 1800, LOS ANGELES, CA 90017
(Address of principal executive offices)

PHILIP K. HOLL, ESQ.
SECRETARY
865 SOUTH FIGUEROA STREET, SUITE 1800
LOS ANGELES, CA 90017
(Name and address of agent for service)

Registrant's telephone number, including area code: (213) 244-0000

Date of fiscal year end: December 31

Date of reporting period: June 30, 2003

Form N-CSR is to be used by management investment companies to file reports
with the Commission not later than 10 days after the transmission to
stockholders of any report that is required to be transmitted to stockholders
under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1).
The Commission may use the information provided on Form N-CSR in its regulatory,
disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form
N-CSR, and the Commission will make this information public. A registrant is not
required to respond to the collection of information contained in Form N-CSR
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 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. Section 3507.

[TCW LOGO]-Registered Trademark-
TCW CONVERTIBLE
SECURITIES FUND, INC.
-------------------------------
DIRECTORS AND OFFICERS
Ernest O. Ellison
CHAIRMAN
Samuel P. Bell
DIRECTOR
Richard W. Call
DIRECTOR
Matthew K. Fong
DIRECTOR
John A. Gavin
DIRECTOR
Patrick C. Haden
DIRECTOR
Charles A. Parker
DIRECTOR
Robert G. Sims
DIRECTOR

Alvin R. Albe, Jr.
PRESIDENT AND CHIEF
EXECUTIVE OFFICER
Thomas D. Lyon
SENIOR VICE PRESIDENT
Thomas E. Larkin, Jr.
SENIOR VICE PRESIDENT
Hilary G.D. Lord
SENIOR VICE PRESIDENT
AND ASSISTANT SECRETARY
Philip K. Holl
SECRETARY AND
ASSOCIATE GENERAL COUNSEL
Michael E. Cahill
GENERAL COUNSEL AND
ASSISTANT SECRETARY
David S. DeVito
TREASURER AND CHIEF
FINANCIAL OFFICER
George N. Winn
ASSISTANT TREASURER

-------------------------------------------------------
SHAREHOLDER INFORMATION
INVESTMENT ADVISER
TCW Investment Management Company
865 South Figueroa Street
Los Angeles, California 90017
-------------------------------------------------
TRANSFER AGENT, DIVIDEND REINVESTMENT
AND DISBURSING AGENT AND REGISTRAR
The Bank of New York
Church Street Station
P.O. Box #11002
New York, New York 10277-0770
-------------------------------------------------
CUSTODIAN
Investors Bank & Trust Company
200 Clarendon Street
Boston, Massachusetts 02116
-------------------------------------------------
INDEPENDENT AUDITORS
Deloitte & Touche LLP
350 South Grand Avenue
Los Angeles, California 90071
-------------------------------------------------
LEGAL COUNSEL
Dechert
1775 Eye Street N.W.
Washington DC, 20006
-------------------------------------------------

TCW Convertible
Securities Fund, Inc.
-----------------------------
-----------------------------

SEMI-ANNUAL REPORT

June 30, 2003
[TCW LOGO]-Registered Trademark-

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
The President's Letter
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DEAR SHAREHOLDER:

Early in the second quarter we saw a quick resolution of the war in Iraq, a
pacification of the crisis with North Korea, a drop in energy prices and
President Bush lay the groundwork for higher than expected tax relief for equity
investors. These factors resulted in the stock market having the best quarter
since the fourth quarter of 1998. During this second quarter, the Fund outpaced
the CSFB benchmark by more than 100 basis points ("bps") largely due to the
Fund's investments in the Pharmaceutical, Media and Financial Services
industries.

PERFORMANCE OF THE FUND'S SHARES

For the six months ended June 30, 2003, the TCW Convertible Securities
Fund, Inc., (the "Fund") return on Net Asset Value (NAV) was 13.2%. The Fund's
shareholders realized a return of 17.4% from an increase in the market price of
the Fund from $4.16 on December 31, 2002, to $4.74 on June 30, 2003 (with
dividends reinvested). The total distribution for the period was $0.14. The
Fund's market price per share on June 30, 2003 represents a discount of 6.88% to
the Fund's NAV of $5.09.

FUND STRATEGY AND OUTLOOK

For the second quarter of 2003 the Fund's NAV return was 12.0% (1.1% for the
first quarter) outpacing the CSFB benchmark, which returned 10.6%, by more than
100 bps. Performance was largely due to investments in the Pharmaceutical, Media
and Financial Services industries. The economic news was mixed in the second
quarter. The economy experienced, on one hand, higher jobless claims, lower
mortgage rates, an ISM manufacturing index hovering just below 50 (contracting)
and weaker overall retail sales, but it also showed very positive indications
for ISM non-manufacturing and higher auto sales. Economic data has started to
show more material improvements in the late second and early third quarters.

The Federal Reserve Board (the "Fed") cut the Federal Funds rate an
additional 25 basis points--making this the twelfth cut in the last two and a
half years--and they still maintain an easing bias, making it clear to the
investment community that the Fed is determined to create an interest rate
environment which fosters economic growth. Clearly they are becoming more
aggressive with their approach to monetary policy by discussing
"non-conventional" ways to stimulate the economy. The President's fiscal package
was better than the market anticipated, providing greater growth forecasts for
third quarter of 2003. The past quarter saw a strong rally in the bond market,
which started to fizzle late in the quarter. The 10-year Treasury made a 45-year
low, giving the mortgage market another shot in the arm from an already elevated
level. Mortgage refinancing has reached record highs and could result in
potential cash-outs of over $100 billion in 2003 to homeowners. Spreads on
investment grade corporate bonds have tightened by 40 basis points, signaling an
improved economic recovery scenario. The strength of the equity markets has
added over $2 trillion of wealth to the economy since the middle of March. With
interest rates at 40-year lows combined with a cut in the capital gains rate to
15%, it appears money is moving from low yielding fixed

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
The President's Letter (continued)
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income securities to equities, especially with improved prospects for taxation
on dividend and capital gains.

Convertible new issuance in the second quarter surpassed even the most
optimistic expectations. 113 new deals with proceeds totaling $54.3 billion were
priced during the quarter. The onslaught of deals was accompanied with
"irrationally exuberant" pricing for a majority of the deals, though that has
been correcting rapidly for the last month. The new issues priced approximately
2% cheap in June, up from 0.4% rich in May.

NORMAN BARKER, JR.

During the first half of 2003, one of the Fund's directors, Norman Barker,
Jr., announced his retirement from the board. Norm has served the Fund and its
shareholders since the Fund's inception in 1987. On behalf of the Fund and its
shareholders, we thank him for his exemplary service and wish him well in his
future endeavors.

DIVIDEND REINVESTMENT PLAN

Shareholders who wish to add to their investment may do so through the
Dividend Reinvestment Plan (the "Plan"). Under the Plan, your dividend is used
to purchase shares on the open market whenever shares and the related sales
commission are selling below the Fund's Net Asset Value per share. If the market
price, including commission, is selling above the Net Asset Value, you will
receive shares at a price equal to the higher of the Net Asset Value per share
on the payment date or 95% of the closing market price on the payment date.

To enroll in the Plan, if your shares are registered in your name, write to
The Bank of New York, Church Street Station, P.O. Box #11002, New York, New York
10277-0770 or call their toll free number (800) 524-4458. If your shares are
held by a brokerage firm, please call your broker. If, however, you need
assistance, please call our investor relations department at (877) TCW-MKTS
(829-6587). As always, we would be pleased to accommodate your investment needs.

Sincerely,

/s/ Ernest O. Ellison /s/ Alvin R. Albe Jr.
Ernest O. Ellison Alvin R. Albe Jr.
Chairman President & Chief
Executive Officer

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Schedule of Investments (Unaudited)
June 30, 2003
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Principal Market
Amount Value
----------- ------------

FIXED INCOME SECURITIES

BANKING & FINANCIAL SERVICES (4.9% OF NET ASSETS)
$ 3,310,000 Bear Stearns Co., Inc., Exchangeable Fifth Third
Bancorp, 0.25%, due 05/12/10.................... $ 3,607,238
6,165,000 E*TRADE Group, Inc., 6.75%, due 05/15/08.......... 6,577,254
2,620,000 Silicon Valley Bancshares, (144A), 0%,
due 06/15/08.................................... 2,454,626*
------------
Total Banking & Financial Services............ 12,639,118
------------
BEVERAGES, FOOD &
TOBACCO (0.9%)
3,300,000 General Mills, Inc., (144A), 0%, due 10/28/22..... 2,355,375*
------------
COMMERCIAL SERVICES (2.8%)
2,650,000 Ikon Office Solutions, (144A), 5%,
due 05/01/07.................................... 2,650,000*
4,445,000 Quest Diagnostics, Inc., 1.75%, due 11/30/21...... 4,589,462
------------
Total Commercial Services..................... 7,239,462
------------
COMMUNICATIONS (3.2%)
3,115,000 Comverse Technology, Inc., (144A), 0%,
due 05/15/23.................................... 3,348,625*
4,565,000 EchoStar Communications Corp., 5.75%,
due 05/15/08.................................... 4,856,019+
------------
Total Communications.......................... 8,204,644
------------
COMPUTER SERVICES (4.0%)
4,235,000 Micron Technology, Inc., (144A), 2.5%,
due 02/01/10.................................... 5,103,175*+
4,915,000 Morgan Stanley Dean Witter & Co., Exchangeable
Cisco Systems, Inc., 0.25%, due 05/15/10........ 5,182,253
------------
Total Computer Services....................... 10,285,428
------------

Principal Market
Amount Value
----------- ------------

COMPUTER SOFTWARE (5.5%)
$ 5,185,000 Affiliated Computer Services, Inc., 3.5%,
due 02/15/06.................................... $ 6,131,262+
4,905,000 First Data Corp., 2%, due 03/01/08................ 5,493,600
4,145,000 International Game Technology, (144A), 0%,
due 01/29/33.................................... 2,683,887*
------------
Total Computer Software....................... 14,308,749
------------
ELECTRONICS (4.6%)
6,135,000 ASM Lithography Holding N.V., (144A), 5.75%,
due 10/15/06.................................... 6,242,362*
2,290,000 Lattice Semiconductor Corp., (144A), 0%,
due 07/01/10.................................... 2,215,575*+
3,665,000 PMC-Sierra, Inc., (144A), 3.75%, due 08/15/06..... 3,435,937*
------------
Total Electronics............................. 11,893,874
------------
ENTERTAINMENT & LEISURE (2.1%)
5,385,000 Morgan Stanley Dean Witter & Co., Exchangeable The
Walt Disney Co., 0.25%, due 12/30/08............ 5,518,952
------------
HEALTHCARE (2.0%)
8,830,000 Universal Health Services, Inc., 0.426%,
due 06/23/20.................................... 5,231,775+
------------
HEAVY MACHINERY (0.3%)
735,000 Briggs & Stratton Corp., 5%, due 05/15/06......... 847,087
------------
INDUSTRIAL-DIVERSIFIED (4.3%)
3,565,000 Tyco International Group SA, (144A), 2.75%,
due 01/15/18.................................... 3,859,112*
6,560,000 Tyco International Group SA, (144A), 3.125%,
due 01/15/23.................................... 7,232,400*+
------------
Total Industrial--Diversified................. 11,091,512
------------
INSURANCE (1.2%)
3,300,000 Swiss RE America Holding, (144A), 3.25%,
due 11/21/21.................................... 3,097,875*
------------
MEDIA-BROADCASTING & PUBLISHING (1.6%)
5,535,000 Liberty Media Corp., 3.5%, due 01/15/31........... 4,192,762
------------

+ Security partially or fully lent (Note 3).
* Security 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 June 30, 2003,
the value of these securities amounted to $70,519,394 or 27.2% of net assets.
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Schedule of Investments (Unaudited) (continued)
June 30, 2003
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Principal Market
Amount Value
----------- ------------

MEDICAL SUPPLIES (2.9%)
$ 7,000,000 Alza Corp., Exchangeable Johnson & Johnson, Inc.,
0%, due 07/28/20................................ $ 5,013,750
2,460,000 Medtronic, Inc., 1.25%, due 09/15/21.............. 2,564,550
------------
Total Medical Supplies........................ 7,578,300
------------
OIL & GAS (3.0%)
2,580,000 McMoRan Exploration Co., (144A), 6%,
due 07/02/08.................................... 2,580,000*
4,680,000 Pride International, Inc., (144A), 3.25%,
due 05/01/33.................................... 5,148,000*+
------------
Total Oil & Gas............................... 7,728,000
------------
PHARMACEUTICALS (8.6%)
6,540,000 Amgen, Inc., 0%, due 03/01/32..................... 5,166,600
2,650,000 Axcan Pharma, Inc., (144A), 4.25%,
due 04/15/08.................................... 3,123,688*
2,597,500 Cell Therapeutic, Inc., (144A), 4%,
due 07/01/10.................................... 2,467,625*
2,255,000 Charles River Laboratories International, Inc.,
3.5%, due 02/01/22.............................. 2,446,675
535,000 Guilford Pharmaceuticals, Inc., (144A), 5%,
due 07/01/08.................................... 518,950*+
1,795,000 ICOS Corp., (144A), 2%, due 07/01/23.............. 1,624,475*+
2,795,000 Teva Pharmaceutical Industries, Ltd., 0.75%,
due 08/15/21.................................... 3,850,113+
2,250,000 Teva Pharmaceutical Industries, Ltd., (144A),
0.375%, due 11/15/22............................ 3,166,875*
------------
Total Pharmaceuticals......................... 22,365,001
------------
RETAIL (2.0%)
2,990,000 Costco Companies, Inc., 0%, due 08/19/17.......... 2,507,863
1,975,000 Gap, Inc., 5.75%, due 03/15/09.................... 2,666,250
------------
Total Retail.................................. 5,174,113
------------
TELECOMMUNICATIONS (2.0%)
4,620,000 Telefonos de Mexico, S.A. de C.V., 4.25%,
due 06/15/04.................................... 5,191,725
------------

Principal Market
Amount Value
----------- ------------

TRANSPORTATION (4.5%)
$ 9,975,000 Carnival Corp., 0%, due 10/24/21.................. $ 6,384,000
1,210,000 Northwest Airlines Corp., (144A), 6.625%,
due 05/15/23.................................... 1,293,188*
3,855,000 United Parcel Service, Inc., 1.75%,
due 09/27/07.................................... 3,883,913+
------------
Total Transportation.......................... 11,561,101
------------
TOTAL FIXED INCOME SECURITIES
(COST: $148,449,552) (60.4%)................ 156,504,853
------------

Number of
Shares
-----------

CONVERTIBLE PREFERRED STOCK

AEROSPACE/DEFENSE (1.9%)
85,150 Raytheon, Inc., Class B, $4.125................... 4,853,550+
------------
AUTOMOTIVE (3.5%)
209,200 Ford Motor Co. Capital Trust II, $3.25............ 9,126,350
------------
BANKING & FINANCIAL
SERVICES (3.5%)
76,700 Household International, Inc., Exchangeable HSBC
Holdings PLC, $2.219............................ 2,710,578
29,900 State Street Corp., $13.50........................ 6,261,060
------------
Total Banking & Financial Services............ 8,971,638
------------
COMMERCIAL SERVICES (3.9%)
162,050 Cendant Corp., $3.875............................. 7,331,142+
25,805 Xerox Corp., $6.25................................ 2,705,654
------------
Total Commercial Services..................... 10,036,796
------------
COMPUTER SERVICES (2.0%)
314,390 Goldman Sachs Group, Inc., Exchangeable AOL Time
Warner, Inc., $0.916............................ 5,088,402
------------
COMPUTER SOFTWARE (1.0%)
113,700 Electronic Data Systems Corp., $3.813............. 2,515,612
------------

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Schedule of Investments (Unaudited) (continued)
June 30, 2003
--------------------------------------------------------------------------------

Number of Market
Shares Value
----------- ------------

ELECTRIC UTILITIES (2.9%)
176,100 Sempra Energy, $2.125............................. $ 4,864,762
78,700 TXU Corp., $4.0625................................ 2,724,987+
------------
Total Electric Utilities...................... 7,589,749
------------
HEALTHCARE (2.1%)
23,300 Express Scripts, Inc., $4.83...................... 2,717,362
52,900 Omnicare Inc., $2.00.............................. 2,849,988
------------
Total Healthcare.............................. 5,567,350
------------
INSURANCE (7.7%)
145,700 Chubb Corp., $1.75................................ 3,853,765+
49,100 Hartford Financial Services Group, Inc., $3.50.... 2,688,225
154,600 Phoenix Companies, Inc., Exchangeable Hilb, Rogal
and Hamilton Co., $2.667........................ 5,526,950
59,150 The St. Paul Companies, Inc., $4.50............... 4,146,415
150,150 Travelers Property Casualty Corp., Class A,
$1.125.......................................... 3,710,207
------------
Total Insurance............................... 19,925,562
------------
MEDIA-BROADCASTING & PUBLISHING (6.3%)
136,400 Equity Securities Trust, Exchangeable Cablevision
Systems Corp. $1.406............................ 3,256,550
103,100 Equity Securities Trust, Exchangeable Cablevision
Systems Corp., $2.343........................... 2,448,625
166,500 Goldman Sachs Group, Inc., Exchangeable Clear
Channel Communications, Inc., $3.096............ 6,610,883
2,050 Radio One, Inc., $65.00........................... 2,129,438+
1,825 Radio One, Inc., (144A), $65.00................... 1,895,719*
------------
Total Media--Broadcasting & Publishing........ 16,341,215
------------
OIL & GAS (0.9%)
48,000 Unocal Corp. $3.125............................... 2,406,000
------------
PAPER & FOREST PRODUCTS (1.0%)
64,150 Boise Cascade Corp., $3.75........................ 2,646,188+
------------

Number of Market
Shares Value
----------- ------------

TELECOMMUNICATIONS (2.1%)
111,300 Alltel Corp., $3.875.............................. $ 5,565,000
------------
TRANSPORTATION (0.6%)
1,435,000 Alaska Air Group, Inc., (144A), $35.275........... 1,592,850*
------------
TOTAL CONVERTIBLE PREFERRED STOCK (COST:
$93,849,744) (39.4%)........................ 102,226,262
------------

Principal
Amount
-----------

SHORT-TERM INVESTMENTS
$ 2,147,978 American Express Centurion Bank, 1.26%,
due 07/07/03.................................... 2,147,978**
801,032 Bank of Montreal, 1.15%, due 07/09/03............. 801,033**
2,147,978 Bank of Nova Scotia, 1.03%, due 07/08/03.......... 2,147,978**
6,980,930 Bank of Nova Scotia, 1.05%, due 08/29/03.......... 6,980,930**
2,147,978 Bank of Nova Scotia, 1.16%, due 07/09/03.......... 2,147,978**
9,236,307 BlackRock Tempcash Fund, 1.101%, due 07/01/03..... 9,236,307**
5,369,946 Canadian Imperial Bank of Commerce, 1.535%,
due 11/04/03.................................... 5,369,946**
536,995 Comerica Bank, 1.073%, due 11/19/03............... 536,995**
2,147,978 Credit Agricole Indosuez, 0.94%, due 07/01/03..... 2,147,978**
2,147,978 Credit Agricole Indosuez, 1.05%, due 08/26/03..... 2,147,978**
1,610,984 Den Danske Bank, 1.04%, due 07/24/03.............. 1,610,984**
1,073,989 Merrill Lynch & Co., Inc., 1.615%,
due 11/26/03.................................... 1,073,989**
413,621 Merrill Lynch Premier Institutional Fund, 1.045%,
due 07/01/03.................................... 413,621**
8,914,110 Merrimac Cash Fund (Premium Class), 1.052%,
due 07/01/03.................................... 8,914,110**

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Schedule of Investments (Unaudited) (continued)
June 30, 2003
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Principal Market
Amount Value
----------- ------------

$ 3,758,962 Royal Bank of Canada, 1.3%, due 07/01/03.......... $ 3,758,962**
751,792 Royal Bank of Scotland, 1.125%, due 07/01/03...... 751,793**
5,447,139 Investors Bank & Trust Depository Reserve, 0.75%,
due 07/01/03.................................... 5,447,139
------------
TOTAL SHORT-TERM INVESTMENTS (COST:
$55,635,699) (21.4%)........................ 55,635,699
------------
TOTAL INVESTMENTS (COST: $297,934,995)
(121.2%).................................... 314,366,814

LIABILITIES IN EXCESS OF OTHER ASSETS (-21.2%).... (55,088,751)
------------
NET ASSETS (100.0%)............................... $259,278,063
============

** Represents investments of security lending collateral (Note 3).
SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Statement of Assets and Liabilities (Unaudited)
June 30, 2003
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ASSETS:
Investments, at Value (Cost: $297,934,995).................... $314,366,814
Interest and Dividends Receivable............................. 1,140,219
------------
Total Assets.............................................. 315,507,033
------------
LIABILITIES:
Distributions Payable......................................... 3,059,117
Payables for Securities Purchased............................. 2,580,000
Payables Upon Return of Securities Loaned..................... 50,188,560
Accrued Investment Advisory Fees.............................. 130,561
Other Accrued Expenses........................................ 270,732
------------
Total Liabilities......................................... 56,228,970
------------
NET ASSETS........................................................ $259,278,063
============
Net Assets were comprised of:
Common Stock, par value $0.01 per share, (75,000,000 shares
authorized, 50,985,279 shares issued and outstanding)....... $ 509,853
Paid-in Capital............................................... 371,085,380
Undistributed Net Realized (Loss) on Investments.............. (123,312,113)
Net Unrealized Appreciation of Investments.................... 16,431,819
(Overdistributed) Net Investment Income....................... (5,436,876)
------------
NET ASSETS........................................................ $259,278,063
============
NET ASSET VALUE PER SHARE......................................... $ 5.09
============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Statement of Operations (Unaudited)
Six Months Ended June 30, 2003
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INVESTMENT INCOME:
Interest (including security lending fees of $30,805)......... $ 2,607,894
Dividends (net of foreign withholding of taxes of $88)........ 4,480,192
------------
Total Investment Income................................... 7,088,086
------------
EXPENSES:
Investment Advisory Fees...................................... 743,523
Accounting Fees............................................... 35,504
Administration Fees........................................... 48,989
Audit and Tax Service Fees.................................... 17,773
Transfer Agent Fees........................................... 34,213
Custodian Fees................................................ 7,942
Directors' Fees & Expenses.................................... 49,712
Proxy Costs................................................... 53,107
Listing Fees.................................................. 29,592
Insurance Costs............................................... 4,141
Legal Fees.................................................... 37,016
Printing and Distribution Costs............................... 13,619
Miscellaneous................................................. 13,820
------------
Total Expenses............................................ 1,088,951
------------
Net Investment Income..................................... 5,999,135
------------
NET REALIZED (LOSS) AND CHANGE IN UNREALIZED APPRECIATION
OF INVESTMENTS:
Net Realized (Loss) on Investments............................ (19,737,291)
Change in Unrealized Appreciation of Investments.............. 43,861,871
------------
Net Realized (Loss) and Change in Unrealized Appreciation
of Investments.......................................... 24,124,580
------------
INCREASE IN NET ASSETS RESULTING FROM OPERATIONS.................. $ 30,123,715
============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Statements of Changes in Net Assets
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Six Months Ended
June 30, 2003 Year Ended
(Unaudited) December 31, 2002
---------------- -----------------

INCREASE (DECREASE) IN NET ASSETS:
Operations:
Net Investment Income........................... $ 5,999,135 $ 16,033,572
Net Realized (Loss) on Investments.............. (19,737,291) (61,476,304)
Change in Unrealized Appreciation (Depreciation)
of Investments................................ 43,861,871 (24,066,081)
------------ -------------
Increase (Decrease) in Net Assets Resulting
from Operations........................... 30,123,715 (69,508,813)
------------ -------------
Distributions to Shareholders:
From Net Investment Income...................... (7,134,253) (16,033,572)
Return of Capital............................... -- (20,060,607)
------------ -------------
Total Distributions to Shareholders......... (7,134,253) (36,094,179)
------------ -------------
Capital Share Transactions:
Shares Issued in Reinvestment of Dividends
(46,104 for the six months ended June 30, 2003
and 293,492 for the year ended December 31,
2002)......................................... 215,306 2,098,841
------------ -------------
Increase in Net Assets Resulting from Net
Capital Share Transactions.................... 215,306 2,098,841
------------ -------------
Total Increase (Decrease) in Net Assets..... 23,204,768 (103,504,151)
NET ASSETS:
Beginning of Period................................. 236,073,295 339,577,446
------------ -------------
End of Period....................................... $259,278,063 $ 236,073,295
============ =============

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

NOTE 1--SIGNIFICANT ACCOUNTING POLICIES:

TCW Convertible Securities Fund, Inc. (the "Fund") was incorporated in
Maryland on January 13, 1987 as a diversified, closed-end investment management
company and is registered under the Investment Company Act of 1940, as amended.
The Fund commenced operations on March 5, 1987. The Fund's investment objective
is to seek a total investment return, comprised of current income and capital
appreciation through investment principally in convertible securities. In
accordance with the requirements of Rule 35d-1 under the 1940 Act, the Fund will
invest, under normal market conditions, at least 80% of its net assets, plus any
borrowings for investment purposes in convertible securities. The 80% investment
policy described above is non-fundamental and may be changed by the Board of
Directors to become effective upon at least 60 days' notice to shareholders.

The preparation of the accompanying financial statements requires management
to make estimates and assumptions that affect the reported amounts of assets and
liabilities at the date of the financial statements and the reported amounts of
income and expenses during the reporting period. Actual results could differ
from those estimates.

The following is a summary of the significant accounting policies
consistently followed by the Fund in the preparation of its financial
statements. The policies are in conformity with accounting principles generally
accepted in the United States of America.

SECURITY VALUATION: Securities traded on national exchanges are valued at the
last reported sales price or the mean of the current bid and asked prices if
there are no sales in the trading period. Other securities which are traded on
the over-the-counter market are valued at the mean of the current bid and asked
prices. Short-term debt securities with maturities of 60 days or less at the
time of purchase are valued at amortized cost. Other short-term debt securities
are valued on a mark-to-market basis until such time as they reach a remaining
maturity of 60 days, where upon they will be valued at amortized value using
their value of the 61st day prior to maturity.

SECURITY TRANSACTIONS AND RELATED INVESTMENT INCOME: Security transactions are
recorded on the trade date. Dividend income is recorded on the ex-dividend date,
while interest income is recorded on the accrual basis. Discounts and premiums
on securities purchased are recognized as interest income and expense,
respectively, using a constant yield-to-maturity method. Realized gains and
losses on investments are recorded on the basis of identified cost.

DISTRIBUTIONS: The Fund intends to distribute its investment company taxable
income quarterly and to distribute any net realized capital gains at least
annually, to the extent required for U.S. federal income tax purposes. The Board
of Directors also may, in its discretion, choose to pay distributions in excess
of net investment income and net realized capital gains, though it is not
required to do so.

Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from accounting principles generally
accepted in the United States of

America. These differences may be primarily due to differing treatments for
losses deferred due to wash sales and spillover distributions. Permanent book
and tax basis differences relating to shareholder distributions will result in
reclassifications to paid-in-capital and may affect net investment income per
share.

REPURCHASE AGREEMENTS: The Fund may invest in repurchase agreements secured by
U.S. Government Securities. A repurchase agreement arises when the Fund
purchases a security and simultaneously agrees to resell it to the seller at an
agreed upon future date. The Fund requires the seller to maintain the value of
the securities, marked to market daily, at not less than the repurchase price.
If the seller defaults on its repurchase obligation, the Fund could suffer
delays, collection expenses and losses to the extent that the proceeds from the
sale of the collateral are less than the repurchase price. The Fund did not
enter into any repurchase agreements for the six months ended June 30, 2003.

NOTE 2--FEDERAL INCOME TAXES:

It is the policy of the Fund to comply with the requirements of the Internal
Revenue Code applicable to regulated investment companies and distribute all of
its net taxable income, including any net realized gains on investments, to its
shareholders. Therefore, no federal income tax provision is required.

For the six months ended June 30, 2003, the Fund recognized on a tax basis a
net realized loss of $19,770,531 on security transactions.

At June 30, 2003, net unrealized appreciation for federal income tax
purposes is comprised of the following components:

Appreciated securities...................................... $ 20,236,225
Depreciated securities...................................... (3,904,106)
------------
Net unrealized (depreciation)............................... $ 16,332,119
============
Cost of securities for federal income tax purposes.......... $298,034,695
============

NOTE 3--INVESTMENT ADVISORY AND SERVICE FEES:

TCW Investment Management Company (the "Advisor") is the investment advisor
of the Fund. As compensation for the services rendered, facilities provided, and
expenses borne, the Advisor is paid a monthly fee by the Fund computed at the
annual rate of 0.75% of the first $100 million of the Fund's average net assets
and 0.50% of the Fund's average net assets in excess of $100 million.

NOTE 4--PURCHASES AND SALES OF SECURITIES:

For the six months ended June 30, 2003, purchases and sales or maturities of
investment securities (excluding short-term investments) aggregated $158,442,228
and $159,015,285, respectively. There were no purchases or sales of U.S.
Government securities for the six months ended June 30, 2003.

NOTE 5--SECURITY LENDING:

During the six months ended June 30, 2003, the Fund lent securities to
brokers. The brokers provided collateral, which must be maintained at

--------------------------------------------------------------------------------
[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Notes to Financial Statements (Unaudited) (continued)
--------------------------------------------------------------------------------
not less than 100% of the value of the loaned securities, to secure the
obligation. At June 30, 2003, the cash received from the borrowing broker was
invested in short-term investments valued at $50,188,560 which is 102.9% of the
value of the loaned securities.

NOTE 6--DIRECTORS' FEES:

Directors who are not affiliated with the Advisor received, as a group,
aggregate fees and expenses of $49,712 from the Fund for the six months ended
June 30, 2003. Certain officers and/ or directors of the Fund are also officers
and/or directors of the Advisor.

NOTE 7--RESTRICTED SECURITIES:

The Funds are permitted to invest in securities that are subject to legal or
contractual restrictions on resale. These securities generally may be resold in
transactions exempt from registration or to the public if the securities are
registered. Disposal of these securities may involve time consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult. There are
no restricted securities (excluding 144A issues) at June 30, 2003.

NOTE 8--REPORT OF ANNUAL MEETING OF SHAREHOLDERS:

The Annual Meeting of Shareholders of the Fund was held on July 16, 2003. At
the meeting, the following matters were submitted to a shareholder vote and
approved by a vote of a majority of the Fund's outstanding shares; (i) the
election of Ernest O. Ellison, Samuel P. Bell, Richard W. Call, Matthew K. Fong,
John A. Gavin, Patrick C. Haden, Charles A. Parker and Robert G. Sims as
Directors to serve until the next annual meeting of the Fund's shareholders and
until their successors are elected and qualify (each Director received
46,243,475 affirmative votes, votes exceptions 421,338 and votes withheld
1,547,620); and (ii) the ratification of the selection of Deloitte & Touche LLP
as independent auditors of the Fund for the fiscal year ending December 31, 2003
(votes for 47,258,220; votes against 515,367 and abstentions 438,846).
50,985,279 shares were outstanding on the record date of this meeting and
48,212,433 shares entitled to vote were present in person or by proxy at the
meeting.

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[TCW LOGO]
TCW CONVERTIBLE SECURITIES FUND, INC.
Financial Highlights
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SIX MONTHS
ENDED YEAR ENDED DECEMBER 31,
JUNE 30, 2003 -------------------------------------------------------------
(UNAUDITED) 2002 2001 2000 1999 1998
------------- --------- --------- --------- --------- ---------

Net Asset Value Per Share, Beginning of
Period................................ $ 4.63 $ 6.70 $ 8.48 $ 11.32 $ 9.37 $ 9.21
-------- -------- -------- -------- -------- --------
Income from Operations:
Net Investment Income (5)............. 0.12 0.32 0.38 0.35 0.35 0.35
Impact to Capital for Shares Issued... -- -- (0.01) -- -- (0.01)
Impact to Capital for Shares
Repurchased........................ -- -- -- 0.02 -- --
Net Realized and Unrealized Gains
(Losses) on Securities............. 0.48 (1.68) (1.31) (0.80) 3.15 0.85
-------- -------- -------- -------- -------- --------
Total from Investment
Operations.................. 0.60 (1.36) (0.94) (0.43) 3.50 1.19
-------- -------- -------- -------- -------- --------
Less Distributions:
Distributions from Net Investment
Income............................. (0.14) (0.32) (0.60) (0.35) (0.35) (0.35)
Distributions from Net Realized
Gain............................... -- -- -- (2.06) (1.20) (0.68)
Distributions from Paid-in-Capital.... -- (0.39) (0.24) -- -- --
-------- -------- -------- -------- -------- --------
Total Distributions........... (0.14) (0.71) (0.84) (2.41) (1.55) (1.03)
-------- -------- -------- -------- -------- --------
Net Asset Value Per Share, End of
Period................................ $ 5.09 $ 4.63 $ 6.70 $ 8.48 $ 11.32 $ 9.37
======== ======== ======== ======== ======== ========
Market Value Per Share, End of Period... $ 4.74 $ 4.16 $ 8.55 $ 10.38 $ 9.56 $ 9.63
======== ======== ======== ======== ======== ========
Total Investment Return (1)............. 17.37%(4) (45.11)% (9.27)% 34.95% 16.10% 11.41%
Net Asset Value Total Return (2)........ 13.15%(4) (20.75)% (10.89)% (4.79)% 39.16% 13.34%

RATIOS/SUPPLEMENTAL DATA:
Net Assets, End of Period (in
thousands)............................ $259,278 $236,073 $339,577 $352,555 $477,608 $393,588
Ratio of Expenses to Average Net
Assets................................ 0.89%(3) 0.83% 0.75% 0.69% 0.68% 0.73%
Ratio of Net Investment Income to
Average Net Assets.................... 4.92%(3) 5.82% 5.16% 2.88% 3.47% 3.73%
Portfolio Turnover Rate................. 65.85%(4) 75.04% 129.57% 159.44% 119.92% 124.51%

(1) Based on market value per share, adjusted for reinvestment of
distributions.
(2) Based on net asset value per share, adjusted for reinvestment of
distributions.
(3) Annualized.
(4) For the six months ended June 30, 2003 and not indicative of a full year's
operating results.
(5) Computed using average shares outstanding throughout the period.

SEE ACCOMPANYING NOTES TO FINANCIAL STATEMENTS.

[TCW LOGO]-Registered Trademark-

ITEM 1. REPORT TO STOCKHOLDERS.
[Filed Herewith]

ITEM 2. CODE OF ETHICS. Not applicable.

ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT. Not applicable.

ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES. Not applicable.

ITEM 5-6. [RESERVED]

ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES. Not applicable.

ITEM 8. [RESERVED]

ITEM 9. CONTROLS AND PROCEDURES.

(a) The Chief Executive Officer and Chief Financial Officer have
concluded that the registrant's disclosure controls and
procedures (as defined in rule 30a-2(c) under the Investment
Company Act of 1940) provide reasonable assurances that
material information relating to the registrant is made
known to them by the appropriate persons, based on their
evaluation of these controls and procedures as of a date
within 90 days of the filing date of this report.

(b) There were no significant changes in the registrant's
internal controls or in other factors that could
significantly affect these controls subsequent to the date
of the evaluation described above, including any corrective
actions with regard to significant deficiencies and material
weaknesses.

ITEM 10. EXHIBITS.

(a) Not applicable.

(b) EX-99.CERT - Section 302 Certifications (filed herewith).
EX-99.906CERT - Section 906 Certification (filed herewith).

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.

(Registrant) TCW Convertible Securities Fund, Inc.

By (Signature and Title) /s/ Alvin R. Albe, Jr.

-------------------------------
Alvin R. Albe, Jr.
Chief Executive Officer

Date August 19, 2003

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 (Signature and Title) /s/ Alvin R. Albe, Jr.

-------------------------------
Alvin R. Albe, Jr.
Chief Executive Officer

Date August 19, 2003

By (Signature and Title) /s/ David S. DeVito

-------------------------------
David S. DeVito
Chief Financial Officer

Date August 19, 2003